Could Royal Bank of Canada See a Reversal After Breaking Its 52-Week High?

 Could Royal Bank of Canada See a Reversal After Breaking Its 52 Week High?

The stock of Royal Bank of Canada (TSE:RY) hit a new 52-week high and has $112.73 target or 32.00% above today’s $85.40 share price. The 9 months bullish chart indicates low risk for the $129.79 billion company. The 1-year high was reported on Nov, 11 by Barchart.com. If the $112.73 price target is reached, the company will be worth $41.53B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 406,835 shares traded hands. Royal Bank of Canada (TSE:RY) has risen 16.53% since April 7, 2016 and is uptrending. It has outperformed by 10.39% the S&P500.

Royal Bank of Canada (TSE:RY) Ratings Coverage

Out of 7 analysts covering RBC (TSE:RY), 3 rate it a “Buy”, 2 “Sell”, while 2 “Hold”. This means 43% are positive. $100 is the highest target while $58 is the lowest. The $82.17 average target is -3.78% below today’s ($85.4) stock price. RBC has been the topic of 30 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The stock of Royal Bank of Canada (TSE:RY) has “Outperform” rating given on Monday, August 17 by IBC. The rating was maintained by Desjardins Securities on Tuesday, August 25 with “Buy”. The firm earned “Sector Perform” rating on Tuesday, August 4 by National Bank Canada. The rating was maintained by Scotia Capital with “Outperform” on Thursday, August 27. The stock of Royal Bank of Canada (TSE:RY) has “Neutral” rating given on Wednesday, September 21 by Dundee Securities. The firm has “Underperform” rating by Bank of America given on Tuesday, November 1.

More news for Royal Bank of Canada (TSE:RY) were recently published by: Forbes.com, which released: “Ex-Div Reminder for Royal Bank of Canada (RY)” on October 20, 2016. Business.Financialpost.com‘s article titled: “Royal Bank of Canada upgraded to buy” and published on October 13, 2016 is yet another important article.

Royal Bank of Canada , is a diversified financial services company. The company has a market cap of $129.79 billion. The Firm provides personal and commercial banking, wealth management services, insurance, investor services and capital markets services and products on a global basis. It has a 12.44 P/E ratio. The Firm serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries.

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