Analyst Ratings (Canada)
Today’s analyst ratings reflect a broadly cautious market tone, with widespread price target cuts signaling that analysts are lowering earnings expectations and valuation multiples amid a softer growth outlook and ongoing macro uncertainty. Despite this, many firms maintained Buy or Outperform ratings, indicating that long-term views remain intact but near-term upside is being reduced rather than a full shift to bearish sentiment. At the same time, selective upgrades and target increases in areas like infrastructure and commodities highlight pockets of relative strength, while downgrades in other names show increasing selectivity. Overall, the updates point to a market entering a more defensive, stock-picking phase, where expectations are being reset lower but confidence has not fully broken.
38 Analyst Updates:
AG Growth International Inc (AFN:CA): Raymond James lowered its price target to $25 from $30.
AG Growth International Inc (AFN:CA): TD Securities lowered its price target to $22 and maintained a Buy rating.
AG Growth International Inc (AFN:CA): CIBC lowered its price target to $19 from $32 and maintained a Neutral rating.
AG Growth International Inc (AFN:CA): CIBC World Markets lowered its price target to $18 from $32.
AG Growth International Inc (AFN:CA): National Bank lowered its price target to $24 from $39 and maintained a Sector Perform rating.
Alimentation Couche-Tard (ATD:CA): JP Morgan initiated coverage with an Overweight rating and a $95 price target.
AtkinsRéalis (ATRL:CA): JP Morgan lowered its price target to $120 from $130.
B2Gold Corp (BTO:CA): Scotiabank maintained a Sector Perform rating with a $10 price target.
Bird Construction Inc (BDT:CA): BMO Capital Markets raised its price target to $52 from $38 and maintained an Outperform rating.
Boralex Inc (BLX:CA): TD Securities downgraded the stock to Sell from Buy and raised the price target to $37.25 from $32.
Boralex Inc (BLX:CA): Scotiabank raised its price target to $37.25.
Boralex Inc (BLX:CA): National Bank raised its price target to $27 from $25 and maintained an Outperform rating.
Boyd Group Services Inc (BYD:CA): TD Securities maintained a Buy rating with a $270 price target.
Brookfield Renewable Partners LP (BEP-UN:CA): CIBC maintained an Outperform rating with a $51 price target.
BRP Inc (DOO:CA): TD Securities maintained a Buy rating with a $119 price target.
BRP Inc (DOO:CA): CIBC maintained an Outperform rating with a $118 price target.
Canadian National Railway Co (CNR:CA): RBC Capital raised its price target to $160 from $151.
Canadian Pacific Kansas City (CP:CA): RBC Capital lifted its price target to $128 from $124.
Cogeco Inc (CGO:CA): TD Securities lowered its price target to $85 from $120 and maintained a Hold rating.
Computer Modelling Group Ltd (CMG:CA): Ventum Financial raised its price target to $6.75 from $6.50 and maintained a Buy rating.
Computer Modelling Group Ltd (CMG:CA): CIBC maintained a Neutral rating with a $5.50 price target.
D2L Inc (DTOL:CA): TD Securities maintained a Buy rating with a $22 price target.
Emera Inc (EMA:CA): CIBC maintained a Buy rating with a $72 price target.
G Mining Ventures (GMIN:CA): TD Securities maintained a Buy rating with a $56 price target.
G Mining Ventures (GMIN:CA): CIBC maintained an Outperform rating with a $60 price target.
Groupe Dynamite Inc (GRGD:CA): Scotiabank maintained an Outperform rating with a $95 price target.
Montage Gold Corp (MAU:CA): Canaccord Genuity raised its price target to $16 from $11 and maintained a Speculative Buy rating.
Montage Gold Corp (MAU:CA): Scotiabank maintained an Outperform rating with a $15 price target.
Nutrien (NTR:CA): UBS raised its price target to $93 from $87 and maintained a Sell rating.
Orezone Gold Corp (ORE:CA): CIBC maintained a Neutral rating with a $3.50 price target.
Pizza Pizza Royalty Corp (PZA:CA): TD Securities maintained a Hold rating with a $16 price target.
Planet 13 Holdings (PLTH:CA): ATB Cormark assigned an Underperform rating with a $0.20 price target.
Planet 13 Holdings (PLTH:CA): Canaccord Genuity upgraded the stock to Buy from Hold with a $0.25 price target.
Planet 13 Holdings (PLTH:CA): ATB Cormark assigned an Underperform rating with a $0.20 price target.
TC Energy Corporation (TRP:CA): CIBC maintained a Neutral rating with a $85 price target.
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Despite widespread price target cuts, it’s notable that many firms maintained Buy or Outperform ratings, suggesting a disconnect between near-term and long-term views. What drives this divergence in market outlook?