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Bank of Montreal
Symbol BMO
Shares Issued 647,242,067
Close 2021-05-21 C$ 123.92
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Globe says Bank of Montreal maintained at "outperform"

2021-05-21 07:40 ET - In the News

The Globe and Mail reports in its Friday, May 21, edition that Credit Suisse analyst Mike Rizvanovic sees a "brighter macroeconomic environment" ahead for Canadian banks. The Globe's David Leeder writes in the Eye On Equities column that Mr. Rizvanovic says in a note: "With the economic rebound picking up momentum, we have increased our EPS forecasts for the group through F2022 heading into Q2 earnings season largely to reflect less severe PCLs, and we expect to see further evidence of normalization in the quarter for key earnings drivers with margins stabilizing, fee-based revenue trending higher, PCLs on performing loans gradually reversing, and higher-spread lending beginning to recover. Our target prices move up on both our EPS revisions and a higher PE multiple (11.3 times now vs. 10.8 times previously), although our ratings remain unchanged. Heading into the quarter we continue to favor National Bank, RBC, and BMO, and are most concerned about Scotiabank given ongoing headwinds in the bank's LatAm footprint." Accordingly, with an unchanged "outperform" recommendation, Mr. Rizvanovic boosted his share target for Bank of Montreal to $125 from $133. Analysts on average target the shares at $124.13.

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