I was right about the Barclays share price! Here’s what I think happens next

Back in January, I bought some Barclays (LSE:BARC) shares for my portfolio. Fast forward a couple of months and I’m up close to 20%. With the Barclays share price now at 52-week highs above 180p, some might think it looks a little bit overbought. Here’s why I disagree, along with where I think the stock heads next. I wrote in detail about different reasons why I thought the stock was undervalued back at the start of the year. One of them was the strategy refresh that was due out in February. Now that we’re in March, I can look back on the details. The CEO commented that he’s pushing for a “simpler, better, more balanced bank”. The efficiency drive will aim to cut £2bn worth of costs. This is split between staff cuts, infrastructure savings and office space. Investors took this update well, which I thought would be the case. Even though it might hamper short-term financial results, it’ll drive long-term value for the bank (and shareholders). As we get more updates on how this strategy shift’s progressing, I expect the share price to continue to rally. Of course, if a statement shows that costs are ballooning, or that something’s...

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