0822 GMT - NatWest had a solid second quarter, and despite pre-provision profits being only in line and net interest margin fractionally light, free cash flow was the standout, Jefferies analyst Jonathan Pierce writes. Buybacks should also return with the full-year 2026 numbers, and 2028 targets look increasingly prudent, he says. There might be a degree of focus on the net interest margin trajectory, but the bigger picture is one of a bank generating high-teen returns, free cash flow well above 200 basis points a year, and loan growth in the high-single digits, he adds. Jefferies rates NatWest stock at buy with a 730 pence price target. Shares rise 3.5% to 708 pence.