Market News

BMO Capital Markets Develops Healthcare Franchise

BMO Capital Markets, the corporate banking and investment division of BMO Financial Group (BMO), announced on Tuesday the hiring of Evan Seigerman as Managing Director and Senior Equity Research Analyst covering the biotechnology and pharmaceutical sectors.

Mr. Seigerman will lead the expansion of BMO’s healthcare research franchise, which currently consists of four analysts, including Mr. Seigerman, as well as Gary Nachman, who covers biopharma and biotechnology; Matthew Luchini, who covers biotechnology; and Matt Borsch, CFA, who covers managed care and providers.

Hiring Mr. Seigerman is a key part of BMO’s continued strategy to grow its healthcare franchise to meet customer needs. Mr. Seigerman, who will be based in New York, will report to Bert Powell, Global Director of Equity Research.

Mr. Powell said, “Evan brings a deep understanding of the biotech sector across market caps and therapeutic areas. In addition, he brings a client-centric focus with the vision to build a market-leading research franchise.”

With more than a decade of experience, Mr. Seigerman recently worked at Credit Suisse in New York, where he covered the U.S. biopharmaceutical sector.

In addition to Mr. Seigerman, Trung Huynh is joining BMO’s healthcare research team to support the expansion and growth of the organization. Mr. Huynh has over ten years of experience in covering therapeutic and pharmaceutical companies and most recently worked at Credit Suisse in London. (See Bank of Montreal stock chart on TipRanks)

Last week, National Bank Financial analyst Gabriel Dechaine kept a Buy rating on BMO while raising its price target to C$139.00 (from C$136.00). This implies 8.5% upside potential.

The rest of the Street is cautiously optimistic with a Moderate Buy consensus rating based on 7 Buys, 2 Holds, and 1 Sell. The average Bank of Montreal analyst price target of C$136.30 implies 6.4% upside potential to current levels.

TipRanks’ Smart Score

BMO scores a “Perfect 10” on TipRanks’ Smart Score rating system, indicating that the stock returns have a strong chance to beat the overall market.

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