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

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Credit Suisse reiterates its Neutral rating on Royal Bank of Canada (NYSE: RY) 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.

Latest Ratings for RY

DateFirmActionFromTo
Aug 2015Bank of AmericaMaintainsBuy
Mar 2015CitigroupUpgradesNeutralBuy
Feb 2015Keefe Bruyette & WoodsDowngradesMarket PerformUnderperform

View More Analyst Ratings for RY
View the Latest Analyst Ratings

Posted-In: Credit SuisseAnalyst Color Price Target Reiteration Intraday Update Analyst Ratings

 

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