Royal Bank of Canada (RY) Receives a Buy from Scotiabank

By Carrie Williams

In a latest note to investors, a research analyst has provided a rating update for the Royal Bank of Canada (RYResearch Report). Scotiabank’s analyst Sumit Malhotra reiterates their Buy rating on the shares, with a C$115 price target.

According to TipRanks.com, Malhotra is a 4-star analyst with an average return of 5.0% and a 53.4% success rate. Malhotra covers the Financial sector, focusing on stocks such as Canadian Bank of Commerce, Manulife Financial Corp, and National Bank of Canada.

Royal Bank of Canada has an analyst consensus of Moderate Buy, with a price target consensus of C$107.20, representing a 10.0% upside. In a report issued on November 29, National Bank also maintained a Buy rating on the stock with a C$110 price target.

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The company has a one-year high of C$108.52 and a one-year low of C$93.13. Currently, Royal Bank of Canada has an average volume of 2.39M.

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; Capital Markets; and Corporate Support.

The company’s shares closed on Friday at C$97.42.