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

Societe Generale raised its rating on Barclays PLC

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.