Broker snap: AlphaValue downgrades Barclays to reduce

17th Feb 2012 10:24

AlphaValue has downgraded its rating for UK lender Barclays from add to reduce, saying it is now "adopting a more cautious stance." The broker says that while underlying profits in the fourth quarter were fully in line wit expectations, "in the current economic context, we have decided to adopt a more cautious stance and now assume a delayed and elongated recovery timeframe in capital markets and related activities."This translates to "notable" earnings downgrades to forecasts for the next couple of years.AlphaValue cuts its price target from 283.4p to 243.9p.BC