Analyst Ratings (Canada)
Today’s analysts updates show a cautiously optimistic outlook on Canadian markets, with strong earnings recently reported, supporting stocks at record highs.
However analysts are warning that elevated valuations and weakening macro fundamentals leave markets vulnerable. Canada does remain in more of a cyclical and commodity-driven environment, with the TSX supported by materials and volatile energy prices, but is expected to deliver more muted returns (~5–10% in 2026). Key positives include resilient corporate earnings, AI capital spending, and recently lower bond yields, while risks center on stretched valuations, energy price instability, geopolitical shocks, and potential recession scenarios.
Overall, the consensus view is a late-cycle rally driven by earnings and AI rather than macro strength, with outcomes ranging from continued grind higher to choppy consolidation or a sharper correction if risks materialize.
134 Analyst Updates
ADENTRA (ADEN:CA) was maintained at Outperform by CIBC with a $44 target.
ADENTRA (ADEN:CA) was maintained at Sector Perform by Scotiabank with a C$45 target.
ATCO Ltd. (ACO-X:CA) was maintained at Hold by TD Securities with a $67 target.
Ballard Power Systems (BLDP:CA) had its target raised by BMO to $2.90 with an Underperform rating.
Ballard Power Systems (BLDP:CA) had its target raised by ATB Cormark to C$5.90 with a Sector Perform rating.
Ballard Power Systems (BLDP:CA) had its target raised by National Bank to C$6.50 with a Sector Perform rating.
Ballard Power Systems (BLDP:CA) had its target raised by Raymond James to C$5.50 with a Market Perform rating.
Boardwalk REIT (BEI.UN:CA) was maintained at Sector Perform by Scotiabank with a $75.50 target.
Brookfield Renewable Partners (BEP-UN:CA) was maintained at Buy by TD Securities with a $39 target.
Cameco (CCO:CA) had its target raised by Canaccord Genuity to $195.00.
Cameco (CCO:CA) was maintained at Buy by TD Securities with a $185.00 target.
Cameco (CCO:CA) had its target raised by National Bank to $180.00 with an Outperform rating.
Cameco (CCO:CA) had its target raised by Desjardins Securities to $190.00 with a Buy rating.
Cameco (CCO:CA) had its target raised by Scotiabank to $175.00 with a Sector Outperform rating.
Canadian Utilities (CU:CA) was maintained at Hold by TD Securities with a $47 target.
Canfor (CFP:CA) was maintained at Buy by TD Securities with a $16 target.
Canfor (CFP:CA) was maintained at Neutral by CIBC with a $15 target.
Cannara Biotech (LOVE:CA) was maintained at Buy by TD Securities with a $3.25 target.
Cargojet (CJT:CA) had its target raised by TD Securities to $124.00 with a Buy rating.
Cargojet (CJT:CA) was maintained at Outperform by Scotiabank with a $115.00 target.
Cargojet (CJT:CA) had its target raised by National Bank to $108.00 with an Outperform rating.
Cargojet (CJT:CA) had its target lowered by BMO to $85.00 with a Market Perform rating.
Cenovus Energy (CVE:CA) was maintained at Outperform by CIBC with a $46 target.
Cenovus Energy (CVE:CA) was maintained at Buy by TD Securities with a $45 target.
Chemtrade Logistics (CHE-UN:CA) was maintained at Outperform by CIBC with a $19 target.
Colliers International (CIGI:CA) was maintained at Outperform by Scotiabank with a $204 target.
Colliers International (CIGI:CA) had its target lowered by BMO to $201.00 with an Outperform rating.
Colliers International (CIGI:CA) had its target lowered by RBC Capital to C$211.00 with an Outperform rating.
DPM Metals (DPM:CA) was maintained at Buy by TD Securities with an $82 target.
DPM Metals (DPM:CA) was maintained at Neutral by CIBC with a $64 target.
DPM Metals (DPM:CA) was maintained at Outperform by Scotiabank with a $57.00 target.
Dream Industrial REIT (DIR.UN:CA) was maintained at Outperform by CIBC with a $14.50 target.
Dream Industrial REIT (DIR.UN:CA) was maintained at Buy by TD Securities with a $15 target.
Dream Industrial REIT (DIR.UN:CA) was maintained at Outperform by Scotiabank with a $15.50 target.
EQB Inc. (EQB:CA) was maintained at Buy by TD Securities with a C$132.00 target.
Ero Copper (ERO:CA) was maintained at Outperform by Scotiabank with a C$50.00 target.
Ero Copper (ERO:CA) was upgraded to Outperform by National Bank with a $50.00 target.
First Capital REIT (FCR.UN:CA) was maintained at Neutral by CIBC with a $24.40 target.
First Capital REIT (FCR.UN:CA) was maintained at Sector Perform by Scotiabank with a C$24.50 target.
Flagship Communities REIT (MHC.U:CA) had its target raised by TD Securities to $25.00 with a Buy rating.
Flagship Communities REIT (MHC.U:CA) was maintained at Outperform by Scotiabank with a US$24.00 target.
Fortis (FTS:CA) was maintained at Outperform by CIBC with a $81 target.
Fortis (FTS:CA) was maintained at Buy by TD Securities with a $83 target.
Fuerte Metals (FMT:CA) was initiated at Outperformer by CIBC with a $16.00 target.
Gibson Energy (GEI:CA) was maintained at Sector Perform by Scotiabank with a C$29.00 target.
High Tide (HITI:CA) was maintained at Buy by TD Securities with a $6.50 target.
iA Financial (IAG:CA) was maintained at Neutral by CIBC with a $184 target.
iA Financial (IAG:CA) was downgraded to Hold by TD Securities with a $190.00 target from $193.00.
iA Financial (IAG:CA) was maintained at Sector Perform by Scotiabank with a $183.00 target.
iA Financial (IAG:CA) had its target lowered by National Bank to $179.00 with a Sector Perform rating.
IAMGOLD (IMG:CA) was maintained at Buy by TD Securities with a $36 target.
IAMGOLD (IAG:CA) was maintained at Outperform by CIBC with a $46 target.
IAMGOLD (IAG) was maintained at Sector Perform by Scotiabank with a $46.00 target.
Intact Financial (IFC:CA) had its target raised by Barclays to $327.00.
Intact Financial (IFC:CA) had its target lowered by TD Securities to $347.00 with a Buy rating.
Intact Financial (IFC:CA) had its target raised by Raymond James to $305.00 with an Outperform rating.
Intact Financial (IFC:CA) was maintained at Outperform by Scotiabank with a $320.00 target.
InterRent REIT (IIP.UN:CA) was maintained at Sell by TD Securities with a $13.55 target.
K-Bro Linen (KBL:CA) was maintained at Buy by TD Securities with a $50 target.
Keyera (KEY:CA) was maintained at Outperform by Scotiabank with a $55.00 target.
Kinaxis (KXS:CA) had its target lowered by Stifel to $200.00 with a Buy rating.
Loblaw (L:CA) was maintained at Outperform by CIBC with a $75 target.
Loblaw (L:CA) was maintained at Buy by TD Securities with a $75 target.
Lumine Group (LMN:CA) had its target lowered by RBC Capital to $35.00.
Lumine Group (LMN:CA) was maintained at Buy by TD Securities with a $39.00 target.
Lumine Group (LMN:CA) had its target lowered by Desjardins Securities to $36.00 with a Buy rating.
Nutrien (NTR:CA) had its target raised by TD Securities to $86.00 with a Buy rating.
Nutrien (NTR:CA) had its target raised by Raymond James to $122.00 with an Outperform rating.
Pan American Silver (PAAS:CA) was maintained at Outperform by CIBC with a $128 target.
Pan American Silver (PAAS:CA) was maintained at Hold by TD Securities with a $91 target.
Pan American Silver (PAAS) was maintained at Outperform by Scotiabank with a $88.00 target.
Propel Holdings (PRL:CA) was maintained at Sector Perform by Scotiabank with a $27.00 target.
Propel Holdings (PRL:CA) had its target lowered by Raymond James to $31.00 with an Outperform rating.
Restaurant Brands (QSR:CA) was maintained at Outperform by CIBC with a $110 target.
RioCan REIT (REI.UN:CA) had its target raised by TD Securities to $24.00 with a Buy rating.
RioCan REIT (REI.UN:CA) had its target raised by Scotiabank to $22.25 with a Sector Perform rating.
RioCan REIT (REI.UN:CA) had its target raised by Raymond James to $23.75 with an Outperform rating.
RioCan REIT (REI.UN:CA) had its target raised by Desjardins Securities to $24.00 with a Buy rating.
RioCan REIT (REI.UN:CA) had its target raised by Scotiabank to $22.25 with a Sector Perform rating.
RioCan REIT (REI.UN:CA) had its target raised by TD Securities to $24.00 with a Buy rating.
RioCan REIT (REI.UN:CA) had its target raised by BMO to $23.50 with an Outperform rating.
RioCan REIT (REI.UN:CA) had its target raised by National Bank to $24.25 with an Outperform rating.
Russel Metals (RUS:CA) had its target raised by BMO to $56.00.
Russel Metals (RUS:CA) was maintained at Outperform by Scotiabank with a C$54.00 target.
Saputo (SAP:CA) had its target lowered by National Bank to $44.00 with a Sector Perform rating.
Shopify (SHOP:CA) was maintained at Buy by TD Securities with a $159.00 target.
Shopify (SHOP:CA) was maintained at Outperform by Scotiabank with a US$200.00 target.
Shopify (SHOP:CA) had its target lowered by Barclays to $172 with an Equal-Weight rating.
Shopify (SHOP:CA) had its target lowered by Citizens to $204 with a Market Outperform rating.
Shopify (SHOP:CA) had its target lowered by Piper Sandler to $204 with an Overweight rating.
Shopify (SHOP:CA) had its target lowered by DA Davidson to $190 with a Buy rating.
Shopify (SHOP:CA) had its target lowered by Jefferies to $190 with a Hold rating.
Shopify (SHOP:CA) had its target lowered by ATB Cormark to $240.00 with an Outperform rating.
Shopify (SHOP:CA) had its target lowered by Citigroup to $212.
Shopify (SHOP:CA) had its target lowered by BMO to $197 with an Outperform rating.
Sienna Senior Living (SIA:CA) was maintained at Outperform by Scotiabank with a C$25.00 target.
Snowline Gold (SGD:CA) was maintained at Outperform by Scotiabank with a C$25.00 target.
South Bow (SOBO:CA) was maintained at Hold by TD Securities with a $44 target.
Spartan Delta (SDE:CA) had its target raised by TD Securities to C$16.00 with a Buy rating.
Spartan Delta (SDE:CA) had its target raised by BMO to $16.00 with an Outperform rating.
Spartan Delta (SDE:CA) had its target raised by TD Securities to $16.00 with a Buy rating.
Spartan Delta (SDE:CA) had its target raised by ATB Cormark to $17.00 with an Outperform rating.
Spartan Delta (SDE:CA) had its target raised by Ventum Capital to $15.00 with a Buy rating.
Spartan Delta (SDE:CA) had its target raised by National Bank to $16.00 with an Outperform rating.
Sprott (SII:CA) was maintained at Hold by TD Securities with a $190 target.
SSR Mining (SSRM:CA) was maintained at Outperform by CIBC with a $65 target.
SSR Mining (SSRM:CA) was maintained at Buy by TD Securities with a $53 target.
SSR Mining (SSRM:CA) was maintained at Outperform by Scotiabank with a C$55.00 target.
Stella-Jones (SJ:CA) was maintained at Outperform by CIBC with a $96 target.
Stella-Jones (SJ:CA) was maintained at Buy by TD Securities with a $106 target.
Suncor Energy (SU:CA) was maintained at Outperform by CIBC with a $110 target.
Suncor Energy (SU:CA) was maintained at Buy by TD Securities with a C$113.00 target.
Suncor Energy (SU:CA) was maintained at Sector Perform by Scotiabank with a C$90.00 target.
Tamarack Valley (TVE:CA) was maintained at Outperform by CIBC with a $12.25 target.
Thesis Gold (TAU:CA) was initiated at Outperformer by CIBC with a $6.00 target.
Thomson Reuters (TRI:CA) had its target raised by TD Securities to C$185.00 with a Buy rating.
Thomson Reuters (TRI:CA) had its target lowered by Scotiabank to $188.00 with a Outperform rating.
Timbercreek Financial (TF:CA) was maintained at Hold by TD Securities with a C$7.00 target.
TMX Group (X:CA) had its target raised by Scotiabank to C$71.00 with an Outperform rating.
TMX Group (X:CA) had its target raised by RBC Capital to $69.00 with an Outperform rating.
TMX Group (X:CA) had its target raised by BMO to $65.00 with an Outperform rating.
Topaz Energy (TPZ:CA) had its target raised by TD Securities to C$35.00 with a Buy rating.
Topaz Energy (TPZ:CA) was maintained at Outperform by Scotiabank with a C$35.00 target.
Topaz Energy (TPZ:CA) had its target raised by ATB Cormark to $35.00 with an Outperform rating.
Topaz Energy (TPZ:CA) had its target raised by CIBC to $34.50 with an Outperform rating.
Topicus.com (TOI:CA) had its target raised by TD Securities to C$145.00 with a Buy rating.
TransAlta (TA:CA) was maintained at Buy by TD Securities with a $27 target.
TransAlta (TA:CA) was maintained at Outperform by CIBC with a $24 target.
Triple Flag Precious Metals (TFPM:CA) was maintained at Outperform by CIBC with a $74 target.
Triple Flag Precious Metals (TFPM:CA) was maintained at Buy by TD Securities with a $62 target.
Vermilion Energy (VET:CA) was maintained at Neutral by CIBC with a $23 target.
Wajax (WJX:CA) had its target lowered by TD Securities to C$33.00 with a Hold rating.
Wajax (WJX:CA) had its target lowered by National Bank to $34.00 with an Outperform rating.
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