JPMorgan raises target for Lloyds Banking stock to GBp 124.00 from GBp 123.00

Published on 10/12/2026 at 09:26 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

JPMorgan sees GBp 124.00 versus GBp 123.00 on October 1, 2026. Lloyds Banking stock is EUR 1.23 on October 12, 2026, 2.50 percent above EUR 1.20.

Key points in brief

JPMorgan raised its Lloyds Banking price target to GBp 124.00 from GBp 123.00 on October 1, 2026.
First-half 2026 net income reached GBP 9.7 billion, up 9 percent year over year, while statutory profit after tax rose 23 percent to GBP 3.1 billion.
Lloyds Banking stock was EUR 1.23 at Lang & Schwarz on October 12, 2026 at 9:22 a.m. CEST, 2.50 percent above the October 9 Xetra close of EUR 1.20.
The next scheduled milestones are the third-quarter interim management statement on October 29, 2026 and full-year results on January 28, 2027.

Makroaufnahme von britischen Pfund-Münzen und Banknoten in scharfer Nahaufnahme — Lloyds Banking Group (GB0008706128) verwaltet Einlagen in britischer Währung, symbolisiert durch Pfund-Banknoten und Münzen, Illustration mit AI erstellt.

Lloyds Banking stock (ISIN GB0008706128) was EUR 1.23 at Lang & Schwarz on October 12, 2026 at 9:22 a.m. CEST, 2.50 percent above the Xetra close of October 9, 2026 at EUR 1.20. JPMorgan analyst Sheel Shah raised the bank's price target to GBp 124.00 from GBp 123.00 on October 1, 2026, while keeping a Neutral rating, according to Markets Insider.

Three events set the timeline

On July 30, 2026, Lloyds published first-half results showing GBP 9.7 billion of net income, up 9 percent year over year, and GBP 3.1 billion of statutory profit after tax, up 23 percent, in its investor materials at Lloyds Banking Group. On September 15, 2026, the bank paid its 1.58 pence interim dividend, which had risen 30 percent year over year, according to IG. On October 1, 2026, JPMorgan lifted its target by GBp 1.00 to GBp 124.00, the latest dated event in this sequence.

What does the target change mean?

The target revision is modest in absolute terms, but it places a concrete valuation marker beside Lloyds' capital-return story. The bank reported a 17.1 percent return on tangible equity in the first half of 2026 and total capital return of GBP 1.9 billion, including a 30 percent dividend increase and a GBP 1.0 billion buyback, according to Lloyds Banking Group.

The counterweight is credit sensitivity. Lloyds reported a 25 basis point asset-quality ratio for the first half of 2026, while its 2026 outlook calls for underlying net interest income above GBP 14.9 billion, a cost-to-income ratio below 50 percent and return on tangible equity above 16 percent, according to IG. Higher rates can support income, but household pressure can also increase arrears and impairment risk.

Dates that matter next

The next two scheduled milestones are Lloyds' third-quarter interim management statement on October 29, 2026 and its full-year results on January 28, 2027, both identified by IG. The October update will put net interest income, margins, impairments and capital generation against the targets retained after the first-half report.

Stock trades above Xetra close

Lloyds Banking stock was trading at EUR 1.23 at Lang & Schwarz on October 12, 2026 at 9:22 a.m. CEST, 2.50 percent above the Xetra close of October 9, 2026 at EUR 1.20. The current quote is EUR 0.15 below the 52-week high of EUR 1.38 on the same EUR quote series.

The further course of trading is shown by the continuously updated real-time quote of Lloyds Banking stock.