Canadian Analyst Updates: April 17th, 2026

Analyst Ratings (Canada)

Today’s analyst ratings update reflects a selectively bullish but rotational market, with strong conviction in commodities, particularly gold where widespread target increases signal improving macro conditions and safe-haven demand. Industrials and infrastructure-related companies are also seeing steady support, pointing to confidence in long-term project pipelines and spending.

In contrast, parts of the tech sector are experiencing valuation resets, with target cuts suggesting multiple compression rather than weakening fundamentals. Financials appear more neutral overall, with stable outlooks but limited upside, while some battery-related materials remain under pressure.

Overall, analysts are favoring hard assets and cyclical strength while becoming more selective and cautious on higher-valuation growth areas.

59 Analyst Ratings

Acadian Timber Corp. (TSX: ADN): RBC Capital raises its target to $18 from $17 and maintains a Sector Perform rating.

Adentra Inc. (TSX: ADEN): Stifel raises its target to $51 from $49.50 and maintains a Buy rating.

Aecon Group Inc. (TSX: ARE): Stifel raises its target to $44.50 from $44 and maintains a Hold rating.

Agnico Eagle Mines Ltd. (TSX: AEM): National Bank raises its target to $345 from $330 and maintains an Outperform rating.

Alamos Gold Inc. (TSX: AGI): National Bank lowers its target to $87 from $88 and maintains an Outperform rating.

Allied Properties REIT (TSX: AP.UN): CIBC raises its target to $11 from $10.50 and maintains a Neutral rating.

Altus Group Ltd. (TSX: AIF): BMO raises its target to $54 from $48.

Altus Group Ltd. (TSX: AIF): TD Securities maintains a Buy rating with a $55 target.

Altus Group Ltd. (TSX: AIF): ATB Cormark raises its target to $58 from $54 and maintains an Outperform rating.

American Lithium Corp. (TSX: LI): National Bank lowers its target to $0.70 from $0.95 and maintains a Sector Perform rating.

AtkinsRéalis Group Inc. (TSX: ATRL): Stifel raises its target to $114 from $113 and maintains a Buy rating.

AtkinsRéalis Group Inc. (TSX: ATRL): Canaccord Genuity lowers its target to $116 from $121 and maintains a Buy rating.

Atrium Mortgage Investment Corp. (TSX: AI): Canaccord Genuity maintains a Buy rating with a $13.50 target.

B2Gold Corp. (TSX: BTO): National Bank lowers its target to $10 from $10.25 and maintains an Outperform rating.

Badger Infrastructure Solutions Ltd. (TSX: BDGI): Stifel raises its target to $82 from $81 and maintains a Buy rating.

Barrick Gold Corp. (TSX: ABX): National Bank lowers its target to $72.50 from $75 and maintains an Outperform rating.

Bird Construction Inc. (TSX: BDT): Canaccord Genuity raises its target to $50 from $37 and maintains a Buy rating.

Bird Construction Inc. (TSX: BDT): Stifel assigns a Buy rating with a $55 target.

Blue Moon Metals Inc. (TSX: MOON): Scotiabank maintains a Sector Perform rating with a $17.50 target.

Brookfield Infrastructure Partners L.P. (TSX: BIP.UN): TD Securities maintains a Buy rating with a $78 target.

CAE Inc. (TSX: CAE): National Bank raises its target to $53 from $52 and maintains an Outperform rating.

Cameco Corp. (TSX: CCO): National Bank raises its target to $175 from $170 and maintains an Outperform rating.

Canadian National Railway Co. (TSX: CNR): ATB Cormark raises its target to $150 from $146 and maintains a Sector Perform rating.

Canadian Pacific Kansas City Ltd. (TSX: CP): ATB Cormark raises its target to $130 from $127 and maintains an Outperform rating.

CGI Inc. (TSX: GIB.A): CIBC lowers its target to $112 from $132.

Choice Properties REIT (TSX: CHP.UN): CIBC maintains a Neutral rating with a $16.50 target.

Choice Properties REIT (TSX: CHP.UN): Scotiabank raises its target to $17.50 and maintains an Outperform rating.

Constellation Software Inc. (TSX: CSU): CIBC lowers its target to $4,080 from $4,610.

Decibel Cannabis Company (TSX: DB): TD Securities raises its target to $0.15 from $0.10 and maintains a Hold rating.

Denison Mines Corp. (TSX: DML): National Bank raises its target to $6.50 from $6 and maintains an Outperform rating.

Doman Building Materials Group Ltd. (TSX: DBM): Stifel raises its target to $12 from $11.50 and maintains a Buy rating.

Endeavour Mining Corp. (TSX: EDV): National Bank raises its target to $113 from $93 and maintains an Outperform rating.

Endeavour Silver Corp. (TSX: EDR): National Bank maintains an Outperform rating with a $28 target.

First Capital REIT (TSX: FCR.UN): Scotiabank raises its target to $24.50 and maintains a Sector Perform rating.

First Capital REIT (TSX: FCR.UN): Canaccord Genuity raises its target to $24.40 from $23.50 and maintains a Hold rating.

First Capital REIT (TSX: FCR.UN): CIBC raises its target to $24.40 from $22.50 and maintains a Neutral rating.

George Weston Ltd. (TSX: WN): CIBC maintains an Outperform rating with a $127 target.

Great-West Lifeco Inc. (TSX: GWO): Desjardins raises its target to $71 from $68 and maintains a Hold rating.

iA Financial Corp. Inc. (TSX: IAG): Desjardins raises its target to $174 from $173 and maintains a Hold rating.

IAMGOLD Corp. (TSX: IMG): National Bank raises its target to $39 from $36 and maintains an Outperform rating.

Kinaxis Inc. (TSX: KXS): CIBC lowers its target to $171 from $203.

Kinross Gold Corp. (TSX: K): National Bank lowers its target to $57.50 from $60 and maintains an Outperform rating.

Manulife Financial Corp. (TSX: MFC): Desjardins assigns a Buy rating with a $58 target.

Maple Leaf Foods Inc. (TSX: MFI): National Bank raises its target to $35 from $34 and maintains an Outperform rating.

Montage Gold Corp. (TSX: MAU): National Bank raises its target to $19 from $16 and maintains an Outperform rating.

Neo Performance Materials Inc. (TSX: NEO): Stifel raises its target to $26 from $25.50 and maintains a Buy rating.

NexGen Energy Ltd. (TSX: NXE): National Bank raises its target to $20 from $19 and maintains an Outperform rating.

Nouveau Monde Graphite Inc. (TSX: NOU): National Bank lowers its target to $4.50 from $4.75 and maintains an Outperform rating.

Orezone Gold Corp. (TSX: ORE): National Bank initiates coverage with an Outperform rating and a $3.75 target.

Pan American Silver Corp. (TSX: PAAS): National Bank assigns an Outperform rating with a $116 target.

Rockpoint Gas Storage Inc. (TSX: RGSI): TD Securities upgrades the stock to Buy with a $32 target.

Stantec Inc. (TSX: STN): Stifel raises its target to $160 from $154 and maintains a Buy rating.

Sun Life Financial Inc. (TSX: SLF): Desjardins maintains a Buy rating with a $101 target.

TMX Group Ltd. (TSX: X): TD Securities raises its target to $63 from $60 and maintains a Buy rating.

TMX Group Ltd. (TSX: X): TD raises its target to $63 from $60 and maintains a Buy rating.

TMX Group Ltd. (TSX: X): Raymond James raises its target to $61.50 from $61 and maintains a Strong Buy rating.

Versamet Royalties Corp. (TSX: VMET): National Bank assigns an Outperform rating with a $21 target.

WSP Global Inc. (TSX: WSP): Stifel assigns a Buy rating with a $320 target.

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