NatWest Group PLC (LSE:NWG) shares have hit a 13-year high and returned to levels not seen since the bank was grappling with the fallout from the global financial crisis and its government bailout.
A share price target upgrade by Peel Hunt on Monday prompted the lender to climb as high as 389.3p - a level last seen in 2011.
Peel Hunt lifted NatWest’s share price target from 410p to 450p, citing earnings late last month and the continued sell-down of the government’s stake in the bank.
“The [third quarter] period witnessed strong performances in all three of Natwest Group’s principal operating divisions,” Peel Hunt said in a note.
“Although these across-the-board positive outcomes might soften in [the fourth quarter] the underlying trajectory of travel is stronger than we and consensus had expected.”
NatWest has climbed over 75% so far this year, which has coincided with the ongoing sale of the government's stake following the lender's effective nationalisation in 2008.
Shares were trading 3% higher at 386.5p on Monday afternoon.