1429 GMT - There is clearly embedded scepticism in Barclays's valuation, Deutsche Bank writes in a research note. This is due to two factors: the plan to take market share in the investment bank without expanding its capital base; and growth in the U.S. consumer business stemming from much wider margins, analyst Robert Noble writes. The British lender has already made progress on the former while on the latter, it needs to buck the underlying trend to hit its plan, he notes. Another large lever of revenue growth to 2026 is underpinned domestically by the structural hedge role, thanks to which Barclays will keep growing its income from interest and from fees at a better pace than its European peers, Noble adds. Shares trade at 291.3 pence and have risen 9% since the start of 2025. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

January 20, 2025 09:30 ET (14:30 GMT)

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