RSI looking a tad over bought gap @56p and a gap up this morning.

I believe the break-even price is around 63p, taking account the toxic protection exit fee LLOY paid HMG. I wonder if HMG might now be upping talks to divest their stake?

Breakeven is 74p.

From last March :- Fund managers shun RBS at breakeven price

Agreed Skinny but some consider the calculation this way Guardian dec12

kernow - bloody accountants :-)

@50p I'm (finally) in an overall profit on ALL of my LLOY - bought on the way down and on the way up.

Nice nice.........very nice.

ps got at least 3 full broker notes today. if ive got time Ill post em so that they can be redistributed.

Got the sister here for new year, well belated new year so a bit busy.

Well done Skinny. Traded in/out many times myself but need to improve my hindsight I feel. Confident hold atm imho.

Here we are............

Financial

Lloyds Banking Group (LLOY.L / LYG.N) John-Paul Crutchley..... +44-20-7568 5037
Analyst
john-paul.crutchley@ubs.com
Alastair Ryan...................+44-20-7568 3238
Analyst
alastair.ryan@ubs.com

Price (07 Jan 2013)..... 51p/US$3.26 (ADR)
12-month rating........ Prior: Neutral => Buy
12m price target.....Prior: 50p/US$3.22 =>
60p/US$3.87
Market cap...................£34.7bn/US$56.0bn
Full-Year EPS
2012E.................................................. 2.96p
2013E.................................................. 4.97p

U.pgrading to Buy Regulatory overhang easing
Recent developments such as the appointment of an outsider to become the next Governor of
the Bank of England, easing of liquidity rules by the BIS as well as the introduction of the SLS
and encouragement of the UK banks to run down excess cash reserves lead us to believe that
the future regulatory agenda will be less aggressive than what we have experienced over the
l.ast 18 months. Clear strategy, clear execution
In our view, Lloyds investment strategy is simplest of the UK domestic banks. The story is
defined with the group focussed on execution. In our view, Lloyds is clearly going to deliver
rising margins, falling costs and falling provisions which should provide a very strong upswing to
p.rofitability and EPS momentum over the next few years. Economically, Lloyds provides the UK delta
Unlike RBS and Barclays which have been lending strongly into the UK mortgage market while
contracting balance sheets in other areas, Lloyds has been shrinking both its non-core assets in
2012 and its core lending into the UK mortgage market as well. In our UK Banks Monitor
published today “Normal service is now being resumed” we see scope for this to reverse in
2.013 which will provide an additional catalyst specific to Lloyds. Valuation
We raise our price target to 60p based upon a sustainable RoE of 13% generated by Lloyds
core business based on the capital allocated to that division. Capital allocated to the non-core is
regarded as option value and currently valued at nil.

AND


Morning Meeting Agenda
Lloyds Banking Group Rating: Buy Target: 60p (20%) Price: 51p
RIC: LLOY.L BBG: LLOY LN Prior: Neutral Prior: 50p Mkt Cap: £34.7bn
EPS 12/12E: 2.96
EPS 12/13E: 4.97
EPS 12/14E: 6.03
Banks, Ex-S&L Analyst: John-Paul Crutchley Tel: +44-20-7568 5037
Upgrading to Buy
􀂄 Regulatory overhang easing Recent developments such as the appointment of an outsider to become the next Governor of the Bank of England,
easing of liquidity rules by the BIS as well as the introduction of the SLS and encouragement of the UK banks to run down excess cash reserves lead
us to believe that the future regulatory agenda will be less aggressive than what we have experienced over the last 18 months.
􀂄 Clear strategy, clear execution In our view, Lloyds investment strategy is simplest of the UK domestic banks. The story is defined with the group
focussed on execution. In our view, Lloyds is clearly going to deliver rising margins, falling costs and falling provisions which should provide a very
strong upswing to profitability and EPS momentum over the next few years.
􀂄 Economically, Lloyds provides the UK delta Unlike RBS and Barclays which have been lending strongly into the UK mortgage market while
contracting balance sheets in other areas, Lloyds has been shrinking both its non-core assets in 2012 and its core lending into the UK mortgage
market as well. In our UK Banks Monitor published today “Normal service is now being resumed” we see scope for this to reverse in 2013 which will
provide an additional catalyst specific to Lloyds.
􀂄 Valuation We raise our price target to 60p based upon a sustainable RoE of 13% generated by Lloyds core business based on the capital allocated to
that division. Capital allocated to the non-core is regarded as option value and currently valued at nil.


AND

UBS


􀂄 Lloyds Banking Group (Upgrade to Buy from Neutral, 60p from 50p)
We believe the future regulatory agenda will be less aggressive. In our view,
Lloyds’ investment strategy is simplest of the UK domestic banks. The story is
defined with the group focussed on execution. We think Lloyds will deliver rising
margins, falling costs and falling provisions, which will provide a very strong
upswing to profitability and EPS momentum over the next few years.

i think you should get the message......... it looks like a buy. he he.

Other brokers aswel but cant get in at this time.

Off twitter


Traders Own ‏@TradersOwn
#Lloyds Banking (LLOY), no end of day close below the price channel floor at 46p points towards 70p http://shar.es/4YmqJ via

http://shar.es/4YmqJ via

Not bad for a man who spent 8 days in the Priory in 2011.

Lloyds chief in line for £4m bonus

THE chief executive of Lloyds Banking Group, Antonio Horta-Osorio, is on track for a multi-million-pound bonus this year despite a forecast loss at the taxpayer-backed lender.

The bank’s share price has doubled in the past 12 months, which could help trigger a payout of up to £4.4m and reignite the row over bankers’ pay. On Friday, Lloyds imposed a freeze on basic pay for its top 500 staff for the third year in a row.

Ironic that this time last year he was taking sick leave for stress! Still, he has turned things around and rewarding success seems reasonable.

11 bob a share this morning and ever closed to that gap.

Ian Gordon of Longwave Group:
"There are many things about Lloyds that we like. Although most of its International lending has been disastrous, with impairments of £16bn over the past 3.5 years, the International net exposure was down to £33.8bn at 30 June 2012, and Lloyds’ residual Irish exposures appear better provisioned than RBS (Sell). Encouragingly, group impairments fell £0.2bn QoQ to £1.3bn in Q3 2012, a charge of 0.93% on average advances, primar ily reflecting incrementally lower charges on international lending. “Norm ality” beckons ?
The Q3 2012 Net Interest Margin improved 2bps QoQ to 1.93% and we expect a “better than guidance” Q4 2012e outturn for NIM and material improvement in 2013-15e. However, in our view (and as we discuss), this does not translate into adequate revenue growth or meet wider aspirations for returns on equity. Fallout from the 2005 expos e of a PPI “Protection Racket” b y CitizensAdvice continues. Lloyds has (so far) taken provisions of £5.3bn, over half the £10.2bn accrued by the “big four” with, we believe, much more to come. It has not yet taken any charges for interest rate swap misselling or LIBOR-related issues.
Our RoE-g/CoE-g derived target price is raised to 46p, but with a weak outlook for earnings and returns, our recommendation is Sell (before addressing 39% Government ownership.) We recognise (reduced) “tail risks ” around credit risk concentration, conduct and capital, but with a degree of ongoing regulatory largesse, these issues should, we believe, prove to be adequately contained."

StockMarketWire.com
JP Morgan Cazenove lifts Lloyds Banking Group to neutral from underweight, target 55p from 38p.

Well, Duh!!!

Lloyds Banking Group cuts 940 jobs

LONDON | Wed Jan 23, 2013 1:10pm GMT

(Reuters) - Lloyds Banking Group said on Wednesday it was axing 940 jobs, bringing the total amount cut since its ill-fated takeover of HBOS in 2009 to more than 31,000.

Lloyds said the jobs would be lost in its operations, insurance, retail, wealth, international and commercial divisions and were part of the reductions previously announced in its strategic review.

The part-nationalised bank said in June 2011 that it planned to save 1.5 billion pounds ($2.4 billion) by letting 15,000 staff go.

re #4261, the market price of LLOY has fallen drastically and no-one knows when it may recover those days of £5 (say), possibly never as one of its "easy" sources of money has been stemmed. However, other sources can be found.
So saying that the sp has "doubled" for example, is nonsense and there is no case for Executives to reward themelves - SP is still far down on what it should have been if the Bank was trading "properly" (ie taking no more "risk" than is prudent=0) and NOT taking over that sinking hulk that was HBOS. It doesn't take a seafarer to recognise that when a ship is already below the normal waterline, that towing it away quickly won't restore its floatation - esp when Storm and Heavy Seas are expected from all quarters.
Indeed, from my perspective Execs should (each) be paying £1m to the shareholders each year the sp is less than (say) £5 less a "market-noise" of no more than -20% (making a bottom-limit of £4).
I wonder, if there were any of us "Retail Shareholders" (ie those whose own money is their only investment), were in favour of the HBOS takeover?
(Not I, for one.)

That was very nautical of you hangon! I should point out that towing a stricken vessel can result in huge salvage rights so your analogy might be better referring to a plastic pedalo with the bung missing! ;o)

Presumably rising on the back of the BARC news, but not complaining! Somewhere around 60p is my first break even point.........which is a damn shame 'cos I should have bought more at 19p!!! ;o(