Barclays cuts BNP Paribas  to 'equal weight' on uncertainty limiting stock performance

** Barclays downgrades French bank BNP Paribas BNP to "equal weight" from "overweight", becoming first brokerage to cut the lender's rating on uncertainty from potential costs of Sudan-related litigation

** The downgrade follows a US court ruling against the bank, with the broker noting the uncertainty will limit any upgrades to the stock for months, due to a lengthy appeal process

** Barclays also raises BNP Paribas' Cost of Equity reflecting the increase risk

** The brokerage cuts its PT by 15% to EUR 80, as the higher perceived risk overshadows an otherwise attractive valuation and growth outlook

** Barclays says that "a lot" is already priced in, with the bank at the sector's lowest price-to-earnings multiple, but believes the legal case will limit share price appreciation

** Out of 20 analysts that cover BNP Paribas SA, 12 rate the stock "strong buy" or "buy,"​six rate "hold" andtwo​ rate the stock "strong sell" or "sell" - LSEG data