Bradford Bingley Laid Low by Broker's Worries

Summary

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SHARES of Bradford Bingley were an early casualty today, with the price falling a further 414p to 385p where they trade less than 10p above their low for the year as the mortgage lender continues to count the cost of rising interest rates.

JPMorgan has cut Bradford Bingley's price target from 370p to 350p and repeated its underweight stance on the group. It warns increasing funding costs mean BB's new-mortgages business is barely breaking even.

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Extract

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Bradford Bingley Laid Low by Broker's Worries

Near-term funding pressures could reduce the lender's earning- pershare estimates by 5%, JPMorgan said. The broker reckons passing on these costs to consumers could be the c...

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