Argus raised the firm’s price target on Royal Bank of Canada to $132 from $120 and keeps a Buy rating on the shares after its Q3 results. The company’s merger integration with HSBC Bank Canada has already yielded $120M of cost synergies, and it is on track for an expected total of $740M, the analyst tells investors in a research note. Royal Bank remains in a strong competitive position, with a growing market share in Canadian banking and a solid wealth management franchise, the firm added.
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