Analyst Ratings (Canada)
Analyst sentiment today was broadly positive across industrials, transportation, infrastructure, and select materials sectors, with multiple target increases reflecting improved earnings expectations and valuation support. Transportation and logistics received strong upward revisions, particularly for rail, aviation, and freight-related companies, while industrials and infrastructure remained favored with several Buy and Outperform ratings maintained. Energy and mining were mixed, with some base-metal producers receiving higher targets while certain precious-metal names saw target reductions. Financials and utilities remained stable, with mostly maintained ratings and selective optimism. Telecommunications and consumer sectors showed a more cautious tone, with some target cuts despite several analysts maintaining positive or neutral ratings. Overall, the outlook favours cyclical recovery sectors, infrastructure, transportation, and industrials, while analysts remain selective in resources, telecom, and defensive consumer names.
56 Analyst Updates
Agnico Eagle Mines (AEM:CA) — CIBC World Markets: maintained OUTPERFORM rating.
Agnico Eagle Mines (AEM:CA) — Barclays Capital: Lowered target price to $266.00 from $298.00.
Air Canada (AC:CA) — Scotiabank: Raised target price to C$26.00 from C$21.00.
Algonquin Power & Utilities (AQN:CA) — CIBC World Markets: Maintained NEUTRAL rating with a $9.00 target price.
Algonquin Power & Utilities (AQN:CA) — TD Securities: Maintained HOLD rating with an $8.50 target price.
ARC Resources (ARX:CA) — RBC Capital: Raised target price to $32.00 from $28.00; maintained OUTPERFORM rating.
Barrick Mining (ABX:CA) — Barclays Capital: Lowered target price to $55.00 from $56.00.
BCE Inc. (BCE:CA) — Raymond James: Initiated coverage with MARKET PERFORM rating and a $37.00 target price.
Bird Construction (BDT:CA) — CIBC World Markets: Maintained OUTPERFORM rating with a $71.00 target price.
Bombardier (BBD.A:CA) — Scotiabank: Raised target price to $380.00 from $330.00.
Brookfield Infrastructure Partners (BIP-UN:CA) — TD Securities: Maintained BUY rating with an $80.00 target price.
Cameco (CCO:CA) — Barclays Capital: Lowered target price to $147.00 from $149.00.
Canadian National Railway (CNR:CA) — Bernstein: Raised target price to $196.00 from $163.00.
Canadian National Railway (CNR:CA) — Scotiabank: Raised target price to $194.00 from $162.00.
Canadian Pacific Kansas City (CP:CA) — Scotiabank: Raised target price to $143.00 from $122.00.
Canfor (CFP:CA) — CIBC World Markets: Maintained NEUTRAL rating with a $15.00 target price.
Cannara Biotech (LOVE:CA) — TD Securities: Raised target price to $4.00 from $3.25; maintained BUY rating.
Cargojet (CJT:CA) — Scotiabank: Raised target price to C$120.00 from C$115.00.
Chorus Aviation (CHR:CA) — Scotiabank: Raised target price to C$31.00 from C$30.00.
Cogeco Communications (CCA:CA) — CIBC World Markets: Maintained NEUTRAL rating with a $72.00 target price.
Cogeco Communications (CCA:CA) — TD Securities: Maintained BUY rating with an $83.00 target price.
Equinox Gold (EQX:CA) — CIBC World Markets: Lowered target price to $27.00 from $31.00; maintained OUTPERFORM rating.
Ero Copper (ERO:CA) — Bank of America: Raised target price to $49.00 from $41.00; maintained BUY rating.
Exchange Income Corporation (EIF:CA) — Scotiabank: Raised target price to $145.00 from $129.00.
Exchange Income Corporation (EIF:CA) — Scotiabank: Raised target price to C$145.00 from C$129.00.
First Quantum Minerals (FM:CA) — Barclays Capital: Raised target price to $46.00 from $42.00.
Hudbay Minerals (HBM:CA) — Barclays Capital: Raised target price to $45.00 from $41.00.
Keyera (KEY:CA) — CIBC World Markets: Maintained OUTPERFORM rating with a $66.00 target price.
Lundin Mining (LUN:CA) — Barclays Capital: Raised target price to $43.00 from $42.00.
MDA Space (MDA:CA) — RBC Capital: Maintained OUTPERFORM rating with a $58.00 target price.
Mullen Group (MTL:CA) — Scotiabank: Raised target price to C$24.00 from C$21.00.
NFI Group (NFI:CA) — National Bank: Raised target price to $29.00 from $26.00; maintained OUTPERFORM rating.
Nutrien (NTR:CA) — Jefferies: Lowered target price to $63.00 from $96.00; maintained HOLD rating.
OR Royalties (OR:CA) — CIBC World Markets: Lowered target price to $85.00 from $88.00; maintained OUTPERFORM rating.
Orla Mining (OLA:CA) — CIBC World Markets: Adjusted rating to TENDER from OUTPERFORM; lowered target price to $27.00 from $32.00.
Premium Brands Holdings (PBH:CA) — CIBC World Markets: Maintained OUTPERFORM rating with a $115.00 target price.
Quebecor (QBR.B:CA) — Raymond James: Initiated/issued MARKET PERFORM rating with a $72.00 target price.
Rockpoint Gas Storage (RGSI:CA) — TD Securities: Lowered target price to $32.00 from $35.00; maintained HOLD rating.
Rogers Communications (RCI.B:CA) — Raymond James: Issued OUTPERFORM rating with a $68.00 target price.
Secure Waste Infrastructure (SES:CA) — Scotiabank: Raised target price to C$24.75 from C$24.00.
Spin Master (TOY:CA) — CIBC World Markets: Maintained NEUTRAL rating with a $22.00 target price.
TC Energy (TRP:CA) — Barclays Capital: Raised target price to $100.00 from $92.00.
Telus (T:CA) — Desjardins Securities: Lowered target price to $19.00 from $21.00; maintained BUY rating.
Telus (T:CA) — Barclays Capital: Lowered target price to $17.00 from $19.00.
Telus (T:CA) — Raymond James: Issued MARKET PERFORM rating with an $18.50 target price.
TFI International (TFII:CA) — Scotiabank: Raised target price to $260.00 from $200.00; maintained SECTOR OUTPERFORM rating.
Waste Management (WM:CA) — Scotiabank: Raised target price to $365.00 from $351.00.
WSP Global (WSP:CA) — Desjardins: Issued BUY rating with a $372.00 target price.
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