NatWest stock gains as JP Morgan lifts price target after Barclays conference

Published on 09/15/2026 at 20:16 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

NatWest stock is rated overweight by JP Morgan as of September 15, 2026, with the price target raised to 830 pence from 790 pence. The shares traded near 700 pence on the London Stock Exchange on September 15, 2026 amid strong growth and capital generation guidance.

Fotorealistisches Bürogebäude einer Großbank in Edinburgh bei Sonnenuntergang — NatWest Group plc Hauptsitz als modernes Glasgebäude in Edinburgh bei goldenem Abendlicht, ISIN GB00BM8PJ831, Illustration mit AI erstellt.

NatWest Group stock (ISIN GB00BM8PJ831) traded around 700 pence on the London Stock Exchange on September 15, 2026, supported by upbeat guidance and a fresh JP Morgan price target upgrade to 830 pence from 790 pence for December 2027.

JP Morgan backs NatWest with higher target

As Investing.com reported on September 15, 2026, JP Morgan rates NatWest Group overweight and raised its December 2027 price target to 830 pence from 790 pence, implying a valuation of 7.4 times projected 2028 earnings.

According to Proactive Investors on September 15, 2026, JP Morgan highlights NatWest as its preferred UK bank, seeing the lender as the most geared to a multi-year upswing in UK lending.

NatWest shares reflected that positive stance with intraday levels around 696 pence to 700 pence on September 15, 2026, while one market overview cited the stock at 699.99 pence, up 2.52% with volume above 18 million shares as part of an active London session.

Barclays conference underscores growth and capital strength

Beyond the analyst call, NatWest used Barclays 24th Annual Global Financial Services Conference on September 15, 2026 to underline its growth and profitability trajectory, including a return on tangible equity approaching 20% and remaining above 17% for the fourth consecutive year, as summarized by Investing.com.

According to the same Investing.com conference summary dated September 15, 2026, NatWest upgraded its total income guidance to 17.9 billion pounds for 2026, about 1.5 billion pounds higher than the prior year level and representing roughly 9% year-on-year growth.

In the same discussion, the bank indicated that its net interest margin widened by about 2 basis points in the latest quarter to a range between 241 and 249 basis points, while the cost-income ratio improved to just above 45%, a 21 percentage point enhancement compared with the mid-60s level reported in 2021.

The conference remarks also highlighted that customer assets and liabilities grew by 5.3% in the first half of 2026, exceeding the bank's medium-term target of more than 4% growth, which underscores that lending and deposit volumes are expanding faster than the strategic baseline.

Latest half-year figures and growth guidance

Summarizing the half-year picture, NatWest stated at the Barclays event that customer assets and liabilities growth of 5.3% in the first half of 2026 compares with an average annual lending growth of 4.5%, deposit growth of 4% and assets under management expansion of 12% over the seven years leading up to 2026, according to Investing.com.

Capital generation remains a central theme in the guidance, with NatWest citing 137 basis points of capital generation in the first half of 2024 and targeting more than 240 basis points for the full year, as described in the same Investing.com transcript.

On the cost side, NatWest indicated guidance for approximately 8.5 billion pounds of costs in 2026, aiming for a sub-45% cost-income ratio by 2028, which builds on the substantial reduction from a cost-income ratio in the mid-60s in 2021 to just above 45% in the latest quarter.

For investors, the combination of nearly 20% return on tangible equity, higher total income guidance to 17.9 billion pounds and faster-than-target growth in customer balances provides a quantitative backdrop for JP Morgan's overweight rating and upgraded price target.

NatWest stock price and trading context

NatWest stock trades primarily on the London Stock Exchange under the ticker NWG, with recent intraday quotes around 699.60 pence showing a gain of about 2.46% on September 15, 2026 alongside trading volumes above 16 million shares in active FTSE 100 trading.

One FTSE 100 movers overview cited NatWest Group at 698.60 pence, up 2.52%, positioning the shares among the notable risers on September 15, 2026 as broader UK bank stocks benefited from the constructive lending outlook.

While detailed 52-week high and low levels or precise market capitalization figures were not specified in the available snapshots, the share price near 700 pence on September 15, 2026 situates NatWest stock below JP Morgan's 830 pence December 2027 target and above the bank's prior 790 pence objective, offering investors a tangible reference point against medium-term valuation expectations.