BMO Research Today - June 16, 2026

研报英文原文证据摘录

BMO Research Today - June 16, 2026

ESTIMATES / TARGETS RAISED IN THIS ISSUE

Accelerant Macro and Sector Updates

Michael Zaremski, US P&C Insurance Analyst - Insurance Property & Casualty Canadian Insurance

On the Road With the Toll Booth of Small Comm'l Insurance Commodities Daily

OP $13.03 $17.00 $2,843 Metals & Mining - US

Rating Price Target Mkt Cap. The Change Tracker

• We were afforded the opportunity to host investor meetings w/ARX management including CEO Jeff Estimates/Targets Raised

Radke; Head of Strategy Ryan Schiller; CFO Linda Huber; and Head of IR Ray Iardella.

ARX DT KEY

• Management reiterated it expects its MGA pricing of low-single digits to keep up w/claims inflation.

We believe ARX's stock can re-rate from current ~14x P/E/~7x EV/EBITDA/~4x P/BV if it executes Estimates/Targets Lowered

on guidance+evidences its business model is less exposed to softening insurance pricing cycle. We

continue to see share buybacks as an important lever that can drive positive consensus earnings PLAY

revisions.

Company Updates - US

Dynatrace ADSK IRON NAVN SPGI

Keith Bachman, Software & IT Services Analyst - Software Company Updates - Canada / Int'l

Bridging FY27 ARR EFX JBS SSRM SVM

OP $41.19 $50.00 $12,006

Rating Price Target Mkt Cap.

• We met with DT management and we offer our thoughts. We think DT provided a credible bridge to

FY27 ARR targets following a mildly disappointing FY26 close.

• We think there is continued momentum in DT’s core business, supported by a favorable

observability spending environment and strength in consumption, logs, and new logo land size.

• We believe these drivers position DT well, and, thus, we raise our target price to $50 from $43. We

reiterate our Outperform rating and believe that DT has an attractive valuation relative to growth.