What blessing did Yaakov confer upon Pharaoh?
Rashi: The blessing here was merely a greeting. 1
Ramban: Yaakov blessed Pharaoh with wealth, property, honor, and that his reign should endure. 2
Targum Yonasan: He blessed Pharaoh that the Nile should fill its banks and that the famine should terminate.
Compare to 33:11:1:1. Ramban (citing Shabbos 89a) asks - It is not proper for a servant to greet his master! Refer to 47:10:1:1 and the note there. To answer for Rashi, refer to 47:7:1.1:1.
As is the way of elders and sages who appear before the king (See for example, Melachim I 1:31 [Ramban]).
QUESTIONS ON RASHI
Rashi writes: "'Yaakov blessed [Pharaoh]' - This means a greeting, [just] as anyone who appears before the king [only] occasionally does." Ramban asks - Does one offer a greeting to the king?!