MARKET TALK: Bernstein Cuts Barclays Price Target

21st Jun 2010 11:00

1000 GMT [Dow Jones] Bernstein cuts Barclays (BARC.LN) price target to 370p from 410p, leaving at outperform. Says the weakness in 1Q '10 and sharp slowdown in fixed income in 2Q '10 reduces the brokerage's confidence that the bank should be able to deliver the strong revenue share growth it previously expected. Still sees Barclays delivering a material improvement to its revenue share in 2Q '10, but says the longer term pattern is now modeled to be flat. Cuts '10 EPS forecast to 30.2p from 38.1p and '11 to 27.2p from 46.8p. Shares +1.6% at 317p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 21, 2010 06:00 ET (10:00 GMT)