Broker snap: Credit Suisse increases target price for RBS, but ...

11th Oct 2012 10:53

Credit Suisse has increased its target price for Royal Bank of Scotland (RBS) to 190p from 180p, while maintaining its 'Underperform' rating.RBS reports its third quarter results on November 2nd and Credit Suisse has reduced its estimated 2012 underlying loss per share from 7.6p to 3.3p, following the Swiss Bank's own upgrade on revenue expectations for markets. As well, Credit Suisse has moderately increased its 2013 earnings per share estimates for RBS from 8.9p to 12.2p.However, RBS is still its "least preferred UK bank" as it sees below sector profitability and ultimately believes that a more substantial restructuring will be necessary.It still doesn't expect RBS to resume dividend payments over its forecast period 2012-2015.