Deutsche Bank Downgrades Barclays (BCS) to Hold; Chairman Resigns; Civil Suit Uncertainty
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Price: $28.14 +0.18%
Rating Summary:
12 Buy, 11 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
12 Buy, 11 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Deutsche Bank downgraded Barclays (NYSE: BCS) from Buy to Hold.
Deutsche analyst said, "We have been unable to gain clarity on the potential timing and magnitude of future claims from those holding LIBOR-linked instruments. We see challenges for plaintiffs to show that artificially suppressed or raised LIBOR estimates from Barclays on their own shifted LIBOR on any given day and that financial loss followed as a consequence. We also note that up to 20 banks are under investigation for their role in LIBOR setting. But given the size of the LIBOR-linked instrument universe and our present inability to predict how losses – if any – may be borne by the sector, we cannot rule out material future costs."
For an analyst ratings summary and ratings history on Barclays click here. For more ratings news on Barclays click here.
Shares of Barclays closed at $10.30 yesterday.
Deutsche analyst said, "We have been unable to gain clarity on the potential timing and magnitude of future claims from those holding LIBOR-linked instruments. We see challenges for plaintiffs to show that artificially suppressed or raised LIBOR estimates from Barclays on their own shifted LIBOR on any given day and that financial loss followed as a consequence. We also note that up to 20 banks are under investigation for their role in LIBOR setting. But given the size of the LIBOR-linked instrument universe and our present inability to predict how losses – if any – may be borne by the sector, we cannot rule out material future costs."
For an analyst ratings summary and ratings history on Barclays click here. For more ratings news on Barclays click here.
Shares of Barclays closed at $10.30 yesterday.
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