Shares in British luxury sports car maker Aston Martin will more than triple in the next 12 months, analysts at Barclays say. The investment bank has an overweight rating on the stock with a price target of 300 pounds ($380.79), representing a potential upside of about 116.5% from the May 30 closing price of 138.60 pounds. , the stock symbol is AML. It also trades on the OTC market in the United States as AMGDF-US. Its London-listed shares have been falling, especially after reporting a first-quarter loss earlier this month. It comes after the company halted production of its upcoming core models ahead of launching a new range of cars later this year. Aston Martin’s shares have fallen about 46.5% in the past 12 months. Still, Barclays remains bullish on the stock, citing it as having “the potential to achieve a major turnaround/restructuring/rescue that the market fails to recognize,” the company said in a May 28 note titled “2024 Second Quarter: Lots of Happiness Returns,” said an equity research report. BP Another stock that Barclays is watching with huge upside potential is British oil and gas company BP. The investment bank has an overweight rating on the stock, with a target price of 10 pounds, which represents an increase of about 106.2% from the closing price of 4.85 pounds on May 30. for BP-US. Its London-listed shares have edged up 4% in the past 12 months. Barclays remains optimistic about the company despite first-quarter results falling short of analysts’ expectations due to “significant weakness” in fuel profits and falling gas and oil prices. It is one of the bank’s picks that “has a good capital return story.” European Market Outlook Barclays is generally bullish on European markets, saying margins are generally “resilient, capital returns are strong, corporates are optimistic, and EPS revisions have accelerated. There are increasing upgrades in cyclical stocks, but defensive stocks are “It has outperformed the market in the recent rally.” The Euro Stoxx 600 has fallen over the past few days but has been rising since the start of the year. The benchmark is up 9.6% year to date and 15.2% last year. Analysts at the bank observed that “Europe’s growth/policy mix is becoming more favorable” with signs of recovery in sectors including real estate, construction, consumer goods, financials and small caps. —CNBC’s Michael Bloom and Jenni Reid contributed to this report.
