Deutsche Bank Upgrades Barclays to Buy

« After a year of restructuring, transition to a new reporting structure, and aided by favourable macro trends (particularly FX) Barclays starts 2017 well placed for earnings growth. Improved capital markets conditions should help soften a weaker top-line in retail, whilst we see opportunity for cost reductions in the IB & non-IB businesses. Meanwhile we expect credit costs to remain robust given better marcoeconomic data and credit performance history, and capital remains on-track. Barclays shares have performed well since the US election in November, however think there is still upside from here. Our target price rises to 270p, and with 15% upside we upgrade our rating from Hold to Buy »

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