Post by
ace1mccoy on Apr 01, 2022 9:04am
Stifel Raises Target
* In response to its acquisition of UK-based Brewin Dolphin Holdings Plc, Stifel’s Mike Rizvanovic raised his Royal Bank of Canada (
) target to $152, exceeding the $150.86 average, from $150 with a “hold” rating.
“Post close, RY will become a top 3 wealth manager in the UK and Ireland market, adding much needed scale to its existing operations in the region, which in our view, makes the deal a good strategic fit,” he said. “We view the transaction as a modest positive from an earnings perspective (1-per-cent accretive with upside potential from revenue synergies) and we note that the bank’s excess capital will remain at healthy levels after close ($9-billion pro forma), leaving potential for further deployment into growth initiatives.”
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