Bank of Montreal Stock Forecast:
According to 21 analysts, the average target price for Bank of Montreal stock over the next 12 months is CAD 143.33. The average analyst rating for the stock is “Buy.” Stock Target Advisor, however, has a “Neutral” analysis based on 6 positive signals and 6 negative signals. As of the last closing, Bank of Montreal’s stock price was CAD 119.95. Over the past week, the stock price has increased by +1.66%, but it has decreased by -1.34% over the past month and -9.14% over the last year.
Analysts Coverage Change:
Credit Suisse Group maintains an “Outperform” rating for BMO and lowers the target price to $139 from $147 on the company’s stock.
STA Research maintains BMO with a “Under Perform’ Rating and a target price of $105 on the company’s stock.
BMO News:
BMO Receives Court Approval to Acquire AIR MILES Reward Program
Last week, BMO Financial Group (BMO:TSX) officially confirmed that it received Court approval to acquire LoyaltyOne’s AIR MILES Reward Program (AIR MILES) business. This acquisition is set to breathe new life into one of Canada’s most renowned loyalty programs. The transaction is expected to be finalized on June 1, 2023, subject to regulatory approvals and customary closing conditions.
Following the completion of the acquisition, the AIR MILES business will continue to function as separate entities, operating as wholly-owned subsidiaries of BMO within its Canadian P&C (Personal and Commercial) reporting segment. This strategic move aims to leverage BMO’s expertise and resources to further enhance the program’s offerings for AIR MILES collectors, as well as for merchants and partners across the country.
This acquisition aligns with BMO’s vision of providing exceptional value and experiences to its customers, and the AIR MILES Reward Program is a perfect fit. With a robust and loyal customer base, the program has long been recognized as a leader in the loyalty industry in Canada. The acquisition presents an exciting opportunity for BMO to reinvigorate the program and take it to new heights.
