Analyst Ratings (Canada)
Air Canada (AC:CA): RBC Capital cut its target price on Air Canada to $25.00 but maintained an “Outperform” rating, noting near-term earnings headwinds tied to labor disputes and fuel costs. National Bank also reaffirmed an “Outperform” view with a $26.00 target, suggesting confidence in the airline’s recovery trajectory as international travel demand remains resilient.
Alimentation Couche-Tard Inc. (ATD:CA): BMO Capital Markets raised its price target to $75.00, maintaining a “Market Perform” rating. The firm expects steady earnings supported by fuel sales and convenience store strength, though competition and currency effects remain watchpoints.
Arizona Metals Corp. (AMC:CA): Scotiabank lowered its target to $1.50 with a “Sector Perform” rating, reflecting challenges in advancing exploration projects and recent weakness in precious metals pricing.
Artemis Gold Inc. (ARTG:CA): RBC Capital boosted its target to $38.00, reiterating an “Outperform” rating, citing progress at the Blackwater project and supportive gold pricing that enhances future cash flow potential.
Bank of Montreal (BMO:CA): CIBC World Markets raised its target to $173.00, though it maintained a “Negative” stance, reflecting concerns over loan growth, net interest margin pressure, and higher credit risks in the current macro environment.
Bank of Nova Scotia (BNS:CA): CIBC World Markets lifted its target to $90.00 while keeping a “Neutral” rating, pointing to limited near-term catalysts and ongoing challenges in international operations.
BRP Inc. (DOO:CA):
TD Securities lifted its target to $87.00 with a “Buy” rating.
Desjardins raised its target to $97.00, also with a “Buy”.
Stifel Nicolaus increased to $88.00 with a “Buy”.
National Bank set a $83.00 target with a “Sector Perform”.
CIBC World Markets maintained a Hold rating with a target of $66.00.
Canaccord Genuity Group Inc. (CF:CA): TD Securities maintained a “Buy” rating with a $12.00 target, supported by strong capital markets activity and improved cost discipline.
Chemtrade Logistics Income Fund (CHE-UN:CA): CIBC raised its target to $15.00 with an “Outperform” rating, citing stronger chemical demand and improved pricing.
Dayforce Inc. (DAY:CA): Morningstar maintained its “Underperform” rating with a $65.00 target, pointing to elevated competition and limited margin expansion.
Dollarama Inc. (DOL:CA): National Bank increased its target to $213.00, reaffirming an “Outperform” rating, citing strong same-store sales, resilient margins, and international growth via Dollarcity.
Dream Impact Trust (MPCT-UN:CA): TD Securities lowered its target to $1.75 while maintaining a “Hold” rating, citing weak real estate market fundamentals and project timing risks.
First Quantum Minerals Ltd. (FM:CA): Desjardins raised its target to $26.00 with a “Hold” rating, pointing to stabilization in copper markets but maintaining caution due to geopolitical risks.
Gibson Energy Inc. (GEI:CA): JP Morgan lifted its target to $25.00 but kept an “Underweight” rating, reflecting ongoing structural challenges despite stable cash flows.
GO Residential REIT (GO-U:CA): Analysts were divided:
National Bank assigned an “Outperform” rating with a $15.00 target.
CIBC was more bullish with an “Outperform” at $24.00, citing potential for rental growth and real estate portfolio stability.
Laurentian Bank of Canada (LB:CA): CIBC raised its target to $35.00 with a “Neutral” rating, highlighting modest recovery efforts but limited growth catalysts.
Lithium Royalty Corp. (LIRC:CA): Scotiabank raised its target to $7.50 while maintaining a “Sector Perform” rating, reflecting balanced long-term opportunities in the lithium sector but short-term pricing headwinds.
Loblaw Companies Ltd. (L:CA): National Bank adjusted its target to $60.00, reflecting steady grocery and pharmacy demand in a competitive retail environment.
Lundin Mining Corp. (LUN:CA): Morgan Stanley raised its target to $14.50, citing improved copper pricing dynamics and supportive supply-demand fundamentals.
Marimaca Copper Corp. (MARI:CA): BMO Capital Markets raised its target to $12.00, reflecting continued progress at the Marimaca project in Chile.
National Bank of Canada (NA:CA): CIBC raised its target to $151.00 while keeping a “Neutral” rating, highlighting stable earnings momentum but limited upside relative to peers.
Quebecor Inc. (QBR-B:CA): Morningstar maintained a “Hold” rating with a $42.00 target, pointing to stable telecom operations but limited growth catalysts.
Royal Bank of Canada (RY:CA): CIBC raised its target to $195.00 with an “Outperform” rating, citing strong earnings visibility, balance sheet strength, and growth across wealth management and capital markets.
Thesis Gold Inc. (TAU:CA): Scotiabank maintained an “Outperform” rating with a $2.25 target, reflecting exploration potential and leverage to gold prices.
Thomson Reuters Corp. (TRI:CA): CIBC set a target of $278.00 with an “Outperform” rating, noting steady growth in legal and tax software and improving recurring revenues.
Toronto-Dominion Bank (TD:CA): CIBC raised its target to $109.00, maintaining an “Outperform” rating, citing strong retail banking performance and growth in U.S. operations.
Zedcor Inc. (ZDC:CA): Stifel Nicolaus set a target of $7.00 with a “Buy” rating, pointing to strong growth potential in security and surveillance services.
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Interesting to see how analysts are split on Air Canada—short-term pressures from labor and fuel costs are clearly weighing, but the longer-termBlog comment creation recovery narrative still looks intact with travel demand holding up. I also find the contrast between BMO’s raised target on Couche-Tard versus the more cautious stance on Arizona Metals notable, since it highlights how stable cash flow businesses are being favored over exploration plays in this market.
It’s interesting to see the diverging views on Air Canada and Bank of Montreal—RBC and National Bank are still bullish despite near-term headwinds, while CIBC remains cautious on BMO. The contrast highlights how macro factors like fuel costs and credit risk can significantly shape analyst sentiment, even within the same sector. Artemis Gold’s upward revision also signals confidence in gold pricing and project progress, which could be a key indicator for other mining plays.
It’s interesting to see the diverging views on Air Canada, especially with RBC cutting its target price despite maintaining an ‘Outperform’ rating—highlighting the ongoing challenges from labor and fuel costs. Meanwhile, Artemis Gold’s upward revision from RBC shows how positive project developments can outweigh broader commodity headwinds. These updates really underscore the importance of monitoring both macro trends and company-specific execution.