RBC CM Preview of BMO Q3 2006 Earnings

RBC Capital Markets, 15 August 2006Q3/06 Preview � New Management, New Directions?Bank of Montreal reports earnings on August 22. Our cash EPS estimate of $1.19 is 2� below the Thomson First Call mean estimate of $1.21. Last quarter the bank reported $1.25 cash EPS to beat our $1.17 estimate and $1.21 consensus estimate, but revenue quality was skewed to cyclical items. Relative to our estimate,