Goldman says this market-beating bank stock has a lot further to run

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Goldman says this market-beating bank stock has a lot further to run

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on Barclays stock to a planned strategic rebalance that could help stoke growth, as well as its strong global presence, particularly in the U.S. BCS .SPX YTD mountain Barclays’ ADRs in 2024 vs the S & P 500. “”The Investment Bank [portion of Barclays’ business] is at-scale but currently under-earning,” Hallam said. “We expect returns to improve through capital reallocation (as discipline) and a cyclical recovery.” Hallam noted Barclays stock currently trades at roughly six times its 12-month forward price-to-earnings ratio, compared to the wider group of banks covered by Goldman that trade at seven times forward P/E. “Barclays’ inexpensive valuation provides a highly attractive entry opportunity in our view, particularly as we see upside risk to consensus earnings estimates over the coming years,” the analyst added.

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