Royal Bank of Canada (RY), the second-largest bank in Canada, announced on Thursday that RBC Insight Edge™, an award-winning real-time data and insights platform, is now available on a subscription basis to commercial customers and small and medium-sized retail businesses.
Providing Canadian business owners with real-time market insights about their industry, customers, and markets, RBC Insights Edge helps them gain a competitive advantage.
Greg Grice, Executive Vice-President of Business Financial Services at RBC, said, “Dramatic changes in consumer spending patterns have taken shape over the past year so informed, data-driven business planning decisions are more important than ever for businesses, particularly retailer. Insight Edge not only helps clients plan for their recovery in the short-term, but also arms them with meaningful insights that, over the long-term, will help position their businesses for future success. We’re excited about the prospect of being able to better leverage data to support our clients and their growth.”
Vancouver-based Purdys Chocolatier is one of the companies that have used data from RBC Insights Edge to make better-informed decisions about the growth of their business. Insights Edge’s analytics have helped the retailer adjust its product selection and make decisions about new locations, which resulted in more profitable, efficient, and sustainable expansion. (See Royal Bank of Canada stock analysis on TipRanks)
On Tuesday, National Bank Financial analyst Gabriel Dechaine kept a Buy rating on RY while raising its price target to C$140 (from C$137). This implies 11% upside potential.
The rest of the Street is cautiously optimistic on RY with a Moderate Buy consensus rating based on 6 Buys and 3 Holds. The RY average analyst price target of C$134.50 implies 6.6% upside potential to current levels.
RY scores a “Perfect 10” on TipRanks’ Smart Score rating system, indicating that the stock returns have strong potential to beat the overall market.