The Globe and Mail reports in its Friday edition that Citi analyst Ian Sealey, citing a pullback in bank share prices and attractive valuation, upgraded Bank of Montreal to "buy" from "neutral," calling it a "leading business bank in Canada." The Globe's David Leeder writes in the Eye On Equities column that Mr. Sealey targets the shares at $110. Analysts on average target the shares at $105.41. Mr. Sealey says in a note: "BMO has a leading market share in Canadian corporate lending and we believe it is well placed to capture volume benefits from a relevering of Canadian corporates. As the cost of bank loans becomes more competitive we expect more corporates to choose bank loans over capital markets debt. The recovery in the oil price is likely to spur further lending by businesses either directly operating in the energy industry, or operating in the oil dependent regions (particularly Alberta)." On the sector as a whole, Mr. Sealey says: "Highly efficient (and profitable) Canadian businesses combined with organic and inorganic growth opportunities outside of Canada, are driving strong book value and dividend growth over the longer term. Our top pick is RBC, then TD and BMO. We remain neutral on BNS."