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Barclays has increased BP to “equal weight” from “under weight”, keeping the target price at 600p. The broker thinks management’s commitment to return divestment proceeds to shareholders and potential for solid efficiency savings outweigh any long term concerns.
Berenberg has cut to “hold” from “buy”, keeping the target for the lender at 2,050p. The broker is still positive on long term growth potential, but cited uncertainty about the size of loan unit Satsuma, and the threat of regulation, as it awaits a better entry point following recent rises.