Nomura has upgraded its recommendation for Barclays by two notches from 'reduce' to 'buy' saying that the UK banking group is well-positioned for building macroeconomic momentum."With growth in the developed world likely to continue well into the start of next year, stocks geared to capital markets should see macroeconomic support. BarCap and UK operations are geared to these dynamics and account for over three-quarters of Barclays' operations," the broker said on Monday morning.Nomura admitted that it hadn't previously given Barclays the benefit on revenues but now accepts the cost angle more with deleveraging as the macro picture improves."Delivery of management targets, even if we discount them, still offers upside potential. Structural issues are an industry feature and Barclays could still come out better relative to peers compared with its current position."The broker has raised its target price for the stock from 260p to 340p which puts its price-to-earnings valuation (at 2015 estimates) at a multiple of just 6.4 "which is hardly demanding"."Barclays is now our top pick among its investment banking and UK peers and a preferred way to gain exposure to the current risk rally."The stock was up 1.72% at 306.8p by 10:06 on Monday.BC