Argus raised the firm’s price target on Royal Bank of Canada (RY) to $140 from $132 and keeps a Buy rating on the shares. The company remains in a strong competitive position, with a growing market share in Canadian banking and a solid wealth management franchise, the analyst tells investors in a research note. Argus adds that the run-rate annualized savings with HSBC Bank Canada, acquired in March 2024, are now at $400M, which is on track for an expected total of $740M by March 2026.
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