Analyst Ratings Canada
Canadian analyst sentiment remained positive, with 139 rating updates tracked, including 77 target price increases, 15 target price decreases, 3 rating upgrades, and 44 maintained ratings. The strongest optimism was directed toward the technology, financials, industrials, energy, infrastructure, and REIT sectors, reflecting improving earnings expectations and valuation confidence. Target reductions were relatively limited and concentrated in parts of the mining, industrial, and investment sectors, indicating analysts remain broadly bullish on Canadian stocks despite selective valuation adjustments.
Analyst Updates
ADENTRA Inc. (ADEN:CA) — TD Securities raised its target price to $46.00 from $43.00 and maintained a Buy rating. Scotiabank maintained an Outperform rating with a $47.00 target.
AtkinsRéalis Group Inc. (ATRL:CA) — CIBC World Markets maintained an Outperform rating with a $120.00 target price.
Ballard Power Systems Inc. (BLDP:CA) — National Bank lowered its target price to $4.50 from $4.75 and maintained a Sector Perform rating.
BCE Inc. (BCE:CA) — CIBC World Markets maintained an Outperform rating with a $36.00 target price.
Brookfield Asset Management Ltd. (BAM:CA) — Scotiabank raised its target price to $83.00 from $80.00 and maintained an Outperform rating. National Bank increased its target to $98.00 from $97.00 with an Outperform rating. TD Securities maintained a Buy rating with a $70.00 target.
Canada Packers Inc. (CPKR:CA) — BMO Capital Markets lowered its target price to $19.00 from $21.00 and maintained a Market Perform rating. Ventum Capital reduced its target to $21.50 from $24.00 while maintaining a Buy rating. TD Securities maintained a Buy rating with a $24.00 target.
Canadian Natural Resources Ltd. (CNQ:CA) — CIBC World Markets maintained an Outperform rating with a $70.00 target price.
Canadian Tire Corp. Ltd. (CTC.A:CA) — National Bank raised its target price to $210.00 from $205.00 and maintained a Sector Perform rating.
Caribbean Utilities Ltd. (CUP.U:CA) — TD Securities maintained a Hold rating with a $14.00 target price.
Cascades Inc. (CAS:CA) — CIBC World Markets maintained an Outperform rating with a $15.00 target price.
Chorus Aviation Inc. (CHR:CA) — BMO Capital Markets raised its target to $32.00 from $28.00 with an Outperform rating. Scotiabank increased its target to $33.50 from $31.00 and maintained Outperform. Stifel Nicolaus raised its target to $33.00 from $32.00 with a Buy rating. TD Securities increased its target to $34.00 from $33.00 and maintained Buy. RBC Capital raised its target to $39.00 from $35.00 with an Outperform rating.
Crombie REIT (CRR.UN:CA) — Scotiabank maintained an Outperform rating with an $18.00 target price.
Discovery Mining Ltd. (DSV:CA) — Scotiabank maintained an Outperform rating with a $15.00 target price.
Doman Building Materials Group Ltd. (DBM:CA) — Raymond James raised its target price to $12.50 from $12.00 and maintained an Outperform rating. TD Securities maintained a Buy rating with a $13.00 target.
Dream Industrial REIT (DIR.UN:CA) — Canaccord Genuity raised its target to $16.50 from $15.50 with a Buy rating. Desjardins Securities increased its target to $16.00 from $15.50 with a Buy rating. TD Securities raised its target to $16.00 from $15.50 with a Buy rating. National Bank increased its target to $17.00 from $16.25 and maintained Outperform. Scotiabank maintained an Outperform rating with a $16.50 target.
Element Fleet Management Corp. (EFN:CA) — TD Securities maintained a Buy rating with a $38.00 target. CIBC World Markets and Scotiabank maintained Outperform ratings with $41.00 targets.
Equinox Gold Corp. (EQX:CA) — CIBC World Markets maintained an Outperform rating with a $24.00 target price.
Ero Copper Corp. (ERO:CA) — Scotiabank maintained an Outperform rating with a $55.00 target price.
Finning International Inc. (FTT:CA) — Scotiabank maintained an Outperform rating with a $118.00 target price.
Flagship Communities REIT (MHC.U:CA) — Scotiabank maintained an Outperform rating with a $34.00 target price.
G Mining Ventures (GMIN:CA) — TD Securities raised its target price to $68.00 from $65.00 and maintained a Buy rating.
Granite REIT (GRT.UN:CA) — Scotiabank maintained an Outperform rating with a $110.00 target price.
Greenfire Resources Ltd. (GFR:CA) — BMO Capital Markets upgraded the stock to Outperform and raised its target price to $11.50 from $9.00. TD Securities maintained a Buy rating with an $11.00 target.
iA Financial Corp. (IAG:CA) — RBC Capital raised its target to $213.00 from $167.00 with a Sector Perform rating. Scotiabank increased its target to $223.00 from $198.52 and maintained Sector Perform. Desjardins Securities raised its target to $220.00 from $205.00 with a Hold rating. CIBC World Markets increased its target to $220.00 from $208.00. BMO Capital Markets raised its target to $225.00 from $215.00 and maintained Outperform.
K-Bro Linen Inc. (KBL:CA) — ATB Cormark raised its target to $55.00 from $50.00 with an Outperform rating. Raymond James increased its target to $54.00 from $50.00 and maintained Outperform. Stifel Nicolaus raised its target to $54.00 from $52.00 with a Buy rating.
KELT Exploration Ltd. (KEL:CA) — CIBC World Markets maintained an Outperform rating with a $12.50 target price.
Killam Apartment REIT (KMP.UN:CA) — Scotiabank maintained an Outperform rating with a $20.00 target price.
Kinaxis Inc. (KXS:CA) — Scotiabank maintained an Outperform rating with a $200.00 target price.
Louisiana-Pacific Corp. (LPX:CA) — TD Securities maintained a Buy rating with a $90.00 target price.
Lundin Mining Corp. (LUN:CA) — CIBC World Markets lowered its target price to $39.00 from $41.00 and downgraded to Neutral. Scotiabank maintained an Outperform rating with a $44.00 target.
Manulife Financial Corp. (MFC:CA) — Barclays Capital raised its target to $59.00 from $56.00 with an Equal Weight rating. TD Securities increased its target to $67.00 from $65.00 and maintained Buy. Scotiabank maintained Outperform with a $61.00 target.
Nutrien (NTR:CA) — Scotiabank maintained an Outperform rating with a $112.00 target price.
Open Text Corporation (OTEX:CA) — CIBC World Markets maintained a Neutral rating with a $38.00 target price.
OR Royalties Inc. (OR:CA) — Scotiabank maintained a Sector Perform rating with a $59.00 target price.
Paramount Resources Ltd. (POU:CA) — CIBC World Markets maintained an Outperform rating with a $34.00 target price.
Premium Brands Holdings (PBH:CA) — CIBC World Markets maintained an Outperform rating with a $115.00 target price.
Propel Holdings Inc. (PRL:CA) — Raymond James upgraded the stock to Strong Buy and raised its target price to $38.00 from $31.00. Scotiabank maintained a Sector Perform rating with a $27.00 target.
Quebecor Inc. (QBR-B:CA) — CIBC World Markets maintained an Outperform rating with a $78.00 target price.
RioCan REIT (REI.UN:CA) — Canaccord Genuity raised its target to $22.50 from $21.50 with a Hold rating. Scotiabank increased its target to $22.50 from $22.25 and maintained Sector Perform. Desjardins Securities raised its target to $25.00 from $24.00 with a Buy rating. TD Securities maintained a Buy rating with a $26.00 target.
Rockpoint Gas Storage Inc. (RGSI:CA) — TD Securities lowered its target to $28.00 from $32.00 and maintained Hold. National Bank reduced its target to $34.00 from $35.00 while maintaining Outperform. Scotiabank maintained Outperform with a $33.00 target.
Savaria Corporation (SIS:CA) — Scotiabank maintained an Outperform rating with a $35.00 target price.
Shopify Inc. (SHOP:CA) — TD Securities raised its target to $175.00 from $159.00 with a Buy rating. Barclays increased its target to $203.00 from $176.00 with an Equal Weight rating. Cantor Fitzgerald raised its target to $203.00 from $178.00 with a Neutral rating. Evercore ISI increased its target to $245.00 from $189.00 with an Outperform rating. DA Davidson raised its target to $280.00 from $196.00 with a Buy rating. Citigroup increased its target to $274.00 from $210.00 with a Buy rating. National Bank raised its target to $252.00 from $217.00 with an Outperform rating. JP Morgan increased its target to $259.00 from $217.00 with an Overweight rating. RBC Capital raised its target to $252.00 from $238.00 with an Outperform rating. ATB Cormark increased its target to $260.00 from $240.00 with an Outperform rating. BMO Capital Markets raised its target to $231.00 with an Outperform rating. Scotiabank maintained Outperform with a $280.00 target.
Sienna Senior Living Inc. (SIA:CA) — ATB Cormark raised its target to $27.00 from $26.00 with an Outperform rating. TD Securities increased its target to $28.00 from $27.00 with a Buy rating. National Bank raised its target to $28.50 from $27.50 with an Outperform rating. Scotiabank maintained Outperform with a $26.00 target.
South Bow Corp. (SOBO:CA) — TD Securities maintained a Hold rating with a $53.00 target. Scotiabank maintained Sector Perform with a $55.00 target.
Sprott Inc. (SII:CA) — TD Securities raised its target to $175.00 from $170.00 with a Hold rating. Canaccord Genuity lowered its target to $183.00 from $230.00 while maintaining Buy.
Stack Capital Group Inc. (STCK:CA) — Raymond James lowered its target to $23.75 from $28.50 and maintained Outperform. Canaccord Genuity reduced its target to $24.00 from $30.00 with a Buy rating. Ventum Capital lowered its target to $28.50 from $31.00 with a Buy rating.
Stella-Jones Inc. (SJ:CA) — CIBC World Markets maintained a Neutral rating with an $82.00 target price.
Strathcona Resources Ltd. (SCR:CA) — Scotiabank maintained an Outperform rating with a $54.00 target price.
Suncor Energy Inc. (SU:CA) — Raymond James raised its target to $109.00 from $103.00 with an Outperform rating. TD Securities maintained Buy with a $116.00 target. CIBC World Markets maintained Outperform with a $110.00 target. Scotiabank maintained Outperform with a $106.00 target.
Tenaz Energy Corp. (TNZ:CA) — CIBC World Markets maintained an Outperform rating with an $80.00 target price.
Thomson Reuters Corp. (TRI:CA) — RBC Capital raised its target to $174.00 from $169.00 with an Outperform rating. National Bank increased its target to $180.00 from $171.00 with an Outperform rating. TD Securities raised its target to $200.00 from $185.00 with a Buy rating. Canaccord Genuity lowered its target to $186.00 from $188.00 while maintaining Buy. Scotiabank lowered its target to $189.00 from $193.00 but maintained Outperform.
Topicus.com Inc. (TOI:CA) — Desjardins Securities raised its target to $145.00 from $140.00 with a Buy rating. RBC Capital lowered its target to $145.00 from $150.00 while maintaining Outperform. TD Securities maintained Buy with a $145.00 target.
Westshore Terminals Investment Corp. (WTE:CA) — RBC Capital raised its target to $44.00 from $42.00 and maintained an Outperform rating.
WSP Global Inc. (WSP:CA) — BMO Capital Markets raised its target to $280.00 from $272.00 and maintained an Outperform rating.
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