BMO Capital
Upgrade grade
C
Downgrade grade
A
BMO Capital Markets, the investment banking and equity research division of Bank of Montreal, traces its roots back to the bank's founding in 1817, making it one of North America's oldest financial institutions. Today, BMO Capital operates as a substantial player in North American capital markets with a comprehensive research platform covering approximately 8,177 analyst ratings across US equities, reflecting its broad market coverage and analytical depth. The firm is particularly well-regarded for its research coverage in financials, industrials, and consumer sectors, where its analysts combine macroeconomic insights with fundamental company analysis to inform institutional clients. A distinguishing feature of BMO Capital's research culture is its emphasis on integrated analytics that bridges traditional equity research with fixed income and currency perspectives, allowing analysts to provide clients with cross-asset insights that reflect the interconnected nature of modern financial markets.
Upgrades
770
73.77% win rate
· avg +2.06% D1
Downgrades
777
79.15% win rate
· avg -3.56% D1
Avg Gap — Upgrades
+1.92%
open vs prev close
Avg Gap — Downgrades
-2.99%
open vs prev close
Performance by Sector
| Sector | ↑ Win% | ↑ D1 | ↓ Win% | ↓ D1 |
|---|---|---|---|---|
| Real Estate | 64.41% (118) | +0.70% | 81.90% (116) | -1.54% |
| Consumer Cyclical | 82.08% (106) | +2.63% | 87.38% (103) | -4.08% |
| Basic Materials | 73.20% (97) | +2.25% | 77.32% (97) | -3.92% |
| Financial Services | 80.23% (86) | +1.82% | 72.94% (85) | -2.48% |
| Healthcare | 69.33% (75) | +2.41% | 75.68% (74) | -5.33% |
| Technology | 68.12% (69) | +3.01% | 78.33% (60) | -5.60% |
| Consumer Defensive | 81.54% (65) | +2.70% | 80.00% (60) | -3.81% |
| Industrials | 84.00% (50) | +2.26% | 81.08% (74) | -2.65% |
| Energy | 73.91% (46) | +2.23% | 72.92% (48) | -3.33% |
| Communication Services | 75.00% (28) | +2.81% | 80.00% (30) | -4.78% |
| Utilities | 60.87% (23) | +0.01% | 95.00% (20) | -5.41% |
Win Rate by Year
| Year | ↑ Win% | ↑ Calls | ↓ Win% | ↓ Calls |
|---|---|---|---|---|
| 2026 | 73.9% | 23 | 88.9% | 18 |
| 2025 | 77.8% | 45 | 78.9% | 38 |
| 2024 | 80.0% | 45 | 87.0% | 46 |
| 2023 | 75.6% | 41 | 70.0% | 50 |
| 2022 | 73.9% | 46 | 85.3% | 68 |
| 2021 | 68.4% | 57 | 77.8% | 45 |
| 2020 | 62.8% | 94 | 78.9% | 76 |
| 2019 | 82.2% | 45 | 82.0% | 61 |
| 2018 | 75.0% | 48 | 78.0% | 50 |
| 2017 | 75.0% | 60 | 73.6% | 53 |
Recent Calls
| Date | Ticker | Company | Sector | Action | Grade Change | PT | Gap | D1 |
|---|---|---|---|---|---|---|---|---|
| May 1, 2026 | WTW | Willis Towers Watson Public Limited Company | Financial Services | Upgrade | Market Perform → Outperform | — | +2.7% | +0.1% |
| Apr 28, 2026 | DPZ | Domino's Pizza, Inc. | Consumer Cyclical | Maintains | Outperform → Outperform | — | +0.9% | +1.5% |
| Apr 28, 2026 | NUE | Nucor Corporation | Basic Materials | Maintains | Outperform → Outperform | — | +2.4% | +4.7% |
| Apr 28, 2026 | MSFT | Microsoft Corporation | Technology | Maintains | Outperform → Outperform | — | -0.1% | +1.0% |
| Apr 27, 2026 | COUR | Coursera, Inc. | Consumer Defensive | Maintains | Outperform → Outperform | — | +0.8% | +10.0% |
| Apr 27, 2026 | STRA | Strategic Education, Inc. | Consumer Defensive | Maintains | Outperform → Outperform | — | +0.0% | +3.3% |
| Apr 27, 2026 | RS | Reliance Steel & Aluminum Co. | Basic Materials | Maintains | Market Perform → Market Perform | — | +0.3% | +2.6% |
| Apr 27, 2026 | BKR | Baker Hughes Company | Energy | Maintains | Outperform → Outperform | — | +1.5% | -0.8% |
| Apr 27, 2026 | NSC | Norfolk Southern Corporation | Industrials | Maintains | Market Perform → Market Perform | — | -0.3% | -0.3% |
| Apr 27, 2026 | SLB | SLB N.V. | Energy | Maintains | Outperform → Outperform | — | -0.1% | -1.6% |
| Apr 27, 2026 | NEE | NextEra Energy, Inc. | Utilities | Maintains | Outperform → Outperform | — | +0.6% | -0.5% |
| Apr 24, 2026 | HXL | Hexcel Corporation | Industrials | Maintains | Market Perform → Market Perform | — | -1.1% | -2.1% |
| Apr 24, 2026 | AAL | American Airlines Group Inc. | Industrials | Maintains | Market Perform → Market Perform | — | +1.4% | +2.7% |
| Apr 24, 2026 | MEDP | Medpace Holdings, Inc. | Healthcare | Maintains | Market Perform → Market Perform | — | -0.9% | +4.4% |
| Apr 24, 2026 | MAS | Masco Corporation | Industrials | Maintains | Market Perform → Market Perform | — | -0.2% | -1.6% |
| Apr 24, 2026 | DOW | Dow Inc. | Basic Materials | Maintains | Market Perform → Market Perform | — | +1.1% | +0.3% |
| Apr 24, 2026 | DOV | Dover Corporation | Industrials | Maintains | Market Perform → Market Perform | — | +0.3% | -1.5% |
| Apr 24, 2026 | WCN | Waste Connections, Inc. | Industrials | Maintains | Outperform → Outperform | — | -0.1% | -1.7% |
| Apr 24, 2026 | AMP | Ameriprise Financial, Inc. | Financial Services | Maintains | Market Perform → Market Perform | — | -0.1% | +1.0% |
| Apr 24, 2026 | CLS | Celestica Inc. | Technology | Maintains | Outperform → Outperform | — | +3.4% | +4.8% |
| Apr 24, 2026 | INFY | Infosys Limited | Technology | Maintains | Market Perform → Market Perform | — | -2.9% | -0.6% |
| Apr 24, 2026 | NEM | Newmont Corporation | Basic Materials | Maintains | Outperform → Outperform | — | +3.6% | +8.7% |
| Apr 24, 2026 | UNP | Union Pacific Corporation | Industrials | Maintains | Market Perform → Market Perform | — | +0.6% | -0.9% |
| Apr 24, 2026 | SAP | SAP SE | Technology | Maintains | Outperform → Outperform | — | +7.3% | +7.4% |
| Apr 23, 2026 | ASGN | ASGN Incorporated | Technology | Downgrade | Outperform → Market Perform | — | -39.9% | -51.7% |