Analyst Ratings (Canada)
Today’s analyst updates signal a cautious outlook while numerous price target increases across cyclicals like Canadian National Railway Company and energy names such as Cenovus Energy Inc. indicate earnings resilience and no imminent recession concerns. The multiple downgrades in defensives like Loblaw Companies Limited and Metro Inc. suggests analysts are becoming more valuation-sensitive after the recent rally; taken together, this points to a market that can grind higher in the near term but with limited multiple expansion, increased selectivity, and a higher risk of consolidation rather than a broad-based breakout.
61 Analyst Updates
Aecon Group Inc. (ARE:CA) — CIBC World Markets raised its price target to $48 from $45, maintaining a Neutral rating, reflecting modest upside as project execution stabilizes.
Aecon Group Inc. (ARE:CA) —RBC Capital increased its target to $44 from $41 with a Sector Perform rating, signaling balanced risk/reward amid infrastructure backlog visibility.
Aritzia Inc. (ATZ:CA) —National Bank initiated coverage with an Outperform rating and a $143 target, citing strong brand momentum and margin expansion potential.
ATCO Ltd. (AC-X:CA) —CIBC maintained its Outperform rating with a $72 target, supported by stable regulated earnings and infrastructure growth.
AtkinsRéalis Group Inc. (ATRL:CA) — CIBC lowered its target to $125 from $127 while maintaining Outperform, indicating minor valuation adjustment despite solid fundamentals.
Badger Infrastructure Solutions (BDGI:CA) —CIBC reduced its target to $78 from $80, maintaining a Outperform, reflecting slight margin and cost concerns.
Bird Construction Inc. (BDT:CA) —CIBC raised its target sharply to $52 from $40 with an Outperform rating, driven by strong backlog and execution momentum.
Blackline Safety Corp. (BLN:CA) — Ventum Financial increased its target to $9.00 from $8.25 with a Tender rating,.
Canadian National Railway Co. (CNR:CA) — Bank of America raised its target to $168.50 from $161 with a Buy rating, reflecting volume resilience and pricing power.
Canadian National Railway Co. (CNR:CA) —Scotiabank lifted its target to $160 from $155 with an Outperform rating, citing operational efficiency gains.
Canadian Pacific Kansas City Ltd. (CP:CA) — Scotiabank raised its target to $122 from $120 with a Sector Perform rating, reflecting steady integration progress.
Cargojet Inc. (CJT:CA) — Cargojet Inc. Scotiabank reduced its target to $115 from $118 with an Outperform rating, reflecting softer cargo demand outlook.
Cenovus Energy Inc. (CVE:CA) — UBS raised its target to $41 from $36, reflecting improved oil price assumptions and cash flow outlook.
Cogeco Communications Inc. (CCA:CA) —RBC Capital increased its target to $77 from $76 with a Sector Perform rating, indicating limited upside.
Decisive Dividend Corp. (DE:CA) — Decisive Dividend Corporation Canaccord raised its target to $9 from $8 with a Hold rating, reflecting incremental growth expectations.
Dundee Precious Metals (DPM:CA) — Scotiabank maintained an Outperform rating with a $57 target, supported by strong production profile.
Empire Company Ltd. (EMP.A:CA) —Scotiabank downgraded the stock to Sector Perform from Outperform with a $52 target, citing valuation concerns.
Equinox Gold Corp. (EQX:CA) — TD Securities maintained a Buy rating with a $26 target, supported by production growth outlook.
Finning International Inc. (FTT:CA) — CIBC lowered its target to $100 from $103 while maintaining Outperform, indicating modest earnings pressure.
First Majestic Silver Corp. (AG:CA) — TD Securities maintained a Buy rating with a $37 target, reflecting leverage to silver prices.
First Quantum Minerals Ltd. (FM:CA) — Morgan Stanley cut its target to $37.70 from $40, reflecting commodity pricing and geopolitical risks.
Franco-Nevada Corporation (FNV:CA) — Franco-Nevada Corporation TD maintained Outperform with a $480 target, supported by royalty model resilience.
G Mining Ventures Corp. (GMIN:CA) —CIBC maintained a Outperform with a $60 target, reflecting strong project pipeline.
Hydro One Ltd. (H:CA) —TD maintained a Hold rating with a $57 target, citing regulated earnings stability.
Ivanhoe Mines Ltd. (IVN:CA) —Citigroup lowered its target to $13 from $18 while maintaining Buy, signaling valuation reset despite long-term copper thesis.
Keyera Corp. (KEY:CA) —Barclays raised its target to $53 from $48 with an Equal Weight rating, reflecting improved cash flow outlook.
Keyera Corp. (KEY:CA) — Keyera Corp. TD Securities maintained a Buy with a $58 target, supported by dividend stability.
Loblaw Companies Ltd. (L:CA) —Scotiabank downgraded to Sector Perform from Outperform with a $70 target, citing stretched valuation.
Luca Mining Corp. (LUCA:CA) —Raymond James initiated coverage with Outperform and a $3.50 target, highlighting growth potential.
Lundin Mining Corp. (LUN:CA) —Morgan Stanley reduced its target to $34.90 from $39.70, reflecting softer commodity assumptions.
Mullen Group Ltd. (MTL:CA) —Scotiabank raised its target to $19 from $18.50, and downgraded the stock to a Sector Perform from a Outperform rating, reflecting stable freight demand.
North West Company Inc. (NWC:CA) —RBC raised its target to $63 from $60 with an Outperform rating, reflecting strong northern retail demand.
North West Company Inc. (NWC:CA) —CIBC raised its target to $63 from $56 in a separate update.
North West Company Inc. (NWC:CA) — BMO Capital Markets also raised its target to $63 from $56, reinforcing consensus upside.
North West Company Inc. (NWC:CA) —TD Securities maintained a Buy rating with a $63 target.
Onex Corporation (ONEX:CA) —Scotiabank maintained a Outperform with a $175 target, reflecting portfolio value recovery potential.
Orla Mining Ltd. (OLA:CA) —CIBC maintained a Outperform with a $32 target, supported by production growth.
Peyto Copper Corp. (PCU:CA) —Scotiabank maintained a Outperform with a $3 target, reflecting stable production outlook.
Pembina Pipeline Corp. (PPL:CA) —JP Morgan raised its target to $64 from $60, supported by improved throughput expectations.
Perpetua Resources Corp. (PPTA:CA) —National Bank raised its target to $55 from $50 with an Outperform rating, reflecting project advancement.
Quebecor Inc. (QBR.B:CA) —RBC raised its target to $60 from $57 with a Sector Perform rating.
RB Global Inc. (RBA:CA) —CIBC lowered its target to $182 from $186 while maintaining a Outperform, reflecting valuation adjustment.
Richelieu Hardware Ltd. (RCH:CA) —CIBC maintained a Neutral rating with a $43 target, indicating balanced outlook.
Roots Corp. (ROOT:CA) —TD raised its target to $4.25 from $4.00 with a Hold rating, reflecting modest improvement.
Talon Metals Corp. (TLO:CA) —TD maintained a Buy rating with a $7.50 target, supported by long-term EV demand.
Telus Corp. (T:CA) — Canaccord lowered its target to $17.50 from $21.00 with a Hold rating, reflecting margin pressure.
Telus Corp. (T:CA) — RBC reduced its target to $22 from $23 while maintaining Outperform, signaling tempered growth expectations.
TFI International Inc. (TFII:CA) — Scotiabank also raised its target to $170 from $165 with a Sector Perform rating, reflecting stable outlook.
Triple Flag Precious Metals Corp. (TFPM:CA) TD maintained a Buy rating with a $60 target, supported by diversified royalty exposure.
Wheaton Precious Metals Corp. (WPM:CA) BMO maintained Outperform with a $240 target, reflecting strong cash flow visibility.
WSP Global Inc. (WSP:CA) CIBC lowered its target to $328 from $343 while maintaining Outperform, indicating valuation normalization.
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