U.S. markets close in 3 hours 28 minutes
  • S&P 500

    3,469.54
    -14.27 (-0.41%)
     
  • Dow 30

    28,520.21
    -86.10 (-0.30%)
     
  • Nasdaq

    11,632.95
    -38.60 (-0.33%)
     
  • Russell 2000

    1,639.52
    +5.71 (+0.35%)
     
  • Crude Oil

    41.08
    +0.20 (+0.49%)
     
  • Gold

    1,912.40
    +6.00 (+0.31%)
     
  • Silver

    24.72
    +0.31 (+1.29%)
     
  • EUR/USD

    1.1788
    +0.0061 (+0.52%)
     
  • 10-Yr Bond

    0.7620
    +0.0180 (+2.42%)
     
  • GBP/USD

    1.2989
    +0.0080 (+0.62%)
     
  • USD/JPY

    105.4170
    +0.0230 (+0.02%)
     
  • BTC-USD

    11,768.82
    +711.81 (+6.44%)
     
  • CMC Crypto 200

    240.10
    +6.43 (+2.75%)
     
  • FTSE 100

    5,884.65
    -34.93 (-0.59%)
     
  • Nikkei 225

    23,671.13
    +260.50 (+1.11%)
     

Argus Crowns The Royal Bank Of Canada With A Higher Price Target

Davit Kirakosyan

Argus reiterated its Buy rating on Royal Bank of Canada (NYSE: RY), raising the price target to $71 from $69.

According to the company's Q3 results, the quarterly adjusted EPS was C$1.72 (US$1.34), up from C$1.66 (US$1.28) a year earlier. Revenues rose 10 percent to C$9.7 billion, aided by the City National acquisition and stronger capital markets revenue.

The analysts like several aspect of the company's franchise, including its leading positions in personal/commercial banking, capital markets, and wealth management.

"The company also has a strong record of organic growth and well-timed acquisitions. In our view, the November 2015 acquisition of City National provides a strong platform to grow RBC's high-net-worth segment," wrote Argus, noting that management plans to expand this business in several states.

Latest Ratings for RY

Date

Firm

Action

From

To

Aug 2016

Argus Research

Maintains

Buy

Aug 2016

Citigroup

Maintains

Buy

Jul 2016

Bank of America

Reinstates

Underperform

View More Analyst Ratings for RY
View the Latest Analyst Ratings

See more from Benzinga

© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.