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
CM Canadian Imperial Bank of Commerce	Upgrade	$92.00		Market Perform ➝ Outperform	Medium
AAV Advantage Oil & Gas	Boost Price Target	C$3.00	C$2.75 ➝ C$3.50		N/A
BLX Boralex Inc. (BLX.TO)	Lower Price Target	C$44.00	C$55.00 ➝ C$48.00		N/A
CCL.B CCL Industries	Boost Price Target	C$67.00	C$68.00 ➝ C$78.00		N/A
CM Canadian Imperial Bank of Commerce (CM.TO)	Upgrade	C$117.00	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$2.00	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 Inc. (PSI.TO)	Boost Price Target	C$10.00	C$9.00 ➝ C$10.00		N/A
PPL Pembina Pipeline	Boost Price Target	C$32.00	C$35.00 ➝ C$37.00		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$50.00	C$50.00 ➝ C$56.00		N/A
TD The Toronto-Dominion Bank (TD.TO)	Boost Price Target	C$77.00	C$75.00 ➝ C$82.00		N/A
FOOD Goodfood Market	Reiterated Rating	C$11.00	C$14.00	Market Perform	N/A
TXG Torex Gold Resources	Lower Price Target	C$15.00	C$32.00	NA	N/A
AAVVF Advantage Oil & Gas	Boost Price Target	$2.00	$2.75 ➝ $3.50	Outperform	Low
CDPYF Canadian Apartment Properties Real Estate Investment Trust	Boost Price Target	$40.00	$56.50 ➝ $59.00	Outperform	Low
CCDBF CCL Industries	Boost Price Target	$52.00	$68.00 ➝ $78.00	Outperform	Low
ENRFF Enerflex	Boost Price Target	$7.00	$9.00 ➝ $11.00	Outperform	Low
KELTF Kelt Exploration	Boost Price Target	$2.00	$2.75 ➝ $3.50	Outperform	Low
NUVSF NuVista Energy	Boost Price Target	$2.00	$1.25 ➝ $2.50	Market Perform	Low
PBA Pembina Pipeline	Boost Price Target	$25.00	$35.00 ➝ $37.00	Market Perform	High
PSYTF Pason Systems	Boost Price Target	$7.00	$9.00 ➝ $10.00	Market Perform	Low
SGSVF Sabina Gold & Silver	Boost Price Target	$2.00	$3.50 ➝ $3.75	Outperform	Low
SECYF Secure Energy Services	Boost Price Target	$2.00	$3.75 ➝ $4.25	Outperform	Low
STN Stantec	Boost Price Target	$39.00	$50.00 ➝ $56.00	Outperform	Low
TD The Toronto-Dominion Bank	Boost Price Target	$60.00	$75.00 ➝ $82.00	Market Perform	Low
BRLXF Boralex	Lower Price Target	$34.00	$55.00 ➝ $48.00	Outperform	Low
CHUY Chuy's	Downgrade	$41.00	$30.00 ➝ $42.00	Outperform ➝ Market Perform	High
NTIOF National Bank of Canada	Upgrade	$63.00	$77.00 ➝ $88.00	Market Perform ➝ Outperform	Low
TWTR Twitter	Boost Price Target	$77.00	$45.00 ➝ $75.00	Positive ➝ Market Perform	High
SMU.UN Summit Industrial Income REIT	Reiterated Rating	C$14.00	C$15.00	NA	N/A
BFAM Bright Horizons Family Solutions	Boost Price Target	$160.00	$150.00 ➝ $168.00	Market Perform	High
LOPE Grand Canyon Education	Boost Price Target	$105.00	$118.00 ➝ $122.00	Outperform	Low
SQ Square	Boost Price Target	$230.00	$229.00 ➝ $237.00	Market Perform	High
ASGTF Altus Group	Boost Price Target	$40.00	$58.00 ➝ $63.00	Outperform	Low
BTEGF Baytex Energy	Boost Price Target	$1.00	$1.00 ➝ $1.50	Market Perform	Medium
CGIFF Chemtrade Logistics Income Fund	Boost Price Target	$6.00	$6.00 ➝ $7.00	Market Perform	Low
GTE Gran Tierra Energy	Boost Price Target	$1.00	$0.60 ➝ $1.15	Market Perform	N/A
HLNFF High Liner Foods	Boost Price Target	$10.00	$11.00 ➝ $14.50	Market Perform	Low
PHXHF PHX Energy Services	Boost Price Target	$2.00	$3.00 ➝ $3.25	Market Perform	Low
RY Royal Bank of Canada	Boost Price Target	$85.00	$111.00 ➝ $120.00	Market Perform	Low
SRRTF Slate Grocery REIT	Boost Price Target	$9.00	$8.50 ➝ $9.00	Market Perform	Low
TOLWF Trican Well Service	Boost Price Target	$2.00	$2.25 ➝ $2.50	Outperform	Low
TGB Taseko Mines	Boost Price Target	$2.00	$2.50 ➝ $2.75	Outperform	N/A
OR Osisko Gold Royalties	Lower Price Target	$10.00	$21.00 ➝ $20.00	Market Perform	High
TORXF Torex Gold Resources	Lower Price Target	$12.00	$34.00 ➝ $32.00	Outperform	Medium
AIF Altus Group	Boost Price Target	C$56.00	C$58.00 ➝ C$63.00	NA	N/A
BTE Baytex Energy	Boost Price Target	C$1.00	C$1.00 ➝ C$1.50	NA	N/A
CHE.UN Chemtrade Logistics Income Fund	Reiterated Rating	C$7.00	C$6.00 ➝ C$7.00	NA	N/A
GTE Gran Tierra Energy Inc. (GTE.TO)	Boost Price Target	C$1.00	C$0.60 ➝ C$1.15		N/A
HLF High Liner Foods	Boost Price Target	C$13.00	C$11.00 ➝ C$14.50		N/A
NA National Bank of Canada (NA.TO)	Upgrade	C$80.00	C$77.00 ➝ C$88.00	Market Perform ➝ Outperform	N/A
OR Osisko Gold Royalties	Lower Price Target	C$13.00	C$21.00 ➝ C$20.00		N/A
RY Royal Bank of Canada	Boost Price Target	C$108.00	C$111.00 ➝ C$120.00		N/A
TCW Trican Well Service Ltd. (TCW.TO)	Boost Price Target	C$2.00	C$2.25 ➝ C$2.50	NA	N/A
CSFFF Capstone Mining	Reiterated Rating	$3.00		Outperform	Low
CMMC Copper Mountain Mining Co. (CMMC.TO)	Boost Price Target	C$3.00	C$2.70 ➝ C$3.25		N/A
VIAC ViacomCBS	Boost Price Target	$64.00	$27.00 ➝ $60.00	Market Perform	Medium
TRI Thomson Reuters	Boost Price Target	$87.00	$116.00 ➝ $127.00	Outperform	Low
SWIR Sierra Wireless	Boost Price Target	$17.00	$13.00 ➝ $19.00	Market Perform	High
RSG Republic Services	Lower Price Target	$89.00	$107.00 ➝ $102.00	Outperform	Low
BMO Bank of Montreal	Boost Price Target	$82.00	$102.00 ➝ $113.00	Sector Perform	Low
BNS The Bank of Nova Scotia	Boost Price Target	$58.00	$75.00 ➝ $80.00	Outperform	Low
ECNCF ECN Capital	Boost Price Target	$6.00	$8.50 ➝ $9.50	Outperform	Low
EQGPF Equitable Group	Boost Price Target	$106.00	$107.00 ➝ $137.00	Market Perform	Low
BNS The Bank of Nova Scotia (BNS.TO)	Boost Price Target	C$74.00	C$75.00 ➝ C$80.00		N/A
ECN ECN Capital	Boost Price Target	C$8.00	C$8.50 ➝ C$10.00	NA	N/A
EQB Equitable Group Inc. (EQB.TO)	Boost Price Target	C$136.00	C$107.00 ➝ C$137.00		N/A
SIL SilverCrest Metals	Boost Price Target	C$9.00	C$14.00 ➝ C$15.00		N/A
TRI Thomson Reuters	Boost Price Target	C$111.00	C$116.00 ➝ C$127.00		N/A
PANW Palo Alto Networks	Upgrade	$358.00	$455.00	Market Perform ➝ Outperform	High
SBUX Starbucks	Upgrade	$108.00	$102.00 ➝ $120.00	Market Perform ➝ Outperform	Medium
XM Qualtrics International	Initiated Coverage	$38.00	$52.00	Market Perform	Medium
CS Capstone Mining	Boost Price Target	C$4.00	C$3.00 ➝ C$4.00		N/A
ERO Ero Copper	Boost Price Target	C$22.00	C$23.00 ➝ C$24.00		N/A
FM First Quantum Minerals	Boost Price Target	C$27.00	C$21.00 ➝ C$23.00		N/A
HBM Hudbay Minerals	Boost Price Target	C$9.00	C$11.00 ➝ C$12.00		N/A
LIF Labrador Iron Ore Royalty	Boost Price Target	C$36.00	C$32.00 ➝ C$33.00		N/A
LUN Lundin Mining	Boost Price Target	C$15.00	C$13.50 ➝ C$14.50		N/A
STLC Stelco	Boost Price Target	C$25.00	C$27.00 ➝ C$33.00		N/A
TKO Taseko Mines	Boost Price Target	C$2.00	C$1.90 ➝ C$2.50		N/A
TRQ Turquoise Hill Resources	Boost Price Target	C$19.00			N/A
AMN AMN Healthcare Services	Boost Price Target	$73.00	$81.00 ➝ $86.00	Outperform	High
NVDA NVIDIA	Boost Price Target	$549.00	$650.00 ➝ $680.00	Outperform	High
SUUIF Superior Plus	Boost Price Target	$10.00	$12.00 ➝ $12.50	Market Perform	Low
SPB Superior Plus Corp. (SPB.TO)	Boost Price Target	C$13.00	C$12.00 ➝ C$12.50	NA	N/A
IPG The Interpublic Group of Companies	Boost Price Target	$26.00	$23.00 ➝ $28.00	Outperform	High
BLMN Bloomin' Brands	Boost Price Target	$25.00	$22.00 ➝ $28.00	Outperform	High
MOS The Mosaic	Boost Price Target	$29.00	$25.00 ➝ $30.00	Market Perform	High
AR Argonaut Gold	Boost Price Target	C$2.00	C$3.50 ➝ C$4.00		N/A
MSI Morneau Shepell Inc. (MSI.TO)	Reiterated Rating	C$33.00	C$37.00	Outperform	N/A
PEY Peyto Exploration & Development	Boost Price Target	C$6.00	C$5.50 ➝ C$5.75	Hold	N/A
BYD Boyd Group Services Inc. (BYD.TO)	Boost Price Target	C$211.00	C$249.00 ➝ C$250.00		N/A
CTC.A Canadian Tire	Boost Price Target	C$164.00	C$157.00 ➝ C$178.00		N/A
GSY goeasy Ltd. (GSY.TO)	Boost Price Target	C$124.00	C$108.00 ➝ C$143.00		N/A
GSV (GSV.V)	Lower Price Target	C$2.00	C$2.50 ➝ C$2.25		N/A
HCG Home Capital Group Inc. (HCG.TO)	Boost Price Target	C$31.00	C$33.00 ➝ C$35.00		N/A
MRC Morguard	Lower Price Target	C$105.00			N/A