Wall Street’s most bullish Lloyds Banking Group plc (NYSE:LYG) analysts are predicting the share price to blow past $5.09 per share during the next 12 months. The current median share price forecast by them is $3.94, suggesting that the stock could increase 35.4% in that time frame. The average price target of $3.76 calls for a nearly 29.21% increase in the stock price.
Lloyds Banking Group plc (LYG) trading activity significantly improved as the volume at ready counter increased to 11,153,764 shares versus 9,016,020 in average daily trading volume over the past 20 days. So far this year, the volume has averaged about 9,269,304 shares. The share price dropped -1.02% in recent trade and currently has a stock-market value of $52.11B. The shares finished at $2.91, after trading as low as $2.9 earlier in the session. It hit an intraday high Monday at $2.96. The stock is now 19.75% above against its bear-market low of $2.43 on December 27, 2018. It has retreated -37.8% since it’s 52-week high of $4.01 reached in February. Now the market price is down -23.02% on the year and up 13.67% YTD.
LYG’s 50 day simple moving average (SMA 50) price is $2.77 and its 200-day simple moving average (SMA 200) price is $3.1. The company’s stock currently has a total float of 17.73B shares. Its weekly volatility is hovering around 1.57% and felt 2.01% volatility in price over a month. On the upside, the share price will test short term resistance at around $2.95. On a downside, the stock is likely to find some support, which begins at $2.89. The failure to get near-term support could push it to $2.86.
It had seen a positive analyst call from Morgan Stanley, which upgraded the stock from Equal-Weight to Overweight on February 11. Analysts at Keefe Bruyette, shed their negative views on January 24 by lifting it fromUnderperform to Outperform. The stock won favor of Citigroup analysts who expressed their confidence in it using an upgrade from Neutral to Buy on January 04. Macquarie analysts came out with bullish views on October 25 when the call was made. They think the stock is now Neutral compared to to their prior call for Underperform.
When looking at valuations, Lloyds Banking Group plc (LYG) has a cheap P/E of 10.82x as compared to industry average of 19.58x. Moreover, it trades for 8.56 times the next 12 months of expected earnings. Also, it is trading at rather inexpensive levels at just over 0.9x price/book and 2.49x price/sales.
For this quarter, Wall Street analysts forecast revenue in a range of $24.57 billion to $24.57 billion, which should be compared with $0 generated last year.