As previously reported, CIBC analyst Paul Holden upgraded Bank of Montreal (BMO) to Outperformer from Neutral with a price target of C$180, up from C$173. The firm believes consensus estimates for the Canadian banks remain conservative, positioning the group to beat expectations. For BMO, CIBC sees upside to earnings estimates from lower credit losses, operating efficiency improvement, improving U.S. results, and a positive outlook for investment banking. The stock in morning trading is up 1% to $126.65.
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