Barclays Lowers PT and Estimates on Royal Bank of Canada (RY); Coming Off The Bandwagon

May 25, 2012 12:23 PM EDT
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Price: $70.60 -1.47%

Rating Summary:
    7 Buy, 3 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 11 | Down: 20 | New: 54
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Barclays maintains an 'Equalweight' on Royal Bank of Canada (NYSE: RY) price target lowered from CAD$57 to CAD$55.

Analyst, John Aiken, said, "Unlike the experience in the first quarter, it appears that the market is not happy with earnings for Royal being supported by the capital markets. While we do believe that the sustainability of these revenues do merit some challenges in the current environment, we are surprised to see the market immediately discounting them, particularly after the positive reaction they garnered coming out of the first quarter."

Aiken lowers FY12 EPS Estimate from $4.93 to $4.83 and FY13 from $5.20 to $5.02.

For an analyst ratings summary and ratings history on Royal Bank of Canada click here. For more ratings news on Royal Bank of Canada click here.

Shares of Royal Bank of Canada closed at $50.01 yesterday.

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