Barclays is suffering from the market’s scepticism that the bank can grow its investment bank’s revenue sufficiently to hit its returns target by 2026.
But with recent clarity on capital pointing to more than £11 billion being handed back by 2026, US bank Jefferies believes that a greater sense of urgency has become apparent recently, which might prove the sceptics wrong.
As a result, Jefferies has raised its price target by 50% 330p from 220p with Barclays rated a buy and as one of the US bank’s franchise picks.