Barclays upgrades Morrisons to 'equalweight'

Barclays upgraded its rating on shares of supermarket chain Wm Morrison to ‘equalweight’ from ‘underweight’ on Thursday, noting that the share price "is now clearly below" its 180p price target.

The bank said it was finding it harder to construct a bearish narrative on Morrisons given that relative market share trends have been showing clear improvements after a weak 2019.

It also pointed to the prospect of "much better" second-half profits and cash generation and the possibility of a dividend of around 15p in March next year.