Canadian Analyst Updates: Oct 30th, 2025

Canadian Analyst Ratings: December 18th, 2025

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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