Savills Share News (SVS)

RBS ups its estimates for real estate advisor Savills after forecast-beating results, but keeps its cautious stance on the stock as it sees little room for the share price to outperform.2010 pre-tax profit came in at £47.3m, representing an 8% beat versus consensus estimates, helping by strength from the Asia Pacific region which delivered earnings before interest and tax of £29.7m, more than RBS's normalised view of around £20m."The company sees the UK residential outlook for 2011 as flat-to-improving, its US and European transaction businesses as in with a chance of at least breaking even (a £6m positive swing versus our prior 2011 forecasts), and UK commercial still upturning," said the broker.However, with Asia Pacific exceeding the broker's mid-cycle view, it does not expect the group's other western transaction businesses to hit mid-cycle for another four years.RBS stays a 'hold' but increases the target price slightly to 338p, from 332p previously.BC