JP Morgan has raised its price targets for major UK banks, extending its view to December 2027. Barclays PLC is set for 570p, NatWest Group PLC for 750p, and Lloyds Banking Group PLC for 117p. The investment firm maintains Barclays as its "highest conviction idea" ahead of quarterly results.

The bank is expected to outline a path to a 13-14% Return on Tangible Equity (ROTE) by 2028. JP Morgan forecasts fourth-quarter total income of £6.9 billion for Barclays, supported by investment banking and cards. For NatWest, the firm calls 4% year-to-date underperformance "unjustified," citing an 18% ROTE target by 2028.

Lloyds is expected to meet market expectations, with a summer target refresh the key event. The firm projects peak hedge income growth for Lloyds in 2026. This optimism aligns with Bank of England data showing healthy loan growth and rising household deposits, supporting a positive outlook for the sector.