JPMorgan raises target for Lloyds Banking stock to GBp 124.00

Lloyds Banking Group (GB0008706128) was trading at EUR 1.20 at Lang & Schwarz on October 9, 2026 at 12:41 p.m. CEST, down 0.83 percent versus the EUR 1.21 prior close. JPMorgan raised its Lloyds Banking target from GBp 123.00 to GBp 124.00 on October 1, 2026, while keeping a Neutral rating, according to FinanzNachrichten.

JPMorgan target reaches GBp 124.00

The target move was modest, but it gives the market a fresh reference point after Lloyds reported strong first-half operating figures. JPMorgan's new GBp 124.00 target is 19.07 percent above the Lang & Schwarz price, although the two values use different currencies and are therefore not a direct valuation comparison.

Half-year profit rose 23.00 percent

According to Lloyds Banking Group, statutory profit after tax reached GBP 3.10 billion in the first half of 2026, up 23.00 percent from the first half of 2025. Net income was GBP 9.70 billion, up 9.00 percent, while return on tangible equity rose to 17.10 percent from 14.10 percent.

The bank also reported GBP 1.90 billion of total capital return for the first half of 2026, including a GBP 1.00 billion buyback and a 1.58 pence interim dividend. Its 2026 guidance calls for underlying net interest income above GBP 14.90 billion and return on tangible equity above 16.00 percent.

What does the next update test?

The next test is whether income growth can hold while funding costs and motor-finance provisions remain important variables. The reported first-half asset quality ratio was 25 basis points, and the group targeted a year-end common equity tier 1 ratio of about 13.00 percent, according to Analytics Insight.

Three dated milestones shape the stock

On July 30, 2026, Lloyds published first-half results showing GBP 3.10 billion of statutory profit after tax. On August 20, 2026, the group announced a GBP 100.00 million future-skills investment through its investor materials. On October 1, 2026, JPMorgan raised its target to GBp 124.00 from GBp 123.00 while retaining Neutral, according to FinanzNachrichten.

Upcoming dates carry the next figures

Lloyds is scheduled to publish its third-quarter interim management statement on October 29, 2026, followed by preliminary full-year results on January 28, 2027, according to Analytics Insight. Those updates will show whether the group is tracking its 2026 income, capital and return targets.

Stock trades at EUR 1.20

Lloyds Banking was trading at EUR 1.20 at Lang & Schwarz on October 9, 2026 at 12:41 p.m. CEST, down 0.83 percent versus the EUR 1.21 prior close dated October 8, 2026. The current quote remains below the bank's GBp 124.00 JPMorgan target, but the currencies and venues differ. The further course of trading is shown by the continuously updated real-time quote of Lloyds Banking stock.

Market context: Market report FTSE 100.

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