UPDATE: Societe Generale Upgrades Barclays PCL to Buy in Investment Banking Strength

Societe Generale raised its rating on Barclays PLC (NYSE: BCS) from Hold on better revenue and cost trends in the company's investment banking division. Societe Generale noted, "We upgrade Barclays to Buy (from Hold) and raise our target price 12% to 190p (from 170p). This, combined with a 6p dividend, gives a projected 12m total shareholder return of 17%. Barclays' largest division, its investment bank, showed better revenue trends and a firmer grip on costs than expected. We push up our 2014 adjusted profit before tax forecast by 10% and now see Barclays making a return on tangible equity of 10.1% that year, but the stock currently trades at just 0.43x tangible. The LIBOR issue and lack of a CEO present risks, but the valuation is low and the underlying business performing well."Barclays PLC closed at $10.56 on Friday.