The Lloyds Banking Group plc (LON: LLOY) share price could rise 108% from current levels. : I believe the Lloyds (LSE: LLOY) share price is still far too cheap even after rising nearly 200% excluding dividends from its low of 22.2p printed at the end of 2011. It seems that, to some extent, the market still considers Lloyds to be a recovery play, and it is valuing it as such. But this is an incorrect interpretation of where the business is today and what it has achieved over the past decade.