Analyst Ratings (Canada)
Today’s Canadian analyst revisions shows a selective outlook, with more upgrades and target increases than cuts, though conviction is narrowing across sectors. Financials remain the most stable and positively viewed segment, with the major banks generally receiving higher price targets and maintained mid-to-positive ratings, reflecting resilient earnings and capital return visibility. Industrials and infrastructure-related names are more mixed, with several companies seeing higher targets tied to execution strength, while others, particularly higher-valuation engineering and services companies face downward revisions due to valuation pressure and tempered growth expectations. Energy-transition and utility-linked stocks are characterized by incremental upward revisions but cautious ratings, indicating improving model assumptions without strong conviction shifts. Resource stocks remain split, with gold and silver names retaining supportive outlooks, while lithium exposure shows divergent analyst views reflecting commodity-cycle uncertainty. Consumer and retail names stand out as the weakest pocket, with repeated target reductions pointing to margin pressure and demand normalization.
Overall, the tone from analysts suggests a market that is not deteriorating broadly, but transitioning into a more mature phase where returns are increasingly driven by stock-specific fundamentals rather than sector-wide expansion.
130 Analyst Updates
Allied Gold Corp. (AAUC:CA): CIBC maintains Tender rating with a $44.00 target price.
Americas Gold and Silver Corporation (USA:CA): TD Securities maintains Buy rating with a $12.00 target price.
AtkinsRéalis Group Inc. (ATRL:CA): TD Securities lowers target to $117.00 from $127.00 while maintaining Buy.
AtkinsRealis Group Inc. (ATRL:CA): Scotiabank maintains Outperform with a C$105.00 target.
AtkinsRéalis Group Inc. (ATRL:CA): Desjardins Securities raises target to $131.00 from $130.00, Buy rating maintained.
AtkinsRéalis Group Inc. (ATRL:CA): BMO lowers target to $107.00 from $113.00 while maintaining Outperform.
Automotive Properties REIT (APR.UN:CA): TD Securities raises target to $13.00 from $12.50, Hold rating maintained.
Aya Gold & Silver Inc. (AYA:CA): Scotiabank maintains Outperform with a C$29.00 target.
Bank of Montreal (BMO:CA): National Bank raises target to $223.00 from $205.00, Sector Perform maintained.
Bank of Nova Scotia (BNS:CA): National Bank raises target to $106.00 from $100.00, Sector Perform maintained.
Bird Construction Inc. (BDT:CA): CIBC raises target to $61.00 from $52.00, Outperform maintained.
Bird Construction Inc. (BDT:CA): BMO raises target to $60.00 from $55.00, Outperform maintained.
Bird Construction Inc. (BDT:CA): ATB Cormark raises target to $57.00 from $48.00, Outperform maintained.
Bird Construction Inc. (BDT:CA): Raymond James raises target to $60.00 from $54.00, Outperform maintained.
Bird Construction Inc. (BDT:CA): Canaccord Genuity raises target to $62.00 from $50.00, Buy maintained.
Boralex Inc. (BLX:CA): Raymond James lowers target to $37.25 from $38.00, Market Perform maintained.
Boralex Inc. (BLX:CA): TD Securities maintains Sell rating with a C$37.25 target.
Boyd Group Services (BYD:CA): ATB Cormark lowers target to $245.00 from $285.00.
Boyd Group Services Inc. (BYD:CA): RBC Capital lowers target to $245.00 from $267.00.
Brookfield Corp. (BN:CA): National Bank raises target to $82.00 from $80.00, Outperform maintained.
Brookfield Corp. (BN:CA): Scotiabank raises target to $73.00 from $67.00, Outperform rating maintained.
Brookfield Corp. (BN:CA): RBC Capital lowers target to $61.00 from $63.00, Outperform maintained.
BSR REIT (HOM.UN:CA): TD Securities maintains Buy rating with a $13.00 target.
Calian Group Ltd. (CGY:CA): CIBC raises target to $90.00 from $76.00.
Calian Group Ltd. (CGY:CA): RBC Capital raises target to $90.00 from $78.00, Outperform maintained.
Canadian Imperial Bank of Commerce (CM:CA): National Bank raises target to $152.00 from $150.00, Sector Perform maintained.
Canadian Tire Corp. (CTC.A:CA): National Bank lowers target to $205.00 from $211.00, Sector Perform rating maintained.
Canadian Tire Corp. (CTC.A:CA): RBC Capital lowers target to $216.00 from $220.00, Outperform maintained.
Canadian Tire Corp. (CTC.A:CA): Desjardins Securities lowers target to $200.00 from $203.00, Buy maintained.
Canadian Tire Corp. (CTC.A:CA): BMO lowers target to $185.00 from $194.00, Market Perform maintained.
Canadian Tire Corp. (CTC.A:CA): TD Securities lowers target to C$200.00 from C$205.00, Hold rating maintained.
Canadian Tire Corporation, Limited (CTC.A:CA): Scotiabank maintains Sector Perform with a C$180.00 target.
CCL Industries Inc. (CCL.B:CA): National Bank raises target to $104.00 from $102.00, Outperform maintained.
CCL Industries Inc. (CCL.B:CA): Stifel raises target to $105.00 from $103.00, Buy maintained.
CCL Industries Inc. (CCL.B:CA): ATB Cormark raises target to $102.00 from $101.00, Outperform maintained.
CCL Industries Inc. (CCL.B:CA): RBC Capital raises target to $100.00 from $99.00, Outperform maintained.
CCL Industries Inc. (CCL.B:CA): TD Securities raises target to C$110.00 from C$105.00, Buy rating maintained.
Discovery Silver Corp. (DSV:CA): Scotiabank maintains Outperform with a C$15.00 target.
Diversified Royalty Corp. (DIV:CA): CIBC maintains Neutral rating with a $4.25 target.
Dream Impact Trust (MPCT.UN:CA): TD Securities maintains Hold with a C$2.00 target.
DRI Healthcare Trust (DHT-UN:CA): CIBC maintains Outperform with a $20.00 target.
EQB Inc. (EQB:CA): National Bank maintains Sector Perform with a $120.00 target.
Finning International Inc. (FTT:CA): RBC Capital raises target to $130.00 from $104.00.
Finning International Inc. (FTT:CA): Scotiabank maintains Outperform and raises target to C$114.00.
H&R REIT (HR.UN:CA): Scotiabank maintains Sector Perform with a C$12.00 target.
Hemlo Mining Corp. (HMMC:CA): Scotiabank maintains Outperform with a C$9.00 target.
Interfor Corporation (IFP:CA): CIBC maintains Outperform with a $10.00 target.
Interfor Corporation (IFP:CA): Scotiabank maintains Outperform with a C$15.00 target.
Keyera Corp. (KEY:CA): National Bank raises target to $50.00 from $48.00, Sector Perform maintained.
Keyera Corp. (KEY:CA): RBC Capital raises target to $60.00 from $55.00, Outperform maintained.
Keyera Corp. (KEY:CA): BMO raises target to $60.00 from $55.00, Outperform maintained.
Keyera Corp. (KEY:CA): ATB Cormark raises target to $54.00 from $52.00, Sector Perform maintained.
Keyera Corp. (KEY:CA): Scotiabank raises target to $60.00 from $55.00, Outperform rating maintained.
Keyera Corp. (KEY:CA): Raymond James raises target to $67.00 from $65.00, Outperform maintained.
Keyera Corp. (KEY:CA): TD Securities raises target to C$61.00 from C$60.00, Buy rating maintained.
kneat.com Inc. (KSI:CA): TD Securities maintains Buy rating with a C$6.00 target.
KP Tissue Inc. (KPT:CA): Desjardins Securities raises target to $12.50 from $12.00, Hold maintained.
KP Tissue Inc. (KPT:CA): TD Securities raises target to C$12.00 from C$11.00, Hold rating maintained.
Lithium Americas Corp. (LAC:CA): National Bank lowers target to $7.25 from $7.50, Sector Perform maintained.
Lithium Americas Corp. (LAC:CA): Scotiabank raises target to $11.00 from $8.50, Outperform rating maintained.
Lithium Argentina (LAR:CA): TD Securities maintains Buy rating with a $12.00 target.
Manulife Financial Corp. (MFC:CA): Scotiabank lowers target to C$56.00, maintains Outperform rating.
Mattr Corp (MATR:CA): ATB Cormark raises target to $14.00 from $9.50, Outperform maintained.
Mattr Corp. (MATR:CA): National Bank raises target to $14.50 from $12.00, Outperform maintained.
Mattr Corp. (MATR:CA): Stifel Nicolaus upgrades to Buy with a $15.25 target.
Mattr Corp. (MATR:CA): RBC Capital raises target to $13.00 from $10.00, Outperform maintained.
Meridian Mining plc (MNO:CA): Scotiabank maintains Outperform with a C$3.00 target.
Metalla Royalty & Streaming Ltd. (MTA:CA): Scotiabank maintains Sector Perform with a $9.00 target.
Montage Gold Corp. (MAU:CA): BMO raises target to $22.00 from $20.00, Outperform maintained.
Montage Gold Corp. (MAU:CA): National Bank raises target to $20.00 from $19.00.
Montage Gold Corp. (MAU:CA): Canaccord raises target to $18.00 from $16.00, Speculative Buy maintained.
Montage Gold Corp. (MAU:CA): Scotiabank maintains Outperform with a C$18.50 target.
Northland Power Inc. (NPI:CA): National Bank raises target to $28.00 from $27.00, Outperform maintained.
Northland Power Inc. (NPI:CA): Desjardins lowers target to $23.00 from $24.00, Hold maintained.
Northland Power Inc. (NPI:CA): Raymond James raises target to $26.00 from $25.50, Outperform maintained.
Northland Power Inc. (NPI:CA): Scotiabank raises target to $25.00 from $23.00, Sector Perform rating maintained.
Northland Power Inc. (NPI:CA): ATB Cormark raises target to $26.00 from $24.00, Outperform maintained.
Northland Power Inc. (NPI:CA): TD Securities raises target to C$25.00 from C$24.00, Hold rating maintained.
OceanaGold (OGC:CA): TD Securities maintains Buy rating with a $56.00 target.
Onex Corporation (ONEX:CA): CIBC maintains Neutral rating with a $135.00 target.
Pembina Pipeline Corp (PPL:CA): JP Morgan raises target to $67.00 from $64.00.
Pembina Pipeline Corp. (PPL:CA): TD Securities maintains Hold with a $65.00 target.
Petrus Resources Ltd (PRQ:CA): Haywood initiates Buy rating with a $2.40 target.
Pro REIT (PRV.UN:CA): CIBC raises target to $7.00 from $6.75, Neutral maintained.
ProREIT (PRV.UN:CA): TD Securities raises target to C$7.00 from C$6.50, Hold rating maintained.
Quebecor Inc. (QBR.A:CA): JP Morgan raises target to $69.00 from $63.00.
Quebecor Inc. (QBR.B:CA): National Bank raises target to $67.00 from $59.00, Outperform maintained.
Quebecor Inc. (QBR.B:CA): ATB Cormark raises target to $69.00 from $63.00, Outperform maintained.
Quebecor Inc. (QBR.B:CA): Scotiabank raises target to $58.00 from $54.50, Sector Perform maintained.
Quebecor Inc. (QBR.B:CA): Desjardins Securities raises target to $66.00 from $61.00, Buy maintained.
Quebecor Inc. (QBR.B:CA): BMO raises target to $67.00 from $63.00, Outperform maintained.
Quebecor Inc. (QBR.B:CA): RBC Capital raises target to $64.00 from $60.00, Sector Perform maintained.
Quebecor Inc. (QBR.B:CA): Canaccord raises target to $68.00 from $60.00, Buy maintained.
Quebecor Inc. (QBR.B:CA): TD Securities raises target to C$69.00 from C$63.00, Buy rating maintained.
Royal Bank of Canada (RY:CA): National Bank raises target to $271.00 from $257.00, Outperform maintained.
Stantec (STN:CA): TD Securities lowers target to C$132.00 from C$158.00, Buy maintained.
Stantec Inc. (STN:CA): RBC Capital lowers target to $155.00 from $175.00.
Stantec Inc. (STN:CA): CIBC lowers target to $160.00 from $173.00, Outperform maintained.
Stantec Inc. (STN:CA): Desjardins lowers target to $171.00 from $178.00, Buy maintained.
Stantec Inc. (STN:CA): Scotiabank lowers target to C$138.00 from C$146.00, maintains Outperform.
Stantec Inc. (STN:CA): ATB Cormark lowers target to $130.00 from $157.00, Outperform maintained.
Stantec Inc. (STN:CA): BMO lowers target to $154.00 from $175.00, Outperform maintained.
Superior Plus Corp. (SPB:CA): ATB Cormark raises target to $9.00 from $8.50, Outperform maintained.
Superior Plus Corp. (SPB:CA): Desjardins raises target to $7.75 from $7.00, Hold maintained.
Superior Plus Corp. (SPB:CA): TD Securities raises target to $8.00 from $7.50, Hold rating maintained.
Superior Plus Corp. (SPB:CA): National Bank raises target to $7.50 from $6.00, Sector Perform maintained.
Terravest Industries Inc. (TVK:CA): BMO lowers target to $170.00 from $190.00.
Terravest Industries Inc. (TVK:CA): National Bank lowers target to $170.00 from $175.00, Outperform maintained.
TerraVest Industries Inc. (TVK:CA): Scotiabank maintains Outperform with a C$178.00 target.
TERRAVEST INDUSTRIES, INC. (TVK:CA): CIBC maintains Neutral rating with a $170.00 target.
TFI International Inc. (TFII:CA): CIBC maintains Outperform with a $221.00 target.
Toronto-Dominion Bank (TD:CA): National Bank raises target to $157.00 from $146.00, Outperform maintained.
Transat A.T. Inc. (TRZ:CA): TD Securities maintains Hold with a $2.50 target.
VerticalScope Holdings Inc. (FORA:CA): National Bank lowers target to $4.25 from $4.50, Sector Perform maintained.
VerticalScope Holdings Inc. (FORA:CA): RBC Capital lowers target to $5.00 from $6.00, Sector Perform maintained.
Vital Infrastructure Property Trust (VITL.UN:CA): Scotiabank maintains Sector Perform and lowered the target to $6.50.
Vizsla Royalties Corp. (VROY:CA): Raymond James lowers target to $3.90 from $5.25, Market Perform maintained.
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