Lloyds Banking stock: RBC cuts target for Lloyds Banking stock to GBp 115.00

Published on 10/23/2026 at 15:53 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

The next quarterly results fall on October 29, 2026. Lloyds Banking stock costs EUR 1.19 on October 23, 2026, minus 0.83 percent versus the Xetra close.

Analyst target and results date

RBC Capital cut the target from GBp 124.00 to GBp 115.00 on October 16, 2026.
First-half 2026 net income rose 9.00 percent to GBP 9.70 billion, while statutory profit after tax rose 23.00 percent to GBP 3.10 billion.
Lloyds Banking stock costs EUR 1.19 at Lang & Schwarz on October 23, 2026 at 3:38 p.m. CEST, 0.83 percent below the Xetra close of October 22, 2026 and 19.14 percent below the 52-week high.
Lloyds Banking Group will publish third-quarter results on October 29, 2026; its price-to-earnings ratio is 12.36.

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RBC Capital downgraded Lloyds Banking from Outperform to Sector Perform and cut its target from GBp 124.00 to GBp 115.00 on October 16, 2026, according to Business Insider. At GBp 99.54 on the London Stock Exchange at 2:51 p.m. BST on October 23, 2026, the new target lies 15.53 percent above the price. Lloyds Banking was trading at EUR 1.19 at Lang & Schwarz on October 23, 2026 at 3:38 p.m. CEST, minus 0.83 percent versus the Xetra close of October 22, 2026.

Profit growth meets a cautious target

The target cut came as RBC cited tougher competition in the UK deposit market and possible pressure on Lloyds Banking's net interest margin. The bank had reported first-half 2026 net income of GBP 9.70 billion, up 9.00 percent from the first half of 2025, while statutory profit after tax rose 23.00 percent to GBP 3.10 billion, according to Lloyds Banking Group. Return on tangible equity reached 17.10 percent in the same period.

Stock sits 19.14 percent below its high

The London quote stood at GBp 99.54 at 2:51 p.m. BST on October 23, 2026. Its 52-week range was GBp 83.52 to GBp 123.10, putting the price 19.18 percent above the low and 19.14 percent below the high. Trading volume was 42,742,622 shares at that time.

Valuation and October 29 results

Lloyds Banking had a price-to-earnings ratio of 12.36 and a market capitalization of GBP 57.10 billion as of October 23, 2026. Its trailing dividend yield was 4.00 percent. The company will publish its third-quarter 2026 results on October 29, 2026, at 7:00 a.m., according to Lloyds Banking Group.

Comparison with peers

Lloyds Banking: minus 0.83 percent versus the Xetra close, price-to-earnings ratio 12.36, market capitalization GBP 57.10 billion on October 23, 2026.
Barclays (London Stock Exchange, GBp): minus 1.78 percent, price-to-earnings ratio 7.96, market capitalization GBP 53.60 billion on October 23, 2026.
NatWest (London Stock Exchange, GBp): minus 1.68 percent, price-to-earnings ratio 8.29, market capitalization GBP 49.20 billion on October 23, 2026.

The target leaves room for debate

RBC's new target sits above the current London quote but below the 52-week high of GBp 123.10. For investors, the October 29 results will provide the next dated test of income growth, margins and credit costs. The further course of trading is shown by the continuously updated real-time quote of Lloyds Banking stock.