BMO Capital Markets
BMO Capital Markets is the investment and corporate banking arm of Bank of Montreal, headquartered in Toronto. It operates an integrated equity research department across the US, Canada and the UK and is known for its metals and mining expertise.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 66612M
- Actions
- 2,21212M
- Ratings / Price targets
- 1,173 / 1,039
- Upgrades / Downgrades
- 68 / 64
- Initiations
- 87
- Buy-rated
- 57%of 607 rated
- Median upside
- +14.0%
- Targets raised / lowered
- 489 / 339
- On record
- Feb 2012 – Sep 2026
Overview
BMO Capital Markets publishes equity research from teams in the U.S., Canada and the U.K. Its 2025 research disclosures base analyst pay on idea generation, recommendation performance, estimate accuracy and client service, alongside overall firm profitability.
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.
Milestones
- 1912
Nesbitt Thomson founded
- 1987
Bank of Montreal acquires Nesbitt Thomson
- 1994
Merger with Burns Fry forms Nesbitt Burns
- 2003
Acquires U.S. research boutique Gerard Klauer Mattison
- 2006
Wholesale units combined as BMO Capital Markets
- 2026
Agrees to acquire Euroz Hartleys' capital markets business
Firm facts
- Type
- Full-service
- Founded
- 1912
- Headquarters
- Toronto, Canada
- Parent
- Bank of Montreal
- Listing
- NYSE: BMO
- CEO & Group Head
- Alan Tannenbaum
- Head of U.S. Equity Research
- Penn Egbert
- Rating scale
- OutperformMarket PerformUnderperform12 months
- Also filed as
- bmo capital · BMO Capital
- Website
- capitalmarkets.bmo.com
Research philosophy
BMO Capital Markets’ research effort reflects a long tradition of independence and innovation.
In a 2012 research profile, BMO Capital Markets emphasized original investment ideas and said it had evaluated the performance of its recommendations twice a year since 1983. It tracked every Outperform-rated stock in its March and September Red Books to assess the value of its research.
Rating methodology
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
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 The Progressive CorporationPGR | Market Perform | $205 |
 Adobe Inc.ADBE | Market Perform | $270 |
 Bank of MontrealBMO | Market Perform | $90 |
 CMS Energy CorporationCMS | Outperform | $77 |
 American Electric Power Company, Inc.AEP | Market Perform | $136 |
 DTE Energy CompanyDTE | Market Perform | $143 |
 Oracle CorporationORCL | Outperform | $195 |
 Amazon.com, Inc.AMZN | Outperform | $360 |
 Entergy CorporationETR | Outperform | $123 |
 Alliant Energy CorporationLNT | Outperform | $83 |
Most active analysts
- Keith Bachman61 notesDTOKTAORCL
- John McNulty48 notesECLAVYASH
- James Thalacker43 notesVSTCEGCMS
- Jeffrey Silber36 notesSPGIMCOAMN
- Daniel Jester36 notesADSKBMOIOT
- Brian Pitz34 notesGOOGPINSTTD
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Sep 22 | 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 | Sean Dodge |
| Sep 22 | THTenet Healthcare CorporationTHC | Initiate | Market Perform | $265 | |
| Sep 22 |  Vertex Pharmaceuticals IncorporatedVRTX | Reiterate | Outperform | ||
| Sep 22 |  Netflix, Inc.NFLX | Reiterate | Outperform | ||
| Sep 21 |  Element Solutions IncESI | Reiterate | Outperform | $50 →$45 | Bhavesh Lodaya |