BMO Research Today - May 13, 2026

研报英文原文证据摘录

BMO Research Today - May 13, 2026

RATING UPGRADES IN THIS ISSUE

Exchange Income Macro and Sector Updates

Michael Goldie, Aerospace & Airlines Analyst - Aerospace BMO Global Commodities Research

Upgrading to Outperform on Multi-Year and Multi-Segment Runway of Opportunity BioPharma

OP $104.36 $120.00 $5,879 Traditional Asset Managers

Rating Price Target Mkt Cap. Canadian Banks

Commodities Daily

• We are upgrading EIC to Outperform from Market Perform and increasing our target to $120 from

Insurance Property & Casualty $111 prior.

US E&P

• While investment is not without risk, given the stock’s rapid expansion of valuation multiples, the

company has a set of clear catalysts and tailwinds to support go-forward share price performance. Rating Upgrades

• Importantly, we see these opportunities as being multi-year and multi-segment. Our 2026E EPS is EIF

increased to $4.45 from $3.98 and our 2027 to $5.02 from $4.65.

Estimates/Targets Raised

ALS CHRD CRGY DINO

ESTIMATES / TARGETS RAISED DVN EXE FANG FLOC

HAL HMN LAR MGY

Altius Minerals MPC MTDR MUR NXT

OVV PR PSX Q

Rene Cartier, Metals & Mining Analyst - Metals & Mining Q SM TALO VLO

Q1/26 Results Mixed

Estimates/Targets Lowered

Mkt $57.13 $49.00 $3,195

APA AR CNX COP

Rating Price Target Mkt Cap. CRK CSU EQT EXE

GSY

• Altius reported Q1/26 adjusted EPS well-below our estimate and consensus, while adjusted EBITDA

was a bit above, and cash flow below. Attributable royalty revenue was pre-released. During the Company Updates - US

quarter, Altius continued to repay debt and was active on the company's NCIB.

ALH BKR BMY CEG

• Conference call tomorrow at 9:00 a.m. ET; +1-800-717-1738. CVX EOG FTI LLY

NOV OXY PBF RRC

• Target price increased to $49.00 (from $44.00) reflecting increased multiples on the back of a SKWD SLB WFRD XOM