Numis Securities has upgraded its rating for UK banking group Barclays from 'reduce' to 'hold' and hiked its target price from 222p to 274p, saying that investment risks have already partially been priced in.Analysts Mike Trippitt said that while Barclays awaits announcements from regulators on leverage ratios, its dividend "may well be the release valve for any leverage pressure".However, he said: "Whilst the investment case is muddied by leverage uncertainties, some uncertainty is discounted in recent share price weakness."Nevertheless, he has trimmed his estimates for the bank after results from across the industry showed that fixed income, currencies and commodities (FICC) revenue was under cyclical pressure during the third quarter.For Barclays, Numis estimates a 27% decline in annual FICC revenue to £5.3bn, worse than its previous £5.6bn estimate. Fourth-quarter FICC revenues are forecast to fall 14% to £811m from £940m in the third quarter and compared with £1,494m in the fourth quarter of 2012.Looking ahead to 2014, the broker estimates a 6% reduction in FICC revenues to £5.0bn (previous forecast: £5.7bn) due to a further 5% investment banking (IB) asset leveraging. Couple with 4% growth expected in equities, M&A and advisory revenues next year, IB revenues on the whole are expected to fall 1% to £10.4bn in 2014 from £10.5bn in 2013.Numis has reduced its group adjusted pre-tax profit forecast for 2013 by 3% to £6,589m, and for 2014 by 8% to £7,580m.The stock was up 0.12% at 254.25p by 10:11.BC