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
11/26/2021	RSGUF Rogers Sugar	Boost Price Target	C$4.00	C$5.75 ➝ C$6.00	Market Perform	Low
11/26/2021	RSI Rogers Sugar	Boost Price Target	C$6.00	C$5.75 ➝ C$6.00		N/A
11/26/2021	SOUHY South32	Reiterated Rating	$13.00		Market Perform	Low
11/25/2021	LSPD Lightspeed POS	Set Price Target	C$69.00	C$96.00	Outperform	N/A
11/24/2021	VMW VMware	Lower Price Target	$122.00	$172.00 ➝ $135.00	Market Perform	High
11/24/2021	DLTR Dollar Tree	Boost Price Target	$141.00	$97.00 ➝ $155.00	Market Perform	Low
11/23/2021	LUNMF Lundin Mining	Lower Price Target	C$8.00	C$16.50 ➝ C$15.00	Market Perform	Low
11/23/2021	EFRTF Nexus Real Estate Investment Trust	Boost Price Target	C$10.00	C$13.25 ➝ C$13.80	Outperform	Low
11/23/2021	ADI Analog Devices	Boost Price Target	$178.00	$190.00 ➝ $220.00	Outperform	High
11/22/2021	SLS SELLAS Life Sciences Group	Initiated Coverage	C$13.00	C$18.00	Buy	N/A
11/22/2021	HCHDF Hochschild Mining	Downgrade	$2.00		Outperform ➝ Market Perform	High
11/22/2021	HBM Hudbay Minerals	Boost Price Target	C$7.00	C$17.50 ➝ C$18.00	Outperform	High
11/22/2021	SLSSF Solaris Resources	Initiated Coverage	$10.00	$18.00	Outperform	Medium
11/22/2021	AIP Arteris	Initiated Coverage	$26.00	$24.00	Market Perform	High
11/22/2021	NVDA NVIDIA	Boost Price Target	$315.00	$250.00 ➝ $375.00		High
11/21/2021	XEL Xcel Energy	Upgrade	$65.00	$68.00 ➝ $70.00	Market Perform ➝ Outperform	High
11/19/2021	SQM Sociedad Química y Minera de Chile	Boost Price Target	$64.00	$65.00 ➝ $80.00	Average ➝ Outperform	High
11/19/2021	CTSH Cognizant Technology Solutions	Boost Price Target	$78.00	$86.00 ➝ $92.00	Outperform	Low
11/19/2021	WNGRF George Weston	Boost Price Target	C$110.00	C$138.00 ➝ C$150.00	Market Perform	Low
11/19/2021	PANW Palo Alto Networks	Boost Price Target	$533.00	$560.00 ➝ $615.00	Outperform	High
11/19/2021	REGN Regeneron Pharmaceuticals	Initiated Coverage	$643.00	$780.00	Outperform	Low
11/18/2021	FOM Foran Mining	Boost Price Target	C$3.00	C$2.75 ➝ C$3.00		N/A
11/18/2021	CIA Champion Iron	Lower Price Target	C$4.00	C$6.50 ➝ C$6.00		N/A
11/18/2021	RLLMF Real Matters	Lower Price Target	C$7.00	C$15.00 ➝ C$9.00	Market Perform	Low
11/18/2021	AVAH Aveanna Healthcare	Lower Price Target	$7.00	$17.00 ➝ $12.00	Outperform	High
11/18/2021	REAL Real Matters	Lower Price Target	C$8.00	C$15.00 ➝ C$9.00		N/A
11/18/2021	HBM Hudbay Minerals	Boost Price Target	C$9.00	C$15.50 ➝ C$17.50		N/A
11/18/2021	FIL Filo Mining	Boost Price Target	C$9.00	C$13.00 ➝ C$16.00		N/A
11/18/2021	LUN Lundin Mining	Boost Price Target	C$10.00	C$15.00 ➝ C$16.50		N/A
11/18/2021	CADL Candel Therapeutics	Initiated Coverage	$10.00	$18.00	Outperform	High
11/18/2021	HLNFF High Liner Foods	Upgrade	$11.00		Market Perform ➝ Outperform	Low
11/18/2021	HLF High Liner Foods	Upgrade	C$14.00	C$15.50 ➝ C$18.50	Market Perform ➝ Buy	N/A
11/18/2021	TRQ Turquoise Hill Resources	Boost Price Target	C$18.00	C$12.00 ➝ C$13.00		N/A
11/18/2021	ERO Ero Copper	Boost Price Target	C$21.00	C$29.00 ➝ C$30.00		N/A
11/18/2021	FM First Quantum Minerals	Boost Price Target	C$27.00	C$32.50 ➝ C$35.00		N/A
11/18/2021	TECK.B Teck Resources	Boost Price Target	C$33.00	C$54.00 ➝ C$56.00		N/A
11/18/2021	CCO Cameco	Boost Price Target	C$31.00	C$28.00 ➝ C$32.00		N/A
11/18/2021	LAC Lithium Americas	Boost Price Target	C$45.00	C$22.00 ➝ C$30.00		N/A
11/18/2021	PFE Pfizer	Initiated Coverage	$54.00	$60.00	Outperform	High
11/18/2021	BMY Bristol-Myers Squibb	Initiated Coverage	$57.00	$72.00	Outperform	High
11/18/2021	INCY Incyte	Initiated Coverage	$68.00	$75.00	Market Perform	Low
11/18/2021	GILD Gilead Sciences	Upgrade	$70.00	$72.00 ➝ $85.00	Market Perform ➝ Outperform	Medium
11/18/2021	LBLCF Loblaw Companies	Boost Price Target	C$76.00	C$85.00 ➝ C$100.00	Market Perform	High
11/18/2021	MRK Merck & Co., Inc.	Initiated Coverage	$79.00	$91.00	Market Perform	High
11/18/2021	NBIX Neurocrine Biosciences	Initiated Coverage	$87.00	$76.00	Underperform	Low
11/18/2021	L Loblaw Companies	Boost Price Target	C$96.00	C$85.00 ➝ C$100.00		N/A
11/18/2021	MRTX Mirati Therapeutics	Initiated Coverage	$137.00	$187.00	Outperform	Low
11/18/2021	VRTX Vertex Pharmaceuticals	Initiated Coverage	$184.00	$202.00	Market Perform	Medium
11/18/2021	AMGN Amgen	Initiated Coverage	$201.00	$228.00	Market Perform	Low
11/18/2021	BIIB Biogen	Initiated Coverage	$243.00	$315.00	Outperform	Low
11/18/2021	ENPH Enphase Energy	Boost Price Target	$247.00	$220.00 ➝ $284.00	Outperform	Low
11/18/2021	LLY Eli Lilly and	Initiated Coverage	$260.00	$311.00	Outperform	Medium
11/18/2021	WDAY Workday	Boost Price Target	$278.00	$295.00 ➝ $355.00	Positive ➝ Market Perform	Medium
11/18/2021	FRFHF Fairfax Financial	Boost Price Target	C$446.00	C$650.00 ➝ C$665.00	Market Perform	Medium
11/18/2021	FFH Fairfax Financial	Boost Price Target	C$569.00	C$650.00 ➝ C$665.00		N/A
11/18/2021	EQIX Equinix	Initiated Coverage	$794.00	$874.00	Buy	Low
11/17/2021	AOTVF Ascot Resources	Boost Price Target	C$1.00	C$1.50 ➝ C$1.75	Outperform	Medium
11/17/2021	AOT Ascot Resources	Boost Price Target	C$1.00	C$1.50 ➝ C$1.75		N/A
11/17/2021	AOIFF Africa Oil	Boost Price Target	C$1.00	C$2.50 ➝ C$2.75	Outperform	Low
11/17/2021	OPTN OptiNose	Lower Price Target	$2.00	$16.00 ➝ $9.00	Outperform	Low
11/17/2021	NEXT NextSource Materials	Set Price Target	C$3.00	C$7.00	Outperform	N/A
11/17/2021	CMP Compass Minerals International	Initiated Coverage	$51.00	$54.00	Hold	Low
11/17/2021	SUI Sun Communities	Initiated Coverage	$197.00	$224.00	Buy	High
11/16/2021	NSRCF NextSource Materials	Initiated Coverage	$2.00		Outperform	High
11/16/2021	NMG Nouveau Monde Graphite	Initiated Coverage	$8.00		Market Perform	High
11/16/2021	LWSCF Sienna Senior Living	Boost Price Target	C$11.00	C$16.50 ➝ C$17.00	Market Perform	Low
11/16/2021	NWH.UN NorthWest Health Prop Real Est Inv Trust	Boost Price Target	C$14.00	C$14.00 ➝ C$14.85		N/A
11/16/2021	SIA Sienna Senior Living	Boost Price Target	C$15.00	C$16.50 ➝ C$17.00		N/A
11/16/2021	TLS Telos	Lower Price Target	$16.00	$32.00 ➝ $20.00	Outperform	Low
11/16/2021	CMP Compass Minerals International	Upgrade	$51.00	$60.00 ➝ $55.00	Underperform ➝ Market Perform	Medium
11/16/2021	TSN Tyson Foods	Boost Price Target	$81.00	$95.00 ➝ $103.00	Outperform	Medium
11/16/2021	SUI Sun Communities	Boost Price Target	$197.00	$215.00 ➝ $225.00	Outperform	High
11/15/2021	CESDF CES Energy Solutions	Boost Price Target	C$2.00	C$2.75 ➝ C$3.00	Outperform	Low
11/15/2021	CEU CES Energy Solutions	Boost Price Target	C$2.00	C$2.75 ➝ C$3.00		N/A
11/15/2021	PRV.UN PRO Real Estate Investment Trust	Boost Price Target	C$2.00	C$7.25 ➝ C$7.50		N/A
11/15/2021	CHR Chorus Aviation	Reiterated Rating	C$4.00	C$5.40	Buy	N/A
11/15/2021	INO.UN Inovalis Real Estate Investment Trust	Reiterated Rating	C$10.00	C$10.00	Hold	N/A
11/15/2021	APR.UN Automotive Properties Real Est Invt TR	Boost Price Target	C$14.00	C$13.20 ➝ C$14.25		N/A
11/15/2021	MDA MDA	Lower Price Target	C$12.00	C$17.50 ➝ C$16.50		N/A
11/15/2021	UNIEF Uni-Select	Boost Price Target	C$18.00	C$20.00 ➝ C$30.00	Outperform	Low
11/15/2021	ITPOF Intertape Polymer Group	Lower Price Target	C$20.00	C$39.00 ➝ C$38.00	Outperform	Low
11/15/2021	UNS Uni-Select	Boost Price Target	C$24.00	C$20.00 ➝ C$30.00		N/A
11/15/2021	CWYUF SmartCentres Real Estate Investment Trust	Boost Price Target	C$24.00	C$30.00 ➝ C$31.00	Market Perform	Low
11/15/2021	MSIXF LifeWorks	Lower Price Target	C$21.00	C$39.00 ➝ C$34.00	Outperform	N/A
11/15/2021	ITP Intertape Polymer Group	Lower Price Target	C$25.00	C$39.00 ➝ C$38.00		N/A
11/15/2021	SCCAF Sleep Country Canada	Boost Price Target	C$30.00	C$43.00 ➝ C$45.00	Outperform	N/A
11/15/2021	SRU.UN SmartCentres Real Estate Investment Trst	Boost Price Target	C$31.00	C$30.00 ➝ C$31.00		N/A
11/15/2021	HMCBF Home Capital Group	Boost Price Target	C$34.00	C$49.00 ➝ C$51.00	Outperform	Low
11/15/2021	BLX Boralex	Reiterated Rating	C$36.00	C$44.00	Buy	N/A
11/15/2021	ZZZ Sleep Country Canada	Boost Price Target	C$37.00	C$43.00 ➝ C$45.00		N/A
11/15/2021	BOWFF Boardwalk Real Estate Investment Trust	Boost Price Target	C$43.00	C$51.00 ➝ C$57.75	Outperform	Low
11/15/2021	HCG Home Capital Group	Boost Price Target	C$43.00	C$49.00 ➝ C$51.00		N/A
11/15/2021	CDPYF Canadian Apartment Properties Real Estate Investment Trust	Boost Price Target	C$45.00	C$68.50 ➝ C$69.50	Outperform	Low
11/15/2021	BEI.UN Boardwalk REIT	Boost Price Target	C$55.00	C$51.00 ➝ C$57.75		N/A
11/15/2021	CAR.UN Canadian Apartment Properties REIT	Boost Price Target	C$58.00	C$68.50 ➝ C$69.50		N/A
11/15/2021	CGEAF Cogeco Communications	Lower Price Target	C$79.00	C$130.00 ➝ C$125.00	Market Perform	Low
11/15/2021	CONE CyrusOne	Downgrade	$89.00	$90.00 ➝ $90.50	Outperform ➝ Market Perform	Low
11/15/2021	PLNT Planet Fitness	Boost Price Target	$84.00	$80.00 ➝ $96.00	Outperform	High
11/15/2021	CCA Cogeco Communications	Lower Price Target	C$99.00	C$130.00 ➝ C$125.00		N/A
11/15/2021	ASH Ashland Global	Boost Price Target	$104.00	$122.00 ➝ $133.00	Outperform	Low