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

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Investment Strategy Nouvelles

Markets,Barclays PLC,S&P 500 Index

U.S.-traded shares of a UK powerhouse have advanced more than 54% in 2024, while the S&P 500 has gained 20%.

Goldman Sachs thinks that U.S.-traded shares of Barclays still have a long growth runway ahead, even after already beating the market so far in 2024. The firm initiated coverage of the banking stock with a buy rating and a 290 pence per share price target on Tuesday. Goldman's forecast implies more than 26% upside from Monday's 229.65 pence close.

The analyst attributes part of his outlook 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 is at-scale but currently under-earning," Hallam said. "We expect returns to improve through capital reallocation and a cyclical recovery.

 

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