Shares of British luxury sports car manufacturer Aston Martin are set to rise more than twofold in the next 12 months, according to analysts from Barclays. The investment bank has an overweight rating on the stock at a price target of £300 ($380.79), giving it potential upside of about 116.5% from its closing price of £138.60 on May 30. Aston Martin is listed on the London Stock Exchange under the ticker AML. It is also traded in U.S.’ over-the-counter markets as AMGDF-US. Its London-listed stock has been on the decline especially after it posted first-quarter losses earlier this month. That comes after it stopped production of its outgoing core models ahead of a launch a new range of vehicles later this year. Shares in Aston Martin are down some 46.5% in the last 12 months. AML-GB YTD mountain Year-to-date shares in Aston Martin Even so, Barclays remains bullish on the stock, listing it among names that “have the potential for a significant turnaround / restructuring / self-help that the market fails to recognize,” it said in a May 28 equity research note titled “2Q24: Many Happy Returns.” BP Another stock with massive upside potential on Barclays’ radar is British oil and gas player BP . The investment bank has an overweight rating on the stock at a price target of £10, representing around 106.2% upside from its closing price of £4.85 on May 30. BP is traded on the London Stock exchange and in the U.S. as an American depositary receipt as BP-US. Its London-listed shares have edged up by 4% in the last 12 months. Barclays’ optimism on the company comes even as it’s first-quarter results fell below analyst expectations amid a “significantly weaker” margin in fuels and lower gas and oil prices. It was among the bank’s list of picks that “have a favorable capital return story.” European market outlook Barclays is broadly bullish on the European market, saying margins are on the whole “resilient, capital returns are strong, firms are optimistic and EPS revisions have picked up. Cyclicals are seeing more upgrades, but defensives have outperformed in the recent rally.” Europe’s Stoxx 600 dipped in the last few days, but had been climbing since the start of the year. The benchmark is up by 9.6% year-to-date and 15.2% in the past year. The bank’s analysts observe that the “growth/policy mix in Europe is getting more favorable,” with green shoots emerging across sectors like real estate, construction, consumer plays, financials and small-caps. — CNBC’s Michael Bloom and Jenni Reid contributed to this report.
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