$BMO.TO

Brookfield Corporation Distributable Earnings Before Realizations US$0.59 and After $0.66

TD Bank Upgraded, Royal Bank Downgraded at Raymond James

Toronto-Dominion Bank (TD.TO) was upgraded to Outperform from Market Perform, and Royal Bank of Canada (RY.TO) was downgraded to Market Perform from Outperform at Raymond James.Analyst Stephen Boland raised his price target on TD to $152.50 from $141, and on Royal Bank to $265.50 from $248.Boland increased his targets on Bank of Montreal (BMO.TO) to $227 from $214 (Outperform), Bank of Nova Scotia (BNS.TO) to $120 from $117 (Outperform), CIBC (CM.TO) to $157.50 from $148.50 (Market Perform), and National Bank of Canada (NA.TO) to $206.50 from $200 (Market Perform)."We believe TD is reasonably valued relative to improving fundamentals and have increased confidence in management's ability to execute on its strategic priorities," the analyst said in a note to clients."TD also benefits from above-average US exposure, where the NIM and loan growth outlook are more favourable than in Canada," Boland said."We continue to view RBC as a scaled, diversified franchise with a lower-volatility earnings profile," the analyst said. "However, those same attributes may limit relative upside this quarter.""In a stronger trading revenue environment, RBC's greater exposure to rates and credit trading may benefit less than peers with higher exposure to equities, currencies, and commodities," Boland said."With RY trading at roughly a one-turn P/E premium to the peer group (excl. RY), we believe the stock is priced to execute, and the absence of a larger trading revenue uplift could limit near-term upside."

BMO to Invest in a 19.9% Equity Interest, "Enabling Continued Participation in the Businesses' Long-term Value Creation"

BMO Signs a Definitive Agreement With Stonepeak for the Sale, Including Related Loan Portfolios in the U.S. and Canada

BMO Announcing Strategic Sale Of Transportation And Vendor Finance Businesses

TSX Closer: A Lower Close Amid Uncertainty Over Peace Talks; Rosenberg Research On Canadian Banks

The Toronto Stock Exchange was back in negative territory Thursday with both the Base Metals and Energy sectors lower, and amid reports Iran is still reviewing a peace proposal put forward by the United States, while the two nations wrestle over talks to end the war.The S&P/TSX Composite Index closed down 125.2 points to 33,856.62, as Base Metals, down 1.7%, and Energy, down 1.4%, led decliners. In contrast, the Battery Metals Index led gainers, rising 7.8%.Reflecting the overall negative tone to the market, the Financial sector lost 0.4% even as Rosenberg Research published a note entitled 'Canadian Banks: Quality at a Premium Price' in which it said secular market themes continue to support Canadian banks' premium valuations, as the sector benefits from rising global interest in non-U.S.-dollar, commodity-based economies.Key takeaways from the note written by Mehmet Beceren, Senior Markets Strategist at Rosenberg, include the idea that Canadian banks are benefiting from more than bank fundamentals. As heavyweights in the Canadian equity index, the Big Six are getting a side benefit from global flows into Canada as investors seek exposure to hard assets, commodities, oil, gold, and non-U.S.-dollar markets, Beceren said.Another takeaway is that the quality premium is defensible. "Valuations are not cheap relative to history, but high profitability and supportive thematic tailwinds justify higher multiples in a market that continues to re-rate quality earnings," Beceren added.Of commodities, West Texas Intermediate crude oil fell for a third-straight session, but rose off the day's low on uncertain prospects for a potential peace deal between the United States and Iran. WTI crude oil for June delivery closed down $0.27 to settle at US$94.81 per barrel, after earlier touching US$89.85. July Brent oil was down $0.67 to US$100.60Gold had risen for a third-straight session by midafternoon Thursday on optimism a deal to end the war on Iran may be near, cutting into oil prices and pushing the dollar lower amid easing fears the supply shock around the war would boost inflation and force higher interest rates. Gold for June delivery was up $20.60 to US$4,714.00 per ounce, after rising by US$125,80 on Wednesday.

AutoCanada Appoints Mike Woodward as Chief Financial Officer

AutoCanada (ACQ.TO) appointed Mike Woodward as chief financial officer, effective July 6, 2026, the company said on Thursday.He has more than 18 years of financial leadership experience across public and private companies, stated the company.Most recently, he served as CFO of the Canada Enterprise Emergency Funding Corporation (CEEFC). He has also served as CFO of Lynx Air and Campus Energy previously.Earlier in his career, Woodward held senior roles in investment banking at Bank of Montreal (BMO.TO) and CIBC World Markets, advising on a range of M&A and capital markets transactions."Mike brings a strong combination of financial discipline, strategic insight, and operational experience," said Samuel Cochrane, Chief Executive Officer and Interim Chief Financial Officer of AutoCanada. "We look forward to his contributions and are pleased to welcome him to the AutoCanada team as we continue to execute on our strategic initiatives."The company's shares were last seen down $0.09 at $22.35 on the Toronto Stock Exchange.Price: $22.52, Change: $+0.08, Percent Change: +0.36%

OSFI's Annual Risk Outlook Flags Key Risks For Financial Sector, Regulator's Response

The Office of the Superintendent of Financial Institutions (OSFI) on Tuesday said it will focus on achieving "resilience in stress" for the Canadian banking sector.In its 2026-2027 Annual Risk Outlook, released on Tuesday, the regulator flagged real-estate secured lending risks, non-bank financial institution risks, liquidity and funding as the key issues facing the financial sector.Housing and mortgage pressures have increased in some parts of the country. Risks outside the traditional banking system have also expanded, including in areas where non-bank lenders and investment funds are taking on more borrowing. Global uncertainty may also impact confidence in funding markets."Although cost and availability of funding have remained stable, the speed at which a liquidity event could unfold remains a key concern," the report noted.To mitigate these risks, OSFI's supervisory work will include reviewing contingency funding and recovery plans at banks. "We will assess how internationally active institutions consider geopolitical shocks in their plans. We will also focus on the ability of institutions to report liquidity and funding positions under short timelines, including cross-border exposures," the agency said.OSFI will continue to advance work on liquidity-risk guidance for deposit-taking institutions throughout 2026. The most recent revisions to liquidity adequacy requirements will take effect on May 1, 2026, targeting specific retail deposit categories. The regulator will release further updates to liquidity adequacy requirements for consultation as part of the second quarterly release on May 21.OSFI also plans to release a draft internal liquidity adequacy assessment process guidance for consultation as part of the May quarterly release.Price: $202.70, Change: $+1.16, Percent Change: +0.58%

Bank of Montreal Announces Partnerships With Quantum Industry Canada, Chicago Quantum Exchange

Bank of Montreal (BMO.TO), up 3% in U.S. pre-market trading, Monday announced new partnerships with Quantum Industry Canada (QIC) and the Chicago Quantum Exchange (CQE).BMO last week launched its Institute for Applied Artificial Intelligence & Quantum, a centre of excellence that is focused on the responsible application and governance of AI and the advancement of quantum capabilities. These initiatives reflect BMO's commitment to "innovating, developing and integrating" technologies that will shape the future of financial services and the broader economy, a statement said."Quantum technologies present significant long-term potential, along with important questions around security, governance and real-world application," said Dr. Kristin Milchanowski, chief AI & quantum officer, BMO. "These partnerships enable us to engage constructively with leading organizations across Canada and the U.S. as the field continues to develop, while taking a responsible, informed approach grounded in collaboration, learning and readiness."BMO also recently joined the IBM Quantum Network.BMO shares were last seen up US$4.28, to US$148.59, in New York trading.

BMO Announcing Partnership with Quantum Industry Canada and Chicago Quantum Exchange