<!--StartFragment--><strong> ROLLS-ROYCE</strong><br />UBS downgraded Rolls-Royce to a &ldquo;sell&rdquo; rating, and cut its earnings per share estimates by seven per cent in 2010, to factor in a weaker A380 delivery outlook, a downward revision to the pension finance charge and the impact of the US dollar weakening. The broker expects two years of falling profits and cash out-flows.<br /><br /><strong>RSA</strong><br />A period of underperformance against the wider insurance sector led Morgan Stanley analysts to upgrade RSA to &ldquo;overweight&rdquo;. The broker said that investors switching out of defensive stocks such as RSA and into higher beta names within the sector has created a buying opportunity, with the market price largely ignoring the value of the Nordic business.<br /><br /><strong>PLAYTECH</strong><br />Playtech&rsquo;s growth story remains intact said Goldman Sachs, retaining its &ldquo;conviction buy&rdquo; on the stock. The broker continues to believe that a strong portfolio of reliable casino products, iPoker&rsquo;s strong liquidity and regular new product launches make Playtech attractive to potential licencees. Goldman&rsquo;s six month price target remains unchanged at 550p.