Credit Suisse Group AG (NYSE:CS) (CS) helped Barclays PLC (LSE:BARC) attempt to reverse its share price underperformance in recent months by upgrading the stock.
The global investment bank slapped an ‘outperform rating’ on Barclays, as well as increasing its price target to 245p from 240p.
CS said the UK lender’s underperformance will change as "over-issuance concerns dissipate, the market drives 2022 upgrades and the presence of significant provision overlays de-risks the income statement in case of economic weakness".
Barclays’ resumption of its share buyback programme (coupled with second-quarter results to be released in July) is also expected to be a share price catalyst.
The FTSE 100-listed company’s share price rose 3.2% to 162.8p on Tuesday.