Lloyds Banking stock: RBC cuts target from GBp 124.00 to GBp 115.00

Published on 10/21/2026 at 16:29 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Results are due on October 29, 2026. Lloyds Banking stock costs EUR 1.23 on October 21, 2026, up 1.65 percent versus EUR 1.21.

RBC target cut and October results

RBC Capital Markets cut its Lloyds target from GBp 124.00 to GBp 115.00 on October 16, 2026.
Lloyds Banking Group is scheduled to publish third-quarter results on October 29, 2026.
Lloyds Banking stock costs EUR 1.23 at Lang & Schwarz on October 21, 2026 at 4:13 p.m. CEST, plus 1.65 percent versus the EUR 1.21 Xetra close.
The group reported GBP 3.10 billion in statutory profit after tax for the first half of 2026.

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RBC Capital Markets cut its target for Lloyds Banking Group from GBp 124.00 to GBp 115.00 and downgraded the stock from Outperform to Sector Perform on October 16, 2026, citing tougher UK deposit competition, as Yahoo Finance reported. Lloyds Banking was trading at EUR 1.23 at Lang & Schwarz on October 21, 2026 at 4:13 p.m. CEST, up 1.65 percent versus the EUR 1.21 Xetra close of October 20, 2026.

Results arrive on October 29

Lloyds Banking Group is scheduled to publish its third-quarter results on October 29, 2026, with a presentation due at 9:30 a.m. The date is listed on the company's investor page, which also identifies the reporting event as 2026 third-quarter results.

The scheduled release follows first-half statutory profit after tax of GBP 3.10 billion, up 23.00 percent from the first half of 2025. Net income reached GBP 9.70 billion, up 9.00 percent year over year, while return on tangible equity was 17.10 percent. These figures come from the group's 2026 half-year results presentation on its investor page.

Stock stays below its yearly high

The euro quotation stood EUR 0.15 below its EUR 1.38 52-week high and EUR 0.26 above its EUR 0.97 low on October 21, 2026. That places the price 10.87 percent below the high and 26.80 percent above the low. On the London Stock Exchange, Lloyds Banking was trading at GBp 103.05 on October 21, 2026 at 3:28 p.m. BST, within a GBp 82.92 to GBp 123.10 52-week range.

Valuation and the next report

Lloyds Banking carried a trailing P/E ratio of 12.81 on October 21, 2026. RBC's revised GBp 115.00 target is 6.45 percent below the previous GBp 124.00 target, while the new target is 7.16 percent below the London price of GBp 103.05 when measured in the same currency.

The first-half results also included a 17.10 percent return on tangible equity and a 50.40 percent cost-to-income ratio. The investor page states that 2026 guidance includes underlying net interest income above GBP 14.90 billion, a cost-to-income ratio below 50.00 percent and return on tangible equity above 16.00 percent.

Comparison with peers

Lloyds Banking: plus 1.65 percent, P/E 12.81. Barclays (LSE, GBp): minus 0.11 percent, P/E 8.60. NatWest Group (LSE, GBp): plus 1.00 percent, P/E 8.63.

What the target cut changes

RBC's move puts deposit competition beside the October 29 results as the clearest near-term test for Lloyds. The bank's first-half cost-to-income ratio was 50.40 percent, while its 2026 guidance calls for less than 50.00 percent, leaving a 0.40 percentage-point gap to the stated threshold.

Lloyds Banking was trading at EUR 1.23 at Lang & Schwarz on October 21, 2026 at 4:13 p.m. CEST, plus 1.65 percent versus the Xetra close of October 20, 2026 at EUR 1.21. The further course of trading is shown by the continuously updated real-time quote of Lloyds Banking stock.