Barclays PLC (LSE:BARC) received backing from one of the City’s big-hitting research teams, which upgraded its earnings and pay-out forecasts as well as its target price dubbing it the “cheapest bank in Europe”.
UBS told clients: “Barclays trades on the lowest PE [price-to-earnings ratio] in European banks, offering attractive gearing to rates, over-provisioning, unsecured spend, CIB and buybacks.”
Repeating its ‘buy’ advice the Swiss investment bank increased its price target by 30p to 250p a share. The stock would have to advance around 20% from current levels to match the UBS valuation.