12:05 PM EDT, 04/25/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our 12-month target price for Barclays ( JJCTF ) to USD11 from USD9, reflecting a P/B of 0.57x, which is higher than its five-year average P/B of 0.47x, justified, in our view, by the expected improvement in BARC's ROE profile. We leave our EPS forecasts unchanged. BARC's Q1 2024 pre-tax profit fell 12% Y/Y to GBP2.28 bln, but was 4% ahead of the company-compiled consensus estimate. The result was dragged by lower FICC revenues, lower inflation linked income, and adverse product dynamics in Barclays UK deposits and mortgages. Credit impairment charges fell 2% with the loan loss rate largely stable at 51 bps, within its guided range of 50 bps-60 bps. We believe this was a solid result, and BARC seems to be on track to achieve its 2024 targets. That said, given the rally in BARC's share price over the past three months and its rich valuation (vs. its historical P/B), we see potential correction in its share price if earnings disappoint in the future. We maintain our Hold rating.