BMO commentQ3 - Earnings Streak; Still Top 5 Best Idea •Q3/21 results marked the fifth consecutive quarter that EMA has delivered an in-line result or beat relative to expectations.
•Continued momentum and the upcoming 2021 investor day (guidance roll to 2024) should reinforce EMA's accelerated EPS profile (+12% YTD) and step-function increase in operating cash flow next year (to $2B+ vs. $1.4B in 2020).
•Combined with the attractive 15% potential total return to our unchanged $65 target price, we are maintaining our Outperform rating with EMA shares firmly remaining within our Top 5 Best Idea roster.