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
5/18/2022	CNR Canadian National Railway	Upgrade	C$145.00	C$170.00	Market Perform ➝ Buy	N/A
5/18/2022	WMT Walmart	Lower Price Target	$122.00	$170.00 ➝ $165.00	Outperform	High
5/18/2022	CNI Canadian National Railway	Upgrade	$113.00	$170.00	Market Perform ➝ Outperform	High
5/17/2022	EQX Equinox Gold	Lower Price Target	C$5.00	C$14.50 ➝ C$14.00		N/A
5/17/2022	WDAY Workday	Lower Price Target	$163.00	$295.00 ➝ $249.00		Low
5/17/2022	WEBR Weber	Lower Price Target	$7.00	$13.00 ➝ $9.00		Low
5/17/2022	NUE Nucor	Lower Price Target	$119.00	$168.00 ➝ $128.00		Low
5/17/2022	BLDR Builders FirstSource	Lower Price Target	$63.00	$96.00 ➝ $90.00		Low
5/17/2022	SRRK Scholar Rock	Lower Price Target	$5.00	$74.00 ➝ $55.00		High
5/16/2022	WGO Winnebago Industries	Lower Price Target	$50.00	$95.00 ➝ $85.00		High
5/16/2022	HRUFF H&R Real Estate Investment Trust	Boost Price Target	C$10.00	C$16.00 ➝ C$18.00		Low
5/16/2022	LEFUF Leon's Furniture	Lower Price Target	C$13.00	C$28.00 ➝ C$20.00		Low
5/16/2022	DRE Duke Realty	Upgrade	$52.00	$68.00 ➝ $65.00	Market Perform ➝ Outperform	Low
5/16/2022	CS Capstone Copper	Lower Price Target	C$5.00	C$8.00 ➝ C$7.00		N/A
5/16/2022	SCL Shawcor	Upgrade	C$6.00	C$6.00 ➝ C$7.00	Market Perform ➝ Outperform	N/A
5/16/2022	SAWLF Shawcor	Upgrade	$5.00		Market Perform ➝ Outperform	High
5/16/2022	THO Thor Industries	Lower Price Target	$75.00	$110.00 ➝ $95.00		High
5/16/2022	CSCCF Capstone Copper	Lower Price Target	C$4.00	C$8.00 ➝ C$7.00	Outperform ➝ Outperform	Low
5/16/2022	NLSN Nielsen	Downgrade	$25.00	$34.00 ➝ $28.00	Outperform ➝ Market Perform	Low
5/16/2022	HR.UN H&R Real Estate Investment Trust	Set Price Target	C$13.00	C$18.00		N/A
5/13/2022	GSY goeasy	Lower Price Target	C$108.00	C$228.00 ➝ C$225.00		N/A
5/13/2022	CIXX CI Financial	Lower Price Target	C$11.00	C$26.00 ➝ C$25.00		Low
5/13/2022	FR First Majestic Silver	Lower Price Target	C$10.00	C$12.00 ➝ C$10.50		N/A
5/13/2022	CAS Cascades	Lower Price Target	C$11.00	C$20.00 ➝ C$17.00		N/A
5/13/2022	WSPOF WSP Global	Lower Price Target	C$106.00	C$186.00 ➝ C$170.00		Low
5/13/2022	EHMEF goeasy	Lower Price Target	C$90.00	C$228.00 ➝ C$225.00		Low
5/13/2022	WSP WSP Global	Lower Price Target	C$136.00	C$186.00 ➝ C$170.00		N/A
5/13/2022	NEWR New Relic	Lower Price Target	$43.00	$96.00 ➝ $50.00		Low
5/13/2022	STN Stantec	Lower Price Target	C$56.00	C$78.00 ➝ C$72.00		N/A
5/13/2022	CADNF Cascades	Lower Price Target	C$8.00	C$20.00 ➝ C$17.00		Low
5/13/2022	SLF Sun Life Financial	Lower Price Target	C$62.00	C$80.00 ➝ C$75.00		N/A
5/13/2022	CTC.A Canadian Tire	Lower Price Target	C$169.00	C$187.00 ➝ C$184.00		N/A
5/13/2022	SLF Sun Life Financial	Lower Price Target	C$48.00	C$80.00 ➝ C$75.00		Low
5/13/2022	CDNAF Canadian Tire	Lower Price Target	C$130.00	C$187.00 ➝ C$184.00		Low
5/13/2022	GCG.A Guardian Capital Group	Lower Price Target	C$33.00	C$51.00 ➝ C$44.00		N/A
5/13/2022	CCL.B CCL Industries	Lower Price Target	C$61.00	C$80.00 ➝ C$79.00		N/A
5/13/2022	STN Stantec	Lower Price Target	C$43.00	C$78.00 ➝ C$72.00		Low
5/13/2022	CCDBF CCL Industries	Lower Price Target	C$47.00	C$80.00 ➝ C$79.00		Low
5/13/2022	CNNEF Canacol Energy	Lower Price Target	C$2.00	C$4.00 ➝ C$3.50		Low
5/13/2022	XBC Xebec Adsorption	Downgrade	C$1.00	C$3.25 ➝ C$1.75	Outperform ➝ Hold	N/A
5/13/2022	IAG iA Financial	Lower Price Target	C$65.00	C$94.00 ➝ C$89.00		N/A
5/13/2022	QBR.B Quebecor	Lower Price Target	C$28.00	C$37.00 ➝ C$35.00		N/A
5/13/2022	IAFNF iA Financial	Lower Price Target	C$45.00	C$94.00 ➝ C$89.00		Low
5/13/2022	GCAAF Guardian Capital Group	Lower Price Target	C$26.00	C$51.00 ➝ C$44.00		N/A
5/13/2022	CNE Canacol Energy	Lower Price Target	C$3.00	C$4.00 ➝ C$3.50		N/A
5/13/2022	DND Dye & Durham	Lower Price Target	C$22.00	C$53.00 ➝ C$30.00		N/A
5/13/2022	XEBEF Xebec Adsorption	Downgrade	$1.00		Outperform ➝ Market Perform	High
5/13/2022	QBCRF Quebecor	Lower Price Target	C$22.00	C$37.00 ➝ C$35.00		Low
5/13/2022	CIX CI Financial	Lower Price Target	C$15.00	C$26.00 ➝ C$25.00		N/A
5/13/2022	ANRGF Anaergia	Lower Price Target	C$6.00	C$25.00 ➝ C$19.00		Low
5/13/2022	MCW Mister Car Wash	Lower Price Target	$11.00	$23.00 ➝ $18.00		High
5/13/2022	AG First Majestic Silver	Lower Price Target	C$8.00	C$12.00 ➝ C$10.50		Low
5/12/2022	BYDGF Boyd Group Services	Lower Price Target	C$112.00	C$188.00 ➝ C$165.00		Low
5/12/2022	EQGPF Equitable Group	Lower Price Target	C$47.00	C$97.00 ➝ C$91.00		Low
5/12/2022	GLGDF GoGold Resources	Lower Price Target	C$2.00	C$4.40 ➝ C$4.30		High
5/12/2022	TCW Trican Well Service	Reiterated Rating	C$4.00	C$5.25	Buy	N/A
5/12/2022	DIS Walt Disney	Lower Price Target	$104.00	$140.00 ➝ $135.00		Medium
5/12/2022	WDO Wesdome Gold Mines	Reiterated Rating	C$11.00	C$17.50	Buy	N/A
5/12/2022	FTNT Fortinet	Lower Price Target	$271.00	$360.00 ➝ $325.00		High
5/12/2022	CHE.UN Chemtrade Logistics Income Fund	Boost Price Target	C$8.00	C$7.50 ➝ C$8.00		N/A
5/12/2022	PWCDF Power Co. of Canada	Lower Price Target	C$27.00	C$40.00 ➝ C$39.00		Low
5/12/2022	CPLF Copperleaf Technologies	Lower Price Target	C$9.00	C$20.00 ➝ C$15.00		N/A
5/12/2022	MFC Manulife Financial	Initiated Coverage	C$23.00	C$27.00	Hold	N/A
5/12/2022	SNVVF STEP Energy Services	Boost Price Target	C$4.00	C$4.50 ➝ C$7.50		High
5/12/2022	SU Suncor Energy	Boost Price Target	C$49.00	C$48.00 ➝ C$54.00		N/A
5/12/2022	TOT Total Energy Services	Upgrade	C$9.00	C$11.00	Buy	N/A
5/12/2022	MFC Manulife Financial	Downgrade	$18.00		Outperform ➝ Market Perform	High
5/12/2022	BIREF Birchcliff Energy	Boost Price Target	C$8.00	C$11.00 ➝ C$11.50		High
5/12/2022	BYND Beyond Meat	Lower Price Target	$26.00	$60.00 ➝ $30.00		High
5/12/2022	TOTZF Total Energy Services	Upgrade	$7.00		Market Perform ➝ Outperform	Medium
5/12/2022	ABST Absolute Software	Lower Price Target	C$11.00	C$14.00 ➝ C$12.00		N/A
5/12/2022	FSM Fortuna Silver Mines	Lower Price Target	C$3.00	C$7.00 ➝ C$6.75		Medium
5/12/2022	MDALF MDA	Lower Price Target	C$7.00	C$13.00 ➝ C$11.00		N/A
5/12/2022	EXK Endeavour Silver	Lower Price Target	C$3.00	C$6.00 ➝ C$5.25		High
5/11/2022	AIP Arteris	Lower Price Target	$8.00	$20.00 ➝ $15.00		High
5/11/2022	DALXF Spartan Delta	Boost Price Target	C$10.00	C$12.00 ➝ C$14.00		Low
5/11/2022	CPLFF Copperleaf Technologies	Lower Price Target	C$7.00	C$20.00 ➝ C$15.00		N/A
5/11/2022	ABCL AbCellera Biologics	Reiterated Rating	$8.00	$40.00	Buy	High
5/11/2022	PTON Peloton Interactive	Lower Price Target	$14.00	$24.00 ➝ $12.00		High
5/11/2022	SU Suncor Energy	Boost Price Target	C$38.00	C$48.00 ➝ C$54.00		Low
5/11/2022	PLNT Planet Fitness	Lower Price Target	$70.00	$96.00 ➝ $88.00		High
5/11/2022	DBRG DigitalBridge Group	Downgrade	$6.00		Outperform ➝ Market Perform	Low
5/11/2022	BHC Bausch Health Companies	Lower Price Target	$10.00	$26.00 ➝ $15.00		High
5/11/2022	AZEK AZEK	Lower Price Target	$19.00	$48.00 ➝ $33.00		High
5/11/2022	ABST Absolute Software	Lower Price Target	C$9.00	C$14.00 ➝ C$12.00		Low
5/11/2022	CGIFF Chemtrade Logistics Income Fund	Boost Price Target	C$6.00	C$7.50 ➝ C$8.00		Low
5/10/2022	GLT Glatfelter	Lower Price Target	$8.00	$18.00 ➝ $12.00		High
5/10/2022	MCHP Microchip Technology	Lower Price Target	$66.00	$95.00 ➝ $85.00		High
5/10/2022	ESI Ensign Energy Services	Reiterated Rating	C$4.00	C$6.00	Buy	N/A
5/10/2022	ELEEF Element Fleet Management	Lower Price Target	C$11.00	C$14.50 ➝ C$13.50		Low
5/10/2022	EFN Element Fleet Management	Lower Price Target	C$14.00	C$14.50 ➝ C$13.50		N/A
5/10/2022	YELP Yelp	Lower Price Target	$29.00	$42.00 ➝ $37.00		High
5/9/2022	DII.B Dorel Industries	Lower Price Target	C$7.00	C$17.00 ➝ C$11.00		N/A
5/9/2022	TA TransAlta	Reiterated Rating	C$14.00	C$17.00	Buy	N/A
5/9/2022	CI Cigna	Boost Price Target	$258.00	$300.00 ➝ $320.00		Medium
5/9/2022	PLZ.UN Plaza Retail REIT	Upgrade	C$5.00	C$5.65	Buy	N/A
5/9/2022	DIIBF Dorel Industries	Lower Price Target	C$5.00	C$17.00 ➝ C$11.00		Medium
5/9/2022	PBH Premium Brands	Lower Price Target	C$100.00	C$142.00 ➝ C$139.00		N/A
5/9/2022	KXS Kinaxis	Lower Price Target	C$143.00	C$200.00 ➝ C$185.00		N/A
5/9/2022	CHRRF Chorus Aviation	Boost Price Target	C$3.00	C$5.50 ➝ C$6.00		High