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	Impact on Share Price
1/19/2022	FSM Fortuna Silver Mines	Lower Price Target	C$4.00	C$7.25 ➝ C$6.50		Medium
1/19/2022	FVI Fortuna Silver Mines	Lower Price Target	C$5.00	C$7.25 ➝ C$6.50		N/A
1/19/2022	AGI Alamos Gold	Lower Price Target	C$9.00	C$14.00 ➝ C$11.00		N/A
1/19/2022	SUUIF Superior Plus	Lower Price Target	C$10.00	C$14.00 ➝ C$13.00		High
1/19/2022	AG First Majestic Silver	Lower Price Target	C$12.00	C$12.25 ➝ C$11.75		Medium
1/19/2022	SLSSF Solaris Resources	Boost Price Target	C$12.00	C$18.00 ➝ C$19.00		Low
1/19/2022	ELD Eldorado Gold	Reiterated Rating	C$12.00	C$20.00	Buy	N/A
1/19/2022	SPB Superior Plus	Lower Price Target	C$13.00	C$14.00 ➝ C$13.00		N/A
1/19/2022	FR First Majestic Silver	Lower Price Target	C$15.00	C$12.75 ➝ C$11.75		N/A
1/19/2022	VGCX Victoria Gold	Boost Price Target	C$15.00	C$21.00 ➝ C$23.00		N/A
1/19/2022	SLS SELLAS Life Sciences Group	Boost Price Target	C$16.00	C$18.00 ➝ C$19.00		N/A
1/19/2022	TRQ Turquoise Hill Resources	Lower Price Target	C$21.00	C$13.00 ➝ C$10.50		N/A
1/19/2022	LIFZF Labrador Iron Ore Royalty	Lower Price Target	C$31.00	C$38.00 ➝ C$36.00		Low
1/19/2022	LIF Labrador Iron Ore Royalty	Lower Price Target	C$39.00	C$38.00 ➝ C$36.00		N/A
1/19/2022	SAP SAP	Boost Price Target	$137.00	$150.00 ➝ $155.00		Low
1/19/2022	GS The Goldman Sachs Group	Lower Price Target	$347.00	$455.00 ➝ $448.00	Outperform	High
1/18/2022	AGI Alamos Gold	Lower Price Target	C$7.00	C$14.00 ➝ C$11.00		High
1/18/2022	VITFF Victoria Gold	Boost Price Target	C$12.00	C$21.00 ➝ C$23.00		Low
1/18/2022	TRQ Turquoise Hill Resources	Lower Price Target	C$17.00	C$13.00 ➝ C$10.50		Medium
1/18/2022	UAA Under Armour	Upgrade	$19.00	$23.00 ➝ $25.00	Market Perform ➝ Outperform	Low
1/18/2022	FQVLF First Quantum Minerals	Lower Price Target	C$28.00	C$33.00 ➝ C$32.00		Low
1/18/2022	FM First Quantum Minerals	Initiated Coverage	C$35.00	C$33.00 ➝ C$32.00	Hold	N/A
1/18/2022	BLK BlackRock	Boost Price Target	$826.00	$756.00 ➝ $795.00		Medium
1/17/2022	NPIFF Northland Power	Upgrade	C$29.00	C$44.00 ➝ C$41.00	Market Perform ➝ Outperform	Low
1/17/2022	NPI Northland Power	Upgrade	C$36.00	C$44.00 ➝ C$41.00	Buy	N/A
1/17/2022	BEP.UN Brookfield Renewable Partners	Upgrade	C$41.00	C$40.00 ➝ C$38.00	Buy	N/A
1/16/2022	BEP Brookfield Renewable Partners	Upgrade	$33.00	$38.00	Outperform	Low
1/14/2022	MNDJF Mandalay Resources	Lower Price Target	C$2.00	C$5.00 ➝ C$4.50	Outperform ➝ Outperform	Medium
1/14/2022	MND Mandalay Resources	Reiterated Rating	C$2.00	C$5.00 ➝ C$4.50	Buy	N/A
1/14/2022	IMG IAMGOLD	Initiated Coverage	C$3.00	C$2.80	Hold	N/A
1/14/2022	EDR Endeavour Silver	Initiated Coverage	C$6.00	C$5.50	Hold	N/A
1/14/2022	KPLUY KS Aktiengesellschaft	Upgrade	$10.00		Market Perform ➝ Outperform	Low
1/14/2022	MOS Mosaic	Upgrade	$42.00	$37.00 ➝ $50.00	Market Perform ➝ Outperform	Medium
1/14/2022	PFE Pfizer	Boost Price Target	$54.00	$60.00 ➝ $76.00		Low
1/14/2022	GILD Gilead Sciences	Initiated Coverage	$69.00	$85.00	Buy	Low
1/14/2022	MCO Moody's	Boost Price Target	$347.00	$428.00 ➝ $430.00		High
1/14/2022	SPGI S&P Global	Boost Price Target	$423.00	$509.00 ➝ $511.00	Outperform ➝ Outperform	Low
1/13/2022	INFY Infosys	Boost Price Target	$24.00	$25.00 ➝ $28.00		Low
1/13/2022	ATZAF Aritzia	Boost Price Target	C$46.00	C$49.00 ➝ C$65.00		Low
1/13/2022	EHMEF goeasy	Boost Price Target	C$126.00	C$226.00 ➝ C$228.00		Low
1/12/2022	TORXF Torex Gold Resources	Lower Price Target	C$10.00	C$25.00 ➝ C$24.00		Low
1/12/2022	ERO Ero Copper	Lower Price Target	C$17.00	C$30.00 ➝ C$29.00	Market Perform	N/A
1/12/2022	ABBV AbbVie	Boost Price Target	$135.00	$134.00 ➝ $153.00	Outperform	Low
1/12/2022	TTWO Take-Two Interactive Software	Upgrade	$163.00	$180.00	Market Perform ➝ Outperform	High
1/12/2022	MSFT Microsoft	Boost Price Target	$303.00	$355.00 ➝ $360.00	Outperform	Low
1/11/2022	LUG Lundin Gold	Reiterated Rating	C$10.00	C$14.00	Buy	N/A
1/11/2022	HMHC Houghton Mifflin Harcourt	Upgrade	$17.00	$19.00 ➝ $20.00	Market Perform ➝ Outperform	High
1/11/2022	CMC Commercial Metals	Boost Price Target	$37.00	$34.00 ➝ $40.00		Low
1/11/2022	CCDBF CCL Industries	Boost Price Target	C$53.00	C$82.00 ➝ C$83.00		Low
1/11/2022	CCL.B CCL Industries	Boost Price Target	C$66.00	C$82.00 ➝ C$83.00		N/A
1/10/2022	TALO Talos Energy	Downgrade	$11.00	$14.00 ➝ $12.50	Outperform ➝ Market Perform	High
1/10/2022	AR Antero Resources	Upgrade	$19.00	$27.00 ➝ $28.00	Market Perform ➝ Outperform	High
1/10/2022	CNP CenterPoint Energy	Upgrade	$27.00	$27.00 ➝ $31.00	Market Perform ➝ Outperform	Low
1/10/2022	GCAAF Guardian Capital Group	Initiated Coverage	$29.00		Outperform	Low
1/10/2022	GCG Guardian Capital Group	Reiterated Rating	C$38.00	C$48.00	Outperform	N/A
1/10/2022	ES Eversource Energy	Downgrade	$87.00	$95.00	Outperform ➝ Market Perform	Medium
1/7/2022	GLGDF GoGold Resources	Lower Price Target	C$2.00	C$4.40 ➝ C$4.30		Low
1/7/2022	HT Hersha Hospitality Trust	Upgrade	$9.00	$10.00	Underperform ➝ Market Perform	High
1/7/2022	HRUFF H&R Real Estate Investment Trust	Lower Price Target	C$11.00	C$19.00 ➝ C$16.00	Outperform ➝ Outperform	Low
1/7/2022	KURA Kura Oncology	Boost Price Target	$13.00	$70.00 ➝ $80.00		High
1/7/2022	DOC Physicians Realty Trust	Downgrade	$18.00	$20.00	Outperform ➝ Market Perform	Low
1/7/2022	PEB Pebblebrook Hotel Trust	Upgrade	$23.00	$25.00 ➝ $26.00	Market Perform ➝ Outperform	High
1/7/2022	DEA Easterly Government Properties	Downgrade	$22.00	$24.00	Outperform ➝ Market Perform	Medium
1/7/2022	HR Healthcare Realty Trust	Downgrade	$31.00	$34.00	Outperform ➝ Market Perform	High
1/7/2022	KRUS Kura Sushi USA	Boost Price Target	$50.00	$70.00 ➝ $80.00		High
1/7/2022	NHI National Health Investors	Upgrade	$60.00	$68.00	Market Perform ➝ Outperform	High
1/7/2022	DRE Duke Realty	Downgrade	$58.00	$68.00	Outperform ➝ Market Perform	High
1/7/2022	DUK Duke Energy	Downgrade	$102.00		Outperform ➝ Market Perform	Medium
1/7/2022	BXP Boston Properties	Upgrade	$120.00	$125.00 ➝ $140.00	Market Perform ➝ Outperform	Low
1/7/2022	HUM Humana	Lower Price Target	$378.00	$490.00 ➝ $415.00		Low
1/7/2022	EQIX Equinix	Downgrade	$730.00	$875.00 ➝ $865.00	Outperform ➝ Market Perform	Low
1/6/2022	GGD GoGold Resources	Lower Price Target	C$3.00	C$4.40 ➝ C$4.30		N/A
1/6/2022	HR.UN H&R Real Estate Investment Trust	Lower Price Target	C$13.00	C$19.00 ➝ C$16.00	Outperform	N/A
1/6/2022	RPM RPM International	Boost Price Target	$91.00	$121.00 ➝ $125.00	Outperform ➝ Outperform	High
1/5/2022	MAG MAG Silver	Lower Price Target	C$17.00	C$24.00 ➝ C$23.50	Market Perform ➝ Market Perform	N/A
1/5/2022	DIIBF Dorel Industries	Boost Price Target	C$21.00	C$16.00 ➝ C$32.00		Medium
1/5/2022	MAG MAG Silver	Reiterated Rating	C$21.00	C$24.00 ➝ C$23.50	Hold	N/A
1/5/2022	DII.B Dorel Industries	Boost Price Target	C$26.00	C$16.00 ➝ C$32.00	Buy	N/A
1/5/2022	WING Wingstop	Boost Price Target	$145.00	$195.00 ➝ $200.00	Outperform ➝ Outperform	High
1/4/2022	SHW Sherwin-Williams	Downgrade	$304.00	$355.00 ➝ $376.00	Outperform ➝ Market Perform	Low
1/2/2022	PYPL PayPal	Upgrade	$174.00	$278.00 ➝ $224.00	Market Perform ➝ Outperform	High
12/27/2021	CTV Innovid	Initiated Coverage	$6.00	$13.00	Outperform	Low
12/24/2021	NGD New Gold	Initiated Coverage	$2.00		Outperform	N/A
12/23/2021	HZMMF Horizonte Minerals	Initiated Coverage	$0.00		Outperform	Low
12/23/2021	WPM Wheaton Precious Metals	Reiterated Rating	C$53.00	C$47.00	Buy	N/A
12/22/2021	SON Sonoco Products	Reiterated Rating	$59.00	$65.00	Hold	High
12/21/2021	FVI Fortuna Silver Mines	Upgrade	C$5.00	C$5.75 ➝ C$7.25	Market Perform ➝ Outperform	N/A
12/21/2021	EQX Equinox Gold	Lower Price Target	C$8.00	C$16.50 ➝ C$14.50		N/A
12/21/2021	EQX Equinox Gold	Lower Price Target	C$9.00	C$14.50	Market Perform	N/A
12/21/2021	MU Micron Technology	Initiated Coverage	$90.00	$115.00	Buy	High
12/21/2021	BMO Bank of Montreal	Boost Price Target	C$147.00	C$162.00	Hold	N/A
12/20/2021	FSM Fortuna Silver Mines	Upgrade	$4.00	$7.25	Market Perform ➝ Outperform	High
12/20/2021	SSL Sandstorm Gold	Reiterated Rating	C$8.00	C$9.00	Market Perform	N/A
12/20/2021	GPK Graphic Packaging	Downgrade	$19.00	$23.00 ➝ $20.00	Outperform ➝ Market Perform	High
12/20/2021	CLW Clearwater Paper	Downgrade	$35.00	$48.00 ➝ $42.00	Outperform ➝ Market Perform	High
12/17/2021	PRV.UN PRO Real Estate Investment Trust	Upgrade	C$2.00	C$7.50	Market Perform ➝ Outperform	N/A
12/17/2021	BNE Bonterra Energy	Lower Price Target	C$8.00	C$5.00 ➝ C$4.50	Market Perform	N/A
12/17/2021	CWSRF Chartwell Retirement Residences	Downgrade	$10.00		Outperform ➝ Market Perform	Low
12/17/2021	SRRTF Slate Grocery REIT	Upgrade	$12.00		Market Perform ➝ Outperform	Low
12/17/2021	CSH.UN Chartwell Retirement Residences	Boost Price Target	C$12.00	C$13.50 ➝ C$14.00	Outperform ➝ Market Perform	N/A