BMO Research Today - June 24, 2026

Research evidence excerpt

BMO Research Today - June 24, 2026

RATING UPGRADES IN THIS ISSUE

CES Energy Solutions Macro and Sector Updates

John Gibson, Industrials/CDN Energy Services Analyst - CDN O&G Services Agribusiness & Protein

Upgrading to Outperform; Valuation Now Attractive, Growth Underappreciated BMO Global Commodities Research

OP $15.87 $22.00 $3,371 Investment Banks

Rating Price Target Mkt Cap. Commodities Daily

Insurance Property & Casualty

• We are upgrading CEU shares to Outperform (Market Perform prior) and increasing our price target

Utilities, Power & Renewables to $22 ($21 prior). CES shares have underperformed since our downgrade in March, while the oil

market outlook into 2027 is improved.

Rating Upgrades

• Further, we believe three growth avenues represent a potential step change in financial results

moving forward. These include production chemicals market share gains across US onshore, Gulf of CEU

Mexico offshore, and Canadian SAGD work.

Estimates/Targets Raised

• Taken together, CES could add upwards of ~$1 billion of revenue to its business over the next few

years. ADM ATD EVR MC

Estimates/Targets Lowered

ESTIMATES / TARGETS RAISED

CALM LAZ PPC

Alimentation Couche-Tard

Company Updates - US

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

ALL BWIN EQT FDX

Entering Fiscal 2027 on a Positive Note HLI LCLN PGR PJT

SOLS

Mkt $91.87 $95.00 $84,358

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

JBS

• ATD is entering fiscal 2027 on a positive note with continued momentum in U.S. merchandise sales

(led by other nicotine products, energy drinks, food) and "robust" fuel margins, enabling the firm to

aptly navigate a dynamic macro environment.

• We continue to believe ATD's organic earnings growth potential (exc.