Broker snap: Nomura still backing Lloyds

Japanese broker Nomura is still bullish on Lloyds Banking Group which tomorrow welcomes on board new chief executive António Horta-Osório.Last week's full-year profit was in line with the analysts' expectations, with lower revenues and slightly higher costs offset by a much lower impairment charge in Wholesale.A surprisingly cautious outlook on further margin progression, costs and impairments in 2011 could keep a lid on things until a strategy review in June. But Nomura believes the shares, which trade at a 5% premium to tangible book value (TBV) and 7x its 2013 normalised price earnings, are "attractive relative to the sector".It keeps a 'buy' stance and 80p target price.