RBC Capital raised the firm’s price target on Bank of Montreal (BMO) to C$168 from C$161 and keeps an Outperform rating on the shares. The company’s results were better than expected, mainly reflecting lower than expected provision for credit losses, or PCL, the analyst tells investors in a research note. BMO also suggested that impaired PCLs have peaked in the U.S., which the firm views favorably as it lowers its impaired PCL assumptions, the firm added.
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