Barcelona did perform well in the Champions League but that does not mean Barcelona is the favorite in the Champions League because Barcelona it is facing a team that is not too difficult for to faced and Barcelona can lead Group H at the moment.
I thinks Barcelona still has a lot to learn because the competition in the UCL is very tight especially since they just suffered a defeat against Real Madrid so I don't think Barcelona has a chance to trophy in the Champions League this season.
in my opinion the strong candidates to win the title this season are Manchester City, Bayern Munich and Real Madrid.
Barcelona performed well in UEFA Champion League depend with their group stage opponent teams, have won 3 of 3 matches its most impressive performed from Barcelona but they have weakness opponent teams such as FC Porto, Royal Antwerp and Shakhtar Donetsk. No doubt with Barcelona opportunity will qualify to next round but not sure they will have good result on knock out round, looking current standings in H, Barcelona one step closer will lead to next round behind 9 points and ahead 6 points from 3rd teams position standings Shakhtar Donetsk. For domestic league performed, we can see how poor performance with Barcelona exactly after losing from Real Madrid in el clasico match.
This season in UEFA Champion League, Barcelona get more lucky with group stage drawing and there are not strong opponent teams with Barcelona such as Bayern Munich and Inter Milan regarding last season Barcelona's opponent teams in Champion League.