Downgrade Alert for Bank of Montreal (BMO)
Bank of Montreal (NYSE:BMO) was downgraded from Outperform to Neutral at Credit Suisse today. The stock closed yesterday at $57.49 on volume of 682,000 shares, below average daily volume of 853,000.
There is potential upside of 4.5% for shares of Bank of Montreal based on a current price of $57.53 and an average consensus analyst price target of $60.09. The stock should discover initial support at its 200-day moving average (MA) of $56.18 and subsequent support at its 50-day MA of $53.40.
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.
In the past 52 weeks, Bank of Montreal share prices have been bracketed by a low of $47.54 and a high of $67.01 and closed yesterday at $57.53, 21% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has remained constant.
SmarTrend recommended that subscribers consider buying shares of Bank of Montreal on February 17th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $53.93. Since that recommendation, shares of Bank of Montreal have risen 6.7%. 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