The firm has an "equal weight" rating on the Denver-based oil and gas company.
The higher price target comes as Bill Barrett announced a debt for equity exchange last week.
On June 2, the company said it agreed to exchange about $84.7 million principal amount of its 7.625% senior notes due 2019 for 10 million newly issued shares of the company's common stock, plus the cash payment of accrued and unpaid interest.
"The transaction will reduce BBG's total net debt by 12% and annual cash interest by $6.5 million and increase its common stock outstanding by 20% to about 60 million shares," Barclays wrote in a note to investors.
Shares of Bill Barett closed at $7.44 on Friday.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow, generally high debt management risk and generally disappointing historical performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: BBG