Credit Suisse Keeps Their Buy Rating on Royal Bank of Canada

By Carrie Williams

The Financial sector company, Royal Bank of Canada (TSX: RY), has received a rating update from a Wall Street analyst yesterday. Analyst Nick Stogdill from Credit Suisse rated Royal Bank of Canada (TSX: RY) a Buy, setting a C$103 price target.

Stogdill has an average return of 3.3% when recommending Royal Bank of Canada.

According to TipRanks.com, Stogdill is ranked #2739 out of 4571 analysts.

Currently, the analyst consensus on Royal Bank of Canada is Moderate Buy and the average price target is C$101.17, representing a 7.7% upside.

In a report issued on May 23, Scotiabank also maintained a Buy rating on the stock with a C$101 price target.

Royal Bank of Canada’s market cap is currently C$138.5B and has a P/E ratio of 13.1.

Royal Bank of Canada engages in the provision of banking and financial solutions. It operates through the following segments: Personal and Commercial Banking, Wealth Management, Insurance, Investor and Treasury Services, and Capital Markets. The Personal and Commercial Banking segment offers services including auto financing, and retail investment businesses. The Wealth Management segment provides investments services, trusts, banking, credit, and other wealth management solutions. The Insurance segment refers to a range of life, health, home, auto, travel, wealth, group, and reinsurance products. The Investor and Treasury Services segment offers services among institutional investing clients through asset servicing, custodial, advisory, financing and other services to safeguard assets, maximize liquidity and manage risk, and providing short term funding, and liquidity management. The Capital Markets segment refers to services among public and private companies, institutional investors, government and central banks such as corporate and investment banking, equity and debt origination and distribution, and structuring and trading. The company was founded by J. W. Merkell, Edward Kenny, T. C. Kinnear, James B. Duffus, William Cunard, John Tobin, George P. Mitchell and Jeremiah Northup in 1864 and is headquartered in Toronto, Canada.

The company’s shares closed last Friday at $93.92.