MARKET TALK: Exane BNP Paribas Cuts Barclays Price Target

14th Jun 2010 10:05

0905 GMT [Dow Jones] Exane BNP Paribas cuts Barclays (BARC.LN) price target to 380p from 400p. With extreme regulatory and political uncertainty ahead and as clarity on these may not be forthcoming for years, Barclays is unlikely to trade at any material premium to book. Also although Barclays Capital's revenues disappointed in 1Q, guidance on expenses and a sharp decline in impairments fully compensated for this. Despite downgrades for 2Q revenues, Exane says its EPS revisions are modest. As such, the sell-off to below historic tangible book value of 337p is "curious." Outperform recommendation. Shares +2.8% at 299.1p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 14, 2010 05:05 ET (09:05 GMT)