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Article: Lloyds' shares leap as it looks to avoid toxic debt scheme [Edition 2]
- Article from:
- The Evening Standard (London, England)
- Article date:
- October 30, 2009
- Author:
CopyrightCopyright 2009 Evening Standard - London. Provided by ProQuest LLC. (Hide copyright information)
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"FAR from cheap, but no longer expensive." That was the view of
Credit Suisse on Lloyds Banking Group today as it raised its rating
from "underperform" to "neutral" and hiked its target price from 55p
to 95p.
Exane BNP Paribas made a similar call following yesterday's
announcement that Lloyds' plans to raise more than Pounds 20 billion
to avoid the Government's Asset Protection Scheme set up to insure
toxic debts.
Lloyds, which is 43% owned by the state and has been hit by a
spate of short-selling in recent weeks, also plans to sell the
Lloyds TSB franchise in Scotland, Cheltenham & Gloucester, and
internet bank Intelligent Finance to avoid harsh European Union
sanctions on competition. Bank ...