Broker tips: Lloyds, Mondi, Go-Ahead

One-offs and lower margins have prompted RBS to downgrade forecasts at Lloyds, after the bank reported profits that were significantly under consensus estimates.While underlying results were broadly in line, one-off charges caused the group to deliver a pre-tax profit of £1.2bn in the first quarter, under expectations of £4.2bn.The broker has therefore cuts its earnings estimates by 36% for this year, and by around 10% for 2012 and 2013. A 'buy' is maintained, but the target price is lower to 86p, from 95p previously.RBS has hiked its target price for Mondi, saying that the paper and packaging firm remains its top pick across the pan-European paper sector.In the first quarter, Mondi delivered a record operating profit of €187m, "with price increases and volume growth from its emerging Europe-based operations more than offsetting input cost pressures and concerns regards US$/€ exchange rates," the broker said.RBS upgrades 2011 pre-tax profit and earnings per share estimates by 8%, and 2012 forecasts by 4%. A 'buy' is maintained, while the target price is upped to 725p, from 675p.Nomura nudges up its forecasts for rail and bus operator Go-Ahead, but keeps a 'neutral' stance on the stock noting that its new target price only has a potential upside of 0.3%.Estimated 2011 earnings (before interest, tax, depreciation and amortisation) have been upgraded by 7% due to better revenues in both UK bus and UK rail, the broker said. However, earnings per share forecasts are raised by a lesser extent (5%) due to slightly higher interest, as well as the minority interest associated the rail earnings.Nomura highlights the group's accelerating revenue growth in the third quarter, with deregulated bus's underlying revenues up by 8%, compared with a 5.4% seen in the first half, despite specific cost increases (from higher insurance claims). The target price is raised to 1,500p, from 1,425p.---BC