**Bank of Montreal (BMO)**:
- RBC's Darko Mihelic found BMO's Q2 credit quality worse than peers, but thinks the sell-off was excessive. BMO’s core earnings per share fell short of estimates due to high provisions for credit losses (PCLs), leading to an 8.9% drop in shares. Despite these challenges, Mihelic maintains an "outperform" rating but cut the target to $124 from $130.
- Desjardins' Doug Young downgraded BMO to "hold" from "buy" with a $129 target, citing ongoing credit pressures.
- Other analysts from Scotia, Canaccord Genuity, National Bank, Barclays, and TD Cowen adjusted their targets for BMO, noting the impact of higher PCLs and a challenging interest rate environment.
**National Bank of Canada (NA)**:
- Canaccord Genuity's Matthew Lee praised National Bank’s strong Q2 performance, raising the target to $117 but maintaining a "hold" rating due to valuation concerns.
- Analysts from Scotia, Desjardins, RBC, CIBC, and Jefferies made target adjustments, highlighting the bank's robust financial markets performance and stable loan growth.
**Copper Market Outlook**:
- Scotia Capital analysts upgraded their near-term commodity price outlook, reflecting supply-side challenges and resilient global demand. They raised their targets for copper stocks, predicting tighter market conditions and large deficits through 2026.
- Ero Copper Corp. was upgraded to "sector outperform" with a target increase to $40 due to its growth prospects and improved financial position.
- Large-cap producers like First Quantum, Ivanhoe Mines, and Teck Resources also saw target increases, with analysts favoring stocks with strong growth potential and attractive valuations.
**Stifel's Cole McGill** believes the recent dip in copper prices is beneficial for long-term prospects, suggesting that once inventories decline, the overall demand for copper, especially outside China, will strengthen.#Megadrop #StartInvestingInCrypto #ETHETFsApproved $BTC
