MARKET TALK: Citigroup Lowers Barclays Target Price

30th Jul 2010 11:00

1000 GMT [Dow Jones] Citigroup lowers Barclays (BARC.LN) target to 442p from 470p ahead of 1H results, due August 5. Brokerage lowers its FY10 EPS forecast by 14% to 33p, but says FY11- FY13 earnings forecasts have been shaved by only 5%-7%, "since we envisage a reasonable rebound in Barclays Capital revenues in FY11, while the contribution of other businesses to group operating profits rises from circa 30% this year to almost 50% by FY13." Says the valuation of the stock remains attractive and retains a buy rating. Shares -0.7% at 332p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 30, 2010 06:00 ET (10:00 GMT)