TD Cowen upgrades Royal Bank of Canada after strong Q4 results
ReutersDec 4, 2025 2:06 PM
TD Cowen upgrades Royal Bank of Canada RY.TO to "buy" from "hold," citing strong Q4 earnings
Brokerage also raises PT to C$246 ($176.01) from C$215, a 12.3% upside to its last close
Brokerage sees the Canadian lender benefiting from its acquisition of HSBC Canada, AI-driven cost savings and stronger loan growth
RY bought HSBC's Canadian unit in 2024 to boost its domestic business
RY has been the worst performing stock among the Big 6 in 2025, now trading at a modest 3% premium to the group
14 of 16 brokerages rate the stock "buy" or "strong buy", two "hold"; median PT is C$230.50 - data compiled by LSEG
As of last close, RY up 26.1% YTD
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