Shares of British luxury sports car maker Aston Martin are expected to more than double over 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 a potential upside of approximately 116.5% from its closing price of £138.60 on May 30. Aston Martin is listed on the London Stock Exchange under the AML ticker. It is also traded on the US over-the-counter markets as AMGDF-US. Its London-listed shares witnessed a decline, especially after it recorded losses in the first quarter earlier this month. This comes after it ceased production of its previous core models before launching a new range of vehicles later this year. Aston Martin shares are down about 46.5% over the past 12 months. AML-GB year-to-date Aston Martin shares. However, Barclays remains bullish on the stock, listing it among names that “have significant turnaround/restructuring/self-help potential that the market has failed to recognize,” it said in a May 28 research note titled “2Q24: Many Happy Returns.” “. BP Another stock with huge upside potential on Barclays' radar is British oil and gas company BP. The investment bank has an overweight rating on the stock with a target price of £10, which represents an upside of approximately 106.2% from its closing price of £4.85 on 30 May. BP is traded on the London Stock Exchange and in the United States as an American depositary. Received as BP-US. Its London-listed shares have risen 4% in the past 12 months. Barclays' optimism about the company comes despite first-quarter results falling short of analysts' expectations amid a “much weaker” margin in fuel and lower gas and oil prices. It was among the bank's picks that had a “favorable capital return story”. European Market Outlook: Barclays is broadly bullish on the European market, saying that margins overall are “resilient, capital returns are strong, corporates are upbeat and earnings per share revisions are up. Cyclical stocks are seeing more upgrades, but defenses have outperformed in the recent rally.” The European Stoxx 600 index has fallen in the past few days, but has been on the rise since the beginning of the year. The index rose by 9.6% year to date and 15.2% last year. The bank's analysts note that “Europe's growth/policy mix has become more favourable”, with green shoots emerging in sectors such as real estate, construction, consumer offerings, financial services and small businesses. — CNBC's Michael Bloom and Jenny Reed contributed to this report.
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Barclays has named two global stocks that are up more than 100% to trade at the moment
