BMO Research Today - May 14, 2026

Research evidence excerpt

BMO Research Today - May 14, 2026

ESTIMATES / TARGETS RAISED

Everest Group

Michael Zaremski, US P&C Insurance Analyst - Insurance Property & Casualty

Warming Up as Downward EPS Revisions Abate; Though CATs Offset Capital Return

Mkt $347.97 $376.00 $13,769

Rating Price Target Mkt Cap.

• Based on our reserving analysis, we estimate EG's downward EPS revision trendline has abated

alongside its restructuring program.

• With shares trading below book relative to a low-DD RoE, shares remain enticing to value-oriented

investors. That said, EG's push into higher RoE property comes with added catastrophe volatility and

claims offsets share repurchase upside starting in 4Q post hurricane season.

• The latter catalyst is one-time in nature, whereas our view of slightly higher property claims costs

are run-rateable, making them more important when we think of long-term EPS and valuation.

We're raising our target price to $376, based on 0.95x P/BV.

Finning International

Devin Dodge, Industrials Analyst - Industrial Products

Lots More Runway for Positive Demand Trends to Continue

OP $96.57 $115.00 $12,994

• FTT appears well-positioned to benefit from a strong demand backdrop underpinned by resource

development, a recovery in construction markets, the build-out of data centers across its regions,

and nation building projects in Canada.

• While valuation is above its historical range, it remains reasonable in light of the growth prospects

and execution has improved meaningfully. We rate FTT Outperform.

Hydro One Limited

Ben Pham, Energy Infrastructure Analyst - Energy Infrastructure

Q1 - Premium Valuation But Above-Average Growth and Defensive Assets

Mkt $58.76 $58.00 $35,243

• The Q1/26 results (9% YoY) demonstrate that H is tracking to its 6-8% EPS CAGR guidance through