UPDATE: Credit Suisse Cuts PT to C$56 on Royal Bank of Canada on Slight Quarterly Miss

Credit Suisse reiterates its Neutral rating on Royal Bank of Canada

and reduces its price target from C$57 to C$56. Credit Suisse comments, "One of the negative surprises in the quarter was an uptick in commercial credit losses that RY attributed to two specific loans. These can be choppy, so we have not meaningfully increased our Canadian PCLs forecasts, however we are cautious. Otherwise, Canadian P&C results were decent, with modest (i.e. 3 bps QoQ) margin contraction, decent (i.e. 1% QoQ) loan growth and, excluding one-time gains in the prior year, positive 1% operating leverage." RY closed at $50.01 on Thursday.