Royal Bank of Canada (NYSE:RY) is among the most profitable financial stocks to invest in. On January 19, Matthew Lee, an analyst at Canaccord Genuity, reiterated a Buy rating on Royal Bank of Canada (NYSE:RY) and set a price target of C$242.
Separately on January 9, Scotiabank lifted the price target on Royal Bank of Canada to C$242, up from C$231, and maintained an ‘Outperform’ rating.
Just last month, on December 17, BMO Capital also raised the price target on Royal Bank of Canada to C$245 from C$229 and reaffirmed an Outperform rating. According to the firm, the bank is “firing on all cylinders,” given its refocused strategy and robust performance after the successful integration of HSBC Canada. This has enabled the bank giant to strengthen its footing in Canadian retail and commercial banking.
What’s even more noteworthy is the bank’s AI-related investments, BMO Capital noted, adding that these are forecasted to generate pre-tax pre-provision benefits in the range of $700 million to $1 billion.
Royal Bank of Canada is a Canadian diversified financial service company. Founded in 1864, the company operates through five segments: Personal Banking, Commercial Banking, Wealth Management, Insurance, and Capital Markets.
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