BofA analyst Ebrahim Poonawala downgraded Bank of Montreal to Neutral from Buy with a price target of $99, down from $112, reflecting a cautious view on the macro-economic outlook that is likely to challenge EPS growth and ROE defensibility for the Canadian banks sector. While Poonawala still sees Bank of Montreal as "well positioned to deliver superior results," the analyst sees the risk/reward as balanced at current levels given the worsening operating backdrop.
Published first on TheFly
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