MARKET TALK: BOA Merrill Cuts Barclays Price Target, EPS

14th Jun 2010 08:53

0753 GMT [Dow Jones] Bank of America Merrill Lynch cuts Barclays (BARC.LN) price target to 420p from 500p. After a turbulent 2Q for investment banks and a disappointing 1H'10 for Barclays, the brokerage cuts its above-consensus '10 EPS forecast to 30.74p from 35.23p. Given the more uncertain macro and regulatory environment, BOA also cuts its '11 EPS estimate to 43.29p from 53.36p and its '12 EPS estimate to 59.23p from 67.69p. Still, says Barclays looks cheap and profitable this year, and remains a buy. Shares +1% at 294p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 14, 2010 03:53 ET (07:53 GMT)