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Upgrade Alert for Lloyds Banking Group (LYG)

By Amy Schwartz

Lloyds Banking Group (NYSE:LYG) was upgraded from Sell to Hold at Berenberg today. The stock closed yesterday at $2.91 on volume of 5.0 million shares, above average daily volume of 4.0 million.

Lloyds Banking Group plc, through subsidiaries and associated companies, offers a range of banking and financial services. The Company provides retail banking, mortgages, pensions, asset management, insurance services, corporate banking, and treasury services.

There is potential upside of 88.2% for shares of Lloyds Banking Group based on a current price of $2.91 and an average consensus analyst price target of $5.48. The stock should run into initial resistance at its 50-day moving average (MA) of $3.99 and subsequent resistance at its 200-day MA of $4.35.

Over the past year, Lloyds Banking Group has traded in a range of $2.47 to $5.65 and closed yesterday at $2.91, 18% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has advanced 0.6%.

SmarTrend recommended that its subscribers protect gains by selling shares of Lloyds Banking Group on June 24th, 2016 by issuing a Downtrend alert when the shares were trading at $3.29. Since that call, shares of Lloyds Banking Group have fallen 12.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades lloyds banking group

Ticker(s): LYG