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.
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