Bank of Montreal assumed at Sector Perform from Outperform at Scotiabank

As previously reported, Scotiabank downgraded Bank of Montreal (BMO) to Sector Perform from Outperform with a C$143 price target while assuming coverage of six Canadian banks. The analyst is “generally constructive” on the Canadian banks despite elevated uncertainty in the macroeconomic outlook and lingering risks of a potential trade war, believing that the group is “as recession ready as it has ever been.”