Analyst Ratings (Canada)
Today’s analyst ratings demonstrate a outlook where confidence in earnings remains intact but conviction is narrowing. Target increases and ratings in industrials and transportation names like TFI International, Bird Construction, and Aecon signal continued strength in cyclical activity and infrastructure-driven demand, while upgrades and initiations in utilities such as Fortis and Emera point to a rotation toward defensive, stable cash flow sectors. At the same time, multiple downgrades and mixed signals in energy, suggest valuation concerns are emerging despite supportive commodity fundamentals. Weakness is also evident in consumer and rate-sensitive segments like Air Canada, goeasy, and Propel, where target cuts indicate pressure on demand and affordability.
Overall, the market appears to be transitioning into a late-cycle phase characterized by narrower leadership, greater dispersion, and a shift toward a stock-picker environment rather than a broad-based rally.
59 Analyst Updates
Adentra Inc. (ADEN:CA) Scotia Capital lowered the target to $45.00 from $46.00 with a Sector Outperform rating.
Aecon Group Inc. (ARE:CA) TD Securities raised the target to $59.00 from $49.00 with a Buy rating.
Air Canada (AC:CA) Stifel Nicolaus lowered the target to $25.50 from $28.00 with a Buy rating.
Akita Drilling Ltd (AKT.B:CA) ATB Cormark upgraded to Outperform from a Sector Perform.
ARC Resources Ltd (ARX:CA) CIBC downgraded to Tender with a $32.00 target.
ARC Resources Ltd (ARX:CA) Raymond James raised the target to $32.80 from $29.00.
ARC Resources Ltd. (ARX:CA) ATB Cormark downgraded to Tender with a $31.00 target.
ARC Resources Ltd. (ARX:CA) BMO raised the target to $32.00 from $30.00 with a Market Perform rating.
ARC Resources Ltd. (ARX:CA) Canaccord Genuity raised the target to $32.00 from $31.00 with a Hold rating.
ARC Resources Ltd. (ARX:CA) CIBC maintained a Neutral rating with a $29.00 target.
ARC Resources Ltd. (ARX:CA) TD Securities raised the target to $32.80 from $32.00 and downgraded to a Sell rating from a Buy rating.
ATS Corp. (ATS:CA) Scotia Capital raised the target to $51.00 from $48.00 with a Sector Outperform rating.
Barrick Mining (ABX:CA) TD Securities maintained a Buy rating with a $61.00 target.
Bird Construction Inc. (BDT:CA) TD Securities raised the target to $63.00 from $44.00 with a Buy rating.
Bombardier Inc. (BBD-B:CA) TD Securities maintained a Hold rating with a $275.00 target.
BRP Inc. (DOO:CA) Scotia Capital maintained a Sector Perform rating with an $80.00 target.
Canada Packers Inc. (CPKR:CA) TD Securities maintained a Buy rating with a $24.00 target.
CCL Industries Inc. (CLL-B:CA) TD Securities maintained a Buy rating with a $105.00 target.
CGI Inc. (GIB.A:CA) Stifel lowered the target to $128.00 from $160.00 with a Buy rating.
Chemtrade Logistics Income Fund (CHE.UN:CA) Raymond James raised the target to $21.00 from $15.00 with an Outperform rating.
Emera Inc. (EMA:CA) Barclays Capital initiated with an Equal-Weight rating and a $72.00 target.
Emera Inc. (EMA:CA) Desjardins Securities raised the target to $70.00 from $69.00 with a Hold rating.
Emera Inc. (EMA:CA) Raymond James raised the target to $75.25 from $74.50 with an Outperform rating.
Fiera Capital Corp. (FSZ:CA) RBC Capital initiated with a Sector Perform rating and a $6.00 target.
Finning International Inc. (FTT:CA) Scotia Capital raised the target to $109.00 from $105.00 with a Sector Outperform rating.
Fortis Inc. (FTS:CA) Barclays initiated with an Overweight rating and an $84.00 target.
Fortis Inc. (FTS:CA) Raymond James raised the target to $80.50 from $78.50 with an Outperform rating.
GFL Environmental Inc. (GFL:CA) CIBC maintained an Outperform rating with a $77.00 target.
goeasy Ltd. (GSY:CA) Scotia Capital lowered the target to $39.00 from $55.00 with a Sector Perform rating.
Groupe Dynamite Inc. (GRGD:CA) BMO assigned an Outperform rating with a $106.00 target.
Groupe Dynamite Inc. (GRGD:CA) National Bank assigned an Outperform rating with a $102.00 target.
Hemlo Mining Corp. (HMMC:CA) CIBC maintained an Outperform rating with a $10.00 target.
High Liner Foods Inc. (HLF:CA) RBC Capital lowered the target to $16.00 from $17.00 with a Sector Perform rating.
Hydro One Ltd. (H:CA) Raymond James raised the target to $58.00 from $57.00 with a Market Perform rating.
IGM Financial Inc. (IGM:CA) Scotia Capital raised the target to $76.00 from $69.00.
Loblaw Companies Limited (L:CA) CIBC maintained an Outperform rating with a $75.00 target.
New Found Gold Corp. (NFG:CA) National Bank lowered the target to $4.75 from $5.00 with an Outperform rating.
NFI Group Inc. (NFI:CA) Scotia Capital raised the target to $24.50 from $22.00 with a Sector Outperform rating.
North American Construction Group (NOA:CA) ATB Cormark downgraded to Sector Perform.
Premium Brands Holding Corp. (PBH:CA) TD Securities maintained a Buy rating with a $140.00 target.
Propel Holdings Inc. (PRL:CA) Scotia Capital lowered the target to $27.00 from $35.00 with a Sector Perform rating.
Restaurant Brands International (QSR:CA) CIBC maintained an Outperform rating with a $111.00 target.
Restaurant Brands International Inc. (QSR:CA) Scotia Capital raised the target to $111.00 from $97.00 with a Sector Perform rating.
Stella-Jones Inc. (SJ:CA) Scotia Capital lowered the target to $97.00 from $99.00 with a Sector Outperform rating.
Stingray Group Inc. (RAY:CA) National Bank lowered the target to $20.00 from $21.00 with an Outperform rating.
TELUS Corp. (T:CA) TD Securities raised the target to $20.00 from $19.00 and upgraded to a Buy.
TFI International Inc. (TFII:CA) CIBC maintained an Outperform rating with a $221.00 target.
TFI International Inc. (TFII:CA) Citigroup raised the target to $223.00 from $197.00 with a Buy rating.
TFI International Inc. (TFII:CA) Desjardins Securities raised the target to $221.00 from $183.00 with a Buy rating.
TFI International Inc. (TFII:CA) National Bank raised the target to $208.00 from $190.00 with an Outperform rating.
TFI International Inc. (TFII:CA) RBC Capital raised the target to $216.00 from $187.00 with an Outperform rating.
TFI International Inc. (TFII:CA) Scotia Capital raised the target to $200.00 from $170.00.
TFI International Inc. (TFII:CA) Stifel Nicolaus raised the target to $186.00 from $160.00 with a Hold rating.
Trisura Group Ltd. (TSU:CA) Scotia Capital downgraded to Sector Perform with a $52.00 target.
Wajax Corp. (WJX:CA) Scotia Capital raised the target to $38.00 from $34.00 with a Sector Perform rating.
WSP Global Inc. (WSP:CA) TD Securities lowered the target to $307.00 from $308.00 with a Buy rating.
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