Broker tips: RBS, Vodafone, GlaxoSmithKline

Analysts at Goldman Sachs have a positive view on the strategy outlined by Royal Bank of Scotland alongside its third-quarter results.However, the group's new target for common Tier-1 equity, of over 12% versus over 10% before, means that there is now reduced upside potential in RBS shares, "towards the bottom of the range we have previously estimated across various restructuring scenarios (369-449p a share)", Goldman said. That means the stock now offers similar upside to their broader coverage and hence they remove RBS from their 'buy' List and downgrade to 'neutral'.Nomura has maintained a 'buy' rating for telecoms titan Vodafone after its better-than-expected first-half report, hailing the company's increased investment plan and attraction to possible bidders."We sense that Vodafone's accelerated investment plan will appeal to the market's improving sentiment towards investment in telecom infrastructure. In addition, the strategic move will also appeal to potential industrial bidders looking at Vodafone approaching trough earnings. As a result, investors are likely to forgive the indifferent operating results particularly with Vodafone trading at an inexpensive valuation."Broker Panmure Gordon downgraded GlaxoSmithKline after its heart drug Darapaldib, "the great white hope in the pipeline", failed to reach its primary end-point in a late-stage trial.Acknowledging that the company has been through the majority of its patent expiries and big liability settlements, boasts a strong balance sheet, has very little M&A risk and a secure dividend, Panmure cut its rating from 'buy' to 'hold'.BC