BMO Research Today - May 20, 2026

Research evidence excerpt

BMO Research Today - May 20, 2026

PROREIT

Tom Callaghan, Canadian Real Estate Analyst - Canadian Real Estate

Strong Lease Renewals to Support Growth Into 2H/26

Mkt $6.72 $7.00 $453

Rating Price Target Mkt Cap.

• There is no change in our constructive stance on PROREIT post a solid Q1 print. We continue to

believe the REIT's small/mid-bay industrial focus in secondary markets positions the business well to

deliver 5%+ organic growth this year.

• Indeed, significant renewal leasing activity completed over the past two years should support a

strong uptick in NOI and earnings growth into 2H/26.

• At current levels, we believe these considerations are appropriately reflected in valuation. Reiterate

Market Perform rating, with our target price +$0.50 to $7.00.

ESTIMATES / TARGETS LOWERED

Dye & Durham

Thanos Moschopoulos, Technology Analyst - Technology

Q3/26 Results: Work in Progress

Mkt $2.85 $3.50 $196

• We remain Market Perform on DND following Q3/26 results that were below consensus on revenue

but in-line on EBITDA.

• While management is making progress in stabilizing the business, integrating the products and

managing costs, more work remains in that regard. The strategic review process remains ongoing

and could potentially unlock shareholder value; however, given DND's elevated leverage and the

current software valuation environment, we don't view the risk/reward as compelling.

• We've modestly raised our EBITDA forecasts (which were below consensus) due to lower opex

assumptions.

Nouveau Monde Graphite

Raj Ray, Metals & Mining Analyst - Critical Minerals

Positive Matawinie Final Investment Decision

OP (S) $2.61 $5.00 $420

• We are coming off restriction following NMG completing a ~US$310M equity financing package and

declaring a positive FID at the Matawinie mine.