Barclays upgraded on back of strong investment bank tailwind


Barclays PLC is heading for a good third quarter according to analysts at Credit Suisse with tailwinds pushing the bank along nicely.

Clarity of costs at the end of the second quarter allied to the sooner than expected share buyback have helped sentiment and CS expects a similarly optimistic tone in the next update with bad debt provisions also heading downwards.

Deal data is healthy and pointing to further market share gains while asset quality remains strong though credit card revenues are now unlikely to pick up before 2022.

Target price rises to 220p driven by a 2% increase in commercial and investment banking revenues, while CS’s rating remains ‘outperform’.

Shares rose 2% to 191p.


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