Canadian Analyst Updates: May 22nd, 2026

Canadian Analyst Updates: May 22nd, 2026

Analyst Ratings (Canada)

Today’s analyst ratings update signals a neutral-to-cautious market outlook, with analysts largely maintaining existing ratings. Commodities and mining sectors remain the most supported, wth financials and REITs being mostly neutral due to rate sensitivities, while growth and tech stocks continue to face valuation pressure through lower target valuation adjustments.  The current thesis is of a stock-picking environment, rather than a strong sector-wide trend.   Over all the current outlook is range-bound, with growth stocks under pressure, resources supported, with no strong macro drivers for a positive broad market narrative.

25 Analyst Updates

Agnico Eagle Mines Ltd. (AEM:CA) — Barclays maintained an Overweight rating and held its $292 target.

Amex Exploration Inc. (AMX:CA) — National Bank kept its $6.50 target while maintaining an Outperform rating.

Atrium Mortgage Investment Corp. (AI:CA) — Fundamental Research initiated coverage with a Buy rating and a $13.00 target.

Barrick Mining Corp. (ABX:CA) — Barclays Capital maintained an Equal-Weight rating and held its $56 target.

Blackline Safety Corp. (BLN:CA) — RBC Capital raised its price target to $9.25 while downgrading to a Sector Perform rating, from a Outperform.

CAE Inc. (CAE:CA) — Scotiabank cut its target to $50 from $56, while keeping a Outperform, and CIBC maintained an Outperform rating with a $56 target.

Cameco Corp. (CCO:CA) — Barclays Capital maintained an Equal-Weight rating with a $149 target.

Canadian Net REIT (NET-UN:CA) — CIBC maintained a Neutral rating with a $7 target.

Celestica Inc. (CLS:CA) — CIBC maintained an Outperform rating with a $662 target.

Computer Modelling Group Ltd. (CMG:CA) — Raymond James cut its price target to $6.00 from $7.00, while maintaining an Outperform rating.

Decibel Cannabis Company (DB:CA) — TD Securities raised its price target to $0.25 from $0.15, while maintaining a Buy rating.

Dye & Durham Ltd. (DND:CA) — CIBC maintained a Neutral rating, with a $4.00 target.

Fortune Minerals Limited (FT:CA) — Fundamental Research initiated coverage with a Buy rating and a $0.63 target.

Hudbay Minerals Inc. (HBM:CA) — Barclays maintained an Overweight rating with a $41 target.

IGM Financial Inc. (IGM:CA) — CIBC maintained a Neutral rating with a $79 target.

Lightspeed Commerce Inc. (LSPD:CA): Stifel Nicolaus lowered its price target to $14 from $16.50 while maintaining a Hold rating.

Lightspeed Commerce Inc. (LSPD:CA): RBC Capital lowered its price target to $14 from $18 while maintaining an Outperform rating.

Lightspeed Commerce Inc. (LSPD:CA): BTIG cut its price target to $16.50 from $20.50 while maintaining a Buy rating.

Lightspeed Commerce Inc. (LSPD:CA): CIBC lowered its price target to $25 from $30 while maintaining an Outperform rating.

Lundin Mining Corp. (LUN:CA) — Barclays Capital maintained an Equal-Weight rating with a $42 target.

Olympia Financial Group Inc. (OLY:CA) — Fundamental Research initiated coverage with a Buy rating and a $158.24 target.

Slate Grocery REIT (SGR-U:CA) — CIBC maintained a Neutral rating with an $11 target.

Star Copper Corp. (STCU:CA) — Fundamental Research initiated coverage with a Buy rating and a $2.35 target.

TELUS Corporation (T:CA) — CIBC maintained an Outperform rating with a $24 target.

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