UBS has raised its target price for UK lender Barclays by 21% but has maintained its neutral rating on the stock, saying it is "well-positioned but under-earning."The uplift in the target price, from 199p to 240p, reflects the improvement in tangible net asset value from the BlackRock revaluation and annual roll-forward."From a liquidity, capital and funding perspective, Barclays is well positioned. The proposed £1bn of cost reduction is also an incremental positive," the broker notes.However, UBS says that the firm is not generating sufficient revenues to reach the returns that are acceptable to both management and shareholders."While recognising this problem, the group has chosen not to follow peers by aggressively retrenching the investment bank and is, instead, choosing to accept below par returns in order to be well positioned when the revenue environment improves."The broker says that when markets improve, the operational gearing within Barclays model should allow for market share gains and improved earnings momentum.BC