(Updates to reflect CIBC downgrade.)
Dec. 7 (Bloomberg) -- Bank of Montreal was downgraded by five analysts after Canada’s fourth-largest bank reported results that missed analysts’ estimates.
The Toronto-based bank’s ratings were cut to “hold” from ‘’buy” by Canaccord Genuity analyst Mario Mendonca and Desjardins Capital analyst Michael Goldberg; to “sector perform” from ‘’outperform” by RBC Capital Markets analyst Andre-Philippe Hardy; to “sell’ from “buy” by Ohad Lederer at Veritas Investment Research Co. and to ‘’sector underperformer” from ‘’sector performer” by CIBC World Markets analyst Robert Sedran.
Bank of Montreal was the first Canadian bank to miss fourth-quarter estimates yesterday, reporting adjusted profit of C$1.27 a share, short of the C$1.31-a-share average estimate of 16 analysts surveyed by Bloomberg.
“Revenue growth in Canadian retail banking is at the low end of the peer group,” said RBC’s Hardy in a note to investors today.
--With assistance from Doug Alexander in Toronto. Editor: David Scanlan
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