Canadian Analyst Coverage Update: Aug 13th, 2025

Bank of Montreal: TD Cowen Raises Valuation on Postive Fundamentals

Analyst Ratings (Canada)

Advantage Energy (AAV:CA) was maintained at Outperform by Scotiabank, with a new target price of $20.00.

Alimentation Couche-Tard Inc. (ATD:CA) was maintained at Buy by TD Securities, target price $25.00.

Altius Minerals Corp. (ALS:CA) was maintained at Buy by TD Securities, with a target of $34.00.  National Bank riased the target to $36, maintaining Outperform.

Altus Group Ltd. (AIF:CA) was upgraded to Outperform by National Bank, target price $74.00.

Artemis Gold (ARTG:CA) was maintained at Buy by TD Securities, target $31.00.

Artis REIT (AX-UN:CA) was maintained at Hold by TD Securities, target $7.00.

Bank of Montreal (BMO:CA) had its target raised to $156.00 by Desjardins Securities with a Hold rating. and Jefferies & Co. raised the target to $164.

Bank of Nova Scotia (BNS:CA) had its target raised to $79.00 by Desjardins Securities with a Hold ratinge. The target was also lifted to $83.00 by Jefferies & Co.

Boyd Group Services Inc. (BYD:CA) was maintained at Buy by TD Securities, target $280.00.

Brookfield Corporation (BN:CA) had its target raised to $36.00 by Scotiabank.

BSR REIT (HOM-U:CA) was maintained at Buy by TD Securities, target $16.00.

CAE Inc. (CAE:CA) was maintained at Hold by TD Securities, target $40.00.

Centerra Gold (CG:CA) had its target raised to $12.75 by Scotiabank.

CIBC (CM:CA) had its target raised by Desjardins Securities to $106.00 (Buy) and to $102.00 by Jefferies & Co.

Cineplex Inc. (CGX:CA) was maintained at Buy by TD Securities (target $16.00) and Outperform by Scotiabank (target $12.75, also noted target increase).

Dream Office REIT (D-UN:CA) was maintained at Hold by TD Securities, with a target of $18.00.

EMX Royalty Corp. (EMX:CA) had its target raised to $5.75 by National Bank, maintaining Outperform.

Endeavour Silver Corp. (EDR:CA) was maintained at Buy by TD Securities, target $9.50.

EQB Inc. (EQB:CA) had targets raised by Jefferies & Co ($119.00) and Desjardins Securities raised to $110 with a Buy rating.

European Residential REIT (ERE.UN:CA) was downgraded to Market Perform by Raymond James, with a new target of $2.75.

Exchange Income Corp. (EIF:CA) had its target price raised to $84.00 by TD Securities, which maintained a Buy rating.

Exchange Income Corp. (EIF:CA) received a target price of $85.00 from Raymond James, which maintained a Strong Buy rating.

Exchange Income Corp. (EIF:CA) was rated Outperform by CIBC World Markets, with a new target price of $84.50.

Exchange Income Corp. (EIF:CA) received a Buy rating from Canaccord Genuity, with a target price of $80.00.

Exchange Income Corp. (EIF:CA) was rated Buy by Desjardins Securities, which set a target price of $84.00.

Exchange Income Corp. (EIF:CA) received a Market Perform rating from BMO Capital Markets, with a target price of $65.50.

Exchange Income Corp. (EIF:CA) was rated Outperform by National Bank, with a target price of $84.00.

Exchange Income Corp. (EIF:CA) received an Outperform rating from Scotiabank, which set a target price of $80.00.

Exchange Income Corp. (EIF:CA) was rated Outperform by RBC Capital, with a target price of $81.00.

Exchange Income Corp. (EIF:CA) received an Outperform rating from ATB Capital, with a target price of $81.00.

Exchange Income Corp. (EIF:CA) was rated Buy by Paradigm Research, which assigned a target price of $82.00.

First Quantum Minerals Ltd. (FM:CA) had its target raised to $29.00 by National Bank, maintaining Outperform.

Gildan Activewear (GIL:CA) was maintained at Outperform by Scotiabank, target $81.00.

Hydro One Ltd (H:CA) was maintained at Hold by TD Securities, target $52.00.

Keyera Corp. (KEY:CA) had its target raised to $47.00 by Wells Fargo, rated Equal-Weight.

KP Tissue Inc. (KPT:CA) was maintained at Hold by TD Securities, target $9.50.

Laurentian Bank of Canada (LB:CA) had its target price raised to $31.00 by Jefferies & Co.

Laurentian Bank of Canada (LB:CA) had its target price raised to $30.00 by Desjardins Securities, which maintained a Sell rating.

Lithium Argentina (LAR:CA) was downgraded to Sector Perform by Scotiabank.

Logan Energy (LGN:CA) was maintained at Buy by TD Securities (target $1.25) and Outperform by Scotiabank (target $1.50).

Martinrea International Inc. (MRE:CA) had its target raised to $14.00 by TD Securities (Buy) and to $10.50 by CIBC World Markets (Neutral).

Meren Energy (MER:CA) was maintained at Outperform by Scotiabank, target $2.50.

Metro Inc. (MRU:CA) was maintained at Buy by TD Securities, target $118.00.

National Bank of Canada (NA:CA) had targets raised to $157.00 (Jefferies) and $150.00 (Hold by Desjardins).

Neo Performance Materials Inc. (NEO:CA) had its target raised to $22.00 by Stifel Nicolaus, maintaining Buy.

Nexus Industrial REIT (NXR.UN:CA) had its target price set at $8.00 by TD Securities, which maintained a Hold rating.

Nexus Industrial REIT (NXR.UN:CA) received a Neutral rating from CIBC, with a target price of $8.00.

Nexus Industrial REIT (NXR.UN:CA) was rated Sector Perform by National Bank, with a target price of $8.25.

NorthWest Healthcare Properties REIT (NRR-UN:CA) had its target lowered to $19.75 by Scotiabank.

NorthWest Healthcare REIT (NWH-UN:CA) was maintained at Sector Perform by Scotiabank, target $6.50.

Orla Mining (OLA:CA) was maintained at Outperform by Scotiabank, target $18.00.

Peyto Exploration & Development Corp. (PEY:CA) was maintained at Buy by TD Securities, with a target price of $23.00.

Peyto Exploration & Development Corp. (PEY:CA) was maintained at Outperform by Scotiabank, with a target price of $24.00.

Royal Bank of Canada (RY:CA) had its target price raised to $207.00 by Jefferies & Co.

Royal Bank of Canada (RY:CA) had its target price raised to $193.00 by Desjardins Securities, which maintained a Buy rating.

Rogers Sugar Inc. (RSI:CA) was maintained at Buy by TD Securities, with a target price of $7.00.

Rogers Sugar Inc. (RSI:CA) had its target price raised to $7.50 by Desjardins Securities, which maintained a Buy rating.

Rogers Sugar Inc. (RSI:CA) Scotiabank (BNS:CA) had its target price raised to $83.00 by Jefferies & Co.

Sienna Senior Living Inc. (SIA:CA) was maintained at Outperform by Scotiabank, target $19.50.

Skeena Gold & Silver (SKE:CA) was maintained at Buy by TD Securities, target $28.00.

Superior Plus Corp. (SPB:CA) had its target price lowered to $8.00 by TD Securities, which maintained a Hold rating.

Superior Plus Corp. (SPB:CA) also had its target price lowered to $8.00 by BMO Capital Markets, which maintained an Outperform rating.

Superior Plus Corp. (SPB:CA) had its target price lowered to $9.75 by Desjardins Securities, which maintained a Buy rating.

TD Bank Group (TD:CA) had its target raised to $117.00 by Jefferies & Co, while Desjardins Securities upgraded it to a Buy and raised the target to $107.00.

Terravest Industries Inc. (TVK:CA) received a new target of $175.00 from CIBC World Markets, rated Neutral.

Westport Fuel Systems Inc. (WPRT) had its target lowered to $4.00 by RBC Capital, maintaining a Sector Perform rating.

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