Exane BNP Paribas analyst Guy Stebbings upgraded Barclays to Outperform from Neutral with a 215 GBp price target. While the U.K. faces a "bleak backdrop," its banking sector is positioned for a re-rating in 2023, Stebbings tells investors in a research note. The analyst says consumer discretionary is trading at a premium to banks, creating opportunities in the latter.
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