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BUZZ-'NII headwinds building, switch into Lloyds from RBS' - MS

Reuters - UK Focus

** Morgan Stanley (Xetra: 885836 - news) ups Lloyds to "overweight" seeing the bank most resilient against NII headwinds building

** "Mortgage front book pricing, slower growth and a flattening curve paint a difficult picture for UK NII in 2019," MS says

** MS sees manageable pricing pressure for Lloyds, says consensus "c. 13-14% ROTE 2019/20E is realistic", and stock too cheap to ignore despite macro risks

** Broker includes Lloyds in its European most preferred list, replacing Caixabank (Amsterdam: CB6.AS - news)

** It sees most earnings risk at Royal Bank of Scotland (LSE: RBS.L - news) , cuts the stock to "equal weight" citing mortgage refinancing risk, higher loan growth expectations, and higher rate sensitivity