Canaccord Retains Buy On Barclays Following Dark Pool Fraud Allegations

In a research note issued Thursday, Canaccord analyst Arun Melmane retained a Buy recommendation on Barclays PLC (BCS;BARC) withe a price target of 280p following yesterday’s news that the New York Attorney General’s office has sued Barclays on misrepresentation and failure of controls over its operation of its dark pool, which is purported to be one of the two biggest in the U.S. market. 

“Although todays’ news is likely sentiment negative, we think the £2bn fall in market cap is overdone. Shrinking the IB should increase transparency/controls and reduce the instances of misrepresentation and control failures as described in the lawsuit”, Melmane noted.




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