June 24, 2019 / 9:06 AM / a month ago

BUZZ-CYBG: UBS raises target price, maintains 'neutral' rating

** UBS raises target price in lender CYBG Plc; maintains “neutral” rating

** Brokerage says it has increased its EPS estimates by 1% in the near term and by 10% in 2022 on lower costs, with revenues and credit costs remaining broadly unchanged

** Brokerage says the firm will need to work very hard to grow loans and deposits just to manage the revenue flat

** CYBG last week said it would make an additional 50 mln stg in savings from its takeover of rival British lender Virgin Money, taking the total saved to 200 mln stg ($251.16 million)

** CYBG re-affirmed its 2019 guidance, sees total restructuring costs of ~360 mln stg

** CYBG up 0.3% at 193.5p

** UBS raises target price to 195p from 188p

** Stock has risen 6.26% YTD (Reporting by Samantha Machado in Bengaluru)

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