Analyst Ratings (Canada)
Analyst Summary
Canadian analyst activity was broadly constructive today, with analysts issuing 44 updates with a mix of coverage consisting of initiations, target increases, and maintained ratings across energy, mining, financials, industrials, and technology, reflecting selective optimism amid a still-challenging macro backdrop:
5N Plus Inc. (VNP:CA) was initiated by Canaccord Genuity with a Buy rating and a $26.00 price target, highlighting confidence in its specialty materials growth outlook.
AltaGas Ltd. (ALA:CA) Scotiabank maintained its Outperform rating with a $50.00 target, reflecting steady fundamentals in its regulated and midstream assets.
Altus Group Ltd. (AIF:CA) TD Securities maintained its Buy rating with a $67.00 target, reflecting resilient demand for real estate data and analytics.
Blue Moon Metals Inc. (MOON:CA) received a target increase from Scotiabank to $7.50 from $6.00, reflecting improved valuation assumptions.
Cameco Corp. (CCO:CA) Scotiabank raised its target to $155.00 from $150.00 and maintained an Outperform rating.
Canadian National Railway Co. (CNR:CA) CIBC raised its target to $154.00 from $151.00 with a Neutral rating, Citigroup trimmed its target to $165.00 from $167.00 while maintaining a Buy, and National Bank maintained their Sector Perform rating with a $150.00 target.
Canadian Pacific Kansas City Ltd. (CP, CP:CA) Citigroup maintained a Buy rating with a $122.00 target, while National Bank lowered its target to $119.00 from $124.00 and kept a Sector Perform rating.
Capital Power Corp. (CPX:CA) Desjardins Securities raised their target to $82.00 from $80.00 with a Buy rating, while Scotiabank maintained an Outperform rating with an $80.00 target.
Capstone Copper Corp. (CS:CA) Scotiabank raised its target to $18.00 from $16.00 and maintain an Outperform rating on improving copper fundamentals.
Endeavour Silver Corp. (EDR:CA) TD Securities maintained their Buy rating with a $14.00 target.
Ero Copper Corp. (ERO:CA) Scotiabank raised the target to $45.00 from $36.00, reflecting stronger copper price assumptions.
Evolve Royalties Ltd. (EVR:CA) was initiated by Canaccord Genuity with a Buy rating and a $4.25 target.
Exchange Income Corporation (EIF:CA) CIBC maintained their Outperform rating with a $93.00 target.
First Quantum Minerals Ltd. (FM:CA) Scotiabank raised its target to $41.00 from $35.00 with a Sector Perform rating, while Barclays Capital increased its target to $44.30 from $38.00.
Foran Mining Corp. (FOM:CA) rScotiabank to moved the target higher to $6.00 from $4.50.
Great-West Lifeco Inc. (GWO:CA) CIBC raised its target to $73.00 from $67.00 with an Outperform rating.
Highlander Silver Corp. (HSLV:CA) received a target increase from National Bank to $8.00 from $6.00 with an Outperform rating.
Hudbay Minerals Inc. (HBM:CA) Scotiabank raised its target to $31.00 from $26.00, while Citigroup initiated coverage with a Buy rating and a $48.00 target.
IA Financial Corp. Inc. (IAG:CA) had CIBC raise its target to $184.00 from $175.00 while maintaining an Outperform rating.
Ivanhoe Mines Ltd. (IVN:CA) Scotiabank raised its target to $20.00 from $18.50 with an Outperform rating.
Keyera Corp. (KEY:CA) Barclays Capital lowered its target to $43.00 from $45.00.
Kinaxis Inc. (KXS:CA) TD Securities maintained its Buy rating with a $229.00 target, while CIBC maintained an Outperform rating with a $203.00 target.
Kits Eyecare Ltd. (KITS:CA) Desjardins Securities maintain a Buy rating with a $23.00 target.
Labrador Iron Ore Royalty Corp. (LIF:CA) received a target increase from Scotiabank to $30.00 from $28.00.
Lundin Mining Corp. (LUN:CA) Scotiabank raised its target to $31.00 from $25.00 and maintain an Outperform rating.
Manulife Financial Corp. (MFC:CA) CIBC raised its target to $58.00 from $50.00 with an Outperform rating.
Mullen Group Ltd. (MTL:CA) CIBC lifted the target to $17.00 from $15.00.
Shopify Inc. (SHOP:CA) was upgraded at Scotiabank to Outperform from a Sector Perform rating and raising the target to $277.00 from $229.00.
Sigma Lithium Corp. (SGML) Bank of America raised its target to $18.00 from $15.25 while maintaining its Underperform rating.
Sun Life Financial Inc. (SLF:CA) CIBC raised their target price to $95.00 from $93.00 with a Neutral rating.
Teck Resources Ltd. (TECK.B:CA) Scotiabank raised its target to $70.00 from $60.00 while maintaining a Sector Perform rating.
TELUS Corp. (T:CA) TD Securities maintained their Buy rating with a $25.00 target, while CIBC also maintained with a Outperform rating and a $25 target as well.
TFI International Inc. (TFII:CA) received a significant target increase from Citigroup to $182.00 from $147.00 while maintaining a Buy rating.
Impact & Outlook
Overall, Canadian analyst sentiment as forementioned, remains constructive but highly selective. The prevalence of target price increases, most notably across mining, energy infrastructure, and diversified financials reflects growing confidence in commodity price support, improving balance sheets, and disciplined capital allocation. In the mining sector, higher targets were largely driven by more favorable medium-term assumptions for copper, uranium, and precious metals, as well as stronger operational execution and project visibility among producers and developers. Infrastructure and utility-related names benefited from stable cash flow profiles and incremental growth visibility, which continue to appeal in a lower-growth macro environment.
At the same time, the comparatively limited number of target reductions signals valuation sensitivity rather than a deterioration in company fundamentals. In many cases, analysts cited more conservative macro inputs, such as commodity price forecasts, interest rate assumptions, or normalized earnings multiples rather than company-specific setbacks. This indicates that research desks are actively recalibrating expectations to reflect a slower but more stable economic outlook, rather than turning broadly defensive.
Taken together, the pattern of analyst updates points to a market environment where upside is increasingly stock-specific. Analysts appear to favour companies with clear earnings visibility, strong asset quality, and credible execution on growth or cost optimization strategies. Rather than endorsing broad market beta, current sentiment supports a more selective approach, where disciplined valuation, sector positioning, and company fundamentals are likely to drive performance.
STA Research (StockTargetAdvisor.com) is a independent Investment Research company that specializes in stock forecasting and analysis with integrated AI, based on our platform stocktargetadvisor.com, EST 2007.
