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.

Company Name	Action	Current Price	Price Target	Rating	Impact on Share Price
TRQ Turquoise Hill Resources	Downgrade	C$18.00	C$23.00 ➝ C$18.00	Outperform ➝ Market Perform	N/A
BDRBF Bombardier	Upgrade	$1.00		Market Perform ➝ Outperform	High
TPR Tapestry	Boost Price Target	$42.00	$36.00 ➝ $45.00	Market Perform	Medium
BDI Black Diamond Group	Boost Price Target	C$3.00	C$4.00 ➝ C$4.25		N/A
BBD.B Bombardier, Inc. Class B	Upgrade	C$1.00	C$0.85 ➝ C$1.25	Market Perform ➝ Outperform	N/A
CNQ Canadian Natural Resources	Boost Price Target	C$39.00	C$42.00 ➝ C$45.00		N/A
EQX Equinox Gold	Boost Price Target	C$8.00	C$20.00 ➝ C$20.50		N/A
FRU Freehold Royalties	Boost Price Target	C$8.00	C$6.00 ➝ C$9.00		N/A
GRT.UN Granite Real Estate Investment Trust	Boost Price Target	C$74.00	C$83.00 ➝ C$85.00		N/A
KXS Kinaxis	Lower Price Target	C$133.00	C$250.00 ➝ C$170.00		N/A
MRE Martinrea International Inc. (MRE.TO)	Boost Price Target	C$14.00	C$16.00 ➝ C$17.00		N/A
TCN Tricon Residential	Boost Price Target	C$12.00	C$14.00 ➝ C$15.00	Outperform	N/A
TRQ Turquoise Hill Resources	Lower Price Target	C$18.00		Outperform ➝ NA	N/A
BDIMF Black Diamond Group	Boost Price Target	$3.00	$4.00 ➝ $4.25	Outperform	Low
CNQ Canadian Natural Resources	Boost Price Target	$31.00	$42.00 ➝ $45.00	Outperform	Low
FRHLF Freehold Royalties	Boost Price Target	$6.00	$6.00 ➝ $9.00	Market Perform	Low
MRETF Martinrea International	Boost Price Target	$11.00	$16.00 ➝ $17.00	Market Perform	Low
TCNGF Tricon Residential	Boost Price Target	$10.00	$14.00 ➝ $15.00	Outperform	Low
KXSCF Kinaxis	Lower Price Target	$102.00	$250.00 ➝ $170.00	Outperform	Low
EQX Equinox Gold	Boost Price Target	C$10.00	C$20.00 ➝ C$20.50		N/A
NLSN Nielsen	Upgrade	$25.00	$20.00 ➝ $30.00	Market Perform ➝ Outperform	High
RAMP LiveRamp	Downgrade	$53.00	$80.00 ➝ $65.00	Outperform ➝ Market Perform	High
AGCO AGCO	Boost Price Target	$133.00	$155.00 ➝ $200.00	Outperform	Low
DLTR Dollar Tree	Lower Price Target	$104.00	$115.00 ➝ $110.00	Market Perform	Low
DAR Darling Ingredients	Boost Price Target	$74.00	$63.00 ➝ $72.00	Market Perform	High
OKTA Okta	Lower Price Target	$216.00	$285.00 ➝ $265.00	Outperform	High
AX.UN Artis Real Estate Investment Trust Unit	Boost Price Target	C$11.00	C$12.00 ➝ C$12.50		N/A
CJ Cardinal Energy	Boost Price Target	C$2.00	C$1.25 ➝ C$2.00		N/A
ET Evertz Technologies	Boost Price Target	C$14.00	C$16.50 ➝ C$17.50		N/A
FN First National Financial	Boost Price Target	C$48.00	C$46.00 ➝ C$52.00		N/A
FEC Frontera Energy	Boost Price Target	C$7.00	C$4.00 ➝ C$6.50		N/A
LB Laurentian Bank of Canada	Boost Price Target	C$40.00	C$32.00 ➝ C$38.00		N/A
MEG MEG Energy	Boost Price Target	C$8.00	C$6.50 ➝ C$8.00		N/A
POU Paramount Resources	Boost Price Target	C$11.00	C$12.00 ➝ C$14.00		N/A
PXT Parex Resources	Boost Price Target	C$24.00	C$28.00 ➝ C$30.00		N/A
PEY Peyto Exploration & Development	Boost Price Target	C$6.00	C$5.75 ➝ C$6.00		N/A
ZZZ Sleep Country Canada	Boost Price Target	C$31.00	C$30.00 ➝ C$36.00		N/A
ARESF Artis Real Estate Investment Trust	Boost Price Target	$9.00	$12.00 ➝ $12.50	Outperform	Medium
CRLFF Cardinal Energy	Boost Price Target	$2.00	$1.25 ➝ $2.00	Outperform	Medium
EVTZF Evertz Technologies	Boost Price Target	$11.00	$16.50 ➝ $17.50	Outperform	Low
FECCF Frontera Energy	Boost Price Target	$5.00	$4.00 ➝ $6.50	Market Perform	High
MEGEF MEG Energy	Boost Price Target	$6.00	$6.50 ➝ $8.00	Outperform	High
PEYUF Peyto Exploration & Development	Boost Price Target	$5.00	$5.75 ➝ $6.00	Market Perform	High
PRMRF Paramount Resources	Boost Price Target	$9.00	$12.00 ➝ $14.00	Outperform	High
PARXF Parex Resources	Boost Price Target	$19.00	$28.00 ➝ $30.00	Outperform	High
SCCAF Sleep Country Canada	Boost Price Target	$22.00	$30.00 ➝ $36.00	Outperform	Low
TRQ Turquoise Hill Resources	Downgrade	$14.00	$23.00 ➝ $18.00	Outperform ➝ Market Perform	Medium
LRCDF Laurentian Bank of Canada	Reiterated Rating	$32.00		Market Perform	Low
HMHC Houghton Mifflin Harcourt	Boost Price Target	$6.00	$3.00 ➝ $6.00	Market Perform	High
IPI Intrepid Potash	Boost Price Target	$31.00	$15.00 ➝ $30.00	Market Perform	Low
TGT Target	Boost Price Target	$173.00	$185.00 ➝ $205.00	Outperform	Low
SNMSF Spin Master	Boost Price Target	$30.00	$28.00 ➝ $32.00	Market Perform	Low
FUBO fuboTV	Lower Price Target	$30.00	$50.00 ➝ $45.00		High
UFPI UFP Industries	Boost Price Target	$62.00	$57.00 ➝ $66.00		Medium
TOY Spin Master	Boost Price Target	C$41.00	C$28.00 ➝ C$32.00		N/A
EXR Extra Space Storage	Upgrade	$124.00	$122.00 ➝ $145.00	Market Perform ➝ Outperform	Low
BMO Bank of Montreal	Upgrade	$85.00		Neutral ➝ Buy	Medium
RSG Republic Services	Lower Price Target	$94.00	$107.00 ➝ $102.00	Outperform	Low
KOD Kodiak Sciences	Lower Price Target	$120.00	$148.00 ➝ $138.00	Market Perform	Medium
TVTX Travere Therapeutics	Lower Price Target	$27.00	$48.00 ➝ $43.00		High
AC Air Canada (AC.TO)	Lower Price Target	C$27.00	C$50.00 ➝ C$33.00	Outperform	N/A
CAE CAE Inc. (CAE.TO)	Boost Price Target	C$39.00	C$36.00 ➝ C$42.00		N/A
CJT Cargojet Inc. (CJT.TO)	Lower Price Target	C$167.00	C$270.00 ➝ C$245.00		N/A
NFI NFI Group	Lower Price Target	C$28.00	C$42.00 ➝ C$40.00		N/A
TVE Tamarack Valley Energy	Boost Price Target	C$2.00	C$1.75 ➝ C$2.25	Outperform	N/A
CAE CAE	Boost Price Target	$31.00	$36.00 ➝ $42.00	Outperform	Low
TNEYF Tamarack Valley Energy	Boost Price Target	$2.00	$1.75 ➝ $2.25	Market Perform	High
ACDVF Air Canada	Lower Price Target	$21.00	$50.00 ➝ $33.00	Outperform	Medium
CGJTF Cargojet	Lower Price Target	$134.00	$270.00 ➝ $245.00	Outperform	Low
NFYEF NFI Group	Lower Price Target	$22.00	$42.00 ➝ $40.00	Outperform	Medium
ATC Atotech	Initiated Coverage	$21.00	$24.00	Outperform	Low
TIXT TELUS International (Cda)	Initiated Coverage	$29.00	$34.00	Outperform	Low
WBT Welbilt	Boost Price Target	$16.00	$8.50 ➝ $17.00	Market Perform	Low
XM Qualtrics International	Initiated Coverage	$35.00	$52.00	Market Perform	Low
PANW Palo Alto Networks	Upgrade	$335.00	$455.00	Market Perform ➝ Outperform	Low
SBUX Starbucks	Upgrade	$105.00	$102.00 ➝ $120.00	Market Perform ➝ Outperform	Low
AMN AMN Healthcare Services	Boost Price Target	$73.00	$81.00 ➝ $86.00	Outperform	Low
OR Osisko Gold Royalties	Reiterated Rating	C$14.00		Outperform	N/A
AEGXF Aecon Group	Boost Price Target	$15.00	$18.00 ➝ $19.00	Market Perform	High
CFPZF Canfor	Boost Price Target	$21.00	$29.00 ➝ $31.00	Outperform	High
CROMF Crombie Real Estate Investment Trust	Boost Price Target	$12.00	$14.50 ➝ $15.50	Outperform	Low
CBWBF Canadian Western Bank	Boost Price Target	$27.00	$31.00 ➝ $33.00	Market Perform	Low
ELEEF Element Fleet Management	Lower Price Target	$10.00	$17.00 ➝ $16.00	Outperform	Low
INGXF Innergex Renewable Energy	Lower Price Target	$17.00	$30.00 ➝ $27.00	Outperform	Medium
CM Canadian Imperial Bank of Commerce	Upgrade	$97.00		Market Perform ➝ Outperform	Medium
AAV Advantage Oil & Gas	Boost Price Target	C$3.00	C$2.75 ➝ C$3.50	Market Perform	N/A
BLX Boralex Inc. (BLX.TO)	Lower Price Target	C$40.00	C$55.00 ➝ C$48.00		N/A
CCL.B CCL Industries	Boost Price Target	C$69.00	C$68.00 ➝ C$78.00		N/A
CM Canadian Imperial Bank of Commerce (CM.TO)	Upgrade	C$123.00	C$124.00 ➝ C$130.00	Market Perform ➝ Outperform	N/A
EFX Enerflex	Boost Price Target	C$9.00	C$9.00 ➝ C$11.00		N/A
KEL Kelt Exploration	Boost Price Target	C$3.00	C$2.75 ➝ C$3.50		N/A
NVA NuVista Energy Ltd. (NVA.TO)	Boost Price Target	C$2.00	C$1.25 ➝ C$2.50		N/A
PSI Pason Systems	Boost Price Target	C$10.00	C$9.00 ➝ C$10.00		N/A
PPL Pembina Pipeline	Boost Price Target	C$36.00	C$35.00 ➝ C$37.00	Market Perform	N/A
SBB Sabina Gold & Silver Corp. (SBB.TO)	Boost Price Target	C$2.00	C$3.50 ➝ C$3.75		N/A
SES Secure Energy Services	Boost Price Target	C$3.00	C$3.75 ➝ C$4.25		N/A
STN Stantec	Boost Price Target	C$52.00	C$50.00 ➝ C$56.00		N/A
TD The Toronto-Dominion Bank (TD.TO)	Boost Price Target	C$80.00	C$75.00 ➝ C$82.00	Market Perform	N/A
FOOD Goodfood Market	Reiterated Rating	C$9.00	C$14.00	Market Perform	N/A
TXG Torex Gold Resources	Lower Price Target	C$16.00	C$32.00	NA	N/A