Berenberg cuts Barclays to 'sell'

Berenberg has recommended investors to 'sell' shares of Barclays, saying that positive catalysts at the bank "seem further away than we hoped".The broker lowered its rating on the stock from 'hold' and cut its target price from 220p to 200p."Barclays is one of our wildcards for 2015 as we believe it has the potential to emerge as a long-term winner in the sector," said analyst James Chappell."Unfortunately, that change seems further away than we had hoped as the malaise from the lacklustre Investment Bank (IB) strategy has worsened."Chappell said the catalyst for the bank remains its new chairman John McFarlane who joined last month."However, in giving Barclays a chance to deliver on its targets, we think this just makes the problems in resolving the key issues at the IB much larger."The stock was 0.9% lower at 253p by 10:33.