Barclays upgraded to Overweight from Neutral at JPMorgan

JPMorgan analyst Raul Sinha upgraded Barclays to Overweight from Neutral with a price target of 220 GBp, up from 180 GBp. The analyst reshuffled preferences on U.K. bank stocks heading into 2023, saying risks look evenly balanced for the sector, with concerns about net interest margins peaking in the second half of the year, offset by defensive attractions for larger U.K. banks. Barclays has the most favorable risk/reward among U.K. domestic lenders and is now the top pick, Sinha tells investors in a research note.