Drax surges as Barclays hikes price target by 75%

Drax shares powered ahead on Thursday after Barclays hiked its price target by 75% to 960p, implying 120% upside potential.

The bank, which rates Drax at ‘overweight’, said that since its last update in May 2020, there have been notable improvements to the Drax investment story but little change to the share price.

"We believe the current price is an attractive entry point," Barclays said.

At 1230 BST, Drax shares were up 9% at 478.20p.