(News Bulletin 247) – Jefferies reaffirms its ‘buy’ recommendation on Barclays with a price target raised from 300 to 320 pence, expecting share buybacks for 1.5 billion pounds sterling this year, then 2.2 billion books per year in 2024 and 2025.
Indeed, while management feels compelled to want to address the weak stock price, the broker believes ‘the best way to do this is through large-scale stock buybacks executed below book value’.
“Based on our estimates, investors can continue to expect improvements in net interest income driven by the structural contribution of hedges in the UK,” Jefferies added in its note on the UK bank.
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