MARKET TALK: Matrix Initiates Coverage Of Barclays At Sell

26th Jul 2010 15:29

1429 GMT [Dow Jones] Matrix initiates coverage of Barclays (BARC.LN) at sell with 310p price target. Says the share price has recovered strongly since the nadir of the credit crisis and is now considered one of the sector's consensual favorites. However, Matrix believes Barclays faces a number of structural headwinds to its business model that will make it difficult to increase core revenues and earnings, and also leave it exposed to concerns that it again lacks sufficient capital. "Although we see modest upside to our target price of 310p, our sell rating is based on the fact that we see much greater upside at other banking stocks that we cover." Shares +3.8% at 313p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 26, 2010 10:29 ET (14:29 GMT)