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
|Oct 2014||Canaccord Genuity||Downgrades||Buy||Hold|
|May 2014||CIBC||Downgrades||Sector Outperform||Sector Perform|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.