TD Newcrest Downgrades Royal Bank of Canada (RY) to Hold; Q1/12: Solid Qtr, Stock Back At A Premium

TD Newcrest downgraded Royal Bank of Canada (NYSE: RY) from Buy to Hold, price target raised from C$62 to C$65.

TD analyst said, "Royal posted another solid quarter. While it was helped by some notably strong Trading results, and Wholesale handily exceeded our estimates, the segment was not particularly outsized versus our view of normalized performance. Further, the core P&C Banking franchise delivered a solid report. That said, with this quarter’s results, and with the stock’s sector leading performance (+30% in three months), we believe that much of the opportunity for near-term outsized returns has been captured. With Total Returns now in line with what we see for the group on average, we are downgrading the name to HOLD."

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 $57.58 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Citi Upgrades Sirius XM Radio (SIRI) to Neutral, 'risk-reward is balanced at prevailing levels'
• Citi Downgrades Molson Coors (TAP) to Sell, 'Cycling 2023 Could Be a Mountain Too Hard to Climb'
• Citi Downgrades Liberty SiriusXM (LSXMA) to Neutral, 'fairly balanced at prevailing levels'