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Argus Crowns The Royal Bank Of Canada With A Higher Price Target

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Argus reiterated its Buy rating on Royal Bank of Canada (NYSE: RY), raising the price target to $71 from $69.

According to the company's Q3 results, the quarterly adjusted EPS was C$1.72 (US$1.34), up from C$1.66 (US$1.28) a year earlier. Revenues rose 10 percent to C$9.7 billion, aided by the City National acquisition and stronger capital markets revenue.

The analysts like several aspect of the company's franchise, including its leading positions in personal/commercial banking, capital markets, and wealth management.

"The company also has a strong record of organic growth and well-timed acquisitions. In our view, the November 2015 acquisition of City National provides a strong platform to grow RBC's high-net-worth segment," wrote Argus, noting that management plans to expand this business in several states.

Latest Ratings for RY

DateFirmActionFromTo
Dec 2019UpgradesNeutralOutperform
Dec 2019MaintainsNeutral
Nov 2019UpgradesNeutralOutperformer

View More Analyst Ratings for RY
View the Latest Analyst Ratings

Posted-In: ArgusAnalyst Color Price Target Reiteration Analyst Ratings

 

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