BMO Research Today - June 26, 2026

研报英文原文证据摘录

BMO Research Today - June 26, 2026

RATING UPGRADES IN THIS ISSUE

AMH Macro and Sector Updates

Juan C. Sanabria, US Real Estate Analyst - Apt/Resi REITs Energy Infrastructure

Upgrade to Outperform; Political Fears Ebbing Wealth Managers

OP $33.29 $39.00 $11,978 Commodities Daily

Rating Price Target Mkt Cap. Industrial Machinery, Supplies & Components

• We upgrade AMH to Outperform; maintain $39/sh target. Although political uncertainty remains Rating Upgrades

with the 21st Century Road to Housing Act in limbo, we're heartened initial worst case regulatory AMH

scenarios appear off the table with bipartisan support largely maintaining the status quo and

allowing build-for-rent (BFR).

Estimates/Targets Raised

• Valuation is attractive while fundamentals appear to be gradually improving with supply moderating

(BFR down ~60% from peak). Tenants remain sticky with renewals healthy and disposition funded DOV ETN FDXF SPXC

buybacks accretive.

Estimates/Targets Lowered

• We favor AMH's geographic diversity (less oversupplied Sunbelt), and stronger comparable all-in

margins vs INVH (Exh-1). PH WGO

Company Updates - US

ESTIMATES / TARGETS RAISED AR CMS DRI HAL

IQV MORN NG

FedEx Freight

Fadi Chamoun, Transportation Analyst - Transportation Company Updates - Canada / Int'l

Guidance Reflects Transition Costs; Service Improvement Critical to Upside NWC

Mkt $158.53 $150.00 $23,607

Rating Price Target Mkt Cap.

• FDXF’s Q4/F26 update was generally in line with our expectations. Guidance for the seven-month

period ending December 31, 2026, as the company transitions to a calendar year-end, is 7% below

our forecast at the midpoint of the EBIT range and in line on revenue.

• Transition costs associated with the separation from FedEx are likely affecting near-term profitability