The Globe and Mail reports in its Thursday edition that TD Cowen analyst Mario Mendonca continues to rate Bank of Montreal "hold." The Globe's David Leeder writes in the Eye On Equities column that Mr. Mendonca's share target soared $7 to $152. Analysts on average target the shares at $151. Following the release of stronger-than-anticipated first quarter 2025 financial results, Mr. Mendonca thinks BMO's valuation now reflects a "rosy picture for credit, loan growth and U.S. generally." Mr. Mendonca says in a note: "BMO beat estimates on very strong trading revenue and lower PCLs [provisions for credit losses]. BMO's greater exposure to capital markets, U.S. exposure, and strong capital levels (supporting buybacks) continue to drive strong stock price performance. Our more muted outlook reflects relative valuation (approaching Royal Bank of Canada levels), stubbornly high GIL [gross impaired loans] formations, and what we view as unrealistic ROE [return on equity] guidance for the U.S. and total bank. ... BMO has precisely what the market favours at this time: a) improving credit outlook, b) U.S. exposure (in the context of tariffs), c) strong capital levels (supporting buybacks) and d) overweight capital markets."