01:35 PM EDT, 08/28/2024 (MT Newswires) -- RBC has cut its target on BMO to $106 (from $118), noting that its third quarter losses appear elevated relative to peers.

Analyst Darko Mihelic is increasing its credit loss assumptions across BMO's businesses and models PCLs to peak in the next two quarters, higher than had been assumed previously. "Either BMO is way ahead of peers in this credit cycle or BMO's loan book will endure higher losses - time will tell - and we believe investors can comfortably wait for signs of either before taking a serious position in the stock."

Maintain Sector Perform.

Price: 110.10, Change: -1.94, Percent Change: -1.73