TD Cowen raised the firm’s price target on Bank of Montreal (BMO) to C$170 from C$164 and keeps a Hold rating on the shares. The firm said BMO beat consensus and our estimates on strong capital markets revenue and lower performing PCLs. Impaired loan PCLs guidance remained unchanged at high 40’s bps. Share repurchases, consistently strong operating leverage and ongoing US balance sheet optimization support ROE improvements.
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