BMO Research Today - July 1, 2026

Research evidence excerpt

BMO Research Today - July 1, 2026

ESTIMATES / TARGETS RAISED IN THIS ISSUE

Primaris REIT Macro and Sector Updates

Tom Callaghan, Canadian Real Estate Analyst - Canadian Real Estate BMO Global Commodities Research

From Vacancy to Value ETF

OP $22.27 $25.00 $3,063 Commodities Daily

Rating Price Target Mkt Cap. Telecom/Media/Cable

US Leisure

• We are boosting our target price on Primaris REIT to $25 (+$4) on the back of multiple expansion

post our review of the REIT's operational update. Estimates/Targets Raised

• While PMZ has delivered sector-leading stock price returns YTD (+42.8% vs. TSX REIT Index at PMZ.UN QBR.B

+11.6%), we believe further upside is anchored by a multi-year growth outlook, a best-in-class

balance sheet, strong/experienced management team, and reasonable valuation (7.7% implied

Estimates/Targets Lowered cap).

• Coupled with ongoing operational execution, these ingredients should continue to support further GMET SVM

price appreciation. Maintain Outperform.

Company Updates - US

AMGN APD BE EOG

ESTIMATES / TARGETS LOWERED ES MAN SLB TALO

TSHA

Guardian Metal Resources

Company Updates - Canada / Int'l

Raj Ray, Metals & Mining Analyst - Critical Minerals

BCE RCI.B T

Updating Our Model Post Pilot Mountain PFS

OP (S) £2.20 £3.25 456

Rating Price Target Mkt Cap.

• We have updated our model following the Pilot Mountain PFS. While the production profile for

tungsten was relatively in line with our estimate, the capex and operating costs were materially

higher than our previous estimates, which adversely affected our modeled NAV.

• We have updated our model to account for the higher operating and capital costs and have reduced

our target price to £3.25 per share (from £4.50) and maintain our Outperform (Speculative) rating.