MARKET TALK: Citigroup Cuts Barclays Price Target

30th Jul 2010 14:33

1333 GMT [Dow Jones] Citigroup cuts Barclays (BARC.LN) price target to 442p from 470p ahead of Barclays's 1H '10 results August 5. The key issue will be revenues at Barclays Capital in 2Q, says Citi. It revises down its '10 EPS forecast to 29.6p from 34.5p and '11 to 43.6p from 44.4p. However the market may be discounting too large a drop in revenues at BarCap says Citi and over the next 12-to-18 months it sees a recovery toward levels consistent with guidance. Citi also thinks bears may be ignoring fundamental value inherent in the whole group. Buy rating. Shares -1.3% at 329.8p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 30, 2010 09:33 ET (13:33 GMT)