Desjardins Reiterates a Buy Rating on Royal Bank of Canada (RY)


Royal Bank of Canada (RY), the Financial sector company, was revisited by a Wall Street analyst on May 13. Analyst Douglas Young from Desjardins rated Royal Bank of Canada (RY) a Buy on May 13, setting a C$111 price target.

According to TipRanks.com, Young is a 4-star analyst with an average return of 7.6% and a 73.1% success rate. Young covers the Financial sector, focusing on stocks such as Manulife Financial Corp, Toronto Dominion Bank, and Royal Bank Of Canada.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Royal Bank of Canada with a C$107.50 average price target.

Based on Royal Bank of Canada’s latest earnings release for the quarter ending January 31, the company reported a quarterly revenue of C$16.84 billion and net profit of C$3.17 billion. In comparison, last year the company earned revenue of C$13.48 billion and had a net profit of C$3.05 billion.

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 Thursday at C$105.07, close to its 52-week high of C$107.91.

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