NatWest Group PLC (LSE:NWG)'s interim results were ‘meaningfully better than expected', according to Credit Suisse, which raised its price target while maintaining its positive rating on the stock.
Not only were the headline numbers above consensus, but the special dividend also pleasantly surprised the investment bank’s research team.
Including the regular half-term pay-out, NatWest is expected to hand back £2.2bn.
This was enough for Credit Suisse to up its valuation of the stock by 14% to 340p a share – a 33% premium to the current price. It rates the shares ‘outperform'.
Mid-afternoon, the shares were changing hands for 254p, up 2%.