Broker snap: JP Morgan upgrades RBS to neutral

9th Jan 2012 12:00

JP Morgan has upgraded its recommendation for Royal Bank of Scotland (RBS) from 'underweight' to 'neutral'. Any imminent announcements about a restructuring of its global banking business "are likely to be the start of a significant multi-year period of restructuring of [investment-banking] operations for the UK banking industry," the broker holds.Among global 'universal' banks, JP Morgan deems Barclays and RBS to have less demanding valuations than their peers. The US broker has an overweight recommendation on Barclays.By 12:13AM, RBS was trading 0.34% higher at 20.58p.SB

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