Nomura has reviewed its ratings in the UK banking sector, reiterating its preference for emerging markets-focused lenders HSBC and Standard Chartered, both rated 'buy'.The broker said it continues to have a "defensive/growth bias" within the sector and believes that both HSBC and StanChart are "well-positioned to deliver growth or free cash flows to shareholders" with price-to-earnings multiples (on 2014 estimates) of 9.6-9.7. "The growth rates implied by valuations of these banks are c.0-1%, whereas we expect revenue growth in excess of c.5.0% at HSBC and c.8.0% for STAN," Nomura said.Insurance, pensions and fund-management group Prudential was trading in the red on Monday morning after UBS cut its rating for the shares from 'buy' to 'neutral' following the stock's recent outperformance.The broker said that the risk/reward balance no longer looks compelling and has decided to take a more cautious stance "with economic headwinds still to navigate".JPMorgan Cazenove has upgraded its recommendation for energy company National Grid from 'underweight' to 'neutral', saying it is now the lowest risk stock in the UK utilities sector.The broker said that National Grid's £2.0bn hybrid securities issuance "alleviates some of the tightness in credit metrics" and is a clear indication of the company's commitment to maintaining its dividend.BC