Brokers stand by Clydesdale and Yorkshire Bank CYBG PLC CDI 1:1 despite insurance scandal

UK-focused bank CYBG PLC CDI 1:1 (ASX: CYB), best known as Clydesdale and Yorkshire Bank, has been rated as outperform by Credit Suisse as the stock is up 0.9% to $5.44 at the time of writing after a drop of almost 7% on April 18.

Clydesdale is in the midst of a scandal regarding mis-sold payment protection insurance, with 59,000 complaints logged against it and 110,000 more expected to come.

Credit Suisse has downgraded the “company defined” profit forecast for the full-service bank by 65% for FY18, but has not changed its positive view on the stock saying any share price weakness in the stock is a buying opportunity.

Credit Suisse has maintained its $6.00 target price on the stock and believes it is “strong in terms of revenue and capital”.

While Clydesdale Bank deals with its protection insurance scandal, the home soil big banks are struggling on the share price front today with Commonwealth Bank of Australia (ASX: CBA) shares down 0.4% to $72.07 at the time of writing, National Australia Bank Ltd (ASX: NAB) down to $28.28   and Australia and New Zealand Banking Group (ASX: ANZ) down 0.4% to $26.61.

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Motley Fool contributor Carin Pickworth owns shares of Australia & New Zealand Banking Group Limited, Commonwealth Bank of Australia, and National Australia Bank Limited. The Motley Fool Australia owns shares of National Australia Bank Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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