Canaccord Adams analysts reiterated a ‘Buy’ rating on Royal Bank of Canada (NYSE: RY), but lowered their price target to $65 CAN.
Canaccord Adams analysts wrote, “We are lowering our 2010E and 2011E EPS to $4.22 (from $4.74) and $5.00 (from $5.33), respectively. The key changes to our estimates relate to a) much lower trading revenue ($1.0-1.1 billion quarterly, down from $1.2-1.3 billion) and b) lower capital markets related revenue generally. We also lowered our PCLs estimate modestly.”
