Canadian Analyst Updates: June 1st, 2026

Analyst sentiment remains positive for Canadian stocks, with the majority of target price revisions moving higher, with very few downward adjustments. Utilities, energy infrastructure, pipelines, and power generation companies saw widespread target increases, reflecting confidence in stable cash flows, regulated earnings growth, and ongoing demand for energy infrastructure.

The Canadian banking sector also received several target increases, suggesting expectations for resilient earnings, improving loan growth, and a more favorable interest-rate environment.

Mining and precious metals companies continued to attract positive attention as analysts maintained bullish views on gold and uranium fundamentals, while select base metals names benefited from expectations of stronger long-term demand tied to electrification and industrial growth.

Consumer and industrial companies generally retained positive ratings, indicating confidence in earnings execution despite economic uncertainty.

Overall the postive ratings, combined with numerous valuation increases, points to a moderately bullish outlook for Canadian markets, with analysts favoring defensive dividend-paying sectors, financials, infrastructure assets, and commodity producers.

Allied Gold Corporation (AAUC:CA) — CIBC maintained its Tender rating and kept its target price at $44.00.

AltaGas Ltd (ALA:CA) — National Bank raised its target price to $60.00 from $52.00 while maintaining an Outperform rating.

Atco Ltd (ACO.X:CA) — National Bank increased its target price to $69.00 from $62.00 and maintained a Sector Perform rating.

Bank of Montreal (BMO:CA) — Scotiabank raised its target price to $234.00 from $209.00 and reiterated its Sector Outperform rating.

Baytex Energy (BTE:CA) — CIBC increased its target price to $7.25 from $6.50 while maintaining a Neutral rating.

Brookfield Infrastructure Partners LP (BIP-UN:CA) — National Bank raised its target price to $59.00 from $52.00 and maintained an Outperform rating.

BRP Inc (DOO:CA) — Desjardins Securities increased its target price to $103.00 from $97.00 while reiterating a Buy rating.

Cameco Corp (CCO:CA) — TD Securities maintained its Buy rating and $185.00 target price.

Canadian Utilities Ltd (CU:CA) — National Bank raised its target price to $51.00 from $46.00 and maintained a Sector Perform rating.

Capital Power Corp (CPX:CA) — National Bank increased its target price to $82.00 from $75.00 while maintaining an Outperform rating.

Capstone Copper Corp (CS:CA) — CIBC raised its target price to $16.00 from $15.50 and maintained a Neutral rating.

Chartwell Retirement Residences (CSH-UN:CA) — TD Securities maintained its Buy rating and $27.00 target price.

CIBC (CM:CA) — Scotiabank lowered its target price to $155.00.

Definity Financial Corp (DFY:CA) — TD Securities maintained its Buy rating and $86.00 target price.

Dollarama Inc (DOL:CA) — National Bank raised its target price to $203.00 from $198.00 while maintaining an Outperform rating.

Emera Inc (EMA:CA) — National Bank increased its target price to $75.00 from $69.00 and maintained a Sector Perform rating.

Enbridge Inc (ENB:CA) — National Bank raised its target price to $81.00 from $73.00 while maintaining a Sector Perform rating.

EQB Inc (EQB:CA) — Scotiabank increased its target price to $125.00 from $122.00 and maintained a Sector Perform rating.

Fortis Inc (FTS:CA) — National Bank raised its target price to $82.00 from $75.00 while maintaining a Sector Perform rating.

Gibson Energy Inc (GEI:CA) — National Bank increased its target price to $33.00 from $30.00 and maintained an Outperform rating.

Hydro One Ltd (H:CA) — National Bank raised its target price to $61.00 from $56.00 while maintaining a Sector Perform rating.

IAMGOLD Corp (IMG:CA) — TD Securities maintained its Buy rating and $36.00 target price.

Keyera Corp (KEY:CA) — National Bank increased its target price to $56.00 from $50.00 and maintained a Sector Perform rating.

Laurentian Bank (LB:CA) — CIBC maintained its Tender rating and $40.50 target price.

Major Drilling Group International Inc (MDI:CA) — TD Securities maintained its Buy rating and $21.00 target price.

Minera Alamos Inc (MAI:CA) — National Bank raised its target price to $9.50 from $8.50 while maintaining an Outperform rating.

NFI Group Inc (NFI:CA) — TD Securities maintained its Buy rating and $26.00 target price.

Onex Corporation (ONEX:CA) — Scotiabank maintained its Outperform rating and $175.00 target price.

Pembina Pipeline Corp (PPL:CA) — National Bank increased its target price to $71.00 from $63.00 while maintaining an Outperform rating.

Rockpoint Gas Storage Inc (RGSI:CA) — National Bank raised its target price to $35.00 from $32.00 and maintained an Outperform rating.

Royal Bank of Canada (RY:CA) — Scotiabank increased its target price to $275.00 from $252.00 while reiterating a Outperform rating.

South Bow Corp (SOBO:CA) — National Bank raised its target price to $48.00 from $43.00 and maintained a Sector Perform rating.

South Bow Corporation (SOBO:CA) — Scotiabank maintained its Sector Perform rating and $50.00 target price.

Stingray Group Inc (RAY:CA) — CIBC maintained its Outperform rating and $20.00 target price.

StorageVault Canada Inc (SVI:CA) — Raymond James cut its target price to $5.25 from $5.50 while upgrading to a Strong Buy rating, from Outperform.

Superior Plus Corp (SPB:CA) — National Bank raised its target price to $8.50 from $7.50 and maintained a Sector Perform rating.

TC Energy Corp (TRP:CA) — National Bank increased its target price to $102.00 from $92.00.

Tidewater Midstream and Infrastructure Ltd (TWM:CA) — National Bank raised its target price to $17.00 from $15.00 while maintaining a Sector Perform rating.

Topicuscom Inc (TOI:CA) — TD Securities maintained its Buy rating and $145.00 target price.

Toronto-Dominion Bank (TD:CA) — Scotiabank increased its target price to $165.00 from $150.00 and reiterated a Outperform rating.

TransAlta Corp (TA:CA) — National Bank raised its target price to $24.00 from $22.00 while maintaining an Outperform rating.

Trilogy Metals Inc (TMQ:CA) — TD Securities maintained its Buy rating and $8.00 target price.

Wesdome Gold Mines Ltd (WDO:CA) — Canaccord Genuity increased its target price to $31.00 from $30.00 while maintaining a Buy rating.

More Ratings: