Canaccord Genuity has kept its 'hold' rating and 280p target price for Barclays, saying that the bank's first-quarter results look 'slightly soft on a first read'.Revenues came in at £7.73bn in the first three months of the year, slightly below the consensus estimate of £7.801bn, while adjusted profit before tax (PBT) of £1.786bn missed the £1.853bn forecast. Both costs and impairment charges came in ahead of expectations.Meanwhile, Canaccord said that revenues in Africa and Europe appear to be the main source of weakness."We don't believe investors can read much into a single quarter of number for any bank, particularly one where a new management team is embarking upon a multi-year restructuring programme," said analysts Gareth Hunt and Arun Melmane."That said, we note the heavy weighting of Q1 within the financial year - Q112 accounted for 31% of the total PBT outturn for the year."On a broader note, analysts said that they are "not yet convinced" that the Barclays restructuring programme will be as fundamental as the HSBC programme.The stock was up 1.41% at 302.5p by 10:16 on Wednesday.BC