BMO Research Today - June 15, 2026

Research evidence excerpt

BMO Research Today - June 15, 2026

INITIATIONS/TRANSFERS IN THIS ISSUE

Lincoln International Macro and Sector Updates

Brennan Hawken, US Brokers, Asset Managers & Trust Banks Analyst - Investment Banks Canadian Banks

Initiating at Market Perform: Great Asset, Tough Timing Commodities Daily

Mkt $24.84 $26.00 $2,534 Healthcare REITs

Rating Price Target Mkt Cap. Self Storage REITs

• We initiate coverage on Lincoln International (LCLN) with a Market Perform rating, as we see NT Initiation/Transfers

headwinds to its LT secular growth story. LCLN is a middle-market focused boutique with the highest

sponsor exposure across peers, a differentiated valuation franchise, and an early-stage inorganic

growth strategy. Estimates/Targets Raised

• We view HLI as its closest comp, though LCLN is earlier in its development and lacks the counter- AMH BNS BRX CM

cyclical RX business. CP CTRE CUBE DOC

EXR HPP INVH KRC

• We see potential upside from an acceleration in sponsor activity, secular growth in VOG, and data NA NSA PPG PSA

monetization optionality. RY SKT TD TFPM

VNO

Estimates/Targets LoweredESTIMATES / TARGETS RAISED

NHI

Canadian Pacific Kansas City

Fadi Chamoun, Transportation Analyst - Transportation Company Updates - US

Highlights Following Meetings With Management DXC INCY LLY LOPE

LRN MH

OP $125.88 $142.00 $111,749

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

SGY SMA

• On June 10 and 11, we hosted CPKC for a series of meetings with institutional investors. The

company was represented by Keith Creel, President & CEO, and Chris de Bruyn, VP Capital Markets &

Treasurer.

• CPKC is our top pick in the Transportation sector and discussions with management over the past

few days only reinforced our conviction in the investment thesis.