Lloyds targets look conservative, City analysts say Proactive uses images sourced from ShutterstockLloyds Banking Group PLC (LSE:LLOY) won a broadly positive response from City analysts after its half-year results and strategy update, with brokers arguing that its new targets may prove conservative. His calculations suggested annual net interest income could be around £950 million higher than implied by Lloyds' 2028 targets. Most of that would reach the bottom line, Coombs said, potentially lifting return on tangible equity to around 20% compared with Lloyds' target of more than 18%. RBC also reiterated its 'outperform' rating and raised its price target to 124p from 120p, citing "increased visibility over the bank's future earnings trajectory". It forecasts returns on tangible equity of 19.9% in 2028 and 21.8% in 2030 – both above management's targets.