StanChart is 'cheap' but rationale for takeover challenged by scant synergies, Barclays says

Shares of StanChart were indeed "cheap", demonstrating the "attractive" value on offer in European lenders, analysts at Barclays judged.

Nonetheless, "the underlying strategic rationale of a future bid is challenged by little chance of realising meaningful synergies," they added in a research note sent to clients.

Hence their decision to stay at equalweight on shares of Asia-focused StanChart and to keep their target price at 750.0p.