Goldman Sachs (NYSE: GS) has maintained a Buy rating on Lloyds Banking Group plc (LSE: LLOY) with a price target of GBp 133.00, set in a report dated October 6, 2026.
The target represents a 26.31 percent premium to the LSE price of GBp 105.30 recorded at 1:40 p.m. BST on October 13, 2026, indicating meaningful upside according to Goldman’s assessment.
On the same date, Lloyds shares were trading at EUR 1.25 on Lang & Schwarz, up 1.54 percent versus the Xetra close of October 12, 2026.
Lloyds reported statutory profit after tax of GBP 3.10 billion for the first half of 2026, a 23.00 percent increase compared to the same period in 2025.
Net income grew 9.00 percent to GBP 9.70 billion over the same half-year period, while return on tangible equity reached 17.10 percent.
The bank has set full-year 2026 targets that include underlying net interest income above GBP 14.90 billion, a cost-to-income ratio below 50.00 percent, and return on tangible equity above 16.00 percent.
At GBp 105.30, the stock sits 10.69 percent below its 52-week high of GBp 117.90, though it remains GBp 23.48 above its 52-week low of GBp 81.82.
Trading volume on October 13 reached 74,511,676 shares, well below the stock’s average daily volume of 145,858,532, suggesting lighter than usual market participation.
Lloyds carries a market capitalization of GBP 61.10 billion and a price-to-earnings ratio of 13.07, comparing somewhat richly to peers Barclays at 9.05 and NatWest at 8.95 on the same date.
Barclays posted a gain of 0.53 percent with a market capitalization of GBP 59.30 billion, while NatWest rose 2.66 percent with a market capitalization of GBP 53.40 billion on October 13, 2026.
The Goldman Sachs price target sits materially above the current London quote, but the gap to the 52-week high adds another layer of distance that the stock must close.
The next scheduled opportunity for a fundamental reassessment comes on October 29, 2026, when Lloyds is set to release its next quarterly results update.
