CIBC Downgrades Royal Bank of Canada (RY) to Neutral From Outperform

Royal Bank of Canada (NYSE:RY) is one of the best cheap stocks to buy for beginners. On September 5, CIBC downgraded Royal Bank of Canada (NYSE:RY) to Neutral from Outperform, keeping the price target the same at C$208. The analyst noted that the firm considers consensus estimates for the sector “conservative”, and believes that the Canadian banks can continue to beat expectations.

However, Matthew Lee from Canaccord Genuity maintained a Buy rating on Royal Bank of Canada (NYSE:RY) on September 4, keeping the price target at C$219.00. Royal Bank of Canada (NYSE:RY) has an analyst consensus of Strong Buy.

Royal Bank of Canada (NYSE:RY) provides banking and financial services. The company’s operations are divided into the following segments: Personal and Commercial Banking, Wealth Management, Insurance, Capital Markets, and Corporate Support.

While we acknowledge the potential of RY to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than RY and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.