Analyst Ratings (Canada)
Canadian analyst ratings reflect a moderately constructive but highly selective outlook, with growing confidence in commodity-driven and cyclical sectors alongside continued caution in rate-sensitive defensives. Analysts are raising targets and issuing upgrades on names like Canadian Natural Resources Limited and Nutrien Ltd., signaling expectations for stronger cash flows and sustained commodity pricing, while industrials such as Canadian National Railway point to resilient economic activity. In contrast, telecoms including BCE Inc. and TELUS Corporation are seeing target cuts due to higher bond yields and valuation pressure, and mixed sentiment in financials like Brookfield Asset Management reflects sensitivity to capital markets conditions. Overall, analysts are positioning for a higher-for-longer rate environment, favoring cyclical strength and pricing power over yield-oriented stability.
43 Analyst Updates
Advantage Energy Ltd. (AAV:CA) was downgraded by BMO Capital Markets to Market Perform fromm Outperform with a $12.00 target, reflecting a more balanced risk/reward outlook following recent performance.
Barrick Gold Corporation (ABX:CA) saw its target raised by ATB Cormark to $75.00 from $70.00 while maintaining Sector Perform, indicating improved gold price assumptions but limited upside.
Bayhorse Silver Inc. (BHS:CA) was initiated with a Buy rating and $0.21 target by Fundamental Research, highlighting early-stage upside potential.
BCE Inc. (BCE:CA) had its target lowered slightly by Desjardins to $41.50 from $42.00 while maintaining Buy, suggesting minor valuation compression.
Birchcliff Energy Ltd. (BIR:CA) saw its target cut to $7.00 from $8.50 by BMO, maintaining Market Perform due to softer commodity outlook assumptions.
Boardwalk Real Estate Investment Trust (BEI-UN:CA) was maintained at Buy by TD Securities with an $85.00 target, supported by stable rental fundamentals.
Boyd Group Services Inc. (BYD:CA) had its target reduced to $275.00 from $280.00 by CIBC, reflecting modest recalibration of growth expectations.
Brookfield Asset Management (BAM:CA) saw Piper Sandler cut its target to $66.00 from $73.00 with a Neutral rating, citing valuation normalization.
Canadian National Railway (CNR:CA) had targets raised by JP Morgan to $153.00 and by Citigroup to $170.00 with a Buy rating, reflecting improving freight outlook.
Canadian Natural Resources Limited (CNQ:CA) saw a significant target increase by JP Morgan to $70.00 from $48.00, indicating stronger commodity price assumptions.
Canadian Pacific Kansas City (CP:CA) had its target lowered by Citigroup to $129.00 from $119.00 while maintaining Buy, implying continued confidence despite adjustments.
Cardinal Energy Ltd. (CJ:CA) was upgraded by BMO to Outperform with a $13.00 target, supported by improved production and pricing outlook.
Cogeco Communications Inc. (CCA:CA) saw mixed updates, with Desjardins lowering its target to $71.00 (Hold) and CIBC raising slightly to $72.00 (Neutral), reflecting balanced risk.
Cogeco Inc. (CGO:CA) had its target reduced by CIBC to $66.00 from $68.00, indicating mild pressure on valuation.
Enbridge Inc. (ENB:CA) saw Barclays raise its target to $73.00 from $68.00, reflecting stronger energy infrastructure outlook.
Firm Capital Property Trust (FCD.UN:CA) had its target increased to $7.00 from $6.15 by Canaccord with a Buy rating, highlighting valuation upside.
First Quantum Minerals Ltd. (FM:CA) was maintained at Hold by TD Securities with a $42.00 target, reflecting ongoing operational uncertainty.
Hammond Power Solutions Inc. (HPS.A:CA) saw National Bank raise its target to $235.00 from $220.00 with an Outperform rating, driven by strong demand.
Highlander Silver Corp. (HSLV:CA) was maintained at Outperform by CIBC with a $12.00 target, reflecting continued exploration upside.
International Petroleum Corp. (IPCO:CA) was upgraded by BMO to Outperform with a $43.00 target, supported by improving fundamentals.
IsoEnergy Ltd. (ISO:CA) was maintained at Buy by TD Securities with an $18.00 target, reflecting long-term uranium demand.
Metro Inc. (MRU:CA) was maintained at Buy by TD with a $113.00 target, supported by defensive earnings stability.
Nutrien Ltd. (NTR:CA) saw RBC raise its target sharply to $118.00 from $80.00 with an Outperform rating, reflecting improved agricultural pricing.
Oceanic Iron Ore Corp. (FEO:CA) was initiated with a Buy rating and $2.00 target by Haywood, highlighting long-term resource potential.
Pembina Pipeline Corporation (PPL:CA) saw TD maintain Hold at $63.00 and CIBC maintain Outperform at $64.00, reflecting mixed but stable sentiment.
Quebecor Inc. (QBR.B:CA)
CIBC raised its target to $66.00 from $61.00, reflecting increased confidence in the company’s growth outlook and valuation.
Quebecor Inc. (QBR.B:CA)
Desjardins assigned a Buy rating with a $61.00 target, indicating a constructive view on the company’s fundamentals and upside potential.
Rogers Communications Inc. (RCI.B:CA)
Desjardins lowered its target to $54.50 from $55.00 and maintained a Hold rating, reflecting limited near-term upside and ongoing pressure from higher interest rates.
Rogers Communications Inc. (RCI.B:CA)
Canaccord reduced its target to $55.50 from $57.00 but maintained a Buy rating, indicating confidence in longer-term value despite near-term headwinds.
Rogers Communications Inc. (RCI.B:CA)
CIBC raised its target to $61.00 from $60.00, signaling a more constructive outlook on growth and valuation relative to peers.
StorageVault Canada Inc. (SVI:CA) was maintained at Outperform by Scotiabank with a $6.00 target, supported by stable demand.
TELUS Corporation (T:CA) saw its target lowered to $21.50 from $23.00 by Desjardins while maintaining Buy, reflecting sector pressure.
Tenaz Energy Corp. (TNZ:CA) was maintained at Outperform by CIBC with an $80.00 target, supported by strong fundamentals.
TFI International Inc. (TFII:CA) saw Citigroup raise its target to $144.00 from $143.00 with a Buy rating, reflecting steady outlook.
The North West Company Inc. (NWC:CA) had its target increased to $60.00 from $58.00 by RBC with an Outperform rating, indicating stable growth.
Toromont Industries Ltd. (TIH:CA) saw BMO raise its target to $215.00 from $210.00, reflecting steady demand.
Transcontinental Inc. (TCL.A:CA) saw ATB cut its target sharply to $7.00 from $27.00 while maintaining Outperform, indicating a major reset in expectations.
Trilogy Metals Inc. (TMQ:CA) was upgraded by Raymond James to Outperform, reflecting improving project outlook.
Vermilion Energy Inc. (VET:CA) was maintained at Neutral by CIBC with a $14.00 target, indicating balanced risk/reward.
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