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.
Company history
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.
- 1901Dominion Securities founded in Toronto
- 1988Royal Bank of Canada acquires 67% of Dominion Securities
- 1996Full ownership; Richardson Greenshields acquired
- 2000Investment banking arm rebranded RBC Capital Markets
- 2001Acquires US firms Dain Rauscher and Tucker Anthony Sutro
Research
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. Stocks are rated Outperform, Sector Perform or Underperform relative to the analyst's sector average over 12 months.
Coverage12M
- Stocks
- 1,194
- Ratings
- 2,956
- Price targets
- 1,996
- Median upside
- +16.1%
- Upgrades
- 95
- Downgrades
- 127
- Initiations
- 106
- Reiterations
- 2,628
- Targets raised
- 1,060
- Targets cut
- 656
- Positive58%652
- Neutral40%453
- Negative2%17
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 ADBEAdobe Inc. | Outperform | $315 |
 OLLIOllie's Bargain Outlet Holdings, Inc. | Outperform | $124 |
 HONHoneywell International Inc. | Outperform | $293 |
 VRTXVertex Pharmaceuticals Incorporated | Outperform | $570 |
 WMTWalmart Inc. | Outperform | $131 |
 BIIBBiogen Inc. | Outperform | $260 |
 IBMInternational Business Machines Corporation | Outperform | $270 |
 REGNRegeneron Pharmaceuticals, Inc. | Sector Perform | $737 |
 AXSMAxsome Therapeutics, Inc. | Outperform | $297 |
 CRWDCrowdStrike Holdings, Inc. | Outperform | $250 |
Analysts24M
- Arun ViswanathanCE · DOW · SLGN62
- Matthew HedbergFFIV · DDOG · NTSK58
- Steven ShemeshOLLI · WMT · TGT48
- Ken HerbertGE · LDOS · VSEC42
- Deane DrayGGG · LII · DOV41
- Rishi JaluriaHNGE · ORCL · FSLY41
Recent actions
| Stock | Rating action | Rating | Target | Date |
|---|---|---|---|---|
| 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 | 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 | Sep 22 |
Similar coverage12M
References
- RBC Dominion Securities – Wikipediaen.wikipedia.org
- RBC Capital Markets – Historyrbccm.com
- RBC Wealth Management Global Insight, January 2026 (RBC CM rating distribution and definitions)us.rbcwealthmanagement.com
- Euromoney – North America's best bank for research 2025: RBC Capital Marketseuromoney.com
- RBC Capital Markets – Leadershiprbccm.com
- RBC Capital Markets – Global Markets leadershiprbccm.com