Royal Bank of Canada (TSE:RY) Stock Price Expected to Rise, CIBC Analyst Says

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its target price raised by investment analysts at CIBC from C$208.00 to C$220.00 in a research report issued to clients and investors on Wednesday,BayStreet.CA reports. CIBC’s target price suggests a potential upside of 6.19% from the company’s previous close.

A number of other brokerages have also commented on RY. Bank of America boosted their price objective on Royal Bank of Canada from C$214.00 to C$227.00 in a report on Thursday, August 28th. TD Securities increased their price objective on Royal Bank of Canada from C$208.00 to C$215.00 in a report on Monday, November 10th. Desjardins lifted their price target on Royal Bank of Canada from C$193.00 to C$214.00 and gave the company a “buy” rating in a research report on Thursday, August 28th. Barclays lifted their price target on Royal Bank of Canada from C$190.00 to C$203.00 in a research report on Thursday, August 28th. Finally, Erste Group Bank raised shares of Royal Bank of Canada to a “strong-buy” rating in a research note on Monday, September 22nd. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of C$210.23.

Royal Bank of Canada Price Performance

RY stock traded down C$1.20 during trading on Wednesday, reaching C$207.18. 827,115 shares of the company were exchanged, compared to its average volume of 4,128,474. Royal Bank of Canada has a twelve month low of C$151.25 and a twelve month high of C$209.06. The company has a 50-day moving average of C$204.53 and a two-hundred day moving average of C$189.09. The company has a market capitalization of C$292.19 billion, a price-to-earnings ratio of 15.67, a P/E/G ratio of 3.42 and a beta of 1.28.

Royal Bank of Canada Company Profile

Royal Bank of Canada is one of the two largest banks in Canada. It is a diversified financial services company, offering personal and commercial banking, wealth-management services, insurance, corporate banking, and capital markets services. The bank is concentrated in Canada, with additional operations in the U.S.