As part of its capital markets briefing, the company has laid out medium-term targets. Cost targets are in line with expectations and Morgans expects subdued revenue growth over the medium term. No special dividends or buybacks are forecast.
Brexit-related news flow is likely to be the main driver of the share price in the near term, the broker assesses. The group is expected to be re-named Virgin Money UK by the end of 2019 with the re-launch of the Virgin Money brand.
Hold rating and $3.57 target maintained.
Sector: Banks.
Target price is $3.57.Current Price is $3.56. Difference: $0.01 – (brackets indicate current price is over target). If CYB meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
