Steven Gerrard’s side were involved in a thrilling Europa League last 32 first leg encounter against Antwerp on Thursday night as the game contained seven goals.
Joe Aribo put Rangers in front in the 38th minute following an error from the Antwerp goalkeeper, but the hosts levelled in the 45th minute and then went 2-1 up in first half stoppage time.
Rangers hit back through a Borna Barisic penalty just before the hour mark, but the visitors slipped behind again just seven minutes later.
Ryan Kent drew Rangers level at 3-3 with seven minutes left in the game, while another Barisic spot-kick at the death secured a 4-3 win for the Gers and a slender advantage to take into the second leg.
Lovenkrands was surprised to see Rangers concede three sloppy goals, but believes their defensive wobbles may just be a one-off.
And he rates the Gers as big favourites to finish off the job in the second leg to reach the last 16.
“Rangers are big favourites to go through now and away wins in Europe are never easy”, Lovenkrands told the BBC.
“They did concede very sloppy goals which is unusual this season but it could just be a one-off.
“Personnel for the next few weeks is going to be the main thing Gerrard’s going to be looking at”, he added.
Rangers are in Scottish Premiership action again this weekend when Dundee United head to Ibrox, before the Gers then take on Antwerp in the second leg.