Can the Lloyds share price keep soaring?
Following the UK election result, which saw the Conservative Party secure a landslide victory, Lloyds share price soared. But will the stock continue to make gains?
In the wake of the Conservative Party securing a landslide victory on Friday, Lloyds share price soared 20% to 73p in early morning trading.
However, as Friday’s session continued, the bank’s early gains waned slightly, with the stock closing at 64p a share and opening a touch higher this week at 66p as of 13:45 GMT on Monday.
With the new year fast approaching, Lloyds share price is set to end 2019 on a high, with the stock up more than 30% since the beginning of January. But can the stock continue to soar higher?
Looking to trade Lloyds and other bank stocks? Open a live or demo account with IG.
Lloyds comes close to hitting Société Générale target price
Analysts at Société Générale have remained upbeat about Lloyds, with the bank reiterating its ‘buy’ rating for the stock and issuing a target price of 76p a share in November.
After the UK election, Lloyds share price soared close to that target, but narrowly missed breaking through that level.
It will be interesting to see how analysts update their guidance for Lloyds and other UK bank stocks, with a Conservative majority in parliament ensuring Brexit gets done on January 31.
You can go long or short Lloyds with IG using derivatives like CFDs and spread bets.
Lloyds dodges Labour restrictions after Tory victory
Reduced uncertainty over Brexit aside, Lloyds stands to benefit from the Tories victory by dodging Jeremey Corbyn’s proposals for the banking sector, which included the introduction of state-backed lending banks and a restriction on branch closures.
Under a Conservative government, investors are also expecting the UK Treasury to accelerate the sell-off of its remaining stakes in Lloyds and Royal Bank of Scotland.
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