Why Did Canaccord Genuity Upgrade Bank Of Montreal’s Stock?

By Carrie Williams

Bank Of Montreal (BMOResearch Report) received a Buy rating from Canaccord Genuity analyst Scott Chan CFA today. The company’s shares closed last Wednesday at $78.73, close to its 52-week high of $80.40.

According to TipRanks.com, CFA is a 4-star analyst with an average return of 5.9% and a 54.6% success rate. CFA covers the Financial sector, focusing on stocks such as Canadian Bank of Commerce, National Bank of Canada, and Toronto Dominion Bank.

The word on The Street in general, suggests a Hold analyst consensus rating for Bank Of Montreal with a $80.32 average 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.