Friday’s analyst upgrades and downgrades
Analysts have provided updates on the Royal Bank of Canada's recent earnings performance. TD Cowen's Mario Mendonca noted that RBC's results were balanced across operating segments, with a significant share buyback announcement. Other analysts have also raised their target prices for RBC, reflecting confidence in its future performance despite some concerns about consumer credit trends.
- ▪RBC reported adjusted earnings per share of $3.90, exceeding estimates and showing a 25 percent year-over-year gain.
- ▪Mario Mendonca raised his target price for RBC shares to $272, maintaining a 'buy' rating.
- ▪Analysts from Desjardins Securities and Barclays also increased their target prices for RBC, indicating positive sentiment in the market.
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ShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountInside the Market’s roundup of some of today’s key analyst actionsTD Cowen analyst Mario Mendonca sees Royal Bank of Canada’s (RY-T) second-quarter results as “more balanced than peers” based on contributions from all its operating segments and “not just capital markets.” “The knock on the result is that beat came largely from lower PCLs [provisions for credit losses],” he added. “We were impressed with the 45-million share NCIB and what sounded like a renewed interest in buying back stock. Credit trends looked better than last quarter.
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