Barclays upgrades Rolls-Royce to 'overweight'
Barclays has raised its stance on engineering giant Rolls-Royce from 'equal weight' to 'overweight' after recent weakness in the share price.
Aerospace and Defence
11,911.61
15:14 22/11/24
0.65%
76.54
FTSE 100
8,265.68
15:15 22/11/24
n/a
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FTSE 350
4,554.40
15:15 22/11/24
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FTSE All-Share
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15:15 22/11/24
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Rolls-Royce Holdings
540.80p
15:15 22/11/24
0.00%
0.00p
"Rolls-Royce has derated ~10% in the past month (vs FTSE 100 -3%), in our view a function of de-grossing and longer cycle pressure/macro economics," the bank said in a research report on Tuesday.
This, it said, "presents a buying opportunity" ahead of the company's 28 November capital markets day, which Barclays said could be a "catalyst" event.
The bank has hiked its price target for the tock from 239p to 270p, representing around 30% upside from Monday's 202p closing price.
The stock was up 4% at 209.9p in early deals on Tuesday.