Canadian Analyst Updates: December 5th, 2025

Scotiabank maintained its Outperform rating with a C$48.00 target.

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Altus Group Ltd. (AIF:CA)
BMO Capital Markets raised its target price from C$57.00 to C$61.00.

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Bank of Montreal (BMO:CA)
TD Securities raised its target price from C$182.00 to C$184.00 while maintaining a Hold rating.

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Bank of Montreal (BMO:CA)
Scotiabank raised its target price from C$179.00 to C$187.00 and maintained a Sector Perform rating.

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Bank of Montreal (BMO:CA)
CIBC maintained its Outperform rating with a C$192.00 target.

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Bank of Montreal (BMO:CA)
RBC Capital raised its target price from C$163.00 to C$178.00.

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Bank of Montreal (BMO:CA)
Jefferies & Co raised its target price from C$181.00 to C$182.00.

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Bank of Montreal (BMO:CA)
Canaccord Genuity raised its target price from C$192.00 to C$201.00.

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Bank of Montreal (BMO:CA)
Bank of America raised its target price from C$179.00 to C$183.00.

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Bank of Montreal (BMO:CA)
Barclays Capital raised its target price from C$177.00 to C$181.00 and maintained an Equal-Weight rating.

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Bank of Montreal (BMO:CA)
Desjardins Securities raised its target price from C$177.00 to C$180.00 and maintained a Hold rating.

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Barrick Mining Corp. (ABX:CA)
BNP Paribas upgraded to an Outperform rating and raised its target price from C$48.00 to C$69.00.

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Brookfield Corp. (BN:CA)
TD Securities maintained its Buy rating with a C$82.00 target.

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BRP Inc. (DOO:CA)
Canaccord Genuity raised its target price from C$116.00 to C$118.00.

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BRP Inc. (DOO:CA)
Stifel Nicolaus raised its target price from C$106.00 to C$120.00 and maintained a Buy rating.

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BRP Inc. (DOO:CA)
TD Securities raised its target price from C$106.00 to C$119.00 and maintained a Buy rating.

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BRP Inc. (DOO:CA)
Scotiabank raised its target price to C$117.00 and maintained a Sector Perform rating.

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BRP Inc. (DOO:CA)
CIBC raised its target price to C$118.00 and maintained an Outperform rating.

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BRP Inc. (DOO:CA)
Desjardins Securities raised its target price from C$117.00 to C$130.00 and maintained a Buy rating.

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BRP Inc. (DOO:CA)
National Bank raised its target price from C$105.00 to C$125.00 and maintained an Outperform rating.

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BRP Inc. (DOO:CA)
BMO Capital Markets raised its target price from C$105.00 to C$115.00 and maintained an Outperform rating.

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BRP Inc. (DOO:CA)
CIBC World Markets raised its target price from C$115.00 to C$118.00 and maintained an Outperform rating.

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BRP Inc. (DOO:CA)
RBC Capital raised its target price from C$107.00 to C$131.00 and maintained an Outperform rating.

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BRP Inc. (DOO:CA)
Citigroup raised its target price from C$102.00 to C$122.00 and maintained a Buy rating.

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BRP Inc. (DOO:CA)
TD Securities raised its target price from C$106.00 to C$119.00 and maintained a Buy rating.

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Calfrac Well Service Ltd. (CFW:CA)
ATB Capital maintained a Sector Perform rating with a C$4.25 target.

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Canadian Imperial Bank of Commerce (CM:CA)
TD Securities raised its target price from C$124.00 to C$134.00 and maintained a Buy rating.

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Canadian Imperial Bank of Commerce (CM:CA)
Scotiabank raised its target price from C$123.00 to C$133.00 and maintained an Outperform rating.

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Canadian Imperial Bank of Commerce (CM:CA)
National Bank raised its target price from C$121.00 to C$128.00 and maintained a Sector Perform rating.

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Canadian Imperial Bank of Commerce (CM:CA)
Desjardins Securities raised its target price from C$126.00 to C$132.00 and maintained a Buy rating.

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Canadian Imperial Bank of Commerce (CM:CA)
Raymond James raised its target price from C$127.00 to C$132.00 and maintained a Market Perform rating.

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Canfor Corporation (CFP:CA)
CIBC maintained its Neutral rating with a C$14.00 target.

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Capital Power Corp. (CPX:CA)
TD Securities maintained its Buy rating with a C$80.00 target.

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DPM Metals Inc. (DPM:CA)
Scotiabank raised its target price from C$36.50 to C$43.00 and maintained an Outperform rating.

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DPM Metals Inc. (DPM:CA)
BMO Capital Markets raised its target price from C$38.00 to C$50.00.

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DPM Metals Inc. (DPM:CA)
CIBC World Markets raised its target price from C$40.00 to C$44.00 and maintained a Neutral rating.

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DPM Metals Inc. (DPM:CA)
National Bank raised its target price from C$36.50 to C$43.00 and maintained an Outperform rating.

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EQB Inc. (EQB:CA)
TD Securities raised its target price from C$96.00 to C$103.00 and maintained a Hold rating.

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EQB Inc. (EQB:CA)
Raymond James lowered its target price from C$93.00 to C$91.00.

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EQB Inc. (EQB:CA)
Scotiabank raised its target price to C$102.00 and maintained a Sector Perform rating.

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Ero Copper Corp. (ERO:CA)
CIBC World Markets raised its target price from C$37.00 to C$42.00.

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Headwater Exploration Inc. (HWX:CA)
National Bank raised its target price from C$9.00 to C$10.50 and maintained an Outperform rating.

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Highlander Silver (HSLV:CA)
BMO Capital Markets maintained an Outperform rating with a C$5.50 target.

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Laurentian Bank (LB:CA)
CIBC raised its target price to C$40.50 and maintained a Tender rating.

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Major Drilling Group International Inc. (MDI:CA)
TD Securities raised its target price from C$13.00 to C$16.00 and maintained a Buy rating.

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New Pacific Metals (NUAG:CA)
BMO Capital Markets initiated coverage with an Outperform rating and a C$6.00 target.

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TD Bank (TD:CA)
Scotiabank raised its target price to C$125.00 and maintained a Sector Perform rating.

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TD Bank (TD:CA)
CIBC maintained its Outperform rating with a C$122.00 target.

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TD Bank Group (TD:CA)
RBC Capital raised its target price from C$120.00 to C$128.00.

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TD Bank Group (TD:CA)
Jefferies & Co raised its target price from C$125.00 to C$130.00.

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TD Bank Group (TD:CA)
Canaccord Genuity raised its target price from C$122.00 to C$126.00.

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TD Bank Group (TD:CA)
Bank of America raised its target price from C$130.00 to C$132.00.

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TD Bank Group (TD:CA)
BMO Capital Markets raised its target price from C$120.00 to C$128.00.

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Trican Well Service Ltd. (TCW:CA)
ATB Capital maintained its Outperform rating with a C$7.00 target.

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West Fraser Timber Co. Ltd. (WFG:CA)
Scotiabank maintained its Outperform rating with a C$125.00 target.

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West Fraser Timber Co. Ltd. (WFG:CA)
CIBC maintained its Outperform rating with a C$113.00 target.

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West Fraser Timber Co. Ltd. (WFG:CA)
TD Securities maintained its Buy rating with a C$122.00 target.

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