Banking giant Barclays has seen its target price lowered by two brokers, RBS and UBS, after its first quarter update disappointed on Wednesday.The lender reported a 9% fall in earnings per share, from 9.3p to 8.5p, while adjusted pre-tax profit rose 10% from £1,822m to £2,004m. Net operating income dipped 1% to £6,478m from £6,557m a year earlier. Meanwhile, the core tier 1 ratio improved to 11%, from 10.8% a year earlier.RBS says the results were "another bump along the journey", mirroring the trends evident across the UK banking sector in the second half of 2010.The broker does note some "meaningful" balance sheet progression, but was disappointed by the profit and loss (P&L) figures: "We continue to expect P&L momentum to return over the medium term, which when delivered should drive a sharp re-rating in the share price."RBS cuts its target price from 410p to 350p, but keeps its 'buy' rating.UBS, however, retains its 'neutral' rating on the bank and reduces its target price slightly from 334p to 330p, saying that "While capital accretes, lacklustre revenue growth makes delivering an appropriate return on equity a challenge."---bc