HSBC upgrades Barclays (BARC.LN) and Lloyds Banking Group (LLOY.LN) to overweight from neutral and keeps an overweight rating on Royal Bank of Scotland (RBS.LN). Says the rally in UK bank stocks over the past few weeks is about a return to certainty rather than the macroeconomic outlook. For Barclays, this certainty comes from the bank's forecast of impairments at 130-150 basis points. For Lloyds and RBS, it comes as result of the UK asset protection scheme. HSBC raises Barclays target price to 300p from 110p, Lloyds to 150p from 40p and RBS to 50p from 30p. Barclays shares +3.5% at 241p, Lloyds +4.0% at 100p and RBS +4.5% at 34p.

Source: Dow Jones Newswire.

that was tread from 2007 with price target of 8p, well thats been hit and possible to go back above 8p again in medium term