Mumford: Lloyds' shares could 'double in value over five years'

Despite Lloyds posting losses this morning of £3.9bn for the year to date, Cavendish's Paul Mumford has urged investors to snap up shares in the bank as he said they could double in value in the next five years.

Lloyds was hit hard by compensation pay-outs for mis-selling of Payment Protection Insurance (PPI), dragging down its third quarter numbers. However, according to Mumford, other positive news in the Lloyds' results makes the bank an attractive investment for those with a "strong nerve". "For investors that want a high risk, high reward stock, at the current price, Lloyds presents a good buying opportunity. Over a five year period, the shares could at least double in value provided it doesn't go bust in the meantime," said Paul Mumford, who runs the Cavendish Opportunities, AIM and UK ...