Deutsche Bank raised the firm’s price target on Barclays (BCS) to 350 GBp from 320 GBp and keeps a Buy rating on the shares. Even if you give Barclays no credit for the least predictable parts of their strategy, the shares offer significant value, the firm told investors in a research note on Friday. Barclays trades at an implied cost of equity of 18%. There is clearly embedded skepticism in the valuation which Deutsche attributes to two primary factors, namely the plan to take market share in the investment bank on the same capital base, and growth in the U.S. consumer business but at much wider margins.
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