Proactive Investors - Barclays PLC (LON:BARC) is still the “cheapest bank around” even after Tuesday’s post-results downgrades which saw the shares sliding 6.5% to lows not seen since March.
Against this backdrop, UBS’s analysts remained bullish, saying Barclays stock is still “worth owning”.
They value the shares at 200p, a significant premium to the current price of 133p.
On Tuesday, the high street lender reported a 16% drop in third-quarter profits, while providing a cautious assessment of prospects.
At the same time, CEO CS Venkatakrishnan warned there would be cost cuts, which would bring with them some serious restructuring charges.