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RBC Target Lifted $21 at CIBC, But Neutral Reiterated

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RBC reported a better second quarter versus the prior one, CIBC said, noting RBC's stock has regained its premium multiple and was trading at 15.4x P/E (NTM consensus), a 7% premium to the group. CIBC's estimates move modestly higher on NII and asset-based fees. CIBC increased its price target to $279 (from $258) based on a higher EPS estimated and a higher industry multiple. CIBC reiterated its Neutral rating.

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Price: $259.91, Change: $-0.63, Percent Change: -0.24%

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