Barclays downgrades Virgin Money after strong share price performance

Barclays downgraded Virgin Money on Monday to ‘equalweight’ from ‘overweight’ following a strong share price performance over the last six months.

"We see limited catalysts from here; the capital return story is now well understood by the Street, and we see challenges to achieving medium-term return on tangible equity guidance (circa 11% versus Barclays circa 8%)," the bank said.

"Albeit, we remain positive on NII with valuation supportive."

Barclays left its price target on the shares unchanged at 230p.