Bullish Calls
As earnings season heats up, several major brokerages have adjusted their outlooks on key Canadian and American. stocks. This week’s analyst activity highlights renewed confidence in technology, energy, and retail sectors with upgrades suggesting substantial upside ahead.
Here are the five most bullish analyst valuation upgrades that stood out this week:
1. Nvidia Corp (NVDA:NASDAQ)
Morgan Stanley raised its 12 month price target on Nvidia from USD $210 to $235 per share with a “Overweight” rating. The analyst based the valuation upgrade on a potential resurgence in AI-driven data center demand and continued margin strength. Analysts believe NVDA’s current consolidation could precede another major breakout, supported by robust enterprise GPU adoption and upcoming product cycles.
2. Canadian Natural Resources Ltd. (CNQ) (CNQ:TSX)
National Bank Financial raised their 12 month target ton the stock to CAD $53 from $50, with a “Outperform” rating. Analysts highlighted CNQ’s strong free cash flow generation and disciplined capital returns amid steady crude prices. The upgrade reflects confidence in the company’s ability to maintain dividends and share buybacks, even in a moderating oil price environment.
3. Aritzia Inc. (ATZ:TSX)
Jefferies boosted thier 12 month target on Aritzia, to CAD $92 from $87, with a “Buy” rating, after strong quarterly results and improving inventory control. The firm noted robust e-commerce growth and margin recovery, which positions Aritzia for continued outperformance in the Canadian retail space.
4. Shopify Inc. (SHOP) (SHOP:TSX)
TD Cowen increased its 12 month target forecast on Shopify’s stock to CAD $120 from $110, with a “Buy” rating, following signs of renewed GMV growth and continued expansion of its enterprise merchant base. The brokerage believes Shopify’s profitability trajectory will strengthen as operating leverage improves in FY2026.
5.Brookfield Asset Management (BAM) (BAM:TSX)
RBC Capital Markets reaffirmed its bullish stance on BAM, raising their 12 month target to CAD $58 from $55 with a “Outperform” rating, citing resilient fee-related earnings and growing demand for alternative assets. Analysts highlighted the firm’s ability to attract new institutional capital amid global rate stability.
Analyst Outlook
This week’s upgrades paint a picture of renewed optimism — particularly in sectors tied to AI innovation, energy stability, and consumer resilience. Investors may interpret this as an early signal that the fourth quarter could bring new leadership in large-cap tech and Canadian growth names.
STA Research (StockTargetAdvisor.com) is a independent Investment Research company that specializes in stock forecasting and analysis with integrated AI, based on our platform stocktargetadvisor.com, EST 2007.
I like the focus on companies like Canadian Natural Resources that are finding ways to remain resilient, even with moderate oil prices. Their approach to dividends and share buybacks speaks volumes about their strategic planning.
It’s interesting to see the shift in analyst sentiment toward Nvidia and Aritzia, especially given the current market dynamics. The emphasis on AI-driven demand for NVDA and Aritzia’s strong retail performance really highlights how different sectors are finding traction. The Canadian Natural Resources upgrade also signals confidence in energy stocks holding up well despite moderating oil prices.