BMO Capital Markets Stock Recommendations and Price Targets

BMO Capital Markets is the investment banking and capital markets arm of Bank of Montreal, aka BMO Financial Group. It serves corporate, institutional, and government clients in North America, providing equity and debt underwriting, corporate lending and project finance, M&A advisory, and equity and debt research. The company has more than 25 offices worldwide; about half are in North America. BMO Capital Markets was formed in 2006 when BMO Financial combined its US, Canadian, and international wholesale banking operations.

This is a list of recent ratings by BMO Capital Markets.

Date	Company Name	Action	Current Price	Price Target	Rating	Impact on Share Price
12/20/2024	BIIB Biogen	Downgrade	$146.00	$230.00 ➝ $164.00	Outperform ➝ Market Perform	N/A
12/20/2024	EXEL Exelixis	Downgrade	$33.00	$36.00 ➝ $40.00	Outperform ➝ Market Perform	N/A
12/20/2024	MRK Merck & Co., Inc.	Downgrade	$98.00	$136.00 ➝ $105.00	Outperform ➝ Market Perform	N/A
12/20/2024	ACN Accenture	Boost Price Target	$366.00	$390.00 ➝ $425.00	Market Perform ➝ Market Perform	N/A
12/20/2024	DRI Darden Restaurants	Boost Price Target	$188.00	$165.00 ➝ $175.00	Market Perform ➝ Market Perform	N/A
12/20/2024	FDX FedEx	Boost Price Target	$276.00	$300.00 ➝ $330.00	Market Perform ➝ Market Perform	N/A
12/20/2024	VRTX Vertex Pharmaceuticals	Lower Price Target	$397.00	$566.00 ➝ $520.00	Outperform ➝ Outperform	N/A
12/20/2024	X United States Steel	Lower Price Target	$30.00	$43.00 ➝ $40.00	Outperform ➝ Outperform	N/A
12/19/2024	BIRK Birkenstock	Boost Price Target	$60.00	$60.00 ➝ $70.00	Outperform ➝ Outperform	N/A
12/19/2024	THG The Hanover Insurance Group	Boost Price Target	$154.00	$161.00 ➝ $180.00	Outperform ➝ Outperform	N/A
12/19/2024	TD Toronto-Dominion Bank	Upgrade	$52.00		Market Perform ➝ Outperform	N/A
12/19/2024	VCTR Victory Capital	Boost Price Target	$65.00	$71.00 ➝ $78.00	Outperform ➝ Outperform	N/A
12/19/2024	TPG TPG	Boost Price Target	$65.00	$60.00 ➝ $73.00	Market Perform ➝ Market Perform	N/A
12/19/2024	BX Blackstone	Boost Price Target	$171.00	$134.00 ➝ $157.00	Market Perform ➝ Market Perform	N/A
12/19/2024	APO Apollo Global Management	Boost Price Target	$171.00	$157.00 ➝ $186.00	Outperform ➝ Outperform	N/A
12/19/2024	ATZ Aritzia	Boost Price Target	C$54.00	C$57.00 ➝ C$60.00		N/A
12/19/2024	GCG.A Guardian Capital Group	Boost Price Target	C$41.00	C$50.00 ➝ C$51.00		N/A
12/19/2024	HLF High Liner Foods	Boost Price Target	C$16.00	C$14.50 ➝ C$16.40		N/A
12/19/2024	JWEL Jamieson Wellness	Boost Price Target	C$37.00	C$42.00 ➝ C$46.00		N/A
12/19/2024	NWC North West	Upgrade	C$49.00	C$56.00 ➝ C$58.00	Market Perform ➝ Outperform	N/A
12/19/2024	TD Toronto-Dominion Bank	Upgrade	C$75.00	C$90.00	Market Perform ➝ Outperform	N/A
12/18/2024	BOWFF Boardwalk Real Estate Investment Trust	Downgrade	$44.00		Strong-Buy ➝ Hold	N/A
12/18/2024	CASY Casey's General Stores	Reiterated Rating	$403.00	$400.00 ➝ $450.00	Market Perform	N/A
12/18/2024	SBAC SBA Communications	Reiterated Rating	$204.00	$260.00 ➝ $230.00	Outperform ➝ Market Perform	N/A
12/18/2024	CMP Compass Minerals International	Lower Price Target	$11.00	$20.00 ➝ $18.00	Market Perform ➝ Market Perform	N/A
12/18/2024	AC Air Canada	Boost Price Target	C$22.00	C$29.00 ➝ C$31.00		N/A
12/18/2024	BEI.UN Boardwalk Real Estate Investment Trust	Downgrade	C$64.00	C$84.00 ➝ C$73.00	Outperform ➝ Market Perform	N/A
12/18/2024	CPX Capital Power	Boost Price Target	C$63.00	C$56.00 ➝ C$68.00	Market Perform	N/A
12/18/2024	REI.UN RioCan Real Estate Investment Trust	Upgrade	C$18.00	C$21.00 ➝ C$20.50	Market Perform ➝ Outperform	N/A
12/17/2024	ECL Ecolab	Upgrade	$238.00	$279.00 ➝ $290.00	Market Perform ➝ Outperform	N/A
12/16/2024	GLNCY Glencore	Upgrade	$9.00		Hold ➝ Strong-Buy	N/A
12/16/2024	FRU Freehold Royalties	Upgrade	C$12.00		Hold ➝ Strong-Buy	N/A
12/16/2024	BTU Peabody Energy	Upgrade	$21.00	$26.00 ➝ $26.00	Market Perform ➝ Outperform	N/A
12/16/2024	PGR Progressive	Lower Price Target	$240.00	$273.00 ➝ $267.00	Outperform ➝ Outperform	N/A
12/16/2024	ESI Element Solutions	Boost Price Target	$25.00	$32.00 ➝ $34.00	Outperform ➝ Outperform	N/A
12/16/2024	MRE Martinrea International	Downgrade	C$9.00	C$13.00 ➝ C$11.00	Outperform ➝ Market Perform	N/A
12/16/2024	TA TransAlta	Boost Price Target	C$20.00	C$17.00 ➝ C$22.00		N/A
12/13/2024	AAP Advance Auto Parts	Initiated Coverage	$44.00	$45.00	Market Perform	N/A
12/13/2024	AZO AutoZone	Initiated Coverage	$3,253.00	$3,700.00	Outperform	N/A
12/13/2024	CHRW C.H. Robinson Worldwide	Boost Price Target	$104.00	$115.00 ➝ $118.00	Market Perform ➝ Market Perform	N/A
12/13/2024	ORLY O'Reilly Automotive	Initiated Coverage	$1,219.00	$1,400.00	Outperform	N/A
12/13/2024	COST Costco Wholesale	Boost Price Target	$954.00	$1,075.00 ➝ $1,175.00	Outperform ➝ Outperform	N/A
12/13/2024	CPAY Corpay	Boost Price Target	$344.00	$400.00 ➝ $440.00	Outperform ➝ Outperform	N/A
12/13/2024	ARX ARC Resources	Boost Price Target	C$24.00	C$30.00 ➝ C$32.00		N/A
12/13/2024	CNQ Canadian Natural Resources	Lower Price Target	C$42.00	C$60.00 ➝ C$58.00		N/A
12/13/2024	CVE Cenovus Energy	Lower Price Target	C$21.00	C$28.00 ➝ C$25.00		N/A
12/13/2024	CMG Computer Modelling Group	Lower Price Target	C$10.00	C$14.00 ➝ C$13.00		N/A
12/13/2024	EMP.A Empire	Boost Price Target	C$43.00	C$44.00 ➝ C$48.00		N/A
12/13/2024	KEL Kelt Exploration	Boost Price Target	C$6.00	C$8.50 ➝ C$9.00		N/A
12/13/2024	KEC Kiwetinohk Energy	Boost Price Target	C$16.00	C$20.00 ➝ C$21.00		N/A
12/13/2024	LOU Lucero Energy	Lower Price Target	C$0.00	C$0.75 ➝ C$0.60		N/A
12/13/2024	NVA NuVista Energy	Boost Price Target	C$12.00	C$18.00 ➝ C$19.00		N/A
12/13/2024	OBE Obsidian Energy	Lower Price Target	C$7.00	C$17.00 ➝ C$12.00		N/A
12/13/2024	PPL Pembina Pipeline	Lower Price Target	C$52.00	C$61.00 ➝ C$59.00		N/A
12/13/2024	PEY Peyto Exploration & Development	Boost Price Target	C$16.00	C$16.50 ➝ C$17.50		N/A
12/13/2024	RBY Rubellite Energy	Lower Price Target	C$2.00	C$4.00 ➝ C$3.00		N/A
12/13/2024	SDE Spartan Delta	Lower Price Target	C$3.00	C$6.00 ➝ C$5.00		N/A
12/13/2024	SGY Surge Energy	Lower Price Target	C$5.00	C$11.00 ➝ C$9.00		N/A
12/13/2024	TVE Tamarack Valley Energy	Boost Price Target	C$4.00	C$5.50 ➝ C$6.00		N/A
12/13/2024	TCL.A Transcontinental	Boost Price Target	C$18.00	C$18.00 ➝ C$20.00		N/A
12/12/2024	ADBE Adobe	Lower Price Target	$447.00	$600.00 ➝ $570.00	Outperform ➝ Outperform	N/A
12/12/2024	PYCR Paycor HCM	Upgrade	$19.00	$19.00 ➝ $24.00	Market Perform ➝ Outperform	N/A
12/12/2024	QTTB Q32 Bio	Lower Price Target	$4.00	$64.00 ➝ $22.00	Outperform ➝ Outperform	N/A
12/12/2024	KR Kroger	Boost Price Target	$62.00	$60.00 ➝ $63.00	Market Perform ➝ Market Perform	N/A
12/11/2024	FA First Advantage	Initiated Coverage	$18.00	$20.00	Outperform	N/A
12/11/2024	PPL PPL	Initiated Coverage	$32.00	$36.00	Outperform	N/A
12/11/2024	PLAY Dave & Buster's Entertainment	Lower Price Target	$27.00	$51.00 ➝ $47.00	Outperform ➝ Outperform	N/A
12/11/2024	UNFI United Natural Foods	Boost Price Target	$26.00	$23.00 ➝ $32.00	Market Perform ➝ Market Perform	N/A
12/11/2024	ASH Ashland	Boost Price Target	$72.00	$83.00 ➝ $84.00	Market Perform ➝ Market Perform	N/A
12/10/2024	UPS United Parcel Service	Upgrade	$126.00	$155.00 ➝ $150.00	Market Perform ➝ Outperform	N/A
12/10/2024	ORCL Oracle	Boost Price Target	$170.00	$173.00 ➝ $205.00	Market Perform ➝ Market Perform	N/A
12/10/2024	DRI Darden Restaurants	Lower Price Target	$188.00	$175.00 ➝ $165.00	Market Perform ➝ Market Perform	N/A
12/10/2024	BSIG BrightSphere Investment Group	Reiterated Rating	$27.00	$30.00 ➝ $33.00	Outperform ➝ Sector Perform	N/A
12/10/2024	LUG Lundin Gold	Downgrade	C$31.00		Outperform ➝ Market Perform	N/A
12/9/2024	CTRE CareTrust REIT	Downgrade	$27.00	$34.00 ➝ $32.00	Outperform ➝ Market Perform	N/A
12/9/2024	OHI Omega Healthcare Investors	Upgrade	$38.00	$45.00 ➝ $45.00	Market Perform ➝ Outperform	N/A
12/9/2024	APLE Apple Hospitality REIT	Initiated Coverage	$16.00	$18.00	Outperform	N/A
12/9/2024	RHP Ryman Hospitality Properties	Initiated Coverage	$106.00	$133.00	Outperform	N/A
12/9/2024	LB Laurentian Bank of Canada	Boost Price Target	C$29.00	C$28.00 ➝ C$31.00		N/A
12/6/2024	BRX Brixmor Property Group	Upgrade	$27.00	$30.00 ➝ $33.00	Market Perform ➝ Outperform	N/A
12/6/2024	PCH PotlatchDeltic	Upgrade	$39.00	$51.00 ➝ $51.00	Market Perform ➝ Outperform	N/A
12/6/2024	IGMS IGM Biosciences	Initiated Coverage	$7.00	$21.00	Outperform	N/A
12/6/2024	JSPR Jasper Therapeutics	Initiated Coverage	$22.00	$63.00	Outperform	N/A
12/6/2024	KYMR Kymera Therapeutics	Initiated Coverage	$41.00	$55.00	Market Perform	N/A
12/6/2024	NRIX Nurix Therapeutics	Initiated Coverage	$20.00	$35.00	Outperform	N/A
12/6/2024	QTTB Q32 Bio	Initiated Coverage	$4.00	$64.00	Outperform	N/A
12/6/2024	TRML Tourmaline Bio	Initiated Coverage	$21.00	$50.00	Outperform	N/A
12/6/2024	PTGX Protagonist Therapeutics	Initiated Coverage	$41.00	$62.00	Outperform	N/A
12/6/2024	RSG Republic Services	Upgrade	$204.00	$211.00 ➝ $238.00	Market Perform ➝ Outperform	N/A
12/6/2024	WY Weyerhaeuser	Upgrade	$28.00	$38.00 ➝ $38.00	Market Perform ➝ Outperform	N/A
12/6/2024	PLD Prologis	Downgrade	$103.00	$120.00 ➝ $104.00	Market Perform ➝ Underperform	N/A
12/6/2024	ADBE Adobe	Boost Price Target	$447.00	$580.00 ➝ $600.00	Outperform ➝ Outperform	N/A
12/6/2024	RBRK Rubrik	Boost Price Target	$66.00	$38.00 ➝ $72.00	Outperform ➝ Outperform	N/A
12/6/2024	IOT Samsara	Boost Price Target	$44.00	$44.00 ➝ $57.00	Market Perform ➝ Market Perform	N/A
12/6/2024	ULTA Ulta Beauty	Boost Price Target	$430.00	$385.00 ➝ $420.00	Market Perform ➝ Market Perform	N/A
12/6/2024	VSCO Victoria's Secret & Co.	Boost Price Target	$45.00	$33.00 ➝ $46.00	Outperform ➝ Outperform	N/A
12/6/2024	DG Dollar General	Boost Price Target	$76.00	$80.00 ➝ $84.00	Market Perform ➝ Market Perform	N/A
12/6/2024	LULU Lululemon Athletica	Boost Price Target	$379.00	$265.00 ➝ $302.00	Market Perform ➝ Market Perform	N/A
12/6/2024	PATH UiPath	Boost Price Target	$13.00	$15.00 ➝ $16.00	Market Perform ➝ Market Perform	N/A
12/6/2024	ARE Aecon Group	Boost Price Target	C$27.00	C$27.00 ➝ C$29.00		N/A