BMO Capital upgraded Royal Bank of Canada to Outperform from Market Perform with a price target of C$150, up from C$140. The firm is increasing its target forward valuation multiple for the Canadian bank index while noting that the Royal Bank of Canada is a premium ROE bank, building on its leadership in Canadian Banking with its recently closed acquisition of HSBC Canada. Royal Bank stands well-positioned to benefit from an anticipated rebound in markets related activities through both its Wealth Management segment and its Capital Markets division, BMO added.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RY:
- UK Stocks: HSBC’s Asia Business Spin-off Remains Off the Table, Shares Gain
- RBC Successfully Acquires HSBC Bank Canada
- RBC Finalizes Strategic Acquisition of HSBC Canada
- Royal Bank of Canada initiated with an Equal Weight at Barclays
- Royal Bank of Canada price target lowered to C$140 from C$141 at CIBC