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Canadian Analyst Updates: Oct 30th, 2025

Manulife Financial Benefits from Asian Growth, Strong Capital Position, and Dividend Strength

Analyst Ratings (Canada)

The following are today’s 67 latest analyst ratings tracked from muliple analysts for Canadian listed and traded stocks:

Acadian Timber Corp. (ADN:CA) —RBC Capital lowered its target to $17 from $18, and Raymond James also reduced to $18.50 from $20, reflecting continued weakness in lumber pricing and softer housing demand. Both maintain constructive views on long-term timberland value but see near-term revenue pressures.

Advantage Energy Ltd. (AAV:CA) —Desjardins cut its target to $14.50 from $15.00 while maintaining a Buy rating, reflecting slight weakness in natural gas prices but continued operational strength and cost efficiency.

Agnico Eagle Mines Ltd. (AEM:CA) —Scotiabank maintained Outperform with a $306 target, emphasizing strong production guidance and operational stability across its gold assets.

Alamos Gold Inc. (AGI:CA) —Scotiabank reiterated Outperform with a $70 target, noting resilience in margins despite some operational challenges and cost inflation in the gold mining sector.

Alaris Equity Partners Income Trust (AD.UN:CA) —Desjardins raised its target to $25 from $24.50, maintaining a Buy rating based on stable cash flows and portfolio diversification benefits.

Allied Properties REIT (AP.UN:CA) —Scotiabank maintained Outperform at $18.75, and CIBC held steady with a Neutral rating and $17.00 target, reflecting concerns about office vacancy trends offset by balance sheet strength and improving urban occupancy.

AltaGas Ltd. (ALA:CA) —TD Securities maintained a Buy rating with a $48 target, reflecting steady utility earnings and improving midstream operations.

Aris Mining Corp. (ARIS:CA) —BMO lifted its target to $19 from $18, reflecting stronger production trends and operational execution at key Colombian assets.

Aritzia Inc. (ATZ:CA) —Truist raised its target to $116 from $102, highlighting recovery in North American sales and improving inventory management.

Athabasca Oil Corp (ATH:CA) — Raymond James raised its target price to $7.00 from $6.50, reflecting a positive outlook on the company’s near-term fundamentals.

Athabasca Oil Corp (ATH:CA) — TD Securities maintained a Hold rating while lifting its target to $7.00, on a valuation upgrade after recent gains.

Athabasca Oil Corp (ATH:CA) — Scotiabank reiterated its Outperform rating with a $7.00 target, highlighting continued strength in operational performance and favorable oil price trends.

Cameco Corp. (CCO:CA) —TD Securities maintained Buy with a $142 target, reflecting uranium price momentum and favorable long-term demand from nuclear energy expansion.

Canadian Pacific Kansas City Limited (CP:CA) — Scotiabank maintained its Outperform rating with a $119.00 target, reflecting confidence in the company’s long-term growth prospects despite near-term execution risks.

Canadian Pacific Kansas City Ltd. (CP:CA) — CIBC World Markets raised its target to $123.00 from $122.00 and maintained an Outperform rating, refecting stronger operational performance and positive industry trends.

Canadian Pacific Kansas City Ltd. (CP:CA) — RBC Capital increased its target to $137.00 from $129.00, keeping an Outperform rating, highlighting robust fundamentals and potential for sustained earnings growth.

Canadian Pacific Kansas City Ltd. (CP:CA) — JP Morgan lowered its target to $124.00 from $137.00 and retained an Overweight rating, pointing to investor concerns over near-term execution and competition from the pending Union Pacific–Norfolk Southern merger.

Canadian Pacific Kansas City Ltd. (CP:CA) — TD Securities maintained a Hold rating with a $119.00 target, reflecting a cautious view amid potential short-term operational and market risks.

Capital Power Corp. (CPX:CA) —RBC raised its target to $80, National Bank raised to $73, while CIBC trimmed to $83.

Centerra Gold Inc. (CG:CA) — Raymond James raised its target to $16.75 from $16.50 and maintained a Market Perform rating, reflecting steady operational performance but moderate near-term growth expectations.

Centerra Gold Inc. (CG:CA) — CIBC World Markets increased its target to $21.00 from $20.00 and maintained an Outperform rating, on strong fundamentals and potential upside from operational improvements.

Champion Iron Ltd. (CIA:CA) —Scotiabank maintained Outperform at $5, reflecting strong operational results and resilient iron ore pricing.

Cogeco Communications Inc. (CCA:CA) —TD maintained Buy at $98, while Scotiabank reiterated Sector Perform at $75.50, reflecting steady subscriber metrics but limited near-term growth catalysts.

Collective Mining Ltd. (CNL:CA) —Scotiabank maintained Outperform with a $25 target, highlighting ongoing exploration success and upside potential in Colombia.

Doman Building Materials Group Ltd. (DBM:CA) —Desjardins reiterated Buy with an $11 target, pointing to stable housing-related demand and disciplined capital management.

Element Fleet Management Corp. (EFN:CA) —Jefferies raised its target slightly to $42 from $41, reflecting continued fleet growth and resilient contract renewals.

First Quantum Minerals Ltd. (FM:CA) —Scotiabank maintained Sector Perform with a $35 target, reflecting production challenges and the pending restart of key operations.

Gildan Activewear Inc. (GIL:CA) — TD Securities lifted its target slightly to $74.00 from $73.00 while maintaining a Buy rating, reflecting steady confidence in the company’s growth prospects.

Gildan Activewear Inc. (GIL:CA) — Scotiabank maintained its Outperform rating with a $92.00 target, showing strong operational performance and resilient brand momentum.

Gildan Activewear Inc. (GIL:CA) — Barclays Capital lowered its target to $98.00 but retained an Overweight rating, emphasizing continued earnings strength and global market presence.

Great-West Lifeco Inc. (GWO:CA) —CIBC raised its target to $65 from $57, maintaining Outperform, citing strong capital position and robust insurance results.

Headwater Exploration (HWX:CA)
CIBC maintained Outperform with a $10 target, supported by consistent production and low-cost operations.

Ivanhoe Mines Ltd. (IVN:CA) —Scotiabank maintained Outperform with a $18.50 target, as copper output expansion remains on track despite minor operational adjustments.

Manulife Financial Corp. (MFC:CA) —CIBC raised its target to $49 from $44, keeping a Neutral stance, noting macro headwinds but solid underlying earnings.

Maple Leaf Foods Inc. (MFI:CA) —National Bank reduced its target to $36 from $39, reflecting higher input costs but reaffirming positive long-term growth potential.

Methanex Corp. (MX:CA) —Scotiabank maintained Outperform with a $70 target, recognizing temporary integration costs but strong long-term pricing leverage.

Novagold Resources Inc. (NG:CA) —National Bank maintained the Outperform  with a $15 target, emphasizing long-term optionality from major gold development assets.

Open Text Corp. (OTEX:CA) —Citigroup lowered its target to $53, maintaining Neutral as investors await clearer signs of margin stabilization.

Osisko Metals Inc. (OM:CA) —Scotiabank reaffirmed Outperform with a $1.15 target, supported by drilling success and strong expansion potential at its Gaspe project.

Primaris REIT (PMZ.UN:CA) —Scotiabank maintained Sector Perform at $17.50, reflecting steady occupancy rates and improved dividend profile.

Restaurant Brands International (QSR:CA) —CIBC maintainedits  Outperform rating at $110 target, reflecting continued strength in global brand performance across Tim Hortons, Burger King, and Popeyes.

Secure Waste Infrastructure Corp. (SES:CA) —CIBC maintained Neutral rating with a $19 target, expecting steady earnings with limited near-term catalysts.

Spin Master Corp. (TOY:CA) —CIBC maintained Neutral rating at a $23 target price, while TD maintained a Buy at $29 target price, reflecting a mixed near-term toy demand outlook but improving product pipeline.

Sun Life Financial Inc. (SLF:CA) —CIBC raised its target to $94 from $88, maintaining Neutral, reflecting macro uncertainty offset by resilient core operations.

Tamarack Valley Energy Ltd. (TVE:CA) — BMO Capital Markets lowered its target to $8.00 from $9.00, reflecting a cautious outlook amid softer commodity pricing.

Tamarack Valley Energy Ltd (TVE:CA) — Raymond James cut its target to $6.50 from $7.00 but maintained an Outperform rating, showing solid fundamentals despite near-term headwinds.

Tamarack Valley Energy Ltd (TVE:CA) — ATB Capital reduced its price target to $7.00 from $7.25 while keeping an Outperform rating, pointing to resilient operations in a challenging energy market.

Tamarack Valley Energy Ltd (TVE:CA) — Acumen Capital trimmed its target to $7.25 from $7.50 and reiterated a Buy rating, suggesting continued long-term confidence.

Tamarack Valley Energy Ltd (TVE:CA) — National Bank Financial lowered its target to $7.50 from $8.00 but maintained an Outperform rating, reflecting steady production and cost control.

Tamarack Valley Energy Ltd (TVE:CA) — CIBC raised its target to $8.00, maintaining an Outperform rating, reflecting optimism about improved operational efficiency and cash flow generation.

Tamarack Valley Energy Ltd (TVE:CA) — CIBC World Markets, in a separate note, reduced its target to $7.25 from $8.00 while keeping an Outperform stance, showing mixed short-term sentiment but longer-term confidence.

TerraVest Industries Inc. (TVK:CA) —Scotiabank reduced its target to $165 from $171, maintaining Outperform, noting short-term margin compression but continued long-term growth momentum.

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