Canadian Analyst Updates: January 29th, 2026

Analyst Ratings (Canada)

The following are today’s 58 entries of the latest analyst ratings tracked for Canadian-listed and Canadian-traded stocks, with several brokerages adjusting their outlooks and target prices in response to company-specific developments, earnings expectations, commodity fluctuations, and broader sector trends.

Adentra Inc. (ADEN:CA):
Scotiabank raised its price target to $46.00, reflecting improving fundamentals and outlook.

Agnico Eagle Mines Ltd. (AEM:CA):
JPMorgan initiated coverage with a Neutral rating and a $337.00 target, citing balanced valuation versus gold price exposure.

Alamos Gold Inc. (AGI:CA):
Scotiabank maintained its Outperform rating with a $74.00 price target.

Altius Minerals Corp. (ALS:CA):
National Bank increased its price target to $52.00, reflecting improved asset valuation assumptions.

Barrick Mining Corp. (ABX:CA):
JPMorgan initiated coverage with an Overweight rating and a $92.00 target, highlighting leverage to gold prices and asset quality.

Bravo Mining Corp. (BRVO:CA):
National Bank raised its target price to $7.75, reflecting improved project economics.

Brookfield Infrastructure Partners (BIP-UN:CA):
TD Securities maintained a Buy rating with a $74.00 target.
CIBC World Markets separately maintained an Outperform rating with a $59.00 target.

Canadian Pacific Kansas City (CP:CA):
Citigroup lowered its target to $86.00 while maintaining a Buy rating.
RBC Capital reduced its target to $124.00 and kept an Outperform rating.
Desjardins Securities maintained a Buy rating with a $130.00 target.
TD Securities lowered its target to $112.00 and maintained a Hold rating.
Scotiabank maintained an Outperform rating with a $120.00 target.

Capstone Copper Corp. (CS:CA):
National Bank raised its price target to $19.50, reflecting copper market strength.

CCL Industries Inc. (CCL.B:CA):
Scotiabank downgraded the stock to Sector Perform with a $96.00 target, citing valuation considerations.

Celestica Inc. (CLS:CA):
TD Securities maintained a Buy rating and a $412.00 target.

CES Energy Solutions Corp. (CEU:CA):
Scotiabank raised its target price to $16.00, reflecting improved earnings visibility.

CGI Inc. (GIB.A:CA):
CIBC World Markets lowered its target to $132.00 and maintained a Neutral rating.
BMO Capital Markets reduced its target to $137.00.
Desjardins Securities maintained a Buy rating with a $157.00 target.
TD Securities raised its target to $153.00 and reiterated Buy.
Canaccord Genuity raised its target to $150.00 with a Buy rating.
Scotiabank maintained an Outperform rating with a $140.00 target.

Champion Iron Ltd. (CIA:CA):
TD Securities maintained a Buy rating with a $7.00 target.
Scotiabank maintained an Outperform rating with a $6.50 target.

Crombie REIT (CRR.UN:CA):
CIBC World Markets maintained an Outperform rating with a $16.50 target.

Docebo Inc. (DCBO:CA):
TD Securities maintained a Buy rating with a $50.00 target.
CIBC World Markets separately maintained an Outperform rating with a $46.00 target.

Empire Company Ltd. (EMP-A:CA):
TD Securities maintained a Hold rating with a $50.00 target.

Endeavour Mining (EDV:CA):
TD Securities maintained a Buy rating and a $94.00 target.

Ero Copper Corp. (ERO:CA):
National Bank raised its target price to $56.00, reflecting stronger copper assumptions.

First Quantum Minerals Ltd. (FM:CA):
National Bank increased its target to $47.00.

Foran Mining Corp. (FOM:CA):
National Bank raised its target price to $8.50, reflecting improved development visibility.

Gildan Activewear Inc. (GIL:CA):
TD Securities raised its target to $77.00 while maintaining a Buy rating.

Hudbay Minerals Inc. (HBM:CA):
National Bank raised its target to $40.00 and maintained a Sector Perform rating.

Information Services Corp. (ISC:CA):
CIBC World Markets raised its target price to $49.00 from $37.00.

Ivanhoe Electric Inc. (IE:CA):
National Bank raised its target to $33.00, citing exploration upside.

Lundin Mining Corp. (LUN:CA):
National Bank increased its target to $40.00.

Marimaca Copper Corp. (MARI:CA):
National Bank raised its target price to $15.00.

MDA Space Ltd. (MDA:CA):
Canaccord Genuity raised its target to $51.00 and reiterated a Buy rating.

NFI Group Inc. (NFI:CA):
TD Securities initiated coverage with a Buy rating and a $25.00 target.

NGEx Minerals Ltd. (NGEX:CA):
National Bank raised its target to $35.00.

Open Text Corp. (OTEX:CA):
CIBC World Markets maintained a Neutral rating with a $50.00 target.

Osisko Metals Inc. (OM:CA):
National Bank raised its target price to $1.50.

Pembina Pipeline Corp. (PPL:CA):
TD Securities maintained a Buy rating with a $59.00 target.

Pecoy Copper Corp. (PCU:CA):
National Bank raised its target to $2.50.

Rogers Communications Inc. (RCI-B:CA):
TD Securities maintained a Buy rating with a $64.00 target.

Russel Metals Inc. (RUS:CA):
Scotiabank raised its target price to $52.00.

Sherritt International Corp. (S:CA):
National Bank raised its target to $0.35.

Solaris Resources Inc. (SLS:CA):
BMO Capital Markets raised its target to $18.00.
National Bank separately raised its target to $22.50.

Spin Master Corp. (TOY:CA):
TD Securities lowered its target to $26.00 while maintaining a Buy rating.

Stella-Jones Inc. (SJ:CA):
Scotiabank upgraded the stock to Outperform with a $98.00 target.

Taseko Mines Ltd. (TKO:CA):
National Bank raised its target to $13.50.

Teck Resources Ltd. (TECK.B:CA):
National Bank raised its target price to $80.00.

Trilogy Metals Inc. (TMQ:CA):
National Bank raised its target to $9.50.

Waste Management Inc. (WM:CA):
CIBC World Markets maintained a Neutral rating with a $312.00 target.

Western Copper and Gold Corp. (WRN:CA):
National Bank raised its target to $7.50.

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