Inside the Market’s roundup of some of today’s key analyst actions
Citing its valuation and business mix, Scotiabank Capital Markets analyst Sumit Malhotra upgraded his rating for Bank of Montreal (BMO-T).
On Tuesday prior to market open, the bank reported operating earnings per share of $2.08, topping Mr. Malhotra’s projection of $1.87 and the consensus of $1.88. It was an increase of 19 per cent year over year.
"Though the bank did derive a sizable contribution from items that can be volatile (trading revenue, insurance earnings), in our view the bigger takeaway from the results in terms of staying power was the strength in the "3 C's" -- credit quality (PCL ratio down to 18.5 basis points), costs (all-bank operating leverage of a robust 5.1 per cent increase), and capital (which jumped a hefty 91 basis points to 11.06 per cent)," said Mr. Malhotra, moving his rating to "sector outperform" from "sector perform."
- Bank of Montreal$96.12-0.59(-0.61%)
- Avigilon Corp$14.50+0.01(+0.07%)
- Mag Silver Corp$16.87-0.11(-0.65%)
- Mullen Group Ltd$15.42+0.18(+1.18%)
- Rye Patch Gold Corp$0.230.00(0.00%)
- Allstate Corp$89.20-0.02(-0.02%)
- Intel Corp$34.72-0.04(-0.10%)
- Palo Alto Networks Inc$138.56-0.95(-0.68%)
- Bank of Nova Scotia$77.60-0.72(-0.92%)
- Winpak Ltd$56.14-0.31(-0.55%)
- CCL Industries Inc$59.96-0.54(-0.89%)
- Updated July 21 12:30 PM EDT. Delayed by at least 15 minutes.