eyeQ: Barclays, Vodafone, Glencore, US financials

“Our signals are crafted through macro-valuation, trend analysis, and meticulous back-testing. This combination ensures a comprehensive evaluation of an asset's value, market conditions, and historical performance.” eyeQ

• Discover: eyeQ analysis explained | eyeQ: our smart machine in action | Glossary

This series of weekly articles uses eyeQ’s smart machine to highlight 10 stocks whose share price trades at either a discount or premium to eyeQ’s Model Value price (where macro conditions say the share 'should' trade).

A minus figure in these tables indicates a share trading below eyeQ’s Model Value, implying they are ‘cheap’ versus macro conditions. A plus figure screens as rich because the current share price is above eyeQ’s Model Value.

All companies must have a model relevance above 65%, which means the macro environment is critical and any valuation signals carry strong weight.

Here are definitions of terms used in the analysis:

Model value

Where our smart machine calculates that any stock market index, single stock or exchange-traded fund (ETF) should be priced (the fair value) given the overall macroeconomic environment.

Model relevance

How confident we are in the model value. The higher the number the better! Above 65% means the macro environment is critical, so any valuation signals carry strong weight. Below 65%, we deem that something other than macro is driving the price.

Fair Value Gap (FVG)

The difference between our model value (fair value) and where the price currently is. A positive Fair Value Gap means the security is above the model value, which we refer to as “rich”. A negative FVG means that it's cheap. The bigger the FVG, the bigger the dislocation and therefore a better entry level for trades.

Long Term model

This model looks at share prices over the last 12 months, captures the company’s relationship with growth, inflation, currency shifts, central bank policy etc and calculates our key results - model value, model relevance, Fair Value Gap.

UK Top 10

Source: eyeQ. Long Term strategic models. Data correct as at 20 February 2026.

IMI

IMI (LSE:IMI) makes highly engineered valves and flow control systems. Its ability to control how liquids and gases move through industrial systems mean it’s used extensively across a wide range of industries - power plants, oil & gas facilities, chemical factories, pharmaceutical production and industrial automation.

So, if you believe the AI scare trade justifies a rotation into old economy stocks, IMI looks like a good example. And right now, macro is firmly on the stock’s side. eyeQ model value has risen 15% so far in 2026 and is up nearly 8.5% in the last month alone. That’s primarily due to the recent run of stronger UK economic data, which is IMI’s biggest single driver. 

The stock has slightly lagged the improvement in macro conditions, so sits modestly cheap on our metrics. Not enough to trigger a bullish signal but this is an example where macro momentum itself is the key thing to watch. And, right now, that’s trending firmly higher. 

International

Source: eyeQ. Long Term strategic models. Data correct as at 20 February 2026.

US financials

After a period of strong performance, US financials have been hit on multiple fronts. First, President Donald Trump’s credit card cap, then the AI scare trade which threatens wealth managers.  

On eyeQ, three financials now sit among the cheapest international names this week. JPMorgan Chase & Co (NYSE:JPM), Bank of America Corp (NYSE:BAC) and BlackRock Inc (NYSE:BLK) are all in macro regimes and now sit below eyeQ model value.

These aren’t yet clear bullish signals. The fair value gaps aren’t yet big enough, plus model value is moving sideways rather than up. That suggest there’s no immediate call to action; rather some value is starting to build and these are stocks to add to your watchlist.