UPDATE: Citigroup Initiates Royal Bank of Canada at Buy
Citigroup initiated coverage on Royal Bank of Canada (NYSE: RY) 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.
Latest Ratings for RY
|Aug 2016||Argus Research||Maintains||Buy|
|Jul 2016||Bank of America||Reinstates||Underperform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.