Downgrade Alert for Bank of Montreal (BMO)
Bank of Montreal (NYSE:BMO) was downgraded from Outperform to Sector Perform at RBC Capital today. The stock closed yesterday at $70.39 on volume of 340,000 shares, above average daily volume of 249,000.
Over the past year, Bank of Montreal has traded in a range of $55.61 to $71.33 and closed yesterday at $70.39, 27% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.5%.
Bank of Montreal, doing business as BMO Financial Group, is a Canadian chartered bank which operates throughout the world. The Bank offers commercial, corporate, governmental, international, personal banking, and trust services. Bank of Montreal also offers full brokerage, underwriting, investment, and advisory services.
Based on a current price of $70.39, Bank of Montreal is currently 0.2% above its average consensus analyst price target of $70.24. The stock should discover initial support at its 50-day moving average (MA) of $68.33 and subsequent support at its 200-day MA of $66.60.
SmarTrend recommended that subscribers consider buying shares of Bank of Montreal on February 13th, 2014 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $64.23. Since that recommendation, shares of Bank of Montreal have risen 9.6%. We continue to monitor BMO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: analyst upgrades/downgrades Bank of Montreal