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
12/4/2025	PATH UiPath	Boost Price Target	$19.00	$13.00 ➝ $17.00	Market Perform ➝ Market Perform
12/4/2025	BNL Broadstone Net Lease	Reiterated Rating	$18.00		Outperform ➝ Outperform
12/4/2025	HQY HealthEquity	Reiterated Rating	$96.00		Market Perform ➝ Market Perform
12/4/2025	DLTR Dollar Tree	Reiterated Rating	$116.00		Market Perform ➝ Market Perform
12/4/2025	ARE Alexandria Real Estate Equities	Set Price Target	$47.00	$60.00
12/4/2025	LLY Eli Lilly and Company	Set Price Target	$1,012.00	$1,200.00
12/4/2025	EXETF Extendicare	Upgrade	$16.00		Market Perform ➝ Outperform
12/4/2025	CRM Salesforce	Lower Price Target	$248.00	$280.00 ➝ $275.00	Outperform ➝ Outperform
12/4/2025	REGN Regeneron Pharmaceuticals	Boost Price Target	$723.00	$725.00 ➝ $850.00	Outperform ➝ Outperform
12/4/2025	ENB Enbridge	Boost Price Target	C$67.00	C$67.00 ➝ C$70.00
12/4/2025	BWIN Baldwin Insurance Group	Lower Price Target	$26.00	$34.00 ➝ $33.00	Market Perform ➝ Market Perform
12/4/2025	DSGX The Descartes Systems Group	Lower Price Target	$95.00	$113.00 ➝ $95.00	Market Perform ➝ Market Perform
12/4/2025	EXE Extendicare	Upgrade	C$22.00	C$21.00 ➝ C$24.00	Market Perform ➝ Outperform
12/3/2025	GBNXF Gibson Energy	Reiterated Rating	$19.00		Market Perform ➝ Market Perform
12/3/2025	ASGN ASGN	Reiterated Rating	$46.00	$57.00	Outperform ➝ Outperform
12/3/2025	MNST Monster Beverage	Reiterated Rating	$73.00	$53.00 ➝ $73.00	Market Perform ➝ Market Perform
12/3/2025	AMGN Amgen	Boost Price Target	$340.00	$335.00 ➝ $372.00	Outperform ➝ Outperform
12/3/2025	EQIX Equinix	Upgrade	$726.00	$900.00	Market Perform ➝ Outperform
12/3/2025	BNS Bank of Nova Scotia	Boost Price Target	C$98.00	C$89.00 ➝ C$93.00
12/3/2025	DOL Dollarama	Boost Price Target	C$200.00	C$215.00 ➝ C$222.00
12/3/2025	GEI Gibson Energy	Boost Price Target	C$26.00	C$25.00 ➝ C$27.00
12/3/2025	CRWD CrowdStrike	Boost Price Target	$513.00	$500.00 ➝ $555.00	Outperform ➝ Outperform
12/3/2025	OKTA Okta	Lower Price Target	$86.00	$112.00 ➝ $90.00	Market Perform ➝ Market Perform
12/3/2025	AMT American Tower	Lower Price Target	$179.00	$215.00 ➝ $210.00	Outperform ➝ Outperform
12/3/2025	CCI Crown Castle	Lower Price Target	$89.00	$114.00 ➝ $107.00	Outperform ➝ Outperform
12/2/2025	LLY Eli Lilly and Company	Boost Price Target	$1,012.00	$1,100.00	Outperform ➝ Outperform
12/2/2025	MDB MongoDB	Boost Price Target	$397.00	$415.00 ➝ $455.00	Outperform ➝ Outperform
12/1/2025	ARE Alexandria Real Estate Equities	Lower Price Target	$47.00	$67.00 ➝ $60.00	Outperform ➝ Outperform
12/1/2025	ODFL Old Dominion Freight Line	Upgrade	$154.00	$172.00 ➝ $170.00	Market Perform ➝ Outperform
12/1/2025	FDX FedEx	Boost Price Target	$274.00	$255.00 ➝ $265.00	Market Perform ➝ Market Perform
12/1/2025	FWZ Fireweed Metals	Set Price Target	C$3.00	C$4.00	Outperform
11/28/2025	RSI Rogers Sugar	Boost Price Target	C$6.00	C$6.50 ➝ C$7.00	Market Perform
11/27/2025	ELD Eldorado Gold	Boost Price Target	C$44.00	C$50.00 ➝ C$53.00
11/26/2025	ANCTF Alimentation Couche-Tard	Reiterated Rating	$53.00		Market Perform ➝ Market Perform
11/26/2025	ATD Alimentation Couche-Tard	Boost Price Target	C$74.00	C$78.00 ➝ C$79.00
11/26/2025	ADSK Autodesk	Boost Price Target	$306.00	$333.00 ➝ $343.00	Market Perform ➝ Market Perform
11/26/2025	HR.UN H&R Real Estate Investment Trust	Boost Price Target	C$10.00	C$11.00 ➝ C$11.50
11/25/2025	GILD Gilead Sciences	Set Price Target	$123.00	$135.00
11/25/2025	APO Apollo Global Management	Set Price Target	$137.00	$136.00	Market Perform ➝ Market Perform
11/25/2025	GSHD Goosehead Insurance	Lower Price Target	$75.00	$110.00 ➝ $79.00	Market Perform ➝ Market Perform
11/25/2025	VLTO Veralto	Lower Price Target	$103.00	$123.00 ➝ $114.00	Outperform ➝ Outperform
11/25/2025	NVO Novo Nordisk A/S	Lower Price Target	$48.00	$50.00 ➝ $46.00	Market Perform ➝ Market Perform
11/24/2025	MP MP Materials	Upgrade	$62.00	$76.00 ➝ $75.00	Market Perform ➝ Outperform
11/24/2025	PSA Public Storage	Lower Price Target	$276.00	$325.00 ➝ $320.00	Market Perform ➝ Market Perform
11/24/2025	ARE Alexandria Real Estate Equities	Lower Price Target	$47.00	$100.00 ➝ $67.00	Outperform ➝ Outperform
11/24/2025	REAL Real Matters	Boost Price Target	C$6.00	C$6.00 ➝ C$7.00
11/21/2025	INTU Intuit	Lower Price Target	$663.00	$870.00 ➝ $810.00	Outperform ➝ Outperform
11/21/2025	WMT Walmart	Boost Price Target	$115.00	$110.00 ➝ $125.00	Outperform ➝ Outperform
11/21/2025	NPI Northland Power	Lower Price Target	C$17.00	C$25.00 ➝ C$23.00
11/21/2025	TVE Tamarack Valley Energy	Boost Price Target	C$8.00	C$9.00 ➝ C$11.00
11/21/2025	PGR Progressive	Boost Price Target	$227.00	$247.00 ➝ $260.00	Market Perform ➝ Market Perform
11/21/2025	AIF Altus Group	Boost Price Target	C$55.00	C$56.00 ➝ C$57.00
11/20/2025	MTRAF Metro	Reiterated Rating	$71.00		Outperform ➝ Outperform
11/20/2025	TGT Target	Lower Price Target	$92.00	$95.00 ➝ $90.00	Market Perform ➝ Market Perform
11/20/2025	TTAN ServiceTitan	Lower Price Target	$96.00	$129.00 ➝ $115.00	Outperform ➝ Outperform
11/19/2025	ALB Albemarle	Boost Price Target	$119.00	$125.00 ➝ $136.00	Outperform ➝ Outperform
11/19/2025	FCX Freeport-McMoRan	Lower Price Target	$45.00	$48.00 ➝ $47.00	Outperform ➝ Outperform
11/19/2025	REI.UN RioCan Real Estate Investment Trust	Boost Price Target	C$18.00	C$20.00 ➝ C$21.00
11/18/2025	KRC Kilroy Realty	Upgrade	$41.00	$40.00 ➝ $44.00	Underperform ➝ Market Perform
11/18/2025	HBM Hudbay Minerals	Boost Price Target	C$24.00	C$23.00 ➝ C$24.00
11/18/2025	TERN Terns Pharmaceuticals	Boost Price Target	$27.00	$22.00 ➝ $30.00	Outperform ➝ Outperform
11/17/2025	WNGRF George Weston	Reiterated Rating	$69.00		Market Perform ➝ Market Perform
11/17/2025	SOBO South Bow	Reiterated Rating	$27.00		Market Perform ➝ Market Perform
11/17/2025	LWSCF Sienna Senior Living	Reiterated Rating	$15.00		Outperform ➝ Outperform
11/17/2025	BMY Bristol Myers Squibb	Reiterated Rating	$52.00		Market Perform ➝ Market Perform
11/17/2025	NVO Novo Nordisk A/S	Reiterated Rating	$48.00		Market Perform ➝ Market Perform
11/17/2025	CVE Cenovus Energy	Set Price Target	$18.00	$29.00
11/17/2025	PANW Palo Alto Networks	Boost Price Target	$196.00	$225.00 ➝ $230.00	Outperform ➝ Outperform
11/17/2025	EQR Equity Residential	Lower Price Target	$62.00	$75.00 ➝ $70.00	Outperform ➝ Outperform
11/17/2025	EXE Extendicare	Boost Price Target	C$22.00	C$15.00 ➝ C$21.00
11/17/2025	WN George Weston	Boost Price Target	C$96.00	C$95.00 ➝ C$98.00
11/17/2025	HR.UN H&R Real Estate Investment Trust	Lower Price Target	C$10.00	C$13.50 ➝ C$11.00
11/17/2025	MDA MDA Space	Lower Price Target	C$25.00	C$36.00 ➝ C$32.00
11/14/2025	SRRK Scholar Rock	Reiterated Rating	$45.00	$50.00	Outperform ➝ Outperform
11/14/2025	MFC Manulife Financial	Reiterated Rating	$35.00		Outperform ➝ Outperform
11/14/2025	HRNNF Hydro One	Reiterated Rating	$38.00		Market Perform ➝ Market Perform
11/14/2025	SPGI S&P Global	Set Price Target	$497.00	$546.00
11/14/2025	DYNDF Dye & Durham	Downgrade	$2.00		Outperform ➝ Market Perform
11/14/2025	DND Dye & Durham	Downgrade	C$3.00		Strong-Buy ➝ Hold
11/13/2025	TDG Transdigm Group	Boost Price Target	$1,358.00	$1,420.00 ➝ $1,500.00	Outperform ➝ Outperform
11/13/2025	BTE Baytex Energy	Upgrade	C$4.00	C$3.00 ➝ C$6.00	Hold ➝ Outperform
11/13/2025	BDT Bird Construction	Lower Price Target	C$27.00	C$37.00 ➝ C$34.00
11/13/2025	TBRG TruBridge	Initiated Coverage	$24.00	$19.50	Market Perform
11/13/2025	MH McGraw Hill	Lower Price Target	$17.00	$25.00 ➝ $21.00	Outperform ➝ Outperform
11/13/2025	VEEV Veeva Systems	Initiated Coverage	$242.00	$300.00	Market Perform
11/13/2025	LFST LifeStance Health Group	Initiated Coverage	$6.00	$8.00	Outperform
11/13/2025	L Loblaw Companies	Boost Price Target	C$62.00	C$57.50 ➝ C$63.00
11/13/2025	NPI Northland Power	Downgrade	C$17.00	C$31.00 ➝ C$25.00	Strong-Buy ➝ Hold
11/13/2025	NWH.UN NorthWest Health Prop Real Est Inv Trust	Boost Price Target	C$5.00	C$5.00 ➝ C$6.00
11/13/2025	HQY HealthEquity	Initiated Coverage	$96.00	$100.00	Market Perform
11/13/2025	ADUS Addus HomeCare	Initiated Coverage	$114.00	$120.00	Market Perform
11/13/2025	OMDA Omada Health	Initiated Coverage	$17.00	$27.00	Outperform
11/13/2025	EVH Evolent Health	Initiated Coverage	$4.00	$7.00	Outperform
11/13/2025	CCL.B CCL Industries	Boost Price Target	C$84.00	C$95.00 ➝ C$97.00
11/13/2025	CHE.UN Chemtrade Logistics Income Fund	Boost Price Target	C$14.00	C$15.00 ➝ C$20.00
11/13/2025	FTT Finning International	Boost Price Target	C$74.00	C$76.00 ➝ C$85.00
11/13/2025	SHC Sotera Health	Initiated Coverage	$17.00	$19.00	Outperform
11/13/2025	PHR Phreesia	Initiated Coverage	$20.00	$32.00	Outperform
11/13/2025	MEDP Medpace	Initiated Coverage	$545.00	$600.00	Market Perform
11/13/2025	TDOC Teladoc Health	Initiated Coverage	$8.00	$8.00	Market Perform