UK's Paragon Banking sinks after Jefferies cuts to 'hold'
** Shares of UK's Paragon Banking Group PAGPA.L fall as much as 7% to 716.5p after Jefferies cut stock to "hold" from "buy", and PT to 780p from 875p
** Stock hits 5-month low; top pct loser on FTSE 250 index .FTMC
** Brokerage says, despite cheap valuations, co is less appealing due to declining margins and "lack of structural hedge tailwinds"
** Jefferies also double-upgrades NatWest Group NWG.L to "buy" from "underperform";shares up ~1%
** Says NWG "is the easiest play on the hedge story"
** "UK domestic banks are generating above-market returns for shareholders...We think there is more to go" - Jefferies
** Jefferies also prefers Lloyds Banking Group LLOY.L among its UK domestic banks coverage universe
Company | Rating | Prior rating | PT | Prior PT |
NatWest Group | Buy | Underperform | 425p | 140p |
Lloyds Banking Group | Buy | NA | 76p | 59p |
Barclays | Buy | NA | 330p | 341p |
Paragon Banking | Hold | Buy | 780p | 875p |
Reporting by Joel Jose in Bengaluru
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