BMO Capital lowered the firm’s price target on Royal Bank of Canada (RY) to C$193 from C$195 but keeps an Outperform rating on the shares. The company’s adjusted earnings topped consensus estimates as its Wealth and Capital Markets drove the beat, the analyst tells investors in a research note. Strong results for RBC were helped by client activity and higher markets as well as better trading and advisory revenue, and the bank looks well-positioned to benefit from an anticipated rebound in market-related activities, BMO added.
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