Zacks Investment Research downgraded shares of Barclays PLC – ADR (BCS) from NEUTRAL to UNDERPERFORM on April 25, 2014, with a target price of $15.00.
We are initiating coverage on Barclays with an Underperform recommendation based on the company's dismal 2013 results. The results were adversely impacted by fall in top line and lower FICC revenues. However, these were partially offset by almost stable operating expenses. Further, the company's expense management initiatives will go a long way in improving its overall financial performance. Also, amid the worldwide economic volatility, the company is focused on building its capital level. Nevertheless, slow revenue growth, sluggish economic recovery and a stringent regulatory landscape will continue to affect the company's performance in the near term.
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