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
12/19/2025	FDX FedEx	Reiterated Rating	$284.00	$290.00	Market Perform ➝ Market Perform
12/19/2025	DRI Darden Restaurants	Reiterated Rating	$188.00	$205.00	Market Perform ➝ Market Perform
12/18/2025	ACN Accenture	Reiterated Rating	$274.00	$300.00	Market Perform ➝ Market Perform
12/18/2025	MTDR Matador Resources	Reiterated Rating	$42.00		Outperform ➝ Outperform
12/18/2025	CCDBF CCL Industries	Reiterated Rating	$63.00		Outperform ➝ Outperform
12/18/2025	MAN ManpowerGroup	Upgrade	$30.00	$44.00	Market Perform ➝ Outperform
12/18/2025	VITL Vital Farms	Lower Price Target	$33.00	$60.00 ➝ $50.00	Outperform ➝ Outperform
12/18/2025	PGR Progressive	Lower Price Target	$225.00	$256.00 ➝ $253.00	Market Perform ➝ Market Perform
12/18/2025	MRK Merck & Co., Inc.	Upgrade	$101.00	$82.00 ➝ $130.00	Market Perform ➝ Outperform
12/18/2025	PBH Premium Brands	Boost Price Target	C$102.00	C$111.00 ➝ C$125.00
12/18/2025	BIIB Biogen	Boost Price Target	$174.00	$150.00 ➝ $165.00	Market Perform ➝ Market Perform
12/17/2025	RY Royal Bank Of Canada	Reiterated Rating	$168.00		Outperform ➝ Outperform
12/17/2025	EQH Equitable	Reiterated Rating	$48.00		Outperform ➝ Outperform
12/17/2025	LIN Linde	Set Price Target	$420.00	$501.00
12/17/2025	BN Brookfield	Reiterated Rating	$45.00	$46.00 ➝ $49.00	Outperform ➝ Outperform
12/17/2025	LNG Cheniere Energy	Reiterated Rating	$190.00	$254.00	Outperform ➝ Outperform
12/17/2025	CM Canadian Imperial Bank of Commerce	Boost Price Target	C$128.00	C$130.00 ➝ C$135.00
12/17/2025	NA National Bank of Canada	Boost Price Target	C$175.00	C$172.00 ➝ C$177.00
12/17/2025	RY Royal Bank of Canada	Boost Price Target	C$233.00	C$229.00 ➝ C$245.00
12/17/2025	BNS Bank of Nova Scotia	Boost Price Target	C$100.00	C$93.00 ➝ C$98.00
12/17/2025	TD Toronto-Dominion Bank	Boost Price Target	C$128.00	C$128.00 ➝ C$135.00
12/16/2025	PBA Pembina Pipeline	Reiterated Rating	$37.00		Outperform ➝ Outperform
12/16/2025	PPL Pembina Pipeline	Lower Price Target	C$52.00	C$59.00 ➝ C$58.00
12/16/2025	DOW DOW	Boost Price Target	$23.00	$20.00 ➝ $22.00	Underperform ➝ Underperform
12/16/2025	AMZN Amazon.com	Boost Price Target	$227.00	$300.00 ➝ $304.00	Outperform ➝ Outperform
12/16/2025	GOOGL Alphabet	Boost Price Target	$306.00	$340.00 ➝ $343.00	Outperform ➝ Outperform
12/16/2025	FCX Freeport-McMoRan	Boost Price Target	$49.00	$47.00 ➝ $55.00	Outperform
12/15/2025	ACLLF ATCO	Reiterated Rating	$40.00		Outperform ➝ Outperform
12/15/2025	ASH Ashland	Upgrade	$60.00	$61.00 ➝ $71.00	Market Perform ➝ Outperform
12/15/2025	IMO Imperial Oil	Downgrade	$84.00		Outperform ➝ Market Perform
12/15/2025	BIREF Birchcliff Energy	Upgrade	$5.00		Hold ➝ Outperform
12/15/2025	ESVIF Ensign Energy Services	Downgrade	$2.00		Outperform ➝ Market Perform
12/15/2025	ADBE Adobe	Lower Price Target	$354.00	$405.00 ➝ $400.00	Outperform ➝ Outperform
12/15/2025	LYB LyondellBasell Industries	Reiterated Rating	$43.00	$48.00 ➝ $36.00	Market Perform ➝ Underperform
12/15/2025	BIR Birchcliff Energy	Upgrade	C$7.00	C$7.50 ➝ C$8.50	Hold ➝ Outperform
12/15/2025	ESI Ensign Energy Services	Downgrade	C$2.00	C$3.50	Outperform ➝ Hold
12/15/2025	IMO Imperial Oil	Downgrade	C$115.00	C$132.00 ➝ C$129.00	Outperform ➝ Market Perform
12/15/2025	ESI Element Solutions	Downgrade	$25.00		Strong-Buy ➝ Hold
12/15/2025	ALB Albemarle	Boost Price Target	$148.00	$136.00 ➝ $145.00	Outperform ➝ Outperform
12/15/2025	COP ConocoPhillips	Lower Price Target	$93.00	$110.00 ➝ $105.00	Outperform ➝ Outperform
12/15/2025	CTRA Coterra Energy	Lower Price Target	$26.00	$33.00 ➝ $32.00	Market Perform ➝ Market Perform
12/15/2025	DVN Devon Energy	Lower Price Target	$36.00	$50.00 ➝ $48.00	Outperform ➝ Outperform
12/15/2025	EOG EOG Resources	Lower Price Target	$103.00	$130.00 ➝ $126.00	Outperform ➝ Outperform
12/12/2025	DASH DoorDash	Reiterated Rating	$235.00		Outperform ➝ Outperform
12/12/2025	EMLAF Empire	Reiterated Rating	$34.00		Market Perform ➝ Market Perform
12/12/2025	COST Costco Wholesale	Reiterated Rating	$851.00		Outperform ➝ Outperform
12/12/2025	NMG Nouveau Monde Graphite	Initiated Coverage	$3.00		Outperform
12/12/2025	NOU Nouveau Monde Graphite	Set Price Target	C$3.00	C$6.00	Outperform
12/12/2025	TVK TerraVest Industries	Upgrade	C$161.00	C$150.00 ➝ C$200.00	Hold ➝ Outperform
12/11/2025	NNWWF North West	Set Price Target	$36.00	$56.00
12/11/2025	VET Vermilion Energy	Reiterated Rating	$8.00		Market Perform ➝ Market Perform
12/11/2025	EVTZF Evertz Technologies	Reiterated Rating	$10.00		Outperform ➝ Outperform
12/11/2025	UNFI United Natural Foods	Reiterated Rating	$33.00		Outperform ➝ Outperform
12/11/2025	SAIL SailPoint	Reiterated Rating	$21.00		Outperform ➝ Outperform
12/11/2025	JNJ Johnson & Johnson	Reiterated Rating	$209.00		Outperform ➝ Outperform
12/11/2025	BCE BCE	Upgrade	$23.00		Market Perform ➝ Outperform
12/11/2025	TU TELUS	Downgrade	$13.00		Outperform ➝ Market Perform
12/11/2025	ORCL Oracle	Lower Price Target	$193.00	$355.00 ➝ $270.00	Outperform ➝ Outperform
12/11/2025	BCE BCE	Upgrade	C$32.00	C$37.00	Market Perform ➝ Outperform
12/11/2025	CPX Capital Power	Lower Price Target	C$60.00	C$79.00 ➝ C$78.00	Outperform
12/11/2025	ET Evertz Technologies	Boost Price Target	C$13.00	C$14.00 ➝ C$15.00	Outperform
12/11/2025	NWC North West	Lower Price Target	C$50.00	C$57.00 ➝ C$56.00	Outperform
12/11/2025	T TELUS	Downgrade	C$17.00	C$23.00 ➝ C$19.00	Outperform ➝ Hold
12/11/2025	VET Vermilion Energy	Boost Price Target	C$11.00	C$12.00 ➝ C$13.00	Market Perform
12/10/2025	PFE Pfizer	Reiterated Rating	$25.00		Outperform ➝ Outperform
12/10/2025	NEE NextEra Energy	Reiterated Rating	$81.00	$90.00 ➝ $89.00	Outperform ➝ Outperform
12/10/2025	NGVT Ingevity	Boost Price Target	$59.00	$64.00 ➝ $70.00	Outperform ➝ Outperform
12/10/2025	GEV GE Vernova	Boost Price Target	$647.00	$710.00 ➝ $780.00	Outperform ➝ Outperform
12/10/2025	ANDE Andersons	Upgrade	$54.00	$50.00 ➝ $65.00	Market Perform ➝ Outperform
12/10/2025	PLAY Dave & Buster's Entertainment	Lower Price Target	$17.00	$35.00 ➝ $30.00	Outperform ➝ Outperform
12/10/2025	AZO AutoZone	Lower Price Target	$3,395.00	$4,600.00 ➝ $4,400.00	Outperform ➝ Outperform
12/10/2025	IVZ Invesco	Boost Price Target	$27.00	$28.00 ➝ $30.00	Outperform ➝ Outperform
12/10/2025	FSLR First Solar	Boost Price Target	$266.00	$273.00 ➝ $285.00	Outperform ➝ Outperform
12/9/2025	GROY Gold Royalty	Reiterated Rating	$4.00	$4.75	Outperform ➝ Outperform
12/9/2025	MPC Marathon Petroleum	Reiterated Rating	$169.00		Outperform ➝ Outperform
12/9/2025	LUGDF Lundin Gold	Reiterated Rating	$83.00		Market Perform ➝ Market Perform
12/9/2025	DE Deere & Company	Reiterated Rating	$471.00	$460.00	Market Perform ➝ Market Perform
12/9/2025	PGR Progressive	Set Price Target	$225.00	$256.00
12/9/2025	TERN Terns Pharmaceuticals	Boost Price Target	$40.00	$35.00 ➝ $54.00	Outperform ➝ Outperform
12/9/2025	AR Antero Resources	Boost Price Target	$34.00	$37.00 ➝ $40.00	Market Perform ➝ Market Perform
12/9/2025	LUV Southwest Airlines	Initiated Coverage	$41.00	$43.00	Market Perform
12/9/2025	PAYX Paychex	Lower Price Target	$112.00	$140.00 ➝ $121.00	Market Perform ➝ Market Perform
12/9/2025	LUG Lundin Gold	Boost Price Target	C$114.00	C$108.00 ➝ C$115.00
12/9/2025	TCL.A Transcontinental	Boost Price Target	C$23.00	C$23.00 ➝ C$27.00
12/9/2025	AAL American Airlines Group	Upgrade	$16.00		Hold
12/9/2025	DAL Delta Air Lines	Upgrade	$71.00		Strong-Buy
12/9/2025	UAL United Airlines	Upgrade	$113.00		Strong-Buy
12/8/2025	AAL American Airlines Group	Initiated Coverage	$16.00	$16.75	Market Perform
12/8/2025	UAL United Airlines	Initiated Coverage	$113.00	$125.00	Outperform
12/8/2025	DAL Delta Air Lines	Initiated Coverage	$71.00	$80.00	Outperform
12/8/2025	LRCDF Laurentian Bank of Canada	Reiterated Rating	$29.00		Market Perform ➝ Market Perform
12/8/2025	PGR Progressive	Lower Price Target	$225.00	$260.00 ➝ $256.00	Market Perform ➝ Market Perform
12/8/2025	NFLX Netflix	Reiterated Rating	$95.00		Outperform ➝ Outperform
12/8/2025	BDGI Badger Infrastructure Solutions	Boost Price Target	C$74.00	C$70.00 ➝ C$82.00
12/8/2025	LB Laurentian Bank of Canada	Boost Price Target	C$40.00	C$31.00 ➝ C$40.50
12/8/2025	MTL Mullen Group	Boost Price Target	C$16.00	C$16.00 ➝ C$18.00
12/8/2025	NFI NFI Group	Lower Price Target	C$16.00	C$18.00 ➝ C$17.00
12/8/2025	TVK TerraVest Industries	Lower Price Target	C$161.00	C$165.00 ➝ C$150.00
12/8/2025	EFX Equifax	Lower Price Target	$219.00	$245.00 ➝ $234.00	Market Perform ➝ Market Perform
12/8/2025	SLG SL Green Realty	Lower Price Target	$45.00	$63.00 ➝ $60.00	Outperform ➝ Outperform