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."
Published first on TheFly
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