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Share Price Information for Lloyds (LLOY)
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Share Price:
53.72
Bid:
53.62
Ask:
53.66
Change:
1.54 (2.95%)
Spread:
0.04 (0.075%)
Open:
52.98
High:
54.20
Low:
52.94
Prev. Close:
52.18
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Don't have an account? Click here to register.STOCKS NEWS EUROPE-European bank rally fades ahead of US earnings
Wed, 16th Jan 2013 09:55
European banks fall 1.1 percent as rising expectations ahead of U.S.corporate earnings from banking heavyweights Goldman Sachs and JPMorgan leave the sector exposed to possible disappointment. While analysts on average have slightly revised down JP Morgan's earningsper share estimates for the fourth quarter of 2012 since Jan. 2, they have beenfar more bullish on Goldman Sachs, lifting estimates up 23.4 percent, accordingto Thomson Reuters StarMine data. "Importantly, in recent months, Q4 expectations have been raised ... Indeed,expectations for the broader financial sector as a whole are high," DeutscheBank says in a note. Adding to concerns about over-optimistic expectations, Societe Generale falls 3.9 percent after CFO Bertrand Badre gives a cautious outlookmessage to analysts. European banks have rallied nearly 50 percent since June as confidence inthe sector has grown after central banks stepped up support to prevent thefinancial system from collapsing. The recent relaxation of requirements fromBasel 3 has also underpinned belief that lenders will soon be able return topaying healthy dividends. But the gains have left the sector on a re-rated price-to-earnings (PE) of16 times and in technically "overbought" territory. Banks such as the UK's Lloyds, Royal Bank of Scotland andSwitzerland's UBS now trade on near 40 percent premiums to theirhistorical PEs, according to StarMine, leaving earnings scrambling to catch up. But Nomura reckons that, while fourth-quarter results are likely lacklustre,sector rotation could still be supportive. "Like for much of 2012, we believe Basel 3 capital developments should bepositive, and provided banks' earnings revisions remain less negative than thebroader market - as seen in third quarter of 2012 for the first time in 2 years- sector rotation could continue to underpin valuations," it says in a note. Nomura recommends going long Credit Suisse versus the sector, longBarclays versus RBS and long Swedbank versus SHB. Reuters messaging rm://david.brett.thomsonreuters.com@reuters.net
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