Downgrade Alert for Barclays (BCS)
Barclays (NYSE:BCS) was downgraded from Buy to Neutral at BofA/Merrill today. The stock closed yesterday at $7.03 on volume of 149.7 million shares, above average daily volume of 4.0 million.
There is potential upside of 159.3% for shares of Barclays based on a current price of $7.03 and an average consensus analyst price target of $18.23. The stock should run into initial resistance at its 50-day moving average (MA) of $9.31 and subsequent resistance at its 200-day MA of $12.84.
Barclays PLC offers commercial and investment banking, insurance, financial, asset management and related services. The Company's subsidiary, Barclays Bank plc, operates over 2,000 branches in the United Kingdom and around 900 branches overseas. In all, Barclays Bank operates branches in over 60 countries.
In the past 52 weeks, Barclays share prices have been bracketed by a low of $8.13 and a high of $18.05 and closed yesterday at $7.03, -14% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has slid 1.2%.
SmarTrend is monitoring the recent change of momentum in Barclays. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Barclays in search of a potential trend change.
Keywords: analyst upgrades/downgrades barclays