Royal Bank of Canada rises after Jefferies upgrades to 'buy'

Odakyu Electric Railway

13/05/2024 20:30

** Shares of lender Royal Bank of Canada  RY.TO  rise as
much as 1.4%, last up 1.2% at C$142.80
    ** Jefferies upgrades RY to "buy" from "hold"; raises PT to
C$157 from C$136, a 11.3% upside to the stock's last close
    ** Brokerage says that with RY closing and integrating the
C$13.50 bln ($9.88 bln) acquisition of HSBC Canada at the end of
March with no significant reported disruptions in services, it
believes that significant customer retention is likely 
    ** RY's acquisition of HSBC provides significant growth and
efficiency opportunities - Jefferies 
    ** Jefferies expects RY to outpace its peers in terms of
organic growth as HSBC synergies boost the bank's fee-based
revenues from wealth management and capital markets
    ** Eleven of 16 brokerages rate the stock "buy" or higher,
four "hold" and one "sell"; their median PT is C$145 - LSEG
    ** As of last close, RY shares were up 5.3% YTD

($1 = 1.3670 Canadian dollars)

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))