DB - Barclays: Consensus Forecasts Appear Inaccurate Whilst Buybacks Are Ramping Up

• Despite recent run up in the share price, BCS is still too cheap to ignore.
• In my view, consensus earnings forecasts for 2021 are off the mark.
• Management delivered a clear message about share buybacks.
• The investment bank has been gaining market share and the consumer divisions are levered to the reopening of the U.S. and UK economies.
• I am still bullish on BCS and see potential upside of up to 50 percent over the next 12 months, with further upside if interest rates perk up.

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