Broker tips: RBS, BP, ENRC

Investec has reiterated its 'sell' rating and 265p target price for banking group RBS on the back of the company's exposure to a tough market in Ireland.Figures from the Central Bank of Ireland showed yesterday that "things are, as we feared, still getting worse", with the number of mortgages in over 90 days of arrears continuing to rise."Perhaps we obsess on Ireland a bit too much? We recognise that it only accounts for 10.1% of RBS' balance sheet, but it has contributed 45% (or £9.3bn) of all group impairments over the past 11 quarters."Credit Suisse has cut its recommendation for BP from 'outperform' to 'neutral', on the back of the stock's valuation and 'lack of near-term momentum'."Three years after Macondo, BP remains in recovery mode in 2013, with positive momentum returning only in 2014+. We do not believe that a Macondo resolution is enough to own the stock, since large portions of the costs have been paid/settled, leaving less to 'play for'."UBS has downgraded its rating for ENRC from 'buy' to 'neutral', saying that there are 'challenging times' ahead for the FTSE 100 mining group.The broker reckons that ENRC is at risk of breaching its banking covenants and equity may need to be issued to raise the freefloat level from 18% to 25% by the end of next year.BC