J.P. Morgan U.S. FTM 8 Jun 26 Global Data Watch; LLY; PFE; FRVO; KTB; EROK; GMRS and More

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J.P. Morgan U.S. FTM 8 Jun 26 Global Data Watch; LLY; PFE; FRVO; KTB; EROK; GMRS and More

erage of EagleRock Land, LLC (EROK) with an Overweight rating and December 2026 price target of $25,

weighing differentiated growth within a capital-light, Permian-centric land management platform. EROK’s royalty-driven

business model features customers and operating partners bearing the bulk of capital spend, thereby driving strong FCF

conversion metrics. Newly formed platform integrations drive immediate synergy capture, while also carrying valuable minimum

royalty commitment floors. EROK’s footprint spans the Permian, where a strong Delaware Basin presence offers water

recycling opportunities, future AGI (acid gas injection) pore space utilization, and beneficial reuse solutions.

Init | GMR Solutions (Benjamin Rossi) (GMRS, OW, PT $15.00)

GMRS: Hold on for the Ride – Unmatched Scale in Ground & Air EMS; Initiating at OW

We are initiating on GMRS with an Overweight rating and December 2026 price target of $15 based on a target multiple of

~6.5x on our 2027 adj EBITDA. Given the company’s scale within emergency medical services (EMS), we view GMRS as a

critical piece of medical infrastructure in the U.S., particularly for rural health and government support. We think that risk for

GMRS is priced in at this point, with the stock down -27% since its IPO on May 12, and believe our target multiple offers

favorable upside while maintaining a moderate discount to acute hospital operators.

Mentions

North America Metals & Mining (Bill Peterson/Bennett Moore)

2H26 Buy-Side Sentiment Survey & Recent Investor Feedback

Accenture plc (Tien-tsin Huang, CFA) (ACN, OW, PT $201.00)

F3Q Preview: Trimming Growth Estimates to Be Closer to the Mid-Point Rather Than Top of Guide