Bank of Montreal

BMO · TORONTO

$169.11−$1.33 (−0.78%)TodayMarket closed · Oct 23, 7:30 PM ET

Prev close $170.44

BMO analyst rating

HoldConsensus of 1 analyst over the last 12 months. 0% rate it a buy.

Strong buy0
Buy0
Hold1
Underperform0
Sell0

12-month price target · 16 analysts

Average $187.64 (+11.0% upside)

Low: $163.30
Now: $169.11
High: $220.62

Upgrades and downgrades

The latest rating actions, newest first

BMO analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
RBC Capital	May 28, 2026	Maintains	Sector Perform	$205.00 → $230.00	64%

The case for and against

Updated Oct 23, 2026

Bull case

Bank of Montreal is positioned favorably because Q3/F26 core cash EPS of $3.96 beat both estimates and consensus, while revenue outperformed, PCLs were lower than expected, and each major business line except Corporate exceeded forecasts. Its profitability is improving, with ROE rising to 14.0% from 13.5% and moving closer to management’s 15.0% target, while record PTPP earnings across all business lines and stronger U.S. commercial lending volumes signal broad operating momentum. The outlook is further supported by disciplined credit performance, stable near-term NIM, overachievement on BoW synergies, and raised F2026 and F2027 EPS estimates to $14.78 and $16.34, respectively.

Bear case

Bank of Montreal is facing a weaker fundamental backdrop because credit deterioration is still visible, with Q2/26 gross impaired loans at 1.01%, Canadian consumer 90+ day delinquencies rising, and total PCLs of $739 million only modestly lower than expected while remaining elevated in the context of a mid-40 bps impaired PCL outlook for 2026. Revenue and earnings momentum also look soft, as Canadian P&C revenues and expenses both fell in Q2/26, capital markets core earnings declined ~3% QoQ, and Corporate Services is expected to keep generating net losses through the remainder of the forecast period. Although the bank is targeting 15%+ medium-term core ROE and maintains a solid capital base, its 13.0% CET1 ratio in Q2/26, lower than peers’ trajectory, plus muted loan growth and US execution uncertainty limit upside.

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