BMO Capital raised the firm’s price target on Royal Bank of Canada to C$140 from C$132 and keeps a Market Perform rating on the shares. The company’s Q4 earnings beat reflects both a lower tax rate and a record Q4 for capital markets, though this was was partly offset by higher provision for credit losses and a $247M loss at City National, which hurt the wealth segment, the analyst tells investors in a research note. The firm adds however that the bank’s balance sheet is strong with CET1 ratio of 14.5%.
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