Analyst Ratings (Canada)
Analyst sentiment was mixed today but generally positive, with strong optimism across transportation, infrastructure, technology, and select mining companies. Railway operators, Cameco, First Quantum Minerals, Pan American Silver, and several construction/materials companies received target increases, reflecting improving commodity demand and infrastructure spending expectations. The precious metals sector saw the most mixed outlook, with some miners receiving higher targets while major gold names such as Agnico Eagle, Barrick, Kinross, and Franco-Nevada saw reductions following strong prior gains. Energy and industrial names remained selective, with some upgrades but continued caution around cyclical exposure. Overall, analysts remain positive on high-quality operators with strong growth catalysts while becoming more cautious on companies where valuations have already priced in significant commodity strength.
Analyst Updates
5N Plus Inc. (VNP:CA): Canaccord Genuity initiated coverage with a Buy rating and a $48 price target.
AbraSilver Resource Corp. (ABRA:CA): Scotiabank raised its price target to $21 from $20.
Adentra Inc. (ADEN:CA): TD Securities increased its price target to $43 from $42 and maintained its Buy rating.
Agnico Eagle Mines (AEM:CA): Scotiabank lowered its price target to $365 from $390.
Agnico Eagle Mines (AEM:CA): National Bank reduced its price target to $275 from $350 while maintaining its Outperform rating.
Alamos Gold (AGI:CA): Scotiabank increased its price target to $80 from $60.
Altius Minerals (ALS:CA): ATB Capital Markets raised its price target to $79 from $68.
Altius Minerals (ALS:CA): TD Securities increased its price target to $60 from $55 while maintaining its Hold rating.
Altius Minerals (ALS:CA): National Bank raised its price target to $70 from $62.50 while maintaining its Outperform rating.
Arizona Metals (AMC:CA): National Bank lowered its price target to $0.20 from $0.25 while maintaining its Sector Perform rating.
Aya Gold & Silver (AYA:CA): Scotiabank raised its price target to $32 from $29.
B2Gold (BTO:CA): National Bank lowered its price target to $9.75 from $10.70 while maintaining its Outperform rating.
Barrick Mining (ABX:CA): National Bank lowered its price target to $67.50 from $75 while maintaining its Outperform rating.
Barrick Mining (ABX:CA): Scotiabank reduced its price target to $80 from $88.
Cameco (CCO:CA): TD Securities increased its price target to $190 from $185 and maintained its Buy rating.
Canadian National Railway (CNR:CA): Raymond James raised its price target to $198 from $170 and maintained its Outperform rating.
Canadian Pacific Kansas City (CP:CA): Raymond James increased its price target to $140 from $125 while maintaining its Outperform rating.
Canfor (CFP:CA): TD Securities raised its price target to $18 from $16 and maintained its Buy rating.
Capstone Copper (CS:CA): National Bank increased its price target to $16.50 from $14 while maintaining its Outperform rating.
Cargojet (CJT:CA): National Bank raised its price target to $109 from $108 and maintained its Outperform rating.
Cascades (CAS:CA): TD Securities increased its price target to $15 from $13 and maintained its Buy rating.
Cerrado Gold (CERT:CA): H.C. Wainwright raised its price target to $3.40 from $3.30.
Champion Iron (CIA:CA): TD Securities increased its price target to $6.50 from $5 and maintained its Buy rating.
Champion Iron (CIA:CA): National Bank lowered its price target to $5.50 from $5.75 while maintaining its Outperform rating.
D2L (DTOL:CA): CIBC maintained its Outperform rating with a $15 price target.
Definity Financial (DFY:CA): CIBC World Markets increased its price target to $84 from $74.
Delivra Health Brands (DHB:CA): Fundamental Research initiated coverage with a Buy rating and a $0.53 price target.
Denison Mines (DML:CA): RBC Capital initiated coverage with an Outperform rating and a $6 price target.
Doman Building Materials (DBM:CA): TD Securities raised its price target to $13 from $12 and maintained its Buy rating.
DPM Metals (DPM:CA): Scotiabank increased its price target to $61 from $59.
Eldorado Gold (ELD:CA): Scotiabank lowered its price target to $66 from $77.
Endeavour Mining (EDV:CA): National Bank raised its price target to $92 from $116 while maintaining its Outperform rating.
Ero Copper (ERO:CA): TD Securities lowered its price target to $44 from $47 while maintaining its Hold rating.
Faraday Copper (FDY:CA): National Bank increased its price target to $7.25 from $5.75 and maintained its Outperform rating.
First Majestic Silver (AG:CA): Scotiabank issued a $31.50 price target.
First Quantum Minerals (FM:CA): National Bank raised its price target to $50 from $47 while maintaining its Outperform rating.
First Quantum Minerals (FM:CA): TD Securities upgraded the stock to Buy with a $47 price target.
FirstService (FSV:CA): TD Securities increased its price target to $207 from $204 and maintained its Buy rating.
Franco-Nevada (FNV:CA): Scotiabank lowered its price target to $385 from $407.
Gensource Potash (GSP:CA): Fundamental Research initiated coverage with a Buy rating and a $0.59 price target.
Hemlo Mining (HMMC:CA): Scotiabank lowered its price target to $9.50 from $10.
Hudbay Minerals (HBM:CA): National Bank lowered its price target to $38.50 from $40 while maintaining its Sector Perform rating.
IAMGOLD (IAG:CA): Scotiabank reduced its price target to $31 from $35.
Imperial Oil (IMO:CA): JP Morgan increased its price target to $158 from $149.
Interfor (IFP:CA): TD Securities raised its price target to $14 from $10 while maintaining its Hold rating.
Ivanhoe Electric (IE:CA): National Bank lowered its price target to $27 from $30 while maintaining its Outperform rating.
Kinross Gold (K:CA): National Bank lowered its price target to $50 from $57.50 while maintaining its Outperform rating.
Kinross Gold (K:CA): Scotiabank reduced its price target to $57 from $63.
KP Tissue (KPT:CA): TD Securities increased its price target to $14 from $12 while maintaining its Hold rating.
Linamar (LNR:CA): CIBC World Markets raised its price target to $115 from $110.
Lundin Mining (LUN:CA): National Bank increased its price target to $42.50 from $43.50 while maintaining its Sector Perform rating.
Lundin Mining (LUN:CA): TD Securities raised its price target to $43 from $44 and maintained its Buy rating.
Mainstreet Equity (MEQ:CA): CIBC raised its price target and maintained its Neutral rating with a $210 target.
Marimaca Copper (MARI:CA): National Bank raised its price target to $13.50 from $14 while maintaining its Outperform rating.
Mattr (MATR:CA): Stifel Nicolaus increased its price target to $23 from $15.25 and maintained its Buy rating.
OR Royalties (OR:CA): TD Securities raised its price target to $46 from $62.
OR Royalties (OR:CA): Scotiabank lowered its price target to $59 from $81.
Osisko Metals (OM:CA): National Bank increased its price target to $2.25 from $2 and maintained its Outperform rating.
Pan American Silver (PAAS:CA): Scotiabank raised its price target to $95 from $65.
Propel Holdings (PRL:CA): TD Securities initiated coverage with a Buy rating and a $33 price target.
Propel Holdings (PRL:CA): Scotiabank maintained its Buy rating with a $33 price target.
Snowline Gold (SGD:CA): Scotiabank lowered its price target to $23 from $25.
South Bow (SOBO:CA): Barclays increased its price target to $48 from $47.
SSR Mining (SSRM:CA): Scotiabank increased its price target to $60 from $58.
Talon Metals (TLO:CA): National Bank initiated coverage with an Outperform rating and an $8 price target.
Teck Resources (TECK.B:CA): TD Securities raised its price target to $89 from $82 while maintaining its Hold rating.
Teck Resources (TECK.B:CA): National Bank increased its price target to $100 from $92.50 while maintaining its Sector Perform rating.
The Descartes Systems Group (DSG:CA): National Bank initiated coverage with an Outperform rating and a $133 price target.
Trekor Metals (TKO:CA): TD Securities raised its price target to $13 from $12 and maintained its Buy rating.
Trekor Metals (TKO:CA): National Bank increased its price target to $13 from $12 and maintained its Outperform rating.
Triple Flag Precious Metals (TFPM:CA): Scotiabank lowered its price target to $55 from $60.
West Fraser Timber (WFG:CA): TD Securities increased its price target to $126.50 from $121.
Western Copper and Gold (WRN:CA): National Bank raised its price target to $8 from $7.50 and maintained its Outperform rating.
Western Forest Products (WEF:CA): TD Securities increased its price target to $19 from $17 while maintaining its Hold rating.
Wheaton Precious Metals (WPM:CA): Scotiabank lowered its price target to $246 from $253.
WSP Global (WSP:CA): BMO Capital Markets lowered its price target to $272 from $278.
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