BMO Donates C$1M to Centraide of Greater Montreal


This article was originally published on TipRanks.com

Bank of Montreal (BMO) has given a C$1 million donation to Centraide of Greater Montreal.

Understanding Social Issues Better

The funds will be used to support the development of the second phase of an innovative technological project that aims to better understand and anticipate social issues.

The intention of this project is to provide Centraide and all players in the social, philanthropic and institutional environment with a decision-making tool and common data to better fight against poverty and social exclusion.

The project will provide an overview of the social investments made in Greater Montreal with the aim of optimizing them and avoiding potential service gaps.

This pooling of information and data sets will make it possible to better understand the situation, identify priority social issues (such as housing, mental health, educational success for young people) or emerging, and better orient investments to support vulnerable people.

CEO Commentary 

BMO Financial Group CEO Darryl White said, “BMO is proud to partner with charitable organizations to deliver transformational change in support of communities we serve. The innovative solutions delivered by Centraide, that directly address the challenges of fighting poverty and social exclusion across Greater Montreal, are invaluable supports helping to eliminate barriers for inclusion throughout our community. Partnering with Centraide is a highly effective way to make an impact – and I encourage all interested in helping to make a difference to reach out to Centraide today.”

Wall Street’s Take

On December 6, Canaccord Genuity analyst Scott Chan assigned a Buy rating to BMO and raised its price target to C$160 (from C$152). This implies 16% upside potential.

The rest of the Street is bullish on BMO with a Strong Buy analyst consensus rating based on six Buys and two Holds. The average Bank of Montreal price target of C$151.69 implies 9.9% upside potential to current levels.

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