Barclays upgrades BT to 'overweight'

Barclays upgraded its stance on shares of BT to ‘overweight’ from ‘equalweight’, lifting the price target to 160p from 130p as it took a more constructive view on the stock.

The bank said its key reasons for taking a more positive view are a rapidly improving outlook for Openreach and fibre to the home, supported by a recent meeting with management, and de-risked consensus estimates with an attractive valuation.

At 0940 BST, BT shares were up 1.1% at 104.60p.