UPDATE: Citigroup Initiates Royal Bank of Canada at Buy

Citigroup initiated coverage on Royal Bank of Canada

with a Buy rating. Citigroup noted, "We initiate coverage of RY with a Buy rating, target price of C$67 and ETR of 18%. We believe that RY's build-out of its wholesale business offers investors upside to earnings estimates. We think investors should also exploit the market's over-discounting of macro fears in the RY shares – worries about an overlevered Canadian consumer and slowing volume growth. Royal Bank of Canada closed at $58.89 on Monday.