BMO Research Today - June 18, 2026

Research evidence excerpt

BMO Research Today - June 18, 2026

ESTIMATES / TARGETS LOWERED IN THIS ISSUE

W.P. Carey Macro and Sector Updates

John P. Kim, US Real Estate Analyst - Net Lease REITs BioPharma

Hellweg Freezes Over Commodities Daily

OP $72.23 $84.00 $16,089 Portfolio Strategy

Rating Price Target Mkt Cap. US Chemicals - Thoughts From CMA Polyolefins Expert on...

US Chemicals - What the Potential Peace/Settlement

• We reduce our WPC target price to $84 (-$2), and '26 AFFOps estimate by 0.7% to $5.21, following Mea...

the bankruptcy filing of home-improvement retailer Hellweg, WPC's 18th largest tenant.

Estimates/Targets Lowered

• While WPC previously foreshadowed this and maintained its 2026 guidance, WPC's shares fell -5.2%

on the news (coupled with today's hawkish FOMC meeting). We view this as a modest overreaction, WPC

given we estimate the '26/'27 earnings impact at -0.4%/-0.2%.

• However, execution risks remain and investors are fair to question if there are other imminent credit Company Updates - US

concerns. We maintain our Outperform rating.

ABCL AJG BIIB NUE

PGR SAIL SLB SNAP

STLD WMB

COMPANY UPDATES

Company Updates - Canada / Int'l

AbCellera Biologics

FPC LUN

Evan David Seigerman, BioPharma Analyst - Biotechnology

JAZZ Collaboration Further Validates ABCL's TCE Platform

OP $5.09 $7.00 $1,554

Rating Price Target Mkt Cap.

• Recently announced Jazz partnership continues to validate broader interest in AbCellera T-cell

engager antibody programs as focus remains on upcoming Ph 2 efficacy of ABCL635 in VMS come

3Q.

• As a part of the announced deal, AbCellera will receive $56M upfront with nearly $800M in potential

options/milestone fees in the future.

• While more of AbCellera's near-term valuation will likely be driven by developments of '635 and