Education analyst Jeff Silber discusses the impact of the pandemic on the education sector. While loath to call any sector a "winner" during the current crisis, education would fit as more schools go online and need assistance from the many companies in this space that have been doing this successfully for years. In addition, he believes the pandemic has accelerated the acceptance of online learning as a modality, which should continue to spur growth even when the pandemic ends.

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Over the next 12-24 months, parcel and courier companies are expected to benefit from several demand drivers. A cyclical recovery is expected to support improving B2B shipments while the COVID-19 virus has accelerated the adoption of e-commerce, supporting secular growth in B2C volumes. The pandemic has also grounded the global passenger aircraft fleet, which is expected to return into service at a slower rate than the recovery in freight demand; this could result in a multi-year positive supply/demand balance in air freight. We see durable competitive advantages for Canadian air cargo carrier Cargojet, which focuses on the more profitable “middle mile” service rather than the lower-margin “last mile.” The company’s dominant market share is also protected by cabotage laws that prevent big couriers such as Amazon, UPS, and FedEx from taking the middle mile in house.

BMO clients can view our Cargojet initiation report, “Initiating at Outperform: Moving Up in the New World”, by visiting: https://researchglobal0.bmocapitalmarkets.com/research/1200cd1d-e74c-4fe8-be31-c9f54084eb60/

Our last mile logistics report, “Delivery Dilemma: How E-Commerce is Disrupting Last Mile Logistics” can be accessed by visiting: https://researchglobal0.bmocapitalmarkets.com/research/d42a28f4-66c1-48fc-a1f2-4fc55ca335a7/

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BMO’s industry-leading Materials team explores key takeaways from this year’s record-breaking Chemicals & Packaging Conference, for both corporate and investor attendance. The event, highlighted by fireside chats with 32 of the Chemical and Packaging Industries’ leading executives, provided detailed thoughts around near-term fundamentals and challenges in the current COVID-19 landscape ranging from demand trends to employee safety to updated thoughts on capital allocation. Equally important were some of the longer-term trends and opportunities identified by these industry leaders regarding growth in the new normal.

On today’s podcast Mark “Dr. Paper” Wilde and John McNulty provide thoughts, context, and color on these trends and opportunities, as well as their insights as to how investors should be positioned for alpha generation over the next 12-18 months in the Chemical and Packaging Sectors.

To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

Almost overnight, the COVID-19 pandemic has given us a glimpse into the future of work, and introduced a new and potentially material risk to the office market ecosystem. Its impact will be hotly discussed but challenging to measure and forecast for a long time. As companies rethink their office space requirements, the jury is still out on the adoption of the work-from-home (WFH) theme over the long term. For office REITs, valuation is at levels not seen in several years and can be considered attractive even with prevailing uncertainty on the office outlook. However, we believe office REITs are likely to be range-bound until there are more definitive indications of where office demand will settle out.

BMO clients can view our report, “The Jury Is Still Out on the Office Sector”, by visiting: https://researchglobal0.bmocapitalmarkets.com/research/6545e0b0-b93a-4a27-ac31-2affa42611db/

To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

Five host analysts from BMO’s 5th Annual Prescriptions for Success Healthcare Conference explore their key takeaways related to multiple value drivers across the healthcare industry along with evolving dynamics from COVID-19, which they gleaned from fireside chats and presentations, as well as moderated panels with several thought leaders. This year, the conference was held in a virtual setting, and similar to prior years, it was highlighted by discussions with senior executives from almost 60 leading companies across the pharmaceutical, biotechnology, and healthcare services sectors. The companies spanned the globe and market capitalization spectrum. The conference also featured a keynote discussion with Dr. Eric Feigl-Ding, a leading epidemiologist and health economist, a physician panel on atopic dermatitis and psoriasis, and a conversation with an expert on health insurance trends.

In addition to discussing industry- and company-specific themes and broader sector insights, Gary Nachman (Specialty Pharmaceuticals analyst), Matt Luchini/George Farmer/ Do Kim (Biotechnology analysts), and Matt Borsch (Managed Care & Healthcare Services analyst) also discuss companies within their respective coverage universes that may be best positioned to outperform over the longer term based on these insights.

To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This week's special podcast is the 11th in a series highlighting insights on COVID-19 with Dr. John Whyte, MD and Chief Medical Officer of WebMD. This is an excerpt from an institutional conference call originally hosted on June 29, 2020, at 11:00 a.m. ET, moderated by BMO Capital Markets Chief Investment Strategist Brian Belski, along with BMO experts Michael Gregory, CFA, Deputy Chief Economist, and Jon Hill, CFA, Vice President, US Rates Strategy, as well as Dr. John Whyte, MD and Chief Medical Officer of WebMD.

To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

Equity research analysts Ben Pham, James Thalacker, and Danilo Juvane discuss key emerging trends in the North American pipeline, utility, and renewable sectors, as countries re-engage post COVID-19 restrictions. The podcast explores how the North American energy infrastructure companies prepare to re-think their operations, business models, and competitive position in another round of energy transition. Other key themes discussed include ESG investing, long-term industry growth rates, and valuation trends in a post COVID-19 world.

To access our full disclosures, please visit:

https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

Four host analysts from BMO’s 15th Annual Farm to Market Conference explore their takeaways related to the food and agriculture value chain, which they gleaned from presentations, moderated panels, and meetings during the event. This year, the conference was held in a virtual setting, and similar to prior years, it was highlighted by discussions with and presentations by senior executives from more than 100 leading companies across the fertilizer, seed/chemical, agribusiness, protein, packaged food, food retail/distribution, and restaurant sectors. The companies spanned the globe and market capitalization spectrum and included private companies.

In addition to discussing industry- and company-specific themes and broader sector insights, Joel Jackson (Fertilizers/Chemicals Analyst), Ken Zaslow (Ag/Protein & Packaged Food Analyst), Kelly Bania (Food Retail & Distribution Analyst), and Andrew Strelzik (Restaurants Analyst) also discuss companies within their respective coverage universes that may be best positioned to outperform over the longer term based on these insights.

To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

Software analyst Keith Bachman and Semiconductors analyst Ambrish Srivastava discuss what drives longer-term valuations under their respective coverage. While there are common themes such as free cash flow growth in both sectors, there are certain specific factors as well. Overall, both analysts show how their respective frameworks help shape their longer-term thinking, as well as react tactically when they see a meaningful dislocation occur, as it did earlier in the year.

To access our full disclosures, please visit:

https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This week's special podcast is the tenth in a series highlighting insights on coronavirus (COVID-19 virus) with Dr. John Whyte, MD and Chief Medical Officer of WebMD. This is an excerpt from an institutional conference call originally hosted on May 26, 2020, at 11:00 a.m. ET, moderated by BMO Capital Markets Chief Investment Strategist Brian Belski, along with BMO experts Michael Gregory, CFA, Deputy Chief Economist, and George Farmer, Ph.D., Biotechnology Analyst; as well as Dr. John Whyte, MD and Chief Medical Officer of WebMD.

To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/