Argus raised the firm’s price target on Royal Bank of Canada to $120 from $115 and keeps a Buy rating on the shares. The company’s Q2 revenue growth of 14% reflected a similar rise in net interest income due to higher spreads and average volume growth, and Royal Bank of Canada remains in a strong competitive position with a growing market share in Canadian banking and a solid wealth management franchise, the analyst tells investors in a research note. The HSBC Bank Canada acquisition is expected to boost Royal Bank’s FY24 earnings by 6%, and the deal is seen as “compelling” as it expands its leading retail market share in Canada as well as its high-net-worth franchise, the firm added.
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