Broker tips: RSA, Dixons, ASOS

Barclays has maintained an 'underweight' rating on troubled insurance group RSA, saying that a potential equity raise could result in further downside to the stock.The bank said that "clarity [is] urgently required over the plans to strengthen the solvency, and assurance provided over the group reserve position".Dixons Retail's valuation is cheap, according to Investec which kept its 'buy' rating for the stock after a better-than-expected first half."Valuation undemanding, with the shares trading on a CY14E price-to-earnings ratio of 15.4x falling to 12.9x in CY15E, for a business we believe is capable of delivering double-digit growth per annum for the forecastable future," said Analyst Kate Calvert.Analysts at Panmure Gordon have cut their rating for online fashion retailer ASOS from 'buy' to 'hold' after the stock's impressive 124% jump so far this year.The broker has made minor changes to forecasts to reflect modestly reduced sales growth assumptions, which leaves the stock trading at 59.7 times 2015 earnings with a three-year earnings compound annual growth rate of 32.7%. "We do not believe this rate of earnings growth can support further share-price appreciation in a market that appears to be increasingly competitive," they said.BC ASOS