UPDATE: BMO Capital Markets Raises PT on Bank of Montreal after Q1/13 Results

In a report published Wednesday, BMO Capital Markets reiterated its Market Perform rating on Bank of Montreal (NYSE: BMO), and raised its price target from $64.00 to $66.00.

BMO Capital Markets noted, “BMO reported cash EPS of $1.56. Adjusted cash EPS were $1.46, up from $1.42 last year, and in line with consensus of $1.47. BMO also increased its dividend 3% to $0.74 – a positive surprise to us. Potentially Positive. Q1/13 results reflected very strong credit performance (particularly in commercial credit), exceptional investment banking, and good wealth management.”

Bank of Montreal closed on Tuesday at $62.12.

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