0658 GMT - Barclays is undervalued as the bank's stock has fallen 6.2% over the past month and hasn't recovered from a decline after second-quarter results, Berenberg's Michael Christodoulou says. Two-year forward consensus earnings per share estimates have remained broadly the same during the period, while the operating performance of the London-listed company continues to improve, Berenberg notes. The investment bank's returns are set to continue to rise due to revenue and cost initiatives, while the U.K. corporate bank has room to grow. Berenberg maintains its buy recommendation on the stock with a price target of 620 pence. Barclays shares closed at 483.35 pence on Wednesday.
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