Barclays strategy update to spark overdue re-rating, suggests US bank

Barclays' strategic review, to be announced on 20 February, can be the catalyst for a re-rating of the bank after years of underperformance, according to analysts at US rival JP Morgan. “The bank has traded at a material discount to tangible book for over a decade, with the equity story out of favour with many investors, but at current valuations, we believe that the stock retains significant upside potential which can be unlocked.” JP Morgan expects the review to focus on the return on tangible equity targ ...