if they are US$50 or less. The analysts believe the move will lead to a negative revenue hit of US$250 million on an annualized basis in the second half of 2023.
BMO was also downgraded and its price target reduced to $151 from $163 after the National Bank analysts pushed the expected timeline for its acquisition of San Francisco-basedfrom the first quarter to the second quarter of 2023, citing the same uncertainty as for TD. “The two elements to … are the delay in the expected closing of the merger, but also some specific items that affect BMO and TD, whereas they won’t affect the other banks,” Dechaine told the Financial Post. “Those adjustments are more important than the delay.”Article content
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