TD Cowen upgrades Royal Bank of Canada after strong Q4 results

** TD Cowen upgrades Royal Bank of Canada RY to "buy" from "hold," citing strong Q4 earnings

** Brokerage also raises PT to C$246 ($176.01) from C$215, a 12.3% upside to its last close

** Brokerage sees the Canadian lender benefiting from its acquisition of HSBC Canada, AI-driven cost savings and stronger loan growth

** RY bought HSBC's Canadian unit in 2024 to boost its domestic business

** RY has been the worst performing stock among the Big 6 in 2025, now trading at a modest 3% premium to the group

** 14 of 16 brokerages rate the stock "buy" or "strong buy", two "hold"; median PT is C$230.50 - data compiled by LSEG

** As of last close, RY up 26.1% YTD