RY price target update

What happened: Scotiabank and Argus lifted their price targets on Royal Bank of Canada (RY) to C$275 and C$277 respectively, following RY's fiscal Q1 earnings. TD Securities also raised its target to C$272. These updates occurred between May 29 and June 1, 2026.

Market impact: The bullish sentiment from these prominent financial institutions drove up RY's stock price. This positive outlook is based on RY's strong financial metrics and its status as one of the largest and cheapest stocks with Strong Buy ratings on Wall Street. The banking sector and Canadian financial institutions are positively impacted, with investors likely to follow these analysts' recommendations.

What to watch next: RY's fiscal Q2 earnings, scheduled for August 27, 2026, will be crucial for maintaining this bullish narrative. Additionally, investors should monitor any changes in the Bank of Canada's interest rate policy, as it directly impacts banks' net interest margins. Lastly, RY's upcoming dividend announcement, expected in late August, will be closely watched for any changes in payouts.