Zacks Reiterates “Underperform” Rating for Barclays (BCS)
Barclays (NYSE:BCS)‘s stock had its “underperform” rating restated by Zacks in a report released on Thursday. They currently have a $13.00 price objective on the stock. Zacks‘s target price would indicate a potential downside of 9.34% from the stock’s previous close.
Zacks’ analyst wrote, “Barclays reported dismal first-quarter 2014 results, impacted by fall in net operating income. Lower fixed income, currency and commodities (FICC) income was the primary dampener. However, this was partly offset by lower operating expenses. Further, the company’s streamlining initiatives will go a long way in improving its overall financial performance. Also, amid the worldwide economic volatility, Barclays is focused on building its capital level. Nevertheless, slow revenue growth, lower client activities, sluggish economic recovery and a stringent regulatory landscape will continue to affect the company’s performance in the near term. Also, possible litigation headwinds arising from investigation of regulatory authorities is a plausible concern.”
A number of other firms have also recently commented on BCS. Analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Barclays in a research note on Wednesday. Separately, analysts at Macquarie upgraded shares of Barclays from a “neutral” rating to an “outperform” rating in a research note on Monday. Finally, analysts at Jefferies Group reiterated a “buy” rating on shares of Barclays in a research note on Friday, June 27th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have assigned a buy rating to the stock. Barclays currently has an average rating of “Hold” and a consensus price target of $146.50.
Shares of Barclays (NYSE:BCS) traded down 1.85% on Thursday, hitting $14.34. 4,409,681 shares of the company’s stock traded hands. Barclays has a 1-year low of $14.38 and a 1-year high of $19.59. The stock’s 50-day moving average is $15.8 and its 200-day moving average is $16.78. The company has a market cap of $58.242 billion and a P/E ratio of 45.66.
Barclays (NYSE:BCS) last announced its earnings results on Thursday, May 8th. The company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by $0.11. On average, analysts predict that Barclays will post $1.83 earnings per share for the current fiscal year.
Barclays PLC (NYSE:BCS) is a global financial services provider engaged in retail banking, credit cards, wholesale banking, investment banking, wealth management and investment management services.
To view Zacks’ full report, visit Zacks’ official website.
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