As previously reported, Citi's European Banks analyst Ronit Ghose upgraded Lloyds Banking to Buy from Neutral, citing valuation after the share price fell by 24% in 2018. While the stock's decline was "broadly in-line with UK domestic peers," the 2019 consensus EPS for Lloyds was raised by 7% over the same period given the better outlook for NIMs and loan losses, noted Ghose. While there remain "a wide range of potential outcomes, with dramatically different consequences" for Brexit negotiations, Ghose believes Brexit risk is entirely reflected in the stock's current valuation following the latest selloff, he tells investors.