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Bank of Montreal
Symbol BMO
Shares Issued 647,242,067
Close 2021-05-28 C$ 126.83
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Globe says Bank of Montreal kept at "sector outperform"

2021-05-28 08:23 ET - In the News

The Globe and Mail reports in its Friday, May 28, edition that Scotia Capital analyst Meny Grauman continues to rate Bank of Montreal ($126.18) "sector outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Grauman boosted his share target to $138 from $137. Analysts on average target the shares at $132.44. On Wednesday, BMO posted adjusted earnings per share of $3.13, exceeding the consensus forecast of $2.77. The beat was driven by lower-than-expected provisions for credit losses. Mr. Leeder notes that the market response to the results was "muted." Mr. Grauman says in a note: "Based on the market's initial reaction to BMO's Q2 earnings release one would think that the result had some fundamental flaw in it. But besides some elevated card revenue (we estimate about $30-million), which was offset by some unusual expenses, the numbers were actually quite impressive led by a 13-per-cent beat to consensus. True, the year-over-year comparison is being impacted by improving credit as well as a very easy comparable, but look beyond that and you see strong fundamentals, and the potential for top-line momentum as the recovery takes hold on both sides of the border."

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