National Bank analyst Gabriel Dechaine downgraded Royal Bank of Canada (RY) to Sector Perform from Outperform with a price target of C$177, down from C$179, saying that the company’s “dimmed outlook contrasts with valuation.” National Bank cited higher PCLs and weaker loan growth for the cut in its forecasts. Additionally, the firm noted that Royal Bank’s capital markets segment trailed peers this quarter.
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