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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
Mar 2021B of A SecuritiesDowngradesBuyNeutral
Mar 2021Argus ResearchMaintainsBuy
Feb 2021Credit SuisseMaintainsOutperform

View More Analyst Ratings for RY
View the Latest Analyst Ratings

 

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Posted-In: ArgusAnalyst Color Price Target Reiteration Analyst Ratings

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