0914 GMT - Barclays's current valuation in terms of price to earnings and price to tangible net asset value doesn't reflect its true worth and makes the bank the cheapest in Europe, J.P. Morgan Cazenove says in a research note. This seems to be largely due to the negative investment sentiment toward the U.S., where Barclays operates its investment banking and consumer businesses which bring in a third of group revenue, analysts Kian Abouhossein and Sheel Shah write. This view is incorrect as investment banking is the best growth segment thanks to expected high levels of volatility, they say. The U.S. credit card business could face some difficulties but it is a relatively small contributor to earnings, they add. Shares trade 1% higher at 325 pence and have risen 21% year to date. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
May 16, 2025 05:14 ET (09:14 GMT)
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