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
12/8/2023	CASY Casey's General Stores	Downgrade	$268.00	$290.00	Outperform ➝ Market Perform	Low
12/8/2023	ADBE Adobe	Boost Price Target	$610.00	$670.00 ➝ $690.00	Outperform ➝ Outperform	Low
12/8/2023	SMAR Smartsheet	Boost Price Target	$44.00	$50.00 ➝ $52.00	Outperform ➝ Outperform	Low
12/8/2023	DPZ Domino's Pizza	Boost Price Target	$395.00	$455.00 ➝ $475.00	Outperform ➝ Outperform	Low
12/8/2023	LULU Lululemon Athletica	Boost Price Target	$490.00	$376.00 ➝ $408.00	Market Perform ➝ Market Perform	Low
12/8/2023	FL Frontier Lithium	Reiterated Rating	C$1.00		Market Perform	N/A
12/8/2023	LB Laurentian Bank of Canada	Lower Price Target	C$26.00	C$43.00 ➝ C$33.00	Market Perform	N/A
12/8/2023	SGY Surge Energy	Lower Price Target	C$7.00	C$11.00 ➝ C$9.00		N/A
12/7/2023	LCII LCI Industries	Initiated Coverage	$116.00	$105.00	Market Perform	Low
12/7/2023	PATK Patrick Industries	Initiated Coverage	$88.00	$105.00	Outperform	Low
12/7/2023	MCD McDonald's	Boost Price Target	$286.00	$325.00 ➝ $335.00	Outperform ➝ Outperform	Low
12/7/2023	BLDR Builders FirstSource	Boost Price Target	$148.00	$135.00 ➝ $150.00	Market Perform ➝ Market Perform	Low
12/7/2023	GROY Gold Royalty	Lower Price Target	$1.00	$3.50 ➝ $3.00	Market Perform ➝ Market Perform	N/A
12/7/2023	THO THOR Industries	Boost Price Target	$108.00	$115.00 ➝ $120.00	Outperform ➝ Outperform	Low
12/7/2023	ATH Athabasca Oil	Lower Price Target	C$4.00	C$4.75 ➝ C$4.50	Market Perform	N/A
12/7/2023	ET Evertz Technologies	Boost Price Target	C$14.00	C$15.50 ➝ C$16.00		N/A
12/7/2023	LUG Lundin Gold	Lower Price Target	C$16.00	C$21.00 ➝ C$20.00		N/A
12/7/2023	TVE Tamarack Valley Energy	Lower Price Target	C$3.00	C$4.50 ➝ C$4.25	Market Perform	N/A
12/5/2023	SBSW Sibanye Stillwater	Downgrade	$5.00	$11.00 ➝ $6.00	Outperform ➝ Market Perform	Low
12/5/2023	AVDX AvidXchange	Initiated Coverage	$11.00	$11.00	Market Perform	Low
12/5/2023	FI Fiserv	Initiated Coverage	$132.00	$152.00	Outperform	Low
12/5/2023	FLT FLEETCOR Technologies	Initiated Coverage	$256.00	$300.00	Outperform	Low
12/5/2023	GPN Global Payments	Initiated Coverage	$120.00	$180.00 ➝ $138.00	Outperform ➝ Market Perform	Low
12/5/2023	HG Hamilton Insurance Group	Initiated Coverage	$15.00	$18.00	Outperform	Low
12/5/2023	IIIV i3 Verticals	Initiated Coverage	$20.00	$24.00	Market Perform	Low
12/5/2023	NVEI Nuvei	Initiated Coverage	$24.00	$45.00 ➝ $30.00	Outperform	Low
12/5/2023	RPAY Repay	Initiated Coverage	$8.00	$9.00	Market Perform	Low
12/5/2023	WU Western Union	Initiated Coverage	$12.00	$12.00	Market Perform	Low
12/5/2023	V Visa	Initiated Coverage	$256.00	$280.00	Outperform	Low
12/5/2023	PYPL PayPal	Reiterated Rating	$59.00	$65.00	Market Perform	Low
12/5/2023	SQ Block	Reiterated Rating	$69.00	$93.00 ➝ $84.00	Outperform	Low
12/5/2023	HPP Hudson Pacific Properties	Boost Price Target	$8.00	$10.00 ➝ $11.00	Outperform ➝ Outperform	Low
12/5/2023	IMXI International Money Express	Reiterated Rating	$21.00	$28.00 ➝ $30.00	Outperform	Low
12/5/2023	MA Mastercard	Reiterated Rating	$412.00	$475.00	Outperform	Low
12/5/2023	SLG SL Green Realty	Boost Price Target	$42.00	$34.00 ➝ $44.00	Market Perform ➝ Market Perform	Low
12/4/2023	DTE DTE Energy	Boost Price Target	$109.00	$107.00 ➝ $111.00	Market Perform ➝ Market Perform	Low
12/4/2023	CSTM Constellium	Boost Price Target	$18.00	$22.00 ➝ $25.00	Outperform ➝ Outperform	Low
12/4/2023	FM First Quantum Minerals	Lower Price Target	C$10.00	C$28.50 ➝ C$20.00	Outperform	N/A
12/4/2023	FNV Franco-Nevada	Lower Price Target	C$147.00	C$214.00 ➝ C$200.00		N/A
12/1/2023	IMGN ImmunoGen	Reiterated Rating	$29.00	$31.00	Outperform ➝ Market Perform	Low
12/1/2023	GATO Gatos Silver	Reiterated Rating	$6.00	$6.25	Market Perform	Low
12/1/2023	PVH PVH	Boost Price Target	$108.00	$90.00 ➝ $107.00	Market Perform ➝ Market Perform	Low
12/1/2023	PATH UiPath	Boost Price Target	$25.00	$19.00 ➝ $24.00	Market Perform ➝ Market Perform	Low
12/1/2023	IOT Samsara	Boost Price Target	$34.00	$28.00 ➝ $32.00	Market Perform ➝ Market Perform	Low
12/1/2023	DOO BRP	Lower Price Target	C$83.00	C$150.00 ➝ C$115.00	Outperform	N/A
12/1/2023	CM Canadian Imperial Bank of Commerce	Boost Price Target	C$58.00	C$65.00 ➝ C$67.00	Outperform	N/A
12/1/2023	RSI Rogers Sugar	Lower Price Target	C$5.00	C$6.50 ➝ C$6.00	Market Perform	N/A
12/1/2023	RY Royal Bank of Canada	Boost Price Target	C$125.00	C$132.00 ➝ C$140.00	Market Perform	N/A
12/1/2023	TD Toronto-Dominion Bank	Boost Price Target	C$81.00	C$83.00 ➝ C$86.00	Market Perform	N/A
12/1/2023	TXG Torex Gold Resources	Set Price Target	C$14.00	C$21.50	Outperform	N/A
11/30/2023	HUBS HubSpot	Boost Price Target	$502.00	$520.00 ➝ $540.00	Outperform ➝ Outperform	Low
11/30/2023	OKTA Okta	Lower Price Target	$72.00	$90.00 ➝ $80.00	Market Perform ➝ Market Perform	Low
11/30/2023	CRM Salesforce	Boost Price Target	$251.00	$252.00 ➝ $277.00	Outperform ➝ Outperform	Low
11/30/2023	VSCO Victoria's Secret & Co.	Boost Price Target	$26.00	$23.00 ➝ $29.00	Outperform ➝ Outperform	Low
11/30/2023	FLNC Fluence Energy	Boost Price Target	$22.00	$24.00 ➝ $27.00	Market Perform ➝ Market Perform	Low
11/30/2023	CLS Celestica	Boost Price Target	$27.00	$27.00 ➝ $32.00	Outperform ➝ Outperform	Low
11/30/2023	AZEK AZEK	Boost Price Target	$35.00	$37.00 ➝ $39.00	Outperform ➝ Outperform	Low
11/30/2023	CHP.UN Choice Properties Real Est Invstmnt Trst	Set Price Target	C$13.00	C$15.00	Outperform	N/A
11/30/2023	CRR.UN Crombie Real Estate Investment Trust	Set Price Target	C$13.00	C$14.50	Outperform	N/A
11/30/2023	CRT.UN CT Real Estate Investment Trust	Set Price Target	C$14.00	C$14.50	Market Perform	N/A
11/30/2023	FCR.UN First Capital Realty	Set Price Target	C$14.00	C$16.00	Outperform	N/A
11/30/2023	REI.UN RioCan Real Estate Investment Trust	Set Price Target	C$18.00	C$18.50	Market Perform	N/A
11/30/2023	SRU.UN SmartCentres Real Estate Investment Trst	Set Price Target	C$24.00	C$24.00	Market Perform	N/A
11/30/2023	STN Stantec	Boost Price Target	C$105.00	C$104.00 ➝ C$107.00		N/A
11/29/2023	WDAY Workday	Boost Price Target	$273.00	$260.00 ➝ $290.00	Outperform ➝ Outperform	Low
11/29/2023	BNS Bank of Nova Scotia	Lower Price Target	$45.00	$73.00 ➝ $68.00	Market Perform ➝ Market Perform	Low
11/29/2023	OTEX Open Text	Boost Price Target	$40.00	$45.00 ➝ $48.00	Outperform ➝ Outperform	Low
11/29/2023	INTU Intuit	Boost Price Target	$574.00	$605.00 ➝ $640.00	Outperform ➝ Outperform	Low
11/29/2023	CPX Capital Power	Lower Price Target	C$38.00	C$42.00 ➝ C$40.00	Market Perform	N/A
11/29/2023	IVN Ivanhoe Mines	Boost Price Target	C$13.00	C$17.00 ➝ C$18.00		N/A
11/29/2023	BNS Bank of Nova Scotia	Lower Price Target	C$61.00	C$73.00 ➝ C$68.00	Market Perform	N/A
11/28/2023	FIHL Fidelis Insurance	Lower Price Target	$12.00	$17.00 ➝ $15.00	Market Perform ➝ Market Perform	Low
11/28/2023	ZS Zscaler	Boost Price Target	$199.00	$195.00 ➝ $200.00	Outperform ➝ Outperform	Low
11/28/2023	CRWD CrowdStrike	Boost Price Target	$243.00	$227.00 ➝ $238.00	Outperform ➝ Outperform	Low
11/28/2023	ARIS Aris Water Solutions	Boost Price Target	$8.00	$6.00 ➝ $6.50	Outperform ➝ Outperform	Low
11/24/2023	SGML Sigma Lithium	Lower Price Target	$29.00	$44.00 ➝ $40.00	Outperform ➝ Outperform	Low
11/23/2023	CGX Cineplex	Lower Price Target	C$8.00	C$12.50 ➝ C$11.50	Market Perform	N/A
11/23/2023	FM First Quantum Minerals	Boost Price Target	C$10.00	C$28.00 ➝ C$28.50	Outperform	N/A
11/22/2023	SAIA Saia	Initiated Coverage	$392.00	$450.00	Market Perform	Low
11/22/2023	NVDA NVIDIA	Boost Price Target	$475.00	$600.00 ➝ $650.00	Outperform ➝ Outperform	Low
11/22/2023	CIGI Colliers International Group	Boost Price Target	$110.00	$107.00 ➝ $129.00	Outperform ➝ Outperform	Low
11/21/2023	NRG NRG Energy	Boost Price Target	$48.00	$46.00 ➝ $49.00	Market Perform ➝ Market Perform	Low
11/21/2023	FM First Quantum Minerals	Lower Price Target	C$10.00	C$30.00 ➝ C$28.00		N/A
11/21/2023	FNV Franco-Nevada	Lower Price Target	C$147.00	C$219.00 ➝ C$214.00	Outperform	N/A
11/21/2023	FM iShares Frontier and Select EM ETF	Lower Price Target	$26.00	$30.00 ➝ $28.00	Outperform ➝ Outperform	N/A
11/21/2023	CRM Salesforce	Lower Price Target	$251.00	$262.00 ➝ $252.00	Outperform ➝ Outperform	Low
11/21/2023	LAAC Lithium Americas (Argentina)	Lower Price Target	$6.00	$7.50 ➝ $7.00	Market Perform ➝ Market Perform	Low
11/21/2023	FNV Franco-Nevada	Lower Price Target	$109.00	$219.00 ➝ $214.00	Outperform ➝ Outperform	Low
11/17/2023	ARCH Arch Resources	Boost Price Target	$164.00	$170.00 ➝ $175.00	Outperform ➝ Outperform	Low
11/17/2023	APR.UN Automotive Properties Real Est Invt TR	Lower Price Target	C$10.00	C$12.50 ➝ C$11.50	Market Perform ➝ Market Perform	N/A
11/17/2023	NAPA Duckhorn Portfolio	Lower Price Target	$9.00	$14.00 ➝ $13.00	Market Perform ➝ Market Perform	Low
11/17/2023	SQM Sociedad Química y Minera de Chile	Lower Price Target	$51.00	$80.00 ➝ $75.00	Outperform ➝ Outperform	Low
11/17/2023	WMT Walmart	Lower Price Target	$151.00	$180.00 ➝ $175.00	Outperform ➝ Outperform	Low
11/17/2023	ROST Ross Stores	Boost Price Target	$132.00	$127.00 ➝ $138.00	Outperform ➝ Outperform	Low
11/17/2023	GPS GAP	Boost Price Target	$22.00	$8.00 ➝ $14.00	Market Perform ➝ Market Perform	Low
11/17/2023	FVI Fortuna Silver Mines	Set Price Target	C$5.00	C$5.50	Outperform	N/A
11/16/2023	VOXR Vox Royalty	Initiated Coverage	$2.00	$3.00	Outperform	Low
11/16/2023	NXR.UN Nexus Industrial REIT	Lower Price Target	C$8.00	C$10.00 ➝ C$8.50	Market Perform ➝ Market Perform	N/A
11/16/2023	PANW Palo Alto Networks	Lower Price Target	$298.00	$300.00 ➝ $283.00	Outperform ➝ Outperform	Low
11/16/2023	TGT Target	Boost Price Target	$135.00	$120.00 ➝ $130.00	Market Perform ➝ Market Perform	Low