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Bank of Montreal Price Target Raised to $244 at CIBC

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CIBC Capital Markets raised its price target on Bank of Montreal (BMO.TO) to $244 from $226.

Analyst Paul Holden maintained an Outperformer rating on shares of the Canadian bank following its quarterly results.

"FQ2 results should strengthen confidence that BMO can achieve its 15% ROE target in F2028, supported by growth in US Banking, improving expense efficiency, and share buybacks," Holden said in a note to clients.

"We estimate that there is ~5% upside to F2028 consensus EPS if BMO achieves the 15% ROE," the analyst said.

"Our F2027 EPS estimate increases slightly on higher assumed loan growth," Holden said.

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