Royal Bank Valuation Has TD Cowen Dropping Its Bullish Call -- Market Talk

Dow Jones11-15 23:58

1058 ET - Royal Bank of Canada valuation and an expectation investors will switch into underperforming or discount banks has TD Cowen dropping its bullish call on the big Canadian lender. TD analysts now see greater potential in those banks with the potential to improve sub-par return on equity, where Royal Bank's healthy ROE will be difficult to build on without hefty share buybacks. TD shifts to a hold stands from buy, though its price target rises by C$2 to C$180. Its analysts believe RY has had difficulty breaking through a 15% price-earnings premium to the group of peer banks, and it is trading at around that spot now, and historically this is the level it has traded down. The shares are now 0.9% lower at C$170.52, though remain up 27% in 2024. (robb.stewart@wsj.com)

(END) Dow Jones Newswires

November 15, 2024 10:58 ET (15:58 GMT)

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