Bernstein: Short Lloyds As UK Consumer "Resilience" Is But A Debt-Based Spending Frenzy

Lloyds Banking Group, formerly known as Lloyds of London during its heights as an elite global insurance giant, has fallen on relatively less jubilant times, as its long-term shareholders will attest. In 1999, when the stock was peaking at 976 British pounds per share, it was the toast of London. Today, with its share price rummaging around the 69 level, investors can only dream of the lost glory. Despite having risen significantly since the fall of 2016, the stock is a “conviction short” according to Bernstein analysts Chirantan Barua and Mark Burrows. Public Domain, Link Lloyds – Peak margins with…