BMO Financial Group (BMO), North America’s 8th largest bank, announced on Monday that it has donated C$400,000 to Yukon University to help it set up a new Permafrost Institute at the YukonU Research Centre (YRC). This five-year commitment will support essential research and help develop innovative solutions to address the challenges that thawing permafrost poses in Canada’s North.
Dr. Bronwyn Hancock, Associate Vice-President Research, Yukon University, said, “Yukon has one of the fastest-warming climates on the planet and this generous donation will allow YukonU to expand our research and help northern communities prepare and respond to the effects of climate change on infrastructure and northern ways of life.”
YukonU’s Permafrost and Geosciences research team have spent the past decade collaborating with communities, governments, communities, academic institutions, and industry partners in the circumpolar North to evaluate and reduce the risk of thawing permafrost.
BMO has recently launched the BMO Climate Institute as part of its action on climate change as its clients’ primary partner in the transition to a carbon-neutral world. (See Bank of Montreal stock analysis on TipRanks)
Following the announcement, Canaccord Genuity analyst Scott Chan maintained a Buy rating on BMO with a $139.00 price target. This implies approximately 8% upside potential.
The rest of the Street is cautiously optimistic with a Moderate Buy consensus rating based on 7 Buys, 2 Holds, and 1 Sell. The BMO average analyst price target of C$136.06 implies 5.8% upside potential to current levels.
BMO scores a “Perfect 10” on TipRanks’ Smart Score rating system, indicating that the stock returns have strong chances to beat the overall market.