Analyst Ratings (Canada)
Today’s latest Canadian analyst coverage points to a moderately bullish but increasingly selective market outlook, with the strongest sentiment concentrated in gold, precious metals, base metals, critical minerals, energy and energy infrastructure, where analysts continue to favour Buy ratings supported by commodity strength, resource expansion, attractive valuations and long-term demand trends. Industrials and waste services also remain relatively well positioned, while technology and software continue to offer growth opportunities, particularly for companies with strong recurring revenue, AI exposure and solid organic growth, although analysts are becoming more selective on valuation. Consumer and retail sentiment is mixed but favours businesses with strong competitive positions and defensive characteristics. Meanwhile, financials, real estate and other interest-rate-sensitive sectors face a more cautious outlook as elevated yields and valuation concerns limit upside. Airlines and travel remain among the weakest areas, with fuel costs, competition, debt and margin pressure driving muted ratings. Overall, the analyst data suggests investors are favouring commodity exposure, cash-flow strength, defensive businesses and companies with visible earnings growth, rather than taking broad market risk, indicating that the Canadian market can remain positive but is likely to experience greater sector rotation and selectivity.
53 Analyst Updates
Aya Gold & Silver Inc. (AYA:CA) — Stifel Nicolaus raised its price target to $56.00 from $39.00 and maintained a Buy rating.
Banyan Gold Corp. (BYN:CA) — Desjardins Securities initiated coverage with a Buy rating and a $3.00 price target.
BlackBerry Limited (BB:CA) — CIBC maintained an Outperform rating with an $18.00 price target.
Brookfield Asset Management Ltd. (BAM:CA) — TD Securities maintained a Buy rating with a C$70.00 price target.
Brookfield Corp. (BN:CA) — TD Securities maintained a Buy rating with a C$61.00 price target.
Chartwell Retirement Residences (CSH.UN:CA) — TD Securities maintained a Buy rating with a C$27.00 price target.
D2L Inc. (DTOL:CA) — TD Securities maintained a Buy rating with a C$13.00 price target.
D2L Inc. (DTOL:CA) — ATB Cormark maintained an Outperform rating while lowering its price target to $16.00 from $17.00.
D2L Inc. (DTOL:CA) — CIBC downgraded the stock to Neutral from its previous rating and lowered the price target to $11.00 from $16.00.
Descartes Systems Group Inc. (DSG:CA) — CIBC maintained an Outperform rating with a $164.00 price target.
Descartes Systems Group Inc. (DSG:CA) — TD Securities maintained a Buy rating with a $121.00 price target.
Descartes Systems Group Inc. (DSG:CA) — Scotiabank raised its price target to $136.00 and maintained an Outperform rating.
Empire Company Ltd. (EMP.A:CA) — Scotiabank maintained a Sector Perform rating while lowering its price target to $48.00 from $50.00.
Empire Company Ltd. (EMP.A:CA) — National Bank maintained a Sector Perform rating while lowering its price target to $54.00 from $56.00.
Empire Company Ltd. (EMP.A:CA) — Desjardins Securities maintained a Buy rating while lowering its price target to $53.00 from $57.00.
Empire Company Ltd. (EMP.A:CA) — TD Securities lowered its price target to C$52.00 from C$53.00 and maintained a Hold rating.
Empire Company Ltd. (EMP.A:CA) — TD Securities maintained a Hold rating with a $52.00 price target, down from $53.00.
Enghouse Systems Ltd. (ENGH:CA) — TD Securities maintained a Hold rating with a $16.00 price target.
Groupe Dynamite Inc. (GRGD:CA) — TD Securities maintained a Buy rating while lowering its price target to $80.00 from $85.00.
Groupe Dynamite Inc. (GRGD:CA) — Desjardins Securities maintained a Buy rating while lowering its price target to $85.00 from $90.00.
Groupe Dynamite Inc. (GRGD:CA) — National Bank maintained an Outperform rating while raising its price target to $93.00 from $91.00.
Groupe Dynamite Inc. (GRGD:CA) — Scotiabank maintained a Outperform rating while raising its price target to $75.00 from $70.00.
Groupe Dynamite Inc. (GRGD:CA) — RBC Capital maintained an Outperform rating while lowering its price target to $104.00 from $107.00.
Groupe Dynamite Inc. (GRGD:CA) — Canaccord Genuity maintained a Buy rating while raising its price target to $113.00 from $108.00.
Groupe Dynamite Inc. (GRGD:CA) — Stifel Nicolaus maintained a Buy rating while raising its price target to $78.00 from $73.00.
Groupe Dynamite Inc. (GRGD:CA) — BMO Capital Markets raised its price target to $83.00 from $78.00.
Haivision Systems Inc. (HAI:CA) — Canaccord Genuity maintained a Hold rating while lowering its price target to $4.00 from $8.00.
Hemlo Mining Corp. (HMMC:CA) — CIBC maintained an Outperform rating with a $10.00 price target.
Hemlo Mining Corp. (HMMC:CA) — Scotiabank maintained a Outperform rating with a C$9.50 price target.
Hemlo Mining Corp. (HMMC:CA) — Desjardins Securities maintained a Buy rating with a $10.50 price target.
International Petroleum Corp. (IPCO:CA) — TD Securities initiated coverage with a Hold rating and a C$38.00 price target.
International Petroleum Corp. (IPCO:CA) — TD Securities initiated coverage with a Hold rating and a $38.00 price target.
North American Construction Group Ltd. (NOA:CA) — CIBC maintained a Neutral rating with a $21.00 price target.
North West Company Inc. (NWC:CA) — TD Securities maintained a Buy rating with a C$63.00 price target.
Nutrien Ltd. (NTR:CA) — KeyBanc maintained a Sector Weight rating with a $101.00 price target.
Onex Corporation (ONEX:CA) — TD Securities maintained a Buy rating with a C$163.00 price target.
Osisko Metals Incorporated (OM:CA) — Scotiabank maintained a Outperform rating with a C$3.00 price target.
Talon Metals Corp. (TLO:CA) — TD Securities maintained a Buy rating with an $8.50 price target.
Tecsys Inc. (TCS:CA) — TD Securities maintained a Buy rating with a $39.00 price target.
Transcontinental Inc. (TCL.A:CA) — ATB Cormark maintained an Outperform rating while raising its price target to $7.00 from $6.00.
Transat A.T. Inc. (TRZ:CA) — CIBC maintained an Underperform rating with a $1.75 price target.
Transat A.T. Inc. (TRZ:CA) — TD Securities lowered its price target to C$2.00 from C$2.25 while maintaining a Hold rating.
Transat A.T. Inc. (TRZ:CA) — TD Securities maintained a Hold rating with a $2.00 price target, down from $2.25.
Transat A.T. Inc. (TRZ:CA) — Desjardins Securities maintained a Hold rating while lowering its price target to $2.50 from $2.80.
Transat A.T. Inc. (TRZ:CA) — Scotiabank maintained a Underperform rating while lowering its price target to $1.65 from $2.00.
Waste Connections Inc. (WCN:CA) — CIBC maintained an Outperform rating with a $276.00 price target.
Whitecap Resources Inc. (WCP:CA) — TD Securities raised its price target to C$21.00 from C$18.00 while maintaining a Buy rating.
Whitecap Resources Inc. (WCP:CA) — TD Securities maintained a Buy rating while raising its price target to $21.00 from $18.00.
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