Target & Rating Changes-Aug 6th, 2026
Canadian investment analysts released over 118 rating updates today, showing a positive overall market outlook, with analysts issuing 56 price target increases, 9 price target decreases, 50 maintained ratings, and 3 rating upgrades. The majority of companies continued to receive positive recommendations, with approximately 85% of ratings classified as Buy, Outperform, Sector Outperform, or Strong Buy, while a smaller group received Neutral, Sector Perform, Equal Weight, or Hold ratings. The strongest analyst momentum was concentrated in technology, financials, industrials, energy, and real estate, with multiple analysts raising targets on companies following improved earnings expectations, valuation adjustments, and stronger growth outlooks. Several companies received multiple upward revisions, indicating increased institutional confidence and active reassessment of fundamentals. Overall, the data points to a bullish Canadian market outlook, with analysts favouring companies with strong cash flows, earnings growth potential, and favourable long-term industry trends, while only a limited number of stocks faced valuation pressure or reduced targets.
Analyst Updates
| Company Name | Stock Symbol | Analyst | Action | Rating | New Target Price | Old Price Target |
| ADENTRA Inc. | ADEN:CA | TD Securities | Target Up | Buy | $46.00 | $43.00 |
| ADENTRA Inc. | ADEN:CA | Scotiabank | Maintained | Outperform | $47.00 | — |
| AtkinsRéalis Group Inc. | ATRL:CA | CIBC World Markets | Maintained | Outperform | $120.00 | — |
| Ballard Power Systems Inc. | BLDP:CA | National Bank | Target Down | Sector Perform | $4.50 | $4.75 |
| BCE Inc. | BCE:CA | CIBC World Markets | Maintained | Outperform | $36.00 | — |
| Brookfield Asset Management Ltd. | BAM:CA | Scotiabank | Target Up | Outperform | $83.00 | $80.00 |
| Brookfield Asset Management Ltd. | BAM:CA | National Bank | Target Up | Outperform | 98.00 | 97 |
| Brookfield Asset Management Ltd. | BAM:CA | TD Securities | Maintained | Buy | $70.00 | — |
| Canada Packers Inc. | CPKR:CA | BMO Capital Markets | Target Down | Market Perform | 19.00 | 21 |
| Canada Packers Inc. | CPKR:CA | Ventum Capital | Target Down | Buy | 21.50 | 24 |
| Canada Packers Inc. | CPKR:CA | TD Securities | Maintained | Buy | 24.00 | — |
| Canadian Natural Resources Ltd. | CNQ:CA | CIBC World Markets | Maintained | Outperform | $70.00 | — |
| Canadian Tire Corp. Ltd. | CTC.A:CA | National Bank | Target Up | Sector Perform | 210.00 | 205 |
| Caribbean Utilities Ltd. | CUP.U:CA | TD Securities | Maintained | Hold | 14.00 | — |
| Cascades Inc. | CAS:CA | CIBC World Markets | Maintained | Outperform | 15.00 | — |
| Chorus Aviation Inc. | CHR:CA | BMO Capital Markets | Target Up | Outperform | 32.00 | 28 |
| Chorus Aviation Inc. | CHR:CA | Scotiabank | Target Up | Outperform | 33.50 | 31 |
| Chorus Aviation Inc. | CHR:CA | Stifel Nicolaus | Target Up | Buy | 33.00 | 32 |
| Chorus Aviation Inc. | CHR:CA | TD Securities | Target Up | Buy | 34.00 | 33 |
| Chorus Aviation Inc. | CHR:CA | RBC Capital | Target Up | Outperform | 39.00 | 35 |
| CIBC World Markets | KEY:CA | CIBC World Markets | Maintained | Outperform | 66.00 | — |
| Crombie REIT | CRR.UN:CA | Scotiabank | Maintained | Outperform | 18.00 | — |
| Discovery Mining Ltd. | DSV:CA | Scotiabank | Maintained | Outperform | 15.00 | — |
| Doman Building Materials Group Ltd. | DBM:CA | Raymond James | Target Up | Outperform | 12.50 | 12 |
| Doman Building Materials Group Ltd. | DBM:CA | TD Securities | Maintained | Buy | 13.00 | — |
| Dream Industrial REIT | DIR.UN:CA | Canaccord Genuity | Target Up | Buy | 16.50 | 15.5 |
| Dream Industrial REIT | DIR.UN:CA | Desjardins Securities | Target Up | Buy | 16.00 | 15.5 |
| Dream Industrial REIT | DIR.UN:CA | TD Securities | Target Up | Buy | 16.00 | 15.5 |
| Dream Industrial REIT | DIR.UN:CA | National Bank | Target Up | Outperform | 17.00 | 16.25 |
| Dream Industrial REIT | DIR.UN:CA | Scotiabank | Maintained | Outperform | 16.50 | — |
| Element Fleet Management Corp. | EFN:CA | TD Securities | Maintained | Buy | 38.00 | — |
| Element Fleet Management Corp. | EFN:CA | CIBC World Markets | Maintained | Outperform | 41.00 | — |
| Element Fleet Management Corp. | EFN:CA | Scotiabank | Maintained | Outperform | 41.00 | — |
| Equinox Gold Corp. | EQX:CA | CIBC World Markets | Maintained | Outperform | 24.00 | — |
| Ero Copper Corp. | ERO:CA | Scotiabank | Maintained | Outperform | 55.00 | — |
| Finning International Inc. | FTT:CA | Scotiabank | Maintained | Outperform | 118.00 | — |
| Flagship Communities REIT | MHC.U:CA | Scotiabank | Maintained | Outperform | 34.00 | — |
| G Mining Ventures | GMIN:CA | TD Securities | Target Up | Buy | 68.00 | 65 |
| Granite REIT | GRT.UN:CA | Scotiabank | Maintained | Outperform | 110.00 | — |
| Greenfire Resources Ltd. | GFR:CA | BMO Capital Markets | Upgrades | Outperform | 11.50 | 9 |
| Greenfire Resources Ltd. | GFR:CA | TD Securities | Maintained | Buy | 11.00 | — |
| iA Financial Corp. | IAG:CA | RBC Capital | Target Up | Sector Perform | 213.00 | 167 |
| iA Financial Corp. | IAG:CA | Scotiabank | Target Up | Sector Perform | 223.00 | 198.52 |
| iA Financial Corp. | IAG:CA | Desjardins Securities | Target Up | Hold | 220.00 | 205 |
| iA Financial Corp. | IAG:CA | CIBC World Markets | Target Up | — | 220.00 | 208 |
| iA Financial Corp. | IAG:CA | BMO Capital Markets | Target Up | Outperform | 225.00 | 215 |
| K-Bro Linen Inc. | KBL:CA | ATB Cormark | Target Up | Outperform | 55.00 | 50 |
| K-Bro Linen Inc. | KBL:CA | Raymond James | Target Up | Outperform | 54.00 | 50 |
| K-Bro Linen Inc. | KBL:CA | Stifel Nicolaus | Target Up | Buy | 54.00 | 52 |
| KELT Exploration Ltd. | KEL:CA | CIBC World Markets | Maintained | Outperform | 12.50 | — |
| Killam Apartment REIT | KMP.UN:CA | Scotiabank | Maintained | Outperform | 20.00 | — |
| Kinaxis Inc. | KXS:CA | Scotiabank | Maintained | Outperform | 200.00 | — |
| Louisiana-Pacific Corp. | LPX:CA | TD Securities | Maintained | Buy | 90.00 | — |
| Lundin Mining Corp. | LUN:CA | CIBC World Markets | Target Down | Neutral | 39.00 | 41 |
| Lundin Mining Corp. | LUN:CA | Scotiabank | Maintained | Outperform | 44.00 | — |
| Manulife Financial Corp. | MFC:CA | Barclays Capital | Target Up | Equal Weight | 59.00 | 56 |
| Manulife Financial Corp. | MFC:CA | TD Securities | Target Up | Buy | 67.00 | 65 |
| Manulife Financial Corp. | MFC:CA | Scotiabank | Maintained | Outperform | 61.00 | — |
| Nutrien | NTR:CA | Scotiabank | Maintained | Outperform | 112.00 | — |
| Open Text Corporation | OTEX:CA | CIBC World Markets | Maintained | Neutral | 38.00 | — |
| OR Royalties Inc. | OR:CA | Scotiabank | Maintained | Sector Perform | 59.00 | — |
| Paramount Resources Ltd. | POU:CA | CIBC World Markets | Maintained | Outperform | 34.00 | — |
| Premium Brands Holdings | PBH:CA | CIBC World Markets | Maintained | Outperform | 115.00 | — |
| Propel Holdings Inc. | PRL:CA | Raymond James | Upgrades | Strong Buy | 38.00 | 31 |
| Propel Holdings Inc. | PRL:CA | Scotiabank | Maintained | Sector Perform | 27.00 | — |
| Quebecor Inc. | QBR-B:CA | CIBC World Markets | Maintained | Outperform | 78.00 | — |
| RioCan REIT | REI.UN:CA | Canaccord Genuity | Target Up | Hold | 22.50 | 21.5 |
| RioCan REIT | REI.UN:CA | Scotiabank | Target Up | Sector Perform | 22.50 | 22.25 |
| RioCan REIT | REI.UN:CA | Desjardins Securities | Target Up | Buy | 25.00 | 24 |
| RioCan REIT | REI.UN:CA | TD Securities | Maintained | Buy | 26.00 | — |
| Rockpoint Gas Storage Inc. | RGSI:CA | TD Securities | Target Down | Hold | 28.00 | 32 |
| Rockpoint Gas Storage Inc. | RGSI:CA | National Bank | Target Down | Outperform | 34.00 | 35 |
| Rockpoint Gas Storage Inc. | RGSI:CA | Scotiabank | Maintained | Outperform | 33.00 | — |
| Savaria Corporation | SIS:CA | Scotiabank | Maintained | Outperform | 35.00 | — |
| Shopify Inc. | SHOP:CA | TD Securities | Target Up | Buy | 175.00 | 159 |
| Shopify Inc. | SHOP:CA | Barclays Capital | Target Up | Equal Weight | 203.00 | 176 |
| Shopify Inc. | SHOP:CA | Cantor Fitzgerald | Target Up | Neutral | 203.00 | 178 |
| Shopify Inc. | SHOP:CA | Evercore ISI | Target Up | Outperform | 245.00 | 189 |
| Shopify Inc. | SHOP:CA | DA Davidson | Target Up | Buy | 280.00 | 196 |
| Shopify Inc. | SHOP:CA | Citigroup | Target Up | Buy | 274.00 | 210 |
| Shopify Inc. | SHOP:CA | National Bank | Target Up | Outperform | 252.00 | 217 |
| Shopify Inc. | SHOP:CA | JP Morgan | Target Up | Overweight | 259.00 | 217 |
| Shopify Inc. | SHOP:CA | RBC Capital | Target Up | Outperform | 252.00 | 238 |
| Shopify Inc. | SHOP:CA | ATB Cormark | Target Up | Outperform | 260.00 | 240 |
| Shopify Inc. | SHOP:CA | Scotiabank | Maintained | Outperform | 280.00 | — |
| Shopify Inc. | SHOP:CA | BMO Capital Markets | Target Up | Outperform | 231.00 | — |
| Sienna Senior Living Inc. | SIA:CA | ATB Cormark | Target Up | Outperform | 27.00 | 26 |
| Sienna Senior Living Inc. | SIA:CA | TD Securities | Target Up | Buy | 28.00 | 27 |
| Sienna Senior Living Inc. | SIA:CA | National Bank | Target Up | Outperform | 28.50 | 27.5 |
| Sienna Senior Living Inc. | SIA:CA | Scotiabank | Maintained | Outperform | 26.00 | — |
| South Bow Corp. | SOBO:CA | TD Securities | Maintained | Hold | 53.00 | — |
| South Bow Corp. | SOBO:CA | Scotiabank | Maintained | Sector Perform | 55.00 | — |
| Sprott Inc. | SII:CA | TD Securities | Target Up | Hold | 175.00 | 170 |
| Sprott Inc. | SII:CA | Canaccord Genuity | Target Down | Buy | 183.00 | 230 |
| Stack Capital Group Inc. | STCK:CA | Raymond James | Target Down | Outperform | 23.75 | 28.5 |
| Stack Capital Group Inc. | STCK:CA | Canaccord Genuity | Target Down | Buy | 24.00 | 30 |
| Stack Capital Group Inc. | STCK:CA | Ventum Capital | Target Down | Buy | 28.50 | 31 |
| Stella-Jones Inc. | SJ:CA | CIBC World Markets | Maintained | Neutral | 82.00 | — |
| Strathcona Resources Ltd. | SCR:CA | Scotiabank | Maintained | Outperform | 54.00 | — |
| Suncor Energy Inc. | SU:CA | Raymond James | Target Up | Outperform | 109.00 | 103 |
| Suncor Energy Inc. | SU:CA | TD Securities | Maintained | Buy | 116.00 | — |
| Suncor Energy Inc. | SU:CA | CIBC World Markets | Maintained | Outperform | 110.00 | — |
| Suncor Energy Inc. | SU:CA | Scotiabank | Maintained | Outperform | 106.00 | — |
| Tenaz Energy Corp. | TNZ:CA | CIBC World Markets | Maintained | Outperform | 80.00 | — |
| Thomson Reuters Corp. | TRI:CA | RBC Capital | Target Up | Outperform | 174.00 | 169 |
| Thomson Reuters Corp. | TRI:CA | National Bank | Target Up | Outperform | 180.00 | 171 |
| Thomson Reuters Corp. | TRI:CA | TD Securities | Target Up | Buy | 200.00 | 185 |
| Thomson Reuters Corp. | TRI:CA | Canaccord Genuity | Target Down | Buy | 186.00 | 188 |
| Thomson Reuters Corp. | TRI:CA | Scotiabank | Target Down | Outperform | 189.00 | 193 |
| Thomson Reuters Corp. | TRI:CA | Scotiabank | Target Up | Outperform | 189.00 | — |
| Topicus.com Inc. | TOI:CA | Desjardins Securities | Target Up | Buy | 145.00 | 140 |
| Topicus.com Inc. | TOI:CA | RBC Capital | Target Down | Outperform | 145.00 | 150 |
| Topicus.com Inc. | TOI:CA | TD Securities | Maintained | Buy | 145.00 | — |
| Westshore Terminals Investment Corp. | WTE:CA | RBC Capital | Target Up | Outperform | 44.00 | 42 |
| WSP Global Inc. | WSP:CA | BMO Capital Markets | Target Up | Outperform | 280.00 | 272 |
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