UBS has reaffirmed its 'buy' recommendation on Barclays, as well as its target price of 240 pence, implying a 10% upside potential for the stock, welcoming Thursday's announcement of the sale of the bank's credit card activities in Germany.

According to the broker, this transaction, which will generate a gain of around 10 basis points in CET1 for the British bank, is 'a long-awaited but welcome sign of the ongoing execution of a strategic plan', which he appreciates.

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