Royal Bank of Canada price target raised to C$140 from C$133 at Scotiabank

Scotiabank analyst Meny Grauman raised the firm’s price target on Royal Bank of Canada to C$140 from C$133 and keeps an Outperform rating on the shares. For all the pluses and minuses of this latest bank earnings season, almost every large Canadian bank the firm covers saw their consensus forward EPS estimates revised lower coming out of year-end reporting, the analyst tells investors. Leaving earnings season for the Canadian banks, the firm is “still biased towards a higher for longer scenario,” and as a result its top pick in the group remains Bank of Montreal (BMO), the analyst added.