UBS raises PT on major UK banks

UBS raises PT on Barclays Plc BARC.L to 415p from 365p, HSBC HSBA.L to 935p from 870p, Standard Chartered Plc STAN.L to 1,446p from 1,215p, and NatWest Group Plc NWG.L to 553p from 540p

Brokerage cites its base macro, and market case sees the European bank sector re-rate to a higher valuation over the next 12–18 months, which would narrow the price-to-earnings relative gap to the historic average

Shares of UK banks down between 1% and 1.3%

UBS says STAN and HSBA banks must show stronger risk-adjusted earnings growth than the European average to re-rate meaningfully

As of last close BARC up 27%, HSBA gained 16%, STAN climbed 29% and NWG up ~23% YTD