The price target is unchanged at 80p, but that is more than double the current 35.24p in the market and the outsourcer is now rated as 'overweight' again by the bank.
The effect on net profits from the Axelos sale is much less at the pre-tax level, says the broker, while cash proceeds of £183mln reduce net debt to an estimated £430mln.
Recent disposals now total at £500mln, putting the group on track to meet management's target of £700mln by the end of next year.
Earnings and profits forecasts have been reduced to reflect the Axelos sale, but forward earning multiples of six in 2021 and four in 2022 reflect market angst about more dilutive disposals and nothing for the deleveraging and operational improvement, says Barclays.
If management can deliver, the upside is considerable, added the bank.
Shares rose 1% to 35.2p.