Citi Resumes Coverage on Lloyds Banking Group (LYG) with a Buy on Reduced Fears of Nationalization
Citi resumes coverage on Lloyds Banking Group (NYSE: LYG) with a buy from hold, citing reduced fears of nationalization. Citi analyst says, "If the government provided 100% of the required capital under our stress-test scenario, public ownership would increase from…
Citi resumes coverage on Lloyds Banking Group (NYSE: LYG) with a buy from hold, citing reduced fears of nationalization.
Citi analyst says, "If the government provided 100% of the required capital under our stress-test scenario, public ownership would increase from 43% to 57% and dilute tNAV per share to 122p. Lloyds Banking Group is currently trading at a 47% discount to this outcome, seemingly reflecting fears of full nationalisation, something we view as unnecessary and inconsistent with the stated aims of the government…
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
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A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
