TD Cowen Analyst Raises RBC Target to $208, Maintains "Hold" Recommendation

Royal Bank of Canada (RY-T) reported a strong Q3 financial report, with adjusted earnings per share of $3.84, up 18% YoY. Analyst Mario Mendonca of TD Cowen upgraded his target for RBC shares to $208 from $191, citing strong capital markets activity, better loan growth, and the HSBC deal. Mendonca maintained a "hold" recommendation, noting that RBC's premium valuation is supported by expense actions, business mix, and NIM advantages.