Canadian Analyst Update: Oct 23, 2025

AbraSilver Resource Corp (ABRA:CA):
Scotiabank raised its target price on AbraSilver Resource Corp. to C$9.00 from C$7.50, reflecting a more optimistic outlook on the company’s exploration progress and asset value potential.

ACT Energy Technologies Ltd (ACX:CA):
ATB Capital reduced its target price on ACT Energy Technologies to C$6.75 from C$7.25 but maintained an Outperform rating, signaling continued confidence despite a more conservative valuation.

Agnico Eagle Mines Limited (AEM:CA):
Scotiabank significantly increased its target price on Agnico Eagle Mines to C$307.00 from C$210.00, highlighting a strong outlook for production growth and higher gold price leverage.

Alamos Gold Inc (AGI:CA):
Scotiabank raised its target price on Alamos Gold to C$70.00, creflecting robust operating performance and positive free cash flow generation.

Aya Gold & Silver Inc (AYA:CA):
Scotiabank lifted its target price on Aya Gold & Silver to C$19.00 from C$18.50, reflecting steady operational improvements and higher silver output expectations.

B2Gold Corp (BTO:CA):
Scotiabank raised its price target on B2Gold to C$8.00 from C$6.00, supported by stronger production guidance and cost control initiatives.

Barrick Mining Corporation (ABX:CA):
Scotiabank boosted its target price on Barrick to C$60.00 from C$38.50, underscoring improved balance sheet strength and rising gold prices.

Boyd Group Services Inc (BYD:CA):
Stifel Nicolaus increased its target price on Boyd Group Services to C$265.00 from C$260.00 and reiterated a Buy rating, reflecting sustained margin expansion and steady repair demand.

Centerra Gold Inc (CG:CA):
Scotiabank raised its target price on Centerra Gold to C$19.00, supported by improving production volumes and solid cash generation.

Collective Mining Ltd (CNL:CA):
National Bank initiated or maintained coverage with an Outperform rating and a target of C$22.75, reflecting strong drill results and growth potential.

Colliers International Group Inc (CIGI:CA):
Stifel Nicolaus maintained a Buy rating with a target of C$273.00, reflecting continued earnings resilience and disciplined capital allocation.

Definity Financial Corp (DFY:CA):
CIBC World Markets maintained a Neutral rating with a price target of C$103.50, indicating balanced risk-reward following recent performance.

Docebo Inc (DCBO:CA):
National Bank set a Sector Perform rating with a target of C$43.00, reflecting cautious optimism amid moderating SaaS growth trends.

DPM Metals Inc (DPM:CA):
Scotiabank raised its target price on DPM Metals to C$36.50, citing improved metal recoveries and a stable production outlook.

Eldorado Gold Corporation (ELD:CA):
Scotiabank lifted its target price on Eldorado Gold to C$46.00, driven by improved production guidance and cost management.

Endeavour Mining PLC (EDV:CA):
Scotiabank increased its target on Endeavour Mining to C$75.00, reflecting operational consistency and attractive valuation.

Enerflex Ltd (EFX:CA):
ATB Capital raised its target to C$19.50 from C$19.00 and reaffirmed an Outperform rating, citing improving cash flows and energy infrastructure demand.

EQB Inc (EQB:CA):
Scotiabank trimmed its target to C$94.00, while TD Securities raised its target to C$105.00 from C$100.00 with a Hold rating, indicating mixed sentiment but overall stable fundamentals.

Equinox Gold Corp (EQX:CA):
Scotiabank lifted its price target on Equinox Gold to C$19.00, citing project advancement and increasing leverage to gold prices.

First Majestic Silver Corp (AG:CA):
Scotiabank raised its target to C$17.50, reflecting higher silver prices and improved operational momentum.

First National Financial Corp (FN:CA):
TD Securities maintained a Sell rating with a target of C$4.60, pointing to limited upside amid tightening mortgage margins.

FirstService Corp (FSV:CA):
TD Securities maintained a Buy rating with a target of C$299.00, highlighting resilient performance and steady revenue growth.

Fortuna Mining Corp (FSM-N):
Scotiabank increased its target price to C$14.75, reflecting strong production guidance and cost discipline.

Franco-Nevada Corporation (FNV-N):
Scotiabank raised its target to C$315.00, emphasizing stable royalty income and sector-leading balance sheet strength.

G Mining Ventures (GMIN:CA):
TD Securities maintained a Buy rating with a C$39.00 target, reflecting ongoing construction milestones and value creation potential.

Gildan Activewear Inc (GIL:CA):
National Bank raised its target to C$92.00 from C$91.00 and reiterated an Outperform rating, supported by margin expansion and solid demand trends.

IAMGOLD Corporation (IAG:CA):
Scotiabank raised its target price to C$21.00, backed by cost improvements and ramp-up progress at Côté Gold.

Imperial Oil (IMO:CA):
JP Morgan lifted its target to C$110.00 from C$101.00, reflecting higher cash flow forecasts and steady production volumes.

K92 Mining Inc (KNT:CA):
Scotiabank increased its target to C$20.50, reflecting ongoing expansion at the Kainantu mine.

Kinaxis Inc (KXS:CA):
National Bank set an Outperform rating with a target of C$240.00, driven by strong SaaS demand and recurring revenue growth.

Kinross Gold Corporation (K:CA):
Scotiabank raised its target to C$45.00, highlighting operational stability and improving free cash flow.

Kraken Robotics Inc (PNG:CA):
National Bank raised its target to C$7.50 from C$5.00 and reiterated an Outperform rating, reflecting record order backlog and defense sector exposure.

Lightspeed Commerce Inc (LSPD:CA):
National Bank maintained a Sector Perform rating with a target of C$18.00, reflecting steady growth balanced by profitability concerns.

Lithium Royalty Corp (LIRC:CA):
National Bank lifted its target to C$8.00 from C$7.00 and reaffirmed an Outperform rating, reflecting increased optimism on lithium price recovery.

Lundin Gold Inc (LUG:CA):
Scotiabank raised its target to C$70.00, driven by strong operational execution and production consistency.

Metalla Royalty & Streaming Ltd (MTA-A:CA):
Scotiabank increased its target to C$10.50, supported by an expanding royalty portfolio and rising commodity prices.

Montage Gold Corp (MAU:CA):
Scotiabank raised its target to C$8.50, reflecting favorable feasibility progress and gold sector momentum.

Mullen Group Ltd (MTL:CA):
TD Securities raised its target to C$20.00 from C$19.00 with a Buy rating; National Bank reduced its target to C$16.50 from C$17.00 but maintained Outperform; and RBC lifted its target to C$17.00 from C$15.00 with an Outperform rating, indicating a overall positive sentiment despite mixed short-term views.

North American Construction Group (NOA:CA):
ATB Capital set a Sector Perform rating with a target of C$26.00, indicating moderate upside potential.

OceanaGold Corporation (OGC:CA):
Scotiabank raised its target to C$44.00, reflecting solid output guidance and cost containment.

Open Text Corp (OTEX:CA):
National Bank maintained an Outperform rating with a target of C$63.00, reflecting stable cash flows and margin resilience.

OR Royalties Inc (OR:CA):
Scotiabank raised its target to C$57.00 from C$33.00 and rated the stock Sector Perform, reflecting valuation normalization after prior weakness.

Orla Mining Ltd (OLA:CA):
Scotiabank raised its target to C$21.00, reflecting increased confidence in project expansion and cost control.

Pan American Silver Corp (PAAS:CA):
Scotiabank raised its target to C$66.00, supported by improving production and favorable silver price trends.

PHX Energy Services Corp (PHX:CA):
ATB Capital lowered its target to C$8.50 from C$9.50 while maintaining a Sector Perform rating, reflecting tempered growth expectations.

Power Corporation of Canada (POW:CA):
Desjardins Securities raised its target to C$65.00 from C$60.00 with a Buy rating, highlighting consistent dividend strength and solid asset management performance.

Precision Drilling Corp (PD:CA):
TD Securities raised its target to C$80.00 from C$77.00 and maintained a Hold rating, reflecting balanced upside as oilfield activity stabilizes.

Prime Mining Corp (PRYM:CA):
TD Securities maintained a Sell rating with a target of C$4.60, indicating downside risk despite asset potential.

Probe Gold Inc (PRB:CA):
Scotiabank raised its target to C$5.25, supported by drilling updates and project expansion visibility.

Real Matters Inc (REAL:CA):
National Bank lifted its target to C$7.00 from C$5.75 with a Sector Perform rating, citing improving mortgage data volumes.

Rogers Communications Inc (RCI-B:CA):
TD Securities maintained a Buy rating with a target of C$62.00, highlighting stable earnings and synergies from recent integration efforts.

Rupert Resources Ltd (RUP:CA):
Scotiabank raised its target to C$11.00, while National Bank set a C$8.50 target with an Outperform rating, reflecting continued exploration success.

Shopify Inc (SHOP:CA):
National Bank reiterated an Outperform rating with a C$280.00 target, reflecting ongoing e-commerce growth and profitability improvement.

Skeena Resources Limited (SKE:CA):
Scotiabank raised its target to C$25.50, supported by project advancement and sector tailwinds.

Snowline Gold Corp (SGD:CA):
Scotiabank lifted its target to C$16.50, reflecting promising exploration results and valuation upside.

SSR Mining Inc (SSRM:CA):
Scotiabank upgraded the stock to Outperform and raised its target to C$39.00, highlighting operational improvements and strong balance sheet fundamentals.

StorageVault Canada Inc (SVI:CA):
TD Securities raised its target to C$6.00 from C$5.50 and maintained a Buy rating, reflecting ongoing expansion and resilient cash flow.

Taseko Mines Ltd (TKO:CA):
TD Securities upgraded the stock to Buy and raised its target to C$6.50 from C$5.00, reflecting strong project fundamentals and copper price momentum.

Teck Resources Ltd (TECK-B:CA):
TD Securities maintained a Buy rating with a target of C$70.00, reaffirming confidence in diversified asset strength and commodity exposure.

Thesis Gold Inc (TAU:CA):
Scotiabank raised its target to C$3.00, reflecting drilling success and a stronger project outlook.

Torex Gold Resources Inc (TXG:CA):
Scotiabank lifted its target to C$72.00, while CIBC raised its target to C$90.00 from C$66.00 with an Outperform rating, showing broad optimism for operational growth.

Total Energy Services Inc (TOT:CA):
ATB Capital raised its target to C$19.50 from C$18.00 and reaffirmed an Outperform rating, reflecting improving utilization and pricing momentum.

Triple Flag Precious Metals Corp (TFPM:CA):
Scotiabank raised its target to C$49.00, highlighting portfolio stability and exposure to gold price upside.

Waste Connections, Inc (WCN:CA):
Scotiabank lifted its target to C$294.00, reflecting consistent cash generation and strong defensive positioning.

West Fraser Timber Co. Ltd (WFG:CA):
TD Securities maintained a Buy rating with a C$90.00 target, supported by stable lumber prices and cost optimization.

Wheaton Precious Metals Corp (WPM:CA):
Scotiabank raised its target to C$179.00, driven by robust cash flow and precious metals exposure.

Whitecap Resources Inc / Ltd (WCP:CA):
TD Securities raised its target to C$14.00 from C$13.00 with a Buy rating, while National Bank lifted its target to C$15.00 from C$14.50 and Raymond James reaffirmed a Strong Buy at C$15.00 , indicating broad bullish consensus.

Zedcor Inc (ZDC:CA):
Desjardins Securities maintained a Buy rating with a C$7.50 target, reflecting strong growth potential and operational execution.