Canadian Analyst Updates: December 22nd, 2025

Aritzia Inc. (ATZ:CA): TD Securities raised its price target to $133.00 from $110.00, and maintained the Buy rating, refecting stronger-than-expected same-store sales trends and improved margin visibility.

Baytex Energy Corp. (BTE:CA): TD Securities increased its price target to $5.00 from $4.75 and reiterated a Buy rating, supported by stable production, improved free cash flow generation, and constructive oil price assumptions.

Baytex Energy Corp. (BTE:CA): CIBC maintained a Neutral rating with a $5.25 price target, noting balanced risk-reward given commodity price volatility and leverage considerations.

Birchcliff Energy Ltd. (BIR:CA): Haywood Securities raised its price target to $10.00 from $8.00, driven by improving natural gas fundamentals and better capital efficiency.

BlackBerry Ltd. (BB:CA): CIBC maintained an Outperform rating with an $8.25 price target, reflecting optimism around software segment stabilization and monetization of core assets.

BlackBerry Ltd. (BB:CA): TD Securities maintained a Hold rating with a $6.85 price target, reflecting ongoing uncertainty around revenue growth and execution risk.

Bombardier Inc. (BBD.B:CA): CIBC maintained an Outperform rating with a $230.00 price target, supported by strong business jet demand, backlog visibility, and balance sheet improvement.

Brookfield Asset Management Ltd. (BAM:CA): TD Securities maintained a Buy rating with a $76.00 price target, reflecting confidence in fee-related earnings growth and asset inflows across alternative platforms.

Cargojet Inc. (CJT:CA): RBC Capital Markets lowered its price target to $143.00 from $151.00 while maintaining an Outperform rating, due to near-term volume softness and normalization in e-commerce demand.

CGI Inc. (GIB.A:CA): CIBC maintained a Neutral rating with a $139.00 price target, reflecting valuation discipline amid steady but unspectacular organic growth.

Champion Iron Ltd. (CIA:CA): TD Securities maintained a Buy rating with a $5.50 price target, supported by resilient iron ore pricing and strong operating performance at its core assets.

Highlander Silver Corp. (HSLV:CA): CIBC maintained an Outperform rating and raised its price target to $6.50 from $5.50, citing improved project economics and exploration upside.

Integra Resources Corp. (ITR:CA): Stifel Nicolaus raised its price target to $8.00 from $7.00 and maintained a Buy rating, reflecting de-risking progress and favorable precious metals assumptions.

Lundin Mining Corp. (LUN:CA): Ventum Financial raised its price target to $32.00 from $25.00, driven by higher long-term copper price assumptions and operational leverage.

Lycos Energy Inc. (LCX:CA): Haywood Securities lowered its price target to $0.65 from $1.50 while maintaining a Buy rating, reflecting weaker near-term pricing assumptions despite longer-term asset potential.

NFI Group Inc. (NFI:CA): CIBC maintained an Outperform rating with a $20.00 price target, supported by improving order flow, execution on backlog, and recovery in transit demand.

North American Construction Group Ltd. (NOA:CA): CIBC maintained a Neutral rating with a $22.00 price target, reflecting margin pressure risks and project timing uncertainty.

North American Construction Group Ltd. (NOA:CA): National Bank assigned an Outperform rating with a $28.00 price target, reflecting improved contract visibility and earnings leverage.

Savaria Corp. (SIS:CA): National Bank raised its price target to $30.00 from $26.00, driven by steady demand in accessibility products and improved margin outlook.

TFI International Inc. (TFII): RBC Capital Markets raised its price target to $172.00 from $140.00 while maintaining an Outperform rating, reflecting strong execution, margin resilience, and accretive acquisition strategy.

Transat A.T. Inc. (TRZ:CA): CIBC maintained an Underperform rating with a $2.40 price target, reflecting balance sheet constraints and limited earnings visibility in a competitive travel environment.