BMO Research Today - June 4, 2026

Research evidence excerpt

BMO Research Today - June 4, 2026

ESTIMATES / TARGETS RAISED IN THIS ISSUE

CrowdStrike Holdings Macro and Sector Updates

Keith Bachman, Software & IT Services Analyst - Software Canadian Real Estate

Lighter Upside, Stronger Outlook ETF

OP $747.61 $745.00 $190,297 ETF

Rating Price Target Mkt Cap. Commodities Daily

Metals & Mining - US

• CRWD delivered lighter-than-expected upside to April quarter ARR, though management is raising

E&P - Canada FY27 ARR expectations and guiding to an acceleration in net new ARR growth.

Transportation

• While we think investors will scrutinize CRWD in the near term given a modest beat compared to a

healthy FY27 raise, we remain bullish on security spend, particularly as organizations begin to ramp

AI deployments, and on CRWD’s portfolio and position within the security market. Estimates/Targets Raised

• We retain our Outperform rating and raise our target price to $745, with the stock trading at ~$665 ASTL CMC CRWD HWX

after hours. NUE ODFL SAIA STLD

TVE XPO

Estimates/Targets Lowered

ESTIMATES / TARGETS LOWERED

CMS NTSK SHW THO

CMS Energy VEEV

James M. Thalacker, Utilities, Power & Renewables Analyst - Utilities, Power & Renewables Company Updates - US

CMS Files Robust Rate Case Targeting Reliability and Addressing Cost Recovery LOPE ODV

OP $71.85 $81.00 $22,196

Rating Price Target Mkt Cap. Company Updates - Canada / Int'l

DSGX SU

• CMS subsidiary Consumers Energy filed its electric rate case application (U-22070) yesterday,

requesting a $456mm revenue requirement increase predicated on a 10.25% ROE and 51.75% equity

layer.

• This application also includes a distribution deferral surcharge of $25mm over the next 12 months, a

request to recover 2025 March/April storm costs of $52mm over three years, and to expand/extend