Analyst Ratings (Canada)
The latest Canadian analyst updates point to a selective market outlook, with strength concentrated in energy, mining, and infrastructure while other sectors remain more mixed. Widespread target price increases, particularly for names like Suncor Energy, Cenovus Energy, and Canadian Natural Resources reflect rising confidence in commodity prices, stronger cash flow generation, and favorable macro tailwinds tied to geopolitical-driven supply constraints. Gold and materials names such as Skeena Gold & Silver and Equinox Gold also continue to attract bullish ratings, reinforcing a tilt toward hard assets. At the same time, more neutral or mixed calls on industrials and rate-sensitive sectors such as Aecon Group and TC Energy, suggest lingering caution around economic growth, capital spending, and interest rate sensitivity.
Overall, the analyst landscape signals a market increasingly driven by commodities and defensive cash flow plays, with selective optimism but not a broad-based risk-on environment.
41 Analyst Updates
AbraSilver Resource Corp. (ABRA:CA): AbraSilver Resource Scotiabank maintained an Outperform rating with an $18 target.
Aecon Group Inc. (ARE:CA): CIBC raised their target to $45 from $44, with a Neutral rating, and Raymond Jamesraised the target to $44 from $41 with a Market Perform rating.
AGT Food and Ingredients (AGTF:CA): National Bank maintained an Outperform rating with a $26 target.
AGT Food and Ingredients (AGTF:CA): Raymond James maintained an Outperform rating with a $26 target.
AGT Food and Ingredients (AGTF:CA): Scotiabank maintained a Sector Perform rating with a $23 target.
AGT Food and Ingredients (AGTF:CA): ATB Cormark maintained an Outperform rating with a $25 target.
AGT Food and Ingredients (AGTF:CA): RBC Capital maintained an Outperform rating with a $25 target.
Air Canada (AC:CA): Jefferies & Co set a $19 price target, up from $17, indicating a modestly improved outlook while maintaining a positive stance.
Air Canada (AC:CA): BMO Capital Markets lowered its target to $26 from $27, signaling slightly reduced expectations but still maintaining a generally constructive view.
Athabasca Oil Corp. (ATH:CA): Athabasca Oil National Bank raised its target to $12.50 from $9, maintaining Outperform.
Atco Ltd (ACO-X:CA): ATCO Morningstar maintained a Hold rating with a $64.68 target.
Canadian National Railway (CNR:CA): Bernstein raised its price target to $163.
Canadian National Railway (CNR:CA): Desjardins initiated coverage with a Buy rating and a $156 price target.
Canadian Natural Resources (CNQ:CA): CIBC raised its price target to $54, reflecting a more optimistic view on valuation and near-term performance.
Canadian Natural Resources (CNQ:CA): National Bank maintained a Sector Perform rating with a $90 target.
Canadian Pacific Kansas City (CP:CA): Bernstein raised its price target to $125.
Canadian Pacific Kansas City (CP:CA): Desjardins lowered its price target to $129 while maintaining a Buy rating.
Cenovus Energy Inc. (CVE:CA): National Bank raised its target significantly to $57 from $30, maintaining Outperform.
Constellation Software Inc (CSU:CA): UBS Securities lowered its target to $4,250 from $4,500.
D2L Inc. (DTOL:CA): TB Cormark cut its target to $14 from $23 but maintained Outperform.
Equinox Gold Corp (EQX:CA): Equinox Gold Scotiabank maintained an Outperform rating with a $26 target.
Exchange Income Corp. (EIF:CA): Exchange Income Corporation TD Securities maintained a Buy rating with a $125 target.
Gildan Activewear Inc (GIL:CA): Gildan Activewear Morningstar maintained a Buy rating with a $91 target.
Imperial Oil Ltd. (IMO:CA): National Bank raised its target to $212 from $139, maintaining Sector Perform.
Keyera Corp. (KEY:CA): Scotiabank maintained an Outperform rating with a $55 target.
Magellan Aerospace Corp. (MAL:CA): TD Securities raised its target to $25 from $24, maintaining a Buy rating.
Montage Gold Corp. (MAU:CA): Scotiabank maintained an Outperform rating with a $15 target.
Nexmetals Mining Corp. (NEXM:CA): Raymond James raised its target to $8.50 with an Outperform rating.
North West Company Inc. (NWC:CA): TD Securities maintained a Buy rating with a $63 target.
Nouveau Monde Graphite Inc. (NOU:CA): National Bank raised its target to $4.75 from $5.25, maintaining Outperform.
Power Corporation of Canada (POW:CA): Morningstar maintained a Hold rating with a $62.35 target.
Skeena Gold & Silver (SKE:CA): TD Securities maintained a Buy rating with a $49 target.
Strathcona Resources Ltd. (SCR:CA): National Bank raised its target sharply to $69 from $41, maintaining Outperform.
Sun Life Financial Inc. (SLF:CA): TD Securities maintained a Buy rating with a $102 target.
Suncor Energy Inc. (SU:CA): National Bank raised its target to $118 from $85, maintaining Outperform.
TC Energy Corp. (TRP:CA): Citigroup raised its target to $95 from $86, maintaining a Neutral rating.
Thesis Gold & Silver Inc. (TAU:CA): Scotiabank maintained an Outperform rating with a $5.50 target.
Wesdome Gold Mines Ltd. (WDO:CA): TD Securities maintained a Hold rating with a $30 target.
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