Canadian Analyst Update: Oct 29th, 2025

Analyst Ratings (Canada)

The following are today’s 72 latest analyst ratings tracked from muliple analysts for Canadian listed and traded stocks:

5N Plus Inc. (VNP:CA) — Desjardins Securities raised its target to $23 from $17.50 and kept a Buy rating, reflecting strong growth in specialty semiconductors and improved earnings visibility.

AbraSilver Resource Corp. (ABRA:CA) — Scotiabank maintained Outperform with a $9.00 target, reflecting confidence in the company’s exploration potential and rising silver price trends.

Advantage Energy Ltd. (AAV:CA) —CIBC maintained a Neutral rating with a $13.50 target, noting steady gas fundamentals but limited near-term catalysts.
TD Securities maintained their Buy rating with a $14.00 target, supported by solid production growth and balance sheet strength.
Scotiabank maintained an Outperform rating with a $20.00 target, emphasizing long-term upside in natural gas pricing.

AirBoss of America Corp. (BOS:CA) — TD Securities reiterated Buy with a $6.00 target, indicating expectations for margin recovery in defense and rubber product lines.

AltaGas Ltd. (ALA:CA) — Jefferies raised its target to $48 from $47 and maintained a Buy rating, supported by stable utility cash flows and strong energy infrastructure performance.

AtkinsRéalis Group Inc. (ATRL:CA) — ATB Capital lifted its target to $118 from $115 and reaffirmed Outperform, reflecting continued strength in infrastructure and engineering demand.

AutoCanada Inc. (ACQ:CA) — ATB Capital lowered its target to $30 from $32 and maintained Sector Perform, reflecting softer auto sales volumes and margin pressures.

Badger Infrastructure Solutions Ltd. (BDGI:CA) — TD Securities maintained its Buy rating with a $70.00 target, highlighting resilience in demand for non-destructive excavation services.

Bird Construction Inc. (BDT:CA) — ATB Capital raised its target to $34 from $33 with an Outperform rating, reflecting solid backlog and infrastructure exposure.

Brookfield Renewable Partners (BEP-UN:CA) —Desjardins raised target to $64 from $42 with a Hold, noting valuation stretch despite strong renewables growth.
Raymond James and National Bank both reaffirmed Outperform with $49 targets, supported by improving cash generation and clean energy tailwinds.

BRP Inc. (DOO:CA) — Scotiabank maintained Sector Perform at $102, signaling stable outlook amid a mixed consumer discretionary environment.

Calian Group Ltd. (CGY:CA) — CIBC raised its target to $62 from $59 and maintained Outperform, driven by recurring defense and IT service contracts.

Cameco Corp. (CCO:CA) —National Bank raised to $140 (from $130) with Outperform.
Raymond James raised to $150 with Outperform.
Bank of America raised to $175 with Buy.
Scotiabank raised to $150 with Outperform.
Stifel Nicolaus raised to $165 with Buy.

Capital Power Corp. (CPX:CA) —TD maintained its Buy rating and $78 target.
CIBC maintained the Outperform rating and $85 target.
Analysts continue to favor its diversified power generation portfolio and reliable cash flow.

Cargojet Inc. (CJT:CA) — Stifel Nicolaus reduced its target to $120 from $130 but kept a Buy, noting short-term freight softness balanced by long-term logistics growth.

Centerra Gold Inc. (CG:CA) —CIBC and Scotiabank maintained Outperform with $20 and $18.75 targets respectively, showing steady sentiment tied to gold price strength.

CGI Inc. (GIB.A:CA) — CIBC cut its target to $149 from $180 maintaining a Outperform rating, reflecting steady growth in IT services supports the outlook.

Cineplex Inc. (CGX:CA) — RBC maintained Outperform with a $14 target, reflecting ongoing recovery in entertainment and theater traffic.

Clearwater Paper Corp. (CLW:CA) — TD maintained thier Buy rating with a $30.00 target, supported by stable pulp and paper pricing.

Computer Modelling Group Ltd. (CMG:CA) — CIBC raised its target to $6.50 from $7.50 but kept the Neutral rating, reflecting valuation limits despite steady software demand.

Constellation Software Inc. (CSU:CA) — CIBC lifted its target slightly to $5,480 from $5,450, and maintained the Outperform rating, reflecting ongoing acquisition-driven growth.

Corus Entertainment Inc. (CJR.B:CA) — RBC trimmed target to $0.15 from $0.20 and maintained the Sector Perform rating, reflecting challenges in advertising revenue and leverage.

Descartes Systems Group (DSGX) — CIBC reiterated their Outperform rating with $175 target, supported by robust logistics and SaaS performance.

Docebo Inc. (DCBO) — CIBC maintained its Outperform rating with a $50 target, reflecting steady subscription growth and enterprise adoption.

Enbridge Inc. (ENB:CA) — Jefferies raised target to $73 from $72, maintaining its Buy rating, reflecting defensive energy income appeal.

Fiera Capital Corp. (FSZ:CA) — Desjardins raised target to $6.50 from $6.23 with a Hold, citing stabilized AUM growth.

First Quantum Minerals Ltd. (FM:CA) —Scotiabank maintained its Sector Perform at a $35 target price.
CIBC maintained the Neutral rating with a $36 target.
Analysts see limited upside amid copper market volatility.

Gildan Activewear Inc. (GIL:CA) — TD maintained Buy at $73, reflecting stable apparel margins and solid demand recovery.

GO Residential REIT (GO.U:CA) — Desjardins raised target to $15 with a Buy, reflecting improved occupancy and asset stability.

Groupe Dynamite Inc. (GRGD:CA) — Stifel Nicolaus raised target to $80 from $53 with Buy, reflecting strong retail momentum and margin expansion.

IGM Financial Inc. (IGM:CA) — Jefferies lifted target to $54 from $50 and kept its Hold rating, indicating modest improvement in investment flows.

Kinaxis Inc. (KXS:CA) — CIBC raised target to $201 from $198 with a Neutral rating, highlighting consistent SaaS growth but full valuation.

Morguard North American REIT (MRG-UN:CA) — TD lifted target to $24 from $23 with a Buy rating, reflecting improved real estate fundamentals.

N Plus Inc. (VNP:CA) — Ventum Financial raised target to $21.50 from $19.00, suggesting confidence in advanced materials growth.

Open Text Corp. (OTEX) — CIBC raised the target to $55.50 with a Neutral rating, signaling modest upside post-earnings.

Pembina Pipeline Corp. (PPL:CA) — Jefferies raised target to $54 from $53, keeping the Hold rating, reflecting stable cash flow outlook.

Pet Valu Holdings Ltd. (PET:CA) — RBC lifted target to $43 from $41, supported by steady retail growth and margin strength.

Spin Master Corp. (TOY:CA) — RBC cut target to $29 from $30 but kept the Outperform rating, reflecting near-term softness offset by strong brand pipeline.

Stingray Group Inc. (RAY.A:CA) — RBC raised target to $14 from $13 with Outperform, reflecting improved subscription growth and streaming expansion.

TC Energy Corp. (TRP:CA) — Jefferies raised target to $73 from $70 with a Hold rating, reflecting stable dividend yield and capital discipline.

Thomson Reuters Corp. (TRI) —RBC maintained the Sector Perform rating and $253 target.
CIBC raised the target to $275 with an Outperform rating, with coverage updates reflecting recurring revenue and AI-driven data opportunities.

TMX Group Ltd. (X:CA) —TD upgraded to Buy from a Hold, with a $60 target (from $58).
Scotiabank maintained their Outperform with a $70 target.
RBC raised their target to $67 from $66.
Analysts view TMX as well-positioned for capital markets growth and stable fee income.

Toromont Industries Ltd. (TIH:CA) — Scotiabank maintained Sector Perform at $171, reflecting steady equipment demand.

Tourmaline Oil Corp. (TOU:CA) — Scotiabank lowered the target to $80 from $85, maintaining Outperform, reflecting slightly lower gas price assumptions but strong fundamentals.

Transcontinental Inc. (TCL.A:CA) — RBC raised target to $26 and kept the Outperform rating, supported by stable packaging segment performance.

Trican Well Service Ltd. (TCW:CA) — TD revised target to $5.50 (down from $6.00) and rated the stock a Hold, indicating balanced risk/reward amid oilfield service volatility.

Waste Management Inc. (WM:CA) — Scotiabank cut its target to $353, reflecting modest growth expectations in a mature waste segment.

WELL Health Technologies Corp. (WELL:CA) — CIBC maintained its Neutral rating with a $5.25 target, reflecting stable telehealth revenue but limited valuation upside.

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