RBC starts coverage on Rolls-Royce with an 'outperform' rating

** RBC Capital Markets initiates coverage on Rolls-Royce RR. with an "outperform" rating and PT of 1,275p

** Brokerage says Rolls-Royce is now on a steady footing as management has turned around performance in the last few years

** Shares of engineering company fall nearly 2% to 1,072.5p

** "After a troubled prior decade, Rolls has moved in the last few years into a steadier delivery phase, as operating performance has been more consistent, and engine durability impacts have been reduced" - RBC

** Average rating of 18 analysts is "buy"; median PT 1,245p - data compiled by LSEG

** As of last close, co is up nearly 93% YTD