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Royal Bank of Canada upgraded to Neutral from Underperform at BofA
The Fly

Royal Bank of Canada upgraded to Neutral from Underperform at BofA

BofA analyst Ebrahim Poonawala upgraded Royal Bank of Canada to Neutral from Underperform with a price target of $104, down from $107. Despite a cautious view on the macro-economic outlook that is likely to challenge EPS growth and ROE defensibility for the Canadian banks sector, Poonawala notes Royal Bank shares have outperformed year-to-date and the analyst believes this relative outperformance could continue as investors seek exposure to the bank’s EPS and ROE "defensibility and dependable execution."

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