Analyst Ratings (Canada)
Today’s Analyst coverage was broadly positive, with energy and utilities leading positive revisions as firms raised price targets on pipeline, midstream, and exploration companies, reflecting confidence in resilient cash flows, infrastructure investment, and improving commodity fundamentals. Industrials and transportation also received favourable outlooks, supported by stronger operating performance. Mining and metals produced mixed views, with analysts remaining positive on high-quality gold and copper producers while reducing expectations for some steel and iron ore companies amid softer pricing and demand uncertainty. Consumer and retail stocks continued to benefit from resilient earnings and pricing power, prompting multiple target increases. Technology maintained a cautiously optimistic outlook, with companies receiving higher targets due to growth opportunities. Real estate sentiment improved modestly, with several REITs receiving higher price targets on expectations of stabilizing fundamentals and long-term earnings growth. Overall, analysts continue to favour companies with strong free cash flow, disciplined capital allocation, defensive business models, and visible long-term growth prospects.
101 Analyst Updates
Advantage Energy Ltd. (AAV:CA) — TD Securities maintained its Buy rating and reiterated the C$14.00 price target, remaining positive on the company’s growth outlook.
Ag Growth International Inc. (AFN:CA) — RBC Capital Markets lowered its price target to C$20.00 from C$30.00 while maintaining its Outperform rating, reflecting a more cautious earnings outlook.
Ag Growth International Inc. (AFN:CA) — National Bank lowered its price target to C$19.00 from C$20.00 while maintaining its Sector Perform rating.
Ag Growth International Inc. (AFN:CA) — ATB Cormark reduced its price target to C$18.00 from C$25.00 while maintaining its Sector Perform rating.
Ag Growth International Inc. (AFN:CA) — Desjardins Securities lowered its price target to C$20.00 from C$25.00 while maintaining its Buy rating.
Algoma Steel Group Inc. (ASTL:CA) — BMO Capital Markets lowered its price target to C$6.00 from C$7.00 while maintaining its Market Perform rating.
Algoma Steel Group Inc. (ASTL:CA) — RBC Capital Markets reduced its price target to C$5.00 from C$6.00 while maintaining its Sector Perform rating.
AltaGas Ltd. (ALA:CA) — RBC Capital Markets raised its price target to C$59.00 from C$55.00 while maintaining its Outperform rating.
AltaGas Ltd. (ALA:CA) — TD Securities raised its price target to C$60.00 from C$55.00 while maintaining its Buy rating.
AltaGas Ltd. (ALA:CA) — ATB Cormark increased its price target to C$63.00 from C$60.00 while maintaining its Outperform rating.
AltaGas Ltd. (ALA:CA) — BMO Capital Markets raised its price target to C$59.00 from C$54.00 while maintaining its Outperform rating.
ARC Resources Ltd. (ARX:CA) — CIBC World Markets maintained its Tender recommendation with a C$32.80 target.
ATCO Ltd. (ACO.X:CA) — National Bank raised its price target to C$79.00 from C$69.00 while maintaining its Sector Perform rating.
Badger Infrastructure Solutions Ltd. (BDGI:CA) — Raymond James raised its price target to C$105.00 from C$98.00 while maintaining its Outperform rating.
Baytex Energy Corp. (BTE:CA) — Raymond James raised its price target to C$8.50 from C$8.00 while maintaining its Strong Buy rating.
Bombardier Inc. (BBD.B:CA) — National Bank raised its price target to C$379.00 from C$349.00 while maintaining its Sector Perform rating.
Bombardier Inc. (BBD.B:CA) — BMO Capital Markets raised its price target to C$375.00 from C$350.00 while maintaining its Outperform rating.
Bombardier Inc. (BBD.B:CA) — TD Securities raised its price target to C$320.00 from C$306.00 while maintaining its Hold rating.
Bombardier Inc. (BBD.B:CA) — RBC Capital Markets raised its price target to C$406.00 from C$383.00 while maintaining its Outperform rating.
Brookfield Business Corporation (BBUC:CA) — CIBC World Markets maintained its Outperform rating with a C$58.00 target.
Brookfield Infrastructure (BIP.UN:CA) — National Bank raised its price target to C$62.00 from C$60.00 while maintaining its Outperform rating.
Brookfield Infrastructure (BIP.UN:CA) — BMO Capital Markets raised its price target to C$66.00 from C$62.00 while maintaining its Outperform rating.
Brookfield Infrastructure Partners L.P. (BIP.UN:CA) — TD Securities maintained its Buy rating and C$94.00 price target.
Canadian National Railway (CNR:CA) — CIBC World Markets maintained its Outperform rating with a C$98.00 target.
Canfor Corp. (CFP:CA) — TD Securities raised its price target to C$20.00 from C$18.00 while maintaining its Buy rating.
Capstone Copper Corp. (CS:CA) — TD Securities maintained its Buy rating and C$16.00 price target.
CareRX Corp. (CRRX:CA) — ATB Cormark raised its price target to C$6.25 while maintaining its Outperform rating.
Champion Iron Ltd. (CIA:CA) — Scotiabank lowered its price target to C$5.00 from C$5.50 while maintaining its Sector Outperform rating.
Colliers International Group Inc. (CIGI:CA) — Scotiabank lowered its price target to C$203.50 from C$210.00 while maintaining its Outperform rating.
Colliers International Group Inc. (CIGI:CA) — National Bank raised its price target to C$154.00 from C$153.00 while maintaining its Outperform rating.
Coveo Solutions Inc. (CVO:CA) — TD Securities raised its price target to C$7.00 from C$6.50 while maintaining its Buy rating.
Definity Financial Corp. (DFY:CA) — TD Securities raised its price target to C$93.00 from C$89.00 while maintaining its Buy rating.
Definity Financial Corp. (DFY:CA) — Raymond James raised its price target to C$85.00 from C$80.00 while maintaining its Market Perform rating.
Definity Financial Corp. (DFY:CA) — CIBC World Markets raised its price target to C$86.00 from C$84.00 while maintaining its Neutral rating.
Enbridge Inc. (ENB:CA) — CIBC World Markets maintained its Neutral rating with a C$77.00 target.
Fortis Inc. (FTS:CA) — CIBC World Markets maintained its Neutral rating with a C$82.00 target.
Gildan Activewear Inc. (GIL:CA) — Stifel Nicolaus raised its price target to C$116.50 from C$112.00 while maintaining its Buy rating.
Gildan Activewear Inc. (GIL:CA) — Scotiabank raised its price target to C$94.00 from C$91.00 while maintaining its Sector Outperform rating.
Gildan Activewear Inc. (GIL:CA) — RBC Capital Markets raised its price target to C$115.00 from C$109.00 while maintaining its Outperform rating.
Gildan Activewear Inc. (GIL:CA) — National Bank raised its price target to C$107.00 from C$105.00 while maintaining its Outperform rating.
Gildan Activewear Inc. (GIL:US) — TD Securities maintained its Buy rating and US$80.00 price target.
Hudbay Minerals Inc. (HBM:CA) — CIBC World Markets maintained its Outperform rating with a C$46.00 target.
IGM Financial Inc. (IGM:CA) — RBC Capital Markets raised its price target to C$89.00 from C$80.00 while maintaining its Sector Perform rating.
Imperial Oil Ltd. (IMO:CA) — CIBC World Markets maintained its Underperform rating with a C$150.00 target.
Ivanhoe Mines Ltd. (IVN:CA) — TD Securities maintained its Buy rating and C$13.00 price target.
Kinross Gold Corp. (K:CA) — ATB Cormark raised its price target to C$45.00 from C$41.00 while maintaining its Outperform rating.
Kinross Gold Corp. (K:CA) — National Bank lowered its price target to C$47.50 from C$50.00 while maintaining its Outperform rating.
Lightspeed Commerce Inc. (LSPD:CA) — TD Securities maintained its Hold rating and C$15.00 price target.
Loblaw Companies Ltd. (L:CA) — Scotiabank raised its price target to C$67.00 from C$64.00 while maintaining its Sector Perform rating.
Loblaw Companies Ltd. (L:CA) — Desjardins Securities raised its price target to C$72.00 from C$70.00 while maintaining its Buy rating.
Loblaw Companies Ltd. (L:CA) — BMO Capital Markets raised its price target to C$73.00 from C$70.00 while maintaining its Outperform rating.
Loblaw Companies Ltd. (L:CA) — National Bank raised its price target to C$70.00 from C$67.00 while maintaining its Outperform rating.
Loblaw Companies Ltd. (L:CA) — TD Securities maintained its Buy rating and C$75.00 price target.
Magna International Inc. (MG:CA) — CIBC World Markets maintained its Outperform rating with a C$104.00 target.
Morguard North American Residential REIT (MRG.UN:CA) — TD Securities raised its price target to C$24.00 from C$23.00 while maintaining its Buy rating.
Morguard REIT (MRT.UN:CA) — TD Securities raised its price target to C$6.50 from C$6.00 while maintaining its Hold rating.
Open Text Corp. (OTEX:CA) — TD Securities maintained its Hold rating with a C$38.00 price target.
Panoro Minerals Ltd. (PML:CA) — Raymond James initiated coverage with an Outperform rating and a C$4.25 price target.
Pembina Pipeline Corp. (PPL:CA) — BMO Capital Markets raised its price target to C$72.00 from C$68.00 while maintaining its Market Perform rating.
Pembina Pipeline Corp. (PPL:CA) — TD Securities maintained its Buy rating and C$77.00 price target.
Power Corp. of Canada (POW:CA) — TD Securities raised its price target to C$101.00 from C$84.00 while maintaining its Hold rating.
Power Corporation of Canada (POW:CA) — CIBC World Markets maintained its Neutral rating and raised its price target to C$101.00 from C$83.00.
Primaris REIT (PMZ.UN:CA) — TD Securities raised its price target to C$25.00 from C$24.00 while maintaining its Buy rating.
Primaris REIT (PMZ.UN:CA) — Scotiabank raised its price target to C$24.00 from C$22.00 while maintaining its Sector Perform rating.
Primaris REIT (PMZ.UN:CA) — Desjardins Securities raised its price target to C$26.00 from C$23.50 while maintaining its Buy rating.
Primaris REIT (PMZ.UN:CA) — Raymond James downgraded the stock to Outperform from Strong Buy while maintaining a C$25.50 price target.
Real Matters Inc. (REAL:CA) — Raymond James lowered its price target to C$7.50 from C$8.25 while maintaining its Outperform rating.
Real Matters Inc. (REAL:CA) — TD Securities lowered its price target to C$7.00 from C$9.00 while maintaining its Buy rating.
Real Matters Inc. (REAL:CA) — ATB Cormark lowered its price target to C$6.00 from C$8.00 while maintaining its Sector Perform rating.
Spin Master Corp. (TOY:CA) — TD Securities maintained its Buy rating and C$27.00 price target.
TC Energy Corp. (TRP:CA) — Barclays Capital raised its price target to C$102.00 from C$100.00 while maintaining its Overweight rating.
TC Energy Corp. (TRP:CA) — BMO Capital Markets raised its price target to C$99.00 from C$94.00 while maintaining its Outperform rating.
TC Energy Corp. (TRP:CA) — National Bank raised its price target to C$103.00 from C$102.00 while maintaining its Outperform rating.
TC Energy Corp. (TRP:CA) — ATB Cormark raised its price target to C$100.00 from C$98.00 while maintaining its Sector Perform rating.
TC Energy Corp. (TRP:CA) — RBC Capital Markets raised its price target to C$106.00 from C$104.00 while maintaining its Outperform rating.
TC Energy Corp. (TRP:CA) — TD Securities raised its price target to C$102.00 from C$100.00 while maintaining its Hold rating.
Tilray Brands Inc. (TLRY:CA) — TD Securities maintained its Buy rating and C$7.00 price target.
Timbercreek Financial Corp. (TF:CA) — TD Securities lowered its price target to C$6.50 from C$7.00 while maintaining its Hold rating.
TMX Group Ltd. (X:CA) — Raymond James lowered its price target to C$64.50 from C$65.25 while maintaining its Strong Buy rating.
Tourmaline Oil Corp. (TOU:CA) — TD Securities maintained its Hold rating and C$66.00 price target.
TransAlta Corp. (TA:CA) — CIBC World Markets maintained its Outperform rating with a C$26.00 price target.
Vermilion Energy Inc. (VET:CA) — BMO Capital Markets raised its price target to C$17.00 from C$15.00 while maintaining its Market Perform rating.
Vermilion Energy Inc. (VET:CA) — TD Securities raised its price target to C$19.00 from C$18.00 while maintaining its Buy rating.
West Fraser Timber Co. Ltd. (WFG:CA) — TD Securities lowered its price target to C$123.50 from C$126.00 while maintaining its Buy rating.
West Fraser Timber Co. Ltd. (WFG:CA) — RBC Capital Markets lowered its price target to C$116.00 from C$119.00 while maintaining its Outperform rating.
Whitecap Resources Inc. (WCP:CA) — TD Securities maintained its Buy rating and C$18.00 price target.
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