Canaccord Genuity has upgraded Barclays from 'hold' to 'buy', hailing the bank's recent restructuring efforts.Analyst Arun Melmane said that plans, which include reducing the size of the investment bank to 30% of risk weighted assets from the current 51%, should contribute to a re-rating of the shares.This should see the stock's discount to book, or net asset value narrow. Barclays currently trades at 0.68 times book value, but this should rise to 0.9 times.He said: "The restructuring plans announced on 8th of May seem to us in both magnitude and intent the first real attempt by the current management to right-size the dependence of the bank's earnings on Investment Banking/Fixed Income, Currencies and Commodities (FICC)."Previous attempts seem to have lacked the purpose needed to increase transparency of the balance sheet and earnings and therefore prevent cross subsidy between investment banking and the rest of the group."A 280p target price for the shares has been maintained.The stock was down 0.5% at 233.55p by 10:23 on Monday.BC