RBC Capital Markets
RBC Capital Markets is the corporate and investment banking division of Royal Bank of Canada, headquartered in Toronto. Its equity research franchise, centred on North America with teams in the UK, Europe and Asia-Pacific, rated about 1,500 companies at the end of 2025.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 1,19412M
- Actions
- 4,95212M
- Ratings / Price targets
- 2,956 / 1,996
- Upgrades / Downgrades
- 95 / 127
- Initiations
- 106
- Buy-rated
- 58%of 1,122 rated
- Median upside
- +16.1%
- Targets raised / lowered
- 1,060 / 656
- On record
- May 2012 – Sep 2026
Overview
RBC Capital Markets carried ratings on 1,516 stocks at the end of 2025, 58% of them Outperform. Euromoney named it North America's best bank for research in 2025, and it tied for 10th in the weighted table of Extel's 2025 All-America Research survey.
The business traces to Dominion Securities, founded in Toronto in 1901. Royal Bank of Canada bought 67% of Dominion Securities in 1988, renamed it RBC Dominion Securities, took full ownership and acquired Richardson Greenshields in 1996, and rebranded its investment banking arm RBC Capital Markets in 2000. US expansion followed through the 2001 acquisitions of Dain Rauscher and Tucker Anthony Sutro. As of 2026 it has more than 7,200 professionals in 70 offices across 15 countries.
Milestones
- 1901
Dominion Securities founded in Toronto
- 1988
Royal Bank of Canada acquires 67% of Dominion Securities
- 1996
Full ownership; Richardson Greenshields acquired
- 2000
Investment banking arm rebranded RBC Capital Markets
- 2001
Acquires US firms Dain Rauscher and Tucker Anthony Sutro
Firm facts
- Type
- Full-service
- Founded
- 1901
- Headquarters
- Toronto, Canada
- Parent
- Royal Bank of Canada
- Listing
- NYSE: RY
- CEO and Group Head, RBC Capital Markets
- Derek Neldner
- Global Head, Cash Equities and Research
- Derek Flood
- Rating scale
- OutperformSector PerformUnderperform12 months
- Also filed as
- RBC Capital · RBC Capital Mkts
- Website
- rbccm.com
Research philosophy
The credibility and integrity of RBCCM Research is a cornerstone of our business model.
Under its 2024 research policy, RBC Capital Markets analysts report to research management rather than investment bankers, may not join pitches for banking mandates and ordinarily may not hold stocks in their coverage sectors. Its RBC Elements team augments fundamental research with alternative data such as geospatial intelligence, and as of 2025 its Aiden QuickTakes AI tool drafts post-earnings notes within minutes for analysts to refine.
Rating methodology
Stocks are rated Outperform, Sector Perform or Underperform relative to the analyst's sector average over 12 months.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Adobe Inc.ADBE | Outperform | $315 |
 Ollie's Bargain Outlet Holdings, Inc.OLLI | Outperform | $124 |
 Honeywell International Inc.HON | Outperform | $293 |
 Vertex Pharmaceuticals IncorporatedVRTX | Outperform | $570 |
 Walmart Inc.WMT | Outperform | $131 |
 Biogen Inc.BIIB | Outperform | $260 |
 International Business Machines CorporationIBM | Outperform | $270 |
 Regeneron Pharmaceuticals, Inc.REGN | Sector Perform | $737 |
 Axsome Therapeutics, Inc.AXSM | Outperform | $297 |
 CrowdStrike Holdings, Inc.CRWD | Outperform | $250 |
Most active analysts
- Arun Viswanathan62 notesCEDOWSLGN
- Matthew Hedberg58 notesFFIVDDOGNTSK
- Steven Shemesh48 notesOLLIWMTTGT
- Ken Herbert42 notesGELDOSVSEC
- Deane Dray41 notesGGGLIIDOV
- Rishi Jaluria41 notesHNGEORCLFSLY
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Sep 22 | SCSCGLY | Reiterate | Sector Perform | ||
| Sep 22 | MOMONRY | Reiterate | Sector Perform | ||
| Sep 22 | ESESLOY | Reiterate | Outperform | ||
| Sep 22 |  Brinker International, Inc.EAT | Initiate | Outperform | ||
| Sep 22 | VRViridian Therapeutics, Inc.VRDN | Target | $36 →$38 | ||
| Sep 22 | KMKinder Morgan, Inc.KMI | Reiterate | Sector Perform | $26 →$36 | Elvira Scotto |
| Sep 22 |  Everest Re Group, Ltd.EG | Initiate | Outperform | $455 | |
| Sep 22 | LVLVMUY | Downgrade | Outperform →Sector Perform | ||
| Sep 22 | BUBURBY | Downgrade | Outperform →Sector Perform | ||
| Sep 22 | RNRenaissanceRe Holdings Ltd.RNR | Target | $365 | Rowland Mayor |