RBC Capital
Upgrade grade
B
Downgrade grade
B
RBC Capital Markets is the investment banking and capital markets division of Royal Bank of Canada, one of North America's largest and most established financial institutions. Founded in its modern form through RBC's expansion into US markets during the 1990s and 2000s, the firm has grown into a major player in equity research with approximately 12,716 analyst rating calls covering US equities in our database. RBC Capital Markets is particularly renowned for its deep expertise in financial services, energy, materials, and consumer sectors, leveraging the parent company's Canadian heritage to provide distinctive perspectives on resource and banking stocks. The firm is distinguished by its commitment to thematic and macro-driven research alongside company-specific analysis, with analysts known for taking independent stances that sometimes diverge from consensus, earning respect among institutional investors for intellectual rigor rather than simply following the crowd.
Upgrades
847
75.09% win rate
· avg +2.26% D1
Downgrades
932
73.82% win rate
· avg -3.61% D1
Avg Gap — Upgrades
+1.93%
open vs prev close
Avg Gap — Downgrades
-3.25%
open vs prev close
Performance by Sector
| Sector | ↑ Win% | ↑ D1 | ↓ Win% | ↓ D1 |
|---|---|---|---|---|
| Basic Materials | 83.21% (131) | +3.15% | 73.64% (129) | -3.16% |
| Consumer Cyclical | 72.58% (124) | +2.06% | 74.40% (125) | -2.84% |
| Industrials | 68.91% (119) | +1.77% | 77.60% (125) | -2.40% |
| Technology | 78.13% (96) | +2.83% | 73.00% (100) | -4.20% |
| Financial Services | 64.79% (71) | +1.29% | 68.82% (93) | -1.93% |
| Energy | 80.82% (73) | +2.09% | 68.89% (90) | -3.42% |
| Healthcare | 78.26% (69) | +3.45% | 78.49% (93) | -12.69% |
| Real Estate | 68.75% (48) | +0.58% | 69.57% (69) | +1.47% |
| Communication Services | 78.26% (46) | +3.79% | 76.92% (39) | -4.55% |
| Consumer Defensive | 72.50% (40) | +1.16% | 76.32% (38) | -1.79% |
| Utilities | 78.57% (28) | +1.26% | 73.91% (23) | -2.32% |
Win Rate by Year
| Year | ↑ Win% | ↑ Calls | ↓ Win% | ↓ Calls |
|---|---|---|---|---|
| 2026 | 66.7% | 15 | 56.5% | 23 |
| 2025 | 72.3% | 65 | 75.9% | 54 |
| 2024 | 70.2% | 47 | 80.0% | 50 |
| 2023 | 90.0% | 50 | 79.7% | 59 |
| 2022 | 79.6% | 49 | 72.8% | 81 |
| 2021 | 74.2% | 62 | 73.9% | 46 |
| 2020 | 71.6% | 102 | 68.5% | 92 |
| 2019 | 63.6% | 55 | 79.7% | 79 |
| 2018 | 74.7% | 75 | 66.2% | 65 |
| 2017 | 80.4% | 56 | 78.4% | 51 |
Recent Calls
| Date | Ticker | Company | Sector | Action | Grade Change | PT | Gap | D1 |
|---|---|---|---|---|---|---|---|---|
| May 1, 2026 | PCRX | Pacira BioSciences, Inc. | Healthcare | Maintains | Sector Perform → Sector Perform | — | +5.5% | -4.1% |
| May 1, 2026 | FMC | FMC Corporation | Basic Materials | Maintains | Sector Perform → Sector Perform | — | -1.1% | -3.6% |
| May 1, 2026 | SAM | The Boston Beer Company, Inc. | Consumer Defensive | Maintains | Sector Perform → Sector Perform | — | -10.3% | -9.6% |
| May 1, 2026 | AAMI | Acadian Asset Management | Financial Services | Maintains | Sector Perform → Sector Perform | — | +0.2% | -2.8% |
| May 1, 2026 | BBT | Beacon Financial Corp. | Financial Services | Maintains | Sector Perform → Sector Perform | — | -0.8% | +0.6% |
| May 1, 2026 | VSEC | VSE Corporation | Industrials | Maintains | Outperform → Outperform | — | -0.2% | -0.4% |
| May 1, 2026 | ZETA | Zeta Global Holdings Corp. | Technology | Maintains | Outperform → Outperform | — | +4.9% | +1.0% |
| May 1, 2026 | MEOH | Methanex Corporation | Basic Materials | Maintains | Sector Perform → Sector Perform | — | -1.4% | -2.0% |
| May 1, 2026 | WFG | West Fraser Timber Co. Ltd. | Basic Materials | Maintains | Outperform → Outperform | — | +0.6% | -1.5% |
| May 1, 2026 | THG | The Hanover Insurance Group, Inc. | Financial Services | Maintains | Sector Perform → Sector Perform | — | +0.9% | -0.5% |
| May 1, 2026 | NNN | NNN REIT, Inc. | Real Estate | Maintains | Sector Perform → Sector Perform | — | -0.0% | +0.4% |
| May 1, 2026 | BLDR | Builders FirstSource, Inc. | Industrials | Maintains | Outperform → Outperform | — | +0.9% | -4.3% |
| May 1, 2026 | W | Wayfair Inc. | Consumer Cyclical | Maintains | Sector Perform → Sector Perform | — | -0.0% | +2.5% |
| May 1, 2026 | CFR | Cullen/Frost Bankers, Inc. | Financial Services | Maintains | Sector Perform → Sector Perform | — | -0.2% | -3.2% |
| May 1, 2026 | SUN | Sunoco LP | Energy | Maintains | Outperform → Outperform | — | +0.1% | -1.9% |
| May 1, 2026 | FLS | Flowserve Corporation | Industrials | Maintains | Outperform → Outperform | — | -0.4% | -2.7% |
| May 1, 2026 | CHKP | Check Point Software Technologies Ltd. | Technology | Maintains | Sector Perform → Sector Perform | — | +2.2% | +1.8% |
| May 1, 2026 | THC | Tenet Healthcare Corporation | Healthcare | Maintains | Outperform → Outperform | — | +1.1% | +3.5% |
| May 1, 2026 | IP | International Paper Company | Consumer Cyclical | Maintains | Outperform → Outperform | — | +1.0% | +4.4% |
| May 1, 2026 | INVH | Invitation Homes Inc. | Real Estate | Maintains | Sector Perform → Sector Perform | — | -0.2% | -0.8% |
| May 1, 2026 | WCC | WESCO International, Inc. | Industrials | Maintains | Outperform → Outperform | — | +0.9% | +1.6% |
| May 1, 2026 | BR | Broadridge Financial Solutions, Inc. | Technology | Maintains | Outperform → Outperform | — | +2.4% | +0.8% |
| May 1, 2026 | FTV | Fortive Corporation | Technology | Maintains | Sector Perform → Sector Perform | — | +1.5% | -1.3% |
| May 1, 2026 | SW | Smurfit Westrock Plc | Consumer Cyclical | Maintains | Outperform → Outperform | — | +1.5% | +2.7% |
| May 1, 2026 | RMD | ResMed Inc. | Healthcare | Maintains | Outperform → Outperform | — | -3.7% | -4.1% |