Analysts at Investec are quite critical of any attempt by Barclays to raise fresh capital - which they think the lender does not need - at current valuations. In their opinion that would be tantamount to capitulating to regulators´ demands. "How very disappointing!" the write to clients. In fact, the broker would rather see an 18 month dividend suspension to raising the equivalent additional capital now at just 0.9x tangible net asset value [tNaV].In that same vein, they explain that if Barclays does raise as much as £4bn "surplus" equity, on which it will earn little return, then the incremental drag on return on equity [RoE] will likely limit their view on fair value to circa 345p (their current target). If Barclays had the courage to say no then they would see further upside; but sadly this appears less likely, they go on to tell clients. They do not believe Barclays would contemplate raising as much as £7bn in equity. A smaller sum, perhaps £2-4bn, seems plausible, even if unnecessary in their opinion.Investec would consider a partial mitigation - a scenario they see as likely - through the use of CoCos [Contingent convertible bonds] or CCNs [Capital contingent notes] to be an element of positive surprise.Notwithstanding likely near-term capital disappointment they retain a Buy recommendation and 345p RoE-growth/CoE-growth derived target price. Nevertheless, Standard Chartered (Buy) is their top pick, they point out. As of 11:31AM shares of Barclays were falling by 3.5% to 308.95p. AB