BMO Research Today - June 9, 2026

Research evidence excerpt

BMO Research Today - June 9, 2026

COMPANY UPDATES

Aritzia

Stephen MacLeod, Special Situations Analyst - Retailing/Consumer

Positive London Marketing Takeaways; Driving Methodical Growth

OP $159.45 $188.00 $18,267

Rating Price Target Mkt Cap.

• We hosted Aritzia management for a series of investor meetings in London, UK. Our takeaways are

positive, underpinned by Aritzia's unique merchandising model and Everyday Luxury positioning,

strong transaction-driven growth momentum, disciplined execution that drives product consistency

and visibility, growing brand affinity, a long runway for growth in the U.S. (with international

optionality), and increasing digital engagement.

• Aritzia's growth strategy remains methodical, with strong attention to detail and proactive

investments supporting long-term growth.

• We reiterate our $188 target price and Outperform rating.

Dollarama

Étienne Ricard, Diversified Financials & Interim Retailing/Consumer Analyst - Retailing/Consumer

FQ1/27 Preview: Continued Cautious Consumer Could Support DOL

OP $181.22 $210.00 $49,424

• Heading into fiscal Q1/27 reporting, retailer earnings and consumer confidence continue to signal

cautious discretionary spending with an emphasis on value (see p.3).

• In this environment, we believe Dollarama's value proposition positions it well to resonate with

consumers, especially in a typically essentials-driven Q1.

• Potential offsets may include traffic loss due to wintry weather, delayed start for spring seasonal

demand, and a shortened Easter shopping period.

Incyte Corporation

Evan David Seigerman, BioPharma Analyst - Biotechnology

INCY to Acquire Vega Tx, Adding Late-Stage Bleeding Disorder Asset to Pipeline

Und $102.38 $75.00 $20,453