Barclays upgraded Polish e-commerce company Allegro to Overweight from Equal Weight and raised its price target 74% to 61 Polish zloty from 35. Analyst Andrew Ross said the bank had been slow to recognize improving conditions, including the removal of a private equity overhang, reduced competition from Chinese platforms after changes to de minimis import rules, a renegotiated logistics contract with InPost and strong second- and third-quarter trading. Barclays lifted its 2027-28 EBITDA estimates by 6%-7% and now stands 7% above pre-results consensus. The bank sees 2028 as an important valuation year as margins improve, better shipping terms begin, and Allegro’s international operations approach EBITDA breakeven. The stock trades at 12 times projected 2028 earnings, while the revised target implies a 16-times multiple. An upside case values the shares at 78 zloty, while a downside case points to 33 zloty if growth and margins weaken.