Royal Bank Of Canada Forecasts Strong Price Appreciation for Power Co. of Canada (TSE:POW) Stock

Key Points

• Royal Bank of Canada increased its price target for Power Co. of Canada from C$58.00 to C$59.00, which indicates a potential downside of 3.85% from the previous closing price.
• Multiple brokerages have adjusted their price targets for Power Co. of Canada, with Jefferies Financial Group raising its target from C$57.00 to C$60.00 and maintaining a "hold" rating.
• As of Wednesday, Power Co. of Canada’s stock was down 1.8% to C$61.36, with a 12-month trading range between C$41.88 and C$62.95.

Power Co. of Canada (TSE:POW - Get Free Report) had its price objective upped by stock analysts at Royal Bank Of Canada from C$58.00 to C$59.00 in a research note issued to investors on Wednesday,BayStreet.CA reports. Royal Bank Of Canada's price target suggests a potential downside of 3.85% from the company's previous close.

A number of other brokerages have also recently issued reports on POW. Jefferies Financial Group cut shares of Power Co. of Canada from a "buy" rating to a "hold" rating and upped their price target for the stock from C$57.00 to C$60.00 in a research note on Monday, August 11th. Desjardins boosted their target price on Power Co. of Canada from C$55.00 to C$60.00 and gave the stock a "buy" rating in a research report on Monday, August 11th. BMO Capital Markets upped their price target on shares of Power Co. of Canada from C$54.00 to C$58.00 in a research report on Thursday, August 7th. TD Securities raised their target price on shares of Power Co. of Canada from C$56.00 to C$62.00 and gave the company a "buy" rating in a report on Monday, August 11th. Finally, National Bankshares raised their price target on Power Co. of Canada from C$55.00 to C$56.00 and gave the stock a "sector perform" rating in a research report on Tuesday, July 29th. Three equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Power Co. of Canada has an average rating of "Hold" and a consensus target price of C$59.38.

Power Co. of Canada Stock Down 1.8%

Shares of POW stock traded down C$1.14 during mid-day trading on Wednesday, reaching C$61.36. 525,588 shares of the company's stock traded hands, compared to its average volume of 2,437,399. Power Co. of Canada has a 12 month low of C$41.88 and a 12 month high of C$62.95. The company has a market cap of C$39.35 billion, a P/E ratio of 14.75, a P/E/G ratio of 0.57 and a beta of 0.91. The company's 50-day moving average price is C$58.65 and its 200-day moving average price is C$54.29.

About Power Co. of Canada

Power Corp. of Canada is a diversified holding company with interests in financial services, communications, and other business sectors through its controlling interests in Power Financial. Power Financial in turn holds controlling interests in Great-West Life (an insurance conglomerate), IGM Financial (Canada's largest nonbank asset manager), and Pargesa (a holding company with interests in European companies).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.