Barclays upgrades Wise to 'overweight'

21st May 2024 14:30

(Sharecast News) - Barclays upgraded Wise on Tuesday to 'overweight' from 'equalweight' and lifted the price target to 1,000p from 800p.

"Wise's diversification offers sufficient levers to continue growth more than 20% mid-term at a circa 25% margin, even excluding excess NII," the bank said.

"Coupling underlying momentum with a short-term NII tailwind, we are 8/9% ahead of FY25/26 consensus earnings per share and see the de-rating as an opportunity to buy a high-quality compounder at a compelling valuation."