Bank of Montreal upgraded to Outperform from Sector Perform at National Bank

National Bank upgraded Bank of Montreal to Outperform from Sector Perform with a price target of C$141, up from C$117. The analyst states that the firm’s concerns regarding accretion from the company’s acquisition of Bank of the West were allayed following its Q4 update that included a 20% increase to planned expense synergies. BMO‘s top line will continue to be challenged, but Fed stimulus should help boost commercial loan growth prospects in the year ahead, the firm tells investors in a research note.