Source: Sharecast
The warehouse market continues to remain structurally supported," the bank said in a research note on Wednesday.
"While company valuations are richer than other sub-sectors, we expect good earnings growth and asset values are more realistically set. Leverage is low and companies are issuing equity to grow."
Segro's shares, which have gained 13% over the past 12 months and now stand at 869.40p, have fallen sharply since the 1,400p level it reached in early 2022.
But Barclays sees upside, hiking its target price from 775p to 1,000p.
Shares in biopharma giant GSK were in the red on Wednesday, pulling back after a strong performance so far this year, but broker Berenberg still sees further upside, reiterating a 'buy' rating on the stock.
In the first quarter alone, GSK shares rose 18% before retreating slightly in the past few days to trade at the 1,645p mark by 1052 BST on Wednesday, down 1% on the day.
But Berenberg has maintained its 1,820p target price, saying that the stock's valuation is still "compelling" compared with the wider sector, even when including a potential £2.7bn liability related to its ongoing litigation surrounding discontinued heartburn treatment Zantac in the US.
"GSK trades on 9.7x 2025 adjusted earnings versus global peers on 16.8x. On EV/NPV (including a £2.7bn Zantac liability), GSK trades at a c26% discount to global peers (0.78x versus 1.05x)," the broker said.
Following GSK's annual report last month, Berenberg notes that the company has had a "strong start to the year, both in terms of delivery and share price performance. Clear messaging on long-term targets and delivery in the interim is helping to build a more constructive dialogue with investors."
It added: "Nonetheless, GSK still trades c25% below the value of its marketed assets and on the lowest [price-to-earnings ratio] in European pharma."
