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.