Analyst Ratings (Canada)
Analyst sentiment today is cautiously positive but more defensive, with continued support for select sectors like energy, materials, and quality growth names, while broader caution is rising due to inflation and slowing economic momentum. Overall, analysts are becoming more selective, favoring resilient companies and trimming expectations where risks are increasing.
30 Analyst Updates:
Altius Minerals Corp (ALS:CA): Canaccord Genuity raised its target price to $51.00 from $47.00.
Bird Construction Inc. (BDT:CA): TD Securities raised its target price to $44.00 from $31.00 and reiterated a Buy rating (noted twice).
Canadian Natural Resources Ltd. (CNQ:CA): Jefferies raised its target price to $59.00 from $48.00.
Cardinal Energy Ltd. (CJ:CA): RBC Capital raised its target price to $11.00 from $9.50 and maintained an Outperform rating.
Cenovus Energy Inc. (CVE:CA): Jefferies raised its target price to $37.00 from $30.00.
Dollarama Inc. (DOL:CA): Desjardins assigned a Buy rating with a $218.00 target, while RBC Capital assigned an Outperform rating with a $225.00 target.
Dream Office REIT (D-UN:CA): TD Securities maintained a Hold rating with an $18.00 target.
Endeavour Mining (EDV:CA): TD Securities maintained a Buy rating with a $94.00 target.
Enghouse Systems Ltd. (ENGH:CA): TD Securities cut its target to $17.00 from $22.00 and maintained Hold, while RBC Capital lowered its target to $20.00 from $22.00 with a Sector Perform rating.
Enterprise Group Inc. (E:CA): Raymond James lowered its target to $1.50 from $2.00 with a Market Perform rating.
Firm Capital Mortgage Investment Corp. (FC:CA): TD Securities maintained a Buy rating with a $13.00 target.
First Quantum Minerals Ltd. (FM:CA): TD Securities raised its target price to $48.00 with an Outperform rating.
Franco-Nevada Corporation (FNV:CA): TD Securities raised its target price to $391.00.
Imperial Oil Ltd. (IMO:CA): UBS raised its target price to $185.00 from $155.00.
Lundin Mining Corp. (LUN:CA): TD Securities maintained a Buy rating with a $45.00 target.
Mattr Ltd. (MATR:CA): ATB Cormark raised its target to $9.50 from $9.00 with a Sector Perform, while Stifel Nicolaus raised its target to $8.75 from $8.00 with a Hold rating.
Premium Brands Holdings Corp. (PBH:CA): TD Securities maintained a Buy rating with a $160.00 target.
South Bow Corp. (SOBO): National Bank raised its target to $41.00 from $29.00 with a Sector Perform rating.
Suncor Energy Inc. (SU:CA): Jefferies raised its target price to $82.00 from $66.00.
Tenaz Energy Corp. (TNZ:CA): Haywood raised its target price to $70.00 from $55.00.
Topicus.com Inc. (TOI:CA): TD Securities maintained a Buy rating with a $140.00 target.
Wheaton Precious Metals Corp. (WPM:CA): TD Securities raised targets to $226.00 from $224.00 with a Buy rating, while National Bank raised its target to $245.00 from $240.00 with an Outperform rating.
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It’s interesting to see how analysts are leaning into defensive plays like energy and materials while tempering expectations across the board due to inflation concerns. The upward revisions for companies like Canadian Natural Resources and Bird Construction suggest some confidence in resilience, but the broader caution is definitely palpable. This kind of sector-specific selectivity is something we’re likely to see more of as markets navigate uncertain economic terrain.