Canaccord Genuity Believes Bank Of Montreal (NYSE: BMO) Still Has Room to Grow

By Carrie Williams

Canaccord Genuity analyst Scott Chan CFA maintained a Buy rating on Bank Of Montreal (BMOResearch Report) on February 18 and set a price target of C$106.50. The company’s shares closed last Wednesday at $86.25, close to its 52-week high of $86.49.

According to TipRanks.com, CFA is a 4-star analyst with an average return of 6.8% and a 56.3% success rate. CFA covers the Financial sector, focusing on stocks such as Canadian Bank of Commerce, National Bank of Canada, and Toronto Dominion Bank.

Bank Of Montreal has an analyst consensus of Moderate Buy, with a price target consensus of $91.20, an 8.3% upside from current levels. In a report issued on February 17, Scotiabank also upgraded the stock to Buy with a $111.00 price target.

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Based on Bank Of Montreal’s latest earnings release for the quarter ending October 31, the company reported a quarterly revenue of $5.94 billion and net profit of $1.58 billion. In comparison, last year the company earned revenue of $6.05 billion and had a net profit of $1.19 billion.

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Bank of Montreal is a diversified financial services provider based in North America, operating four business segments: Canadian P&C banking, U.S. P&C banking, wealth management, and capital markets.