Berenberg initiated coverage of Lloyds Banking with a Hold rating and 117 GBp price target. The firm says the UK banks are \"as attractive as ever, offering sustainably improving returns, underpinned by robust balance sheets.\" Rising contributions from the reinvestment of structural hedges will be the main earnings driver in the near term, the analyst tells investors in a research note. Berenberg believes a re-rating of the sector is warranted.
