Canadian Analyst Updates: December 8th, 2025

Canadian Analyst Updates: December 8th, 2025

Analyst Ratings (Canada)

Badger Infrastructure Solutions (BDGI:CA)
BMO Capital Markets raised its target price from C$70.00 to C$82.00, reflecting improving infrastructure-services demand and stable execution trends.

Bank of Montreal (BMO:CA)
Raymond James increased its target price from C$182.00 to C$183.00, reflecting steady operating performance and resilient net-interest margins.

Canadian Imperial Bank of Commerce (CM:CA)
Barclays Capital raised its target price from C$119.00 to C$126.00, reflecting healthy loan-growth momentum and stable credit quality.

Endeavour Silver (EDV:CA)
National Bank issued an Outperform rating with a C$18.00 target, reflecting supportive silver-price fundamentals and ongoing project development.

Enghouse Systems (ENGH:CA)
UBS Securities cut its target price from C$22.00 to C$20.00, reflecting moderating software-revenue traction and limited near-term catalysts.

ERO Copper (ERO:CA)
Jefferies raised its target from C$37.00 to C$40.00 and maintained a Hold rating, reflecting supportive copper-price assumptions and consistent mine performance.

G Mining Ventures (GMIN:CA)
Jefferies lifted its target price from C$40.00 to C$45.00, reflecting improved project visibility and constructive long-term production expectations.

Hudbay Minerals (HBM:CA)
Jefferies increased its target from C$27.00 to C$31.00, supported by stronger base-metal pricing and sustained operational momentum.

Ivanhoe Mines (IVN:CA)
Jefferies reduced its target from C$18.00 to C$16.00 while maintaining a Hold rating, reflecting valuation normalization and tempered production forecasts.

Laurentian Bank (LB:CA)
RBC Capital Markets lifted its target from C$25.00 to C$40.00 with a Sector Perform rating, reflecting expectations of operational stabilization and capital-ratio improvement.

Laurentian Bank (LB:CA)
Raymond James downgraded the stock to Underperform, on acquisition by National Bank of Canada.

Laurentian Bank (LB:CA)
CIBC World Markets raised its target from C$35.00 to C$40.50 with a Tender rating, on acquisition by National Bank of Canada.

Laurentian Bank (LB:CA)
BMO Capital Markets increased its target from C$31.00 to C$40.50, reflecting improved balance-sheet clarity and anticipated restructuring benefits.

Logan Energy (LGN:CA)
ATB Capital initiated coverage with an Outperform rating and a C$1.20 target, reflecting early-stage growth potential and favorable resource development prospects.

Lundin Gold (LUG:CA)
Jefferies raised its target from C$96.00 to C$111.00, reflecting strong gold-price dynamics and consistent project delivery.

Lundin Mining (LUN:CA)
Jefferies increased its target from C$28.00 to C$32.00, reflecting improving copper-market fundamentals and stronger operational execution.

Mattr Corp
BMO Capital Markets lowered its target price from C$11.00 to C$8.00, noting softer demand trends and near-term margin headwinds.

Mullen Group (MTL:CA)
BMO Capital Markets lifted its target from C$16.00 to C$18.00, highlighting improving transportation-sector activity and steady earnings performance.

NFI Group (NFI:CA)
BMO Capital Markets cut its target from C$18.00 to C$17.00, reflecting continued volatility in order timing and margin pressures.

NGEx Minerals (NGEX:CA)
Jefferies reduced its target from C$32.00 to C$29.00, reflecting a more measured outlook on long-term copper development projects.

OceanaGold (OGC:CA)
Jefferies raised its target price from C$43.00 to C$45.00, supported by stable operating performance and favorable gold-price trends.

Primaris REIT (PMZ.UN:CA)
National Bank raised its target from C$16.00 to C$18.00 while maintaining an Outperform rating, reflecting resilient retail-property fundamentals and solid occupancy levels.

South Bow Corp. (SOBO:CA)
Barclays initiated coverage at Equal Weight with a C$38.00 target, reflecting balanced valuation and steady sector positioning.

TD Bank Group (TD:CA)
UBS Securities raised its target from C$122.00 to C$126.00, highlighting stable credit trends and durable earnings contributions.

Teck Resources (TECK.B:CA)
Jefferies reduced its target price from C$80.00 to C$71.00, reflecting updated commodity-price assumptions and adjustments to project timelines.

Terravest Industries (TVK:CA)
BMO Capital Markets lowered its target from C$165.00 to C$150.00, reflecting moderating earnings visibility and valuation recalibration.

Maple Leaf Foods (MFI:CA)
TD Securities maintained its Buy rating with a C$42.00 target, reflecting expectations of margin recovery and stable consumer demand.

Transcontinental (TCL.A:CA)
TD Securities maintained a Buy rating with a C$27.00 target, reflecting steady cash-flow generation and improving cost structure.

Transat A.T. (TRZ:CA)
TD Securities reiterated its Buy rating with a C$5.50 target, reflecting strengthening travel-industry demand and improvement in load factors.

Quebecor (QBR-B:CA)
TD Securities raised its target from C$55.00 to C$58.00 while maintaining a Buy rating, reflecting strong wireless growth and consistent free-cash-flow performance.

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