RBS Going down, going down, going down? – Investec

Royal Bank of Scotland Group plc (NYSE:RBS) (LON:RBS) has been on strong run recently, spiking on May 2 and drifting up since then, but Investec analyst Ian Gordon thinks that the market is overestimating the bank’s prospects for becoming profitable this year and that RBS management agrees with him, not with the bulls. Gordon has downgraded RBS to a Sell with a 325p price target (currently trading at 340p), in a report issued on June 12th titled ‘RBS Going down, going down, going down?’. RBS tNAV per share to fall through 2014: Gordon “Following RBS’ latest +16% 6-week “spike” we…