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.

Company Name	Action	Current Price	Price Target	Rating	Impact on Share Price
DFS Discover Financial Services	Boost Price Target	$68.00	$76.00 ➝ $80.00	Outperform	High
RCI.B Rogers Communications	Boost Price Target	C$58.00	C$68.00 ➝ C$70.00		N/A
CCL.B CCL Industries	Boost Price Target	C$55.00	C$56.00 ➝ C$61.00		N/A
NUE Nucor	Boost Price Target	$50.00	$50.00 ➝ $54.00	Market Perform	Low
RCI Rogers Communications	Boost Price Target	$44.00	$68.00 ➝ $70.00	Outperform	Low
CCDBF CCL Industries	Boost Price Target	$40.00	$56.00 ➝ $61.00	Outperform	N/A
GPS GAP	Boost Price Target	$21.00	$15.00 ➝ $19.00		High
FCX Freeport-McMoRan	Boost Price Target	$18.00	$19.00 ➝ $23.00	Outperform	Low
MTL Mullen Group Ltd. (MTL.TO)	Boost Price Target	C$10.00	C$11.00 ➝ C$12.00		N/A
MLLGF Mullen Group	Boost Price Target	$8.00	$11.00 ➝ $12.00	Outperform	Low
CJR.B Corus Entertainment	Boost Price Target	C$4.00	C$3.00 ➝ C$4.00		N/A
CJREF Corus Entertainment	Boost Price Target	$3.00	$3.00 ➝ $4.00	Market Perform	High
CMG Chipotle Mexican Grill	Boost Price Target	$1,339.00	$1,050.00 ➝ $1,200.00	Market Perform	Low
AVY Avery Dennison	Boost Price Target	$142.00	$129.00 ➝ $155.00	Market Perform	Low
NGVT Ingevity	Boost Price Target	$60.00	$86.00 ➝ $90.00	Positive ➝ Outperform	High
FNLPF Fresnillo	Reiterated Rating	$16.00		Market Perform	Medium
CGIFF Chemtrade Logistics Income Fund	Lower Price Target	$4.00	$7.50 ➝ $6.50	Market Perform	Low
BNAUF Battle North Gold	Boost Price Target	$1.00	$3.30 ➝ $4.00	Outperform	Low
NFLX Netflix	Boost Price Target	$488.00	$625.00 ➝ $700.00	Outperform	High
CP Canadian Pacific Railway Limited (CP.TO)	Boost Price Target	C$414.00	C$450.00 ➝ C$460.00		N/A
CP Canadian Pacific Railway	Boost Price Target	$315.00	$450.00 ➝ $460.00	Outperform	Medium
MRTX Mirati Therapeutics	Boost Price Target	$180.00	$101.00 ➝ $176.00	Market Perform	High
PPG PPG Industries	Boost Price Target	$134.00	$173.00 ➝ $178.00	Outperform	Low
PCAR PACCAR	Boost Price Target	$93.00	$80.00 ➝ $90.00	Market Perform	Low
EBAY eBay	Boost Price Target	$54.00	$59.00 ➝ $61.00	Market Perform	High
RAPT RAPT Therapeutics	Boost Price Target	$33.00	$40.00 ➝ $51.00	Positive ➝ Outperform	High
HXL Hexcel	Downgrade	$36.00	$40.00 ➝ $35.00	Outperform ➝ Market Perform	High
STLD Steel Dynamics	Boost Price Target	$33.00	$32.00 ➝ $35.00	Market Perform	High
KGC Kinross Gold	Boost Price Target	$9.00	$14.25 ➝ $14.50	Outperform	Low
CELTF Centamin	Reiterated Rating	$2.00		Market Perform	High
IBM International Business Machines	Lower Price Target	$116.00	$140.00 ➝ $138.00	Neutral ➝ Market Perform	High
PLAY Dave & Buster's Entertainment	Upgrade	$20.00	$17.00 ➝ $26.00	Market Perform ➝ Outperform	Low
LAC Lithium Americas	Boost Price Target	C$14.00	C$8.00 ➝ C$10.00		N/A
LAC Lithium Americas	Boost Price Target	$11.00	$8.00 ➝ $10.00	Market Perform	Medium
KSU Kansas City Southern	Upgrade	$184.00	$200.00 ➝ $205.00	Market Perform ➝ Outperform	Low
SAFM Sanderson Farms	Lower Price Target	$131.00	$150.00 ➝ $132.00	Market Perform	High
ALLY Ally Financial	Boost Price Target	$29.00	$34.00 ➝ $36.00	Positive ➝ Outperform	Medium
ALA Altagas	Boost Price Target	C$17.00	C$21.00 ➝ C$23.00		N/A
ATGFF AltaGas	Boost Price Target	$13.00	$21.00 ➝ $23.00	Outperform	High
LUN Lundin Mining Co. (LUN.TO)	Lower Price Target	C$8.00	C$12.75 ➝ C$12.50		N/A
LUNMF Lundin Mining	Lower Price Target	$6.00	$12.75 ➝ $12.50	Outperform	Low
SAGE Sage Therapeutics	Boost Price Target	$72.00	$65.00 ➝ $79.00	Positive ➝ Outperform	High
WFC Wells Fargo & Company	Lower Price Target	$23.00	$35.00 ➝ $31.00	Market Perform	Low
BLK BlackRock	Boost Price Target	$637.00	$594.00 ➝ $602.00	Market Perform	Medium
NOW ServiceNow	Boost Price Target	$514.00	$475.00 ➝ $562.00	Outperform	Medium
GS Goldman Sachs Group	Boost Price Target	$205.00	$267.00 ➝ $274.00	Positive ➝ Outperform	Low
EAT Brinker International	Upgrade	$45.00	$45.00 ➝ $65.00	Market Perform ➝ Outperform	High
REPL Replimune Group	Boost Price Target	$45.00	$40.00 ➝ $51.00	Positive ➝ Outperform	High
ATZ Aritzia	Boost Price Target	C$22.00	C$24.00 ➝ C$25.00		N/A
INFY Infosys	Boost Price Target	$15.00	$13.00 ➝ $18.00	Market Perform	Low
ATZAF Aritzia	Boost Price Target	$16.00	$24.00 ➝ $25.00	Outperform	High
AA Alcoa	Boost Price Target	$13.00	$11.00 ➝ $14.00	Market Perform	High
CJT Cargojet	Boost Price Target	C$224.00	C$225.00 ➝ C$245.00		N/A
CGJTF Cargojet	Boost Price Target	$173.00	$225.00 ➝ $245.00	Outperform	Low
JPM JPMorgan Chase & Co.	Boost Price Target	$104.00	$117.00 ➝ $119.00	Market Perform	Low
C Citigroup	Lower Price Target	$44.00	$87.00 ➝ $83.00		Low
MAR Marriott International	Upgrade	$102.00	$83.00 ➝ $95.00	Underperform ➝ Market Perform	High
HLT Hilton Worldwide	Upgrade	$95.00	$72.00 ➝ $89.00	Underperform ➝ Market Perform	High
ATVI Activision Blizzard	Downgrade	$81.00	$95.00 ➝ $80.00	Outperform ➝ Market Perform	Low
SON Sonoco Products	Boost Price Target	$53.00	$56.00 ➝ $60.00	Sell ➝ Outperform	Low
HST Host Hotels and Resorts	Upgrade	$12.00	$12.00 ➝ $14.00	Market Perform ➝ Outperform	High
PK Park Hotels & Resorts	Upgrade	$11.00	$9.00 ➝ $13.00	Market Perform ➝ Outperform	High
NSRXF Nomad Royalty	Initiated Coverage	$1.00		Market Perform	High
PKG Packaging Corp Of America	Upgrade	$119.00	$102.00 ➝ $134.00	Market Perform ➝ Outperform	High
IP International Paper	Upgrade	$46.00	$40.00 ➝ $53.00	Market Perform ➝ Outperform	High
GEF Greif	Upgrade	$44.00	$38.00 ➝ $49.00	Market Perform ➝ Outperform	High
WRK Westrock	Upgrade	$40.00	$35.00 ➝ $57.00	Market Perform ➝ Outperform	Medium
BNL Broadstone Net Lease	Initiated Coverage	$17.00	$21.00	Outperform	Low
PTVE Pactiv Evergreen	Initiated Coverage	$13.00	$17.00	Outperform	Low
MCD McDonald's	Boost Price Target	$229.00	$220.00 ➝ $235.00	Outperform	Low
CTC.A Canadian Tire	Boost Price Target	C$155.00	C$125.00 ➝ C$136.00		N/A
MRVL Marvell Technology Group	Boost Price Target	$41.00	$32.00 ➝ $42.00	Market Perform	Medium
TXG Torex Gold Resources Inc. (TXG.TO)	Boost Price Target	C$20.00	C$36.00 ➝ C$37.00		N/A
RUS Russel Metals Inc. (RUS.TO)	Boost Price Target	C$19.00	C$18.00 ➝ C$19.00		N/A
TORXF Torex Gold Resources	Boost Price Target	$15.00	$36.00 ➝ $37.00	Outperform	High
OKTA Okta	Boost Price Target	$220.00	$228.00 ➝ $260.00		Low
RPM RPM International	Boost Price Target	$90.00	$104.00 ➝ $109.00	Outperform	Medium
BLL Ball	Upgrade	$93.00	$70.00 ➝ $107.00	Market Perform ➝ Outperform	Low
PAYX Paychex	Boost Price Target	$85.00	$74.00 ➝ $82.00		Low
MFI Maple Leaf Foods Inc. (MFI.TO)	Lower Price Target	C$25.00	C$34.00 ➝ C$30.00		N/A
FSUGY FORTESCUE METAL/S	Initiated Coverage	$24.00		Market Perform	Medium
MLFNF Maple Leaf Foods	Lower Price Target	$19.00	$34.00 ➝ $30.00	Market Perform	Medium
CIA Citizens	Initiated Coverage	$6.00	$4.00	Outperform	Medium
CHPRF Champion Iron	Initiated Coverage	$2.00		Outperform	Low
NVDA NVIDIA	Boost Price Target	$544.00	$565.00 ➝ $650.00	Outperform	Low
MYOK Myokardia	Downgrade	$223.00	$148.00 ➝ $225.00	Outperform ➝ Market Perform	Low
BFAM Bright Horizons Family Solutions	Downgrade	$162.00	$127.00 ➝ $150.00	Outperform ➝ Market Perform	High
EIDX Eidos Therapeutics	Downgrade	$73.00		Outperform ➝ Market Perform	Medium
BMO Bank of Montreal	Upgrade	$64.00	$88.00	Underperform ➝ Neutral	Medium
BBIO BridgeBio Pharma	Boost Price Target	$40.00	$44.00 ➝ $49.00	Outperform	High
KPLUY K+S Aktiengesellschaft	Reiterated Rating	$4.00		Market Perform	Low
CELTF Centamin	Reiterated Rating	$2.00		Market Perform	Medium
CGX Cineplex	Downgrade	C$6.00	C$12.00 ➝ C$6.00	Market Perform ➝ Underperform	N/A
CPXGF Cineplex	Downgrade	$4.00	$6.00	Sell	High
LNDNF Lundin Energy	Upgrade	$20.00		Market Perform ➝ Outperform	Low
SUI Sun Communities	Boost Price Target	$142.00	$160.00 ➝ $165.00	Outperform	Medium
TXRH Texas Roadhouse	Boost Price Target	$72.00	$58.00 ➝ $62.00	Market Perform	High
DND Dye & Durham Limited (DND.TO)	Boost Price Target	C$24.00	C$18.00 ➝ C$26.00		N/A
CAE CAE	Upgrade	C$24.00	C$23.00 ➝ C$25.00	Market Perform ➝ Outperform	N/A
SU Suncor Energy	Lower Price Target	C$16.00	C$30.00 ➝ C$28.00		N/A