BMO Research Today - June 29, 2026

Research evidence excerpt

BMO Research Today - June 29, 2026

FOCUS IN THIS ISSUE

Business Services - Jeff Silber dives into the nursing workforce and Macro and Sector Updates

education sector. After several difficult years within the healthcare staffing Business Services

industry, stocks are beginning to work, and Jeff’s conviction has grown

Canadian Real Estate

that the industry is finally coming off the bottom.

Wealth Managers

INITIATIONS/TRANSFERS Commodities Daily

Sunshine Silver Mining & Refining Initiation/Transfers

Kevin O'Halloran, Metals & Mining Analyst - Silver SSMR

Initiating at Outperform; Revitalizing a Legacy American Silver Asset

Rating Upgrades

OP $13.42 $16.50 $1,929

CASYRating Price Target Mkt Cap.

Estimates/Targets Raised

• We initiate coverage of Sunshine Silver Mining & Refining with an Outperform rating and $16.50

target price. SSMR is advancing a restart of the historic Sunshine Silver complex in Idaho, including a BNY CUZ GS IBKR

potential silver refinery and antimony plant. LTC MS NTRS STT

• The company offers peer-leading, 100% U.S.-based silver exposure and would be one of the largest Estimates/Targets Lowered

U.S. silver mines upon production in late 2028.

AMP CMC LPLA PLD

• With multiple upcoming catalysts including infill drilling results, resource update, and feasibility RJF SF

studies in H1/27, we expect SSMR's premium valuation to grow as it advances towards production.

Company Updates - US

RATING UPGRADES CHRD LAZ SCHW VNO

Casey's General Stores Company Updates - Canada / Int'l

Kelly Bania, Food Retailers Analyst - Food Retail CJR.B GO.U

Upgrade to Outperform; Opportunity Knocks

OP $778.63 $950.00 $28,809

Rating Price Target Mkt Cap.

• We hosted the CASY's management team and IR for investor meetings following the company's

6/24 NYC Investor Day.