Barclays turns bullish on European banks, downgrades utilities sector

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(Reuters) – Barclays (LON:BARC) analysts on Monday upgraded Europe’s banking sector, as it sees benefits of higher interest rates and healthy financials, but the British investment bank downgraded the utilities sector.

Analysts, led by Emmanuel Cau, upgraded the European banking sector to “overweight” from “market weight” and downgraded the utilities sector to “underweight” rating.