57/100BNatWest Group stock forecast 2026–2029
Analysts' average 12-month price target for NatWest Group is 18.20, 16.7% above the current price of 15.60. Their targets range from 18.20 to 18.20.
Of the 1 firms that rated NatWest Group in the past 12 months, 1 rate it buy or strong buy, 0 hold and 0 sell or strong sell (each firm at its latest rating): a Buy consensus.
Analysts' 1-year price targets range from 18.20 to 18.20, with an average of 18.20.
| Strong buy | 0 | |
| Buy | 1 | |
| Hold | 0 | |
| Sell | 0 | |
| Strong sell | 0 |
12-month price target
| Highest target | 18.20 |
| Average target | 18.20 |
| Lowest target | 18.20 |
| Current price | 15.60 |
NatWest Group price target history
How analysts rate NatWest Group, month by month
1 of 1 firms rate it buy now, against 0 of 1 in January 2026.
Each month: every firm at its latest rating from the 12 months before. Strong buys count as buys, strong sells as sells.
NatWest Group analyst upgrades, downgrades and price targets
The latest rating change came on 13 October 2026, when Barclays upgraded NatWest Group from Equal Weight to Overweight. The most recent new target came from BNP Paribas on 11 May 2026: 18.20.
| Date | Firm | Rating | Price target | Change | Price then |
|---|---|---|---|---|---|
| 13 Oct 2026 | Barclays | Upgraded · Equal Weight → Overweight | — | — | — |
| 11 May 2026 | BNP Paribas Guy Stebbings | — | 18.20 | — | 15.83 |
| 7 Jan 2026 | Barclays | Downgraded · Overweight → Equal Weight | — | — | — |
NatWest Group EPS and revenue estimates
Analysts expect NatWest Group's EPS to fall 11.5% a year until 2027.
Analysts expect NatWest Group's revenue to fall 11.4% a year until 2028. Over the last 5 years it grew 17.6% a year, and over the last 3 years it grew 22.2%.
Revenue
EPS
Does NatWest Group beat earnings estimates?
On average, analysts' EPS estimate was 24.2% off the result, either way, and their revenue estimate 12.2%, over the last 12 quarters.
- EPS beats
- 18 / 20
- Revenue beats
- 7 / 20
- Average EPS surprise, last 12
- +24.2%
- Since
- February 2022
| Quarter | Report date | EPS estimate | Reported EPS | Surprise | Revenue estimate | Reported revenue | Surprise |
|---|---|---|---|---|---|---|---|
| Q3 FY2026 | 30 Oct 2026 | 0.51 | 0.52 | +2.0% | 6.18B | 6.22B | +0.6% |
| Q2 FY2026 | 31 Jul 2026 | 0.45 | 0.54 | +20.0% | 5.90B | 6.06B | +2.8% |
| Q1 FY2026 | 1 May 2026 | 0.44 | 0.48 | +9.1% | 5.80B | 5.94B | +2.4% |
| Q4 FY2025 | 13 Feb 2026 | 0.38 | 0.46 | +21.1% | 5.68B | 5.89B | +3.6% |
| Q3 FY2025 | 24 Oct 2025 | 0.42 | 0.53 | +26.9% | 5.58B | 4.33B | -22.3% |
| Q2 FY2025 | 25 Jul 2025 | 0.37 | 0.41 | +12.3% | 5.46B | 3.99B | -26.8% |
| Q1 FY2025 | 2 May 2025 | 0.34 | 0.39 | +13.6% | 5.31B | 3.98B | -25.1% |
| Q4 FY2024 | 14 Feb 2025 | 0.26 | 0.37 | +41.8% | 4.73B | 3.78B | -20.1% |
| Q3 FY2024 | 25 Oct 2024 | 0.31 | 0.36 | +17.6% | 4.67B | 3.74B | -19.7% |
| Q2 FY2024 | 26 Jul 2024 | 0.25 | 0.35 | +42.7% | 4.35B | 3.65B | -16.2% |
| Q1 FY2024 | 26 Apr 2024 | 0.23 | 0.26 | +13.0% | 4.27B | 4.43B | +3.6% |
| Q4 FY2023 | 16 Feb 2024 | 0.20 | 0.34 | +70.0% | 4.29B | 4.44B | +3.6% |
NatWest Group stock price 2026–2029: scenarios
If NatWest Group's earnings keep growing at the 25.6% a year analysts expect to FY2027, it would earn about 4.46 a share in FY2029. At the P/E it has traded at over the last five years (2.3 to 4.8) that is 10.06 to 21.27 a share, or 17.19 at its average P/E of 3.9. This is arithmetic on the analysts' estimates, not a prediction.
| Fiscal year | EPS | Bear | Base | Bull |
|---|---|---|---|---|
| FY2026 | 2.65 | 5.99 | 10.23 | 12.66 |
| FY2027 | 2.82 | 6.38 | 10.90 | 13.48 |
| FY2028 (extrapolated) | 3.55 | 8.01 | 13.69 | 16.94 |
| FY2029 (extrapolated) | 4.46 | 10.06 | 17.19 | 21.27 |
Each year's EPS is the analysts' consensus to FY2027; the years after continue its 25.6% a year. Bear, base and bull apply the lowest, average and highest P/E of the last five fiscal year ends (2.3, 3.9, 4.8).
Is NatWest Group stock undervalued or overvalued?
NatWest Group's P/E of 3.9 is around the middle of its 5-year range (1.9 to 6.5, median 4.0). It is in line with its own history. Fair value is not a reliable guide for NatWest Group: analysts expect EPS growth of -11.5% a year against 25.7% before, so its past P/E no longer describes it. Its forward P/E, on the consensus for FY2026, is 5.9.
- Price to earnings ratio (TTM)
- 3.94
- Five-year median P/E
- 4.01
- Five-year P/E range
- 1.9 – 6.5
- Forward P/E (FY2026)
- 5.88
- PEG ratio
- 0.15
- To the average target
- +16.7%
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