Credit Suisse Decreases Price Target on Royal Bank of Canada (RY)

Credit Suisse decreases its price target on Royal Bank of Canada RY from C$56 to C$52. In a note to clients, Credit Suisse reports, "A weak quarter and a cloudy near-term outlook. RY missed expectations mainly due to a 13% QoQ increase in non interest expenses. We were disappointed by the news that less than 20% of the sequential increase can be considered one-time. Moreover, it raises doubts about the bank's ability to deliver upon stated efficiency objectives (i.e. low 40s efficiency ratio in Canadian banking)." RY is trading at $52.36.