20th Sep 2013 09:31
LONDON (Alliance News) - Investec's Ian Gordon still expects a small second-half loss at Royal Bank of Scotland, despite the bank's disposal of 300 million shares at GBP2.10 each in insurer Direct Line that could raise a gross GBP630 million. Not even RBS's September 12 issue of 20.5 million of its own new shares could convince Gordon of second-half profits at the bank, despite raising approximately GBP70 million through the share issuance.
Gordon reiterated his Sell rating on the bank, though he edged up his target price to 345 pence, from 340 pence on September 4.
Royal Bank of Scotland shares were Friday quoted down 4.80 pence, or 1.3%, at 364.20 pence.
By Samuel Agini; [email protected]; @samuelagini
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