Canaccord Genuity Thinks Bank of Montreal’s Stock is Going to Recover
Bank of Montreal (BMO), the Financial sector company was revisited yesterday, and remains undervalued for at least one analyst on the street. Analyst Scott Chan CFA from Canaccord Genuity rated Bank of Montreal (BMO) a Buy, setting a C$112 price target.
According to TipRanks.com, CFA ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -4.1% and a 31.4% success rate. CFA covers the Financial sector, focusing on stocks such as Canadian Bank of Commerce, Manulife Financial Corp, and National Bank of Canada.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Bank of Montreal with a C$110.40 average price target, implying a 16.0% upside from current levels. In a report issued on November 26, Scotiabank also reiterated a Buy rating on the stock with a C$117 price target.
Based on Bank of Montreal’s latest earnings release for the quarter ending October 31, the company reported a quarterly revenue of C$8.65 billion and net profit of C$1.7 billion. In comparison, last year the company earned revenue of C$7.27 billion and had a net profit of C$1.23 billion.
Bank of Montreal engages in the provision of banking and financial services to individuals and institutions. It operates through the following segments: Canadian Personal and Commercial; United States Personal and Commercial; Wealth Management; BMO Capital Markets; and Corporate Services.
The company’s shares closed on Tuesday at C$95.19, close to its 52-week low of C$93.60.