Barclays’s Year-to-Date Profitability Disappoints, Mainly Driven by CIB’s Markets Business
Following what we view as a weak profitability performance in the year to date, burdened by lower income generation (in both Barclays UK and Barclays International) and higher costs, we are lowering our forecasts for 2017, resulting in a lower fair value estimate of GBX 220 per share (down from GBX 250). While shares currently offer some upside, we believe the risk attached has increased, as per our high uncertainty rating. Hence, we still prefer Lloyds over Barclays within the U.K. banking spac...
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