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Barclays PLC (ADR) (NYSE:BCS) shares have underperformed the EU bank sector by 29 percent in 2017, with the stock stuck below $10.
The underperformance has prompted Bank of America Merrill Lynch to upgrade the shares of Barclays by two notches.
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The Analyst
BofA Merrill Lynch analyst Michael Helsby upgraded shares of Barclays from Underperform to Buy.
The Thesis
The reflation exuberance of the second half of 2016 reversed in 2017, with the bank's investment banking business suffering from low volatility and some self-imposed mishaps, Helbsy said in a Monday note. (See Helbsy's track record here.)
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The analyst said he believes the British bank's low earnings expectations and depressed share price make for a buying opportunity.
The Price Action
Barclays shares are down over 9 percent year-to-date. The stock closed Monday's session at $9.97, up 2.15 percent.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.