The firm upgraded shares traded in London to overweight from equal weight.
Barclays is a good pick as the U.S. consumer business receives fair recognition and investment banking picks up, according to Morgan Stanley. Analyst Alvaro Serrano upgraded shares of the bank, which trade in London, to overweight from equal weight. The bank's U.S.-listed shares trade under the ticker BCS.
credit card business, which can improve its profitability gap compared with competitors. Simultaneously, he said stabilization in rate sentiment has bolstered the merger-and-acquisition pipeline. Serrano has, in turn, raised revenue expectations for the corporate and investment bank division. While expecting revenue growth in 2024 and 2025 for Barclays, he said there's downside risk to the margins of other banks in the United Kingdom.
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