BMO Capital Markets
Investment and corporate banking arm of Bank of Montreal, headquartered in Toronto; it runs an integrated equity research department across the U.S., Canada and the U.K. and is known for its metals and mining franchise.
Company history
BMO's securities business descends from Nesbitt Thomson, founded in 1912, which Bank of Montreal acquired in 1987 and merged with Burns Fry in 1994 to form Nesbitt Burns. U.S. capabilities grew through Harris Nesbitt in 1999 and the 2003 purchase of research boutique Gerard Klauer Mattison. BMO combined its Canadian, U.S. and international wholesale units as BMO Capital Markets in 2006, and in 2026 agreed to buy the capital markets business of Australia's Euroz Hartleys.
- 1912Nesbitt Thomson founded
- 1987Bank of Montreal acquires Nesbitt Thomson
- 1994Merger with Burns Fry forms Nesbitt Burns
- 2003Acquires U.S. research boutique Gerard Klauer Mattison
- 2006Wholesale units combined as BMO Capital Markets
- 2026Agrees to acquire Euroz Hartleys' capital markets business
Research
BMO Capital Markets publishes equity research from teams in the U.S., Canada and the U.K. Stocks are rated Outperform, Market Perform or Underperform against the analyst's coverage universe on a total-return basis, with an (S) flag for speculative investments; target prices and return potential carry a 12-month horizon unless a report states otherwise. Seven Top 15 lists replaced the former Top Pick rating.
Coverage12M
- Stocks
- 666
- Ratings
- 1,173
- Price targets
- 1,039
- Median upside
- +14.0%
- Upgrades
- 68
- Downgrades
- 64
- Initiations
- 87
- Reiterations
- 954
- Targets raised
- 489
- Targets cut
- 339
- Positive57%347
- Neutral41%251
- Negative1%9
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 PGRThe Progressive Corporation | Market Perform | $205 |
 ADBEAdobe Inc. | Market Perform | $270 |
 BMOBank of Montreal | Market Perform | $90 |
 CMSCMS Energy Corporation | Outperform | $77 |
 AEPAmerican Electric Power Company, Inc. | Market Perform | $136 |
 DTEDTE Energy Company | Market Perform | $143 |
 ORCLOracle Corporation | Outperform | $195 |
 AMZNAmazon.com, Inc. | Outperform | $360 |
 ETREntergy Corporation | Outperform | $123 |
 LNTAlliant Energy Corporation | Outperform | $83 |
Analysts24M
- Keith BachmanDT · OKTA · ORCL61
- John McNultyECL · AVY · ASH48
- James ThalackerVST · CEG · CMS43
- Jeffrey SilberSPGI · MCO · AMN36
- Daniel JesterADSK · BMO · IOT36
- Brian PitzGOOG · PINS · TTD34
Recent actions
| Stock | Rating action | Rating | Target | Date |
|---|---|---|---|---|
| CYCommunity Health Systems, Inc.CYH | Initiate | Market Perform | $3 | Sep 22 |
| HCHCA Healthcare, Inc.HCA | Initiate | Outperform | $240 →$495 | Sep 22 |
| ARArdent Health Partners, LLCARDT | Initiate | Market Perform | $11 | Sep 22 |
| THTenet Healthcare CorporationTHC | Initiate | Market Perform | $265 | Sep 22 |
 Vertex Pharmaceuticals IncorporatedVRTX | Reiterate | Outperform | Sep 22 | |
 Netflix, Inc.NFLX | Reiterate | Outperform | Sep 22 | |
 Element Solutions IncESI | Reiterate | Outperform | $50 →$45 | Sep 21 |
Similar coverage12M
References
- BMO Capital Markets - Wikipediaen.wikipedia.org
- BMO research report with ratings key and distribution (February 2025)nesbittburns.bmo.com
- BMO Portfolio Strategy with research disclosures (May 2025)assets.bmoetfs.ca
- Alan Tannenbaum - BMO Capital Marketscapitalmarkets.bmo.com
- Penn Egbert - BMO Capital Marketscapitalmarkets.bmo.com
- BMO to Acquire Australia-Based Capital Markets Business of Euroz Hartleys Group (BMO, 2026)newsroom.bmo.com