Canadian Analyst Updates: May 11th, 2026

Analyst Ratings (Canada)

Today’s analyst coverage points to a stable market backdrop, where recommendations continue to favour companies with predictable cash flows, strong balance sheets, and pricing power. Upward revisions and were concentrated in defensive and infrastructure-linked sectors such as utilities, pipelines, and REITs, reflecting continued confidence in regulated or income-oriented earnings streams. In contrast, more cyclical and commodity-sensitive sectors, including forestry and industrial inputs portray a cautious tone shift with lower target forecasts highlighting ongoing margin pressure and uneven demand recovery. Growth-oriented and technology-exposed names remain positively rated but with emphasis on execution risk and forward visibility rather than re-rating expansion.

Overall, the tone from analysts suggests a market that is not broadly risk-off, but increasingly disciplined, favoring quality and earnings visibility over cyclical upside.

81 Analyst Updates

Ag Growth International Inc. (AFN:CA) – RBC Capital raised its target to $30 from $25 and maintained an Outperform rating.

AGT Food and Ingredients (AGTF:CA) – TD Securities maintained a Hold rating with a C$21.00 target.

Algonquin Power & Utilities Corp. (AQN:CA) – TD Securities maintained a Hold rating with a $8.00 target.

Algonquin Power & Utilities Corp. (AQN:CA) – Scotiabank maintained a  Outperform rating with a $9.73 target.

Aritzia Inc. (ATZ:CA) – National Bank raised its target to $171 and maintained an Outperform rating.

Aritzia Inc. (ATZ:CA) – Raymond James raised its target to $200 and maintained an Outperform rating.

Atrium Mortgage Investment Corp. (AI:CA) – TD Securities maintained a Buy rating with a C$13.00 target.

Baytex Energy Corp. (BTE:CA) – TD Securities raised his target to $6.50 and maintained a Hold rating.

Baytex Energy Corp. (BTE:CA) – RBC Capital raised its target to $7.00 and maintained a Sector Perform rating.

Brookfield Asset Management Ltd. (BAM:CA) – TD Securities maintained a Buy rating with a $69.00 target.

Brookfield Asset Management Ltd. (BAM:CA) – RBC Capital lowered its target to $89 from $101 while maintaining an Outperform rating.

Brookfield Asset Management Ltd. (BAM:CA) – Scotiabankraised its target to $78 and maintained a Outperform rating.

Brookfield Business Corporation (BBUC:CA) – Scotiabank raised its target to $58 and maintained a Outperform rating.

CAE Inc. (CAE:CA) – CIBC maintained an Outperform rating with a $56.00 target.

Canadian Apartment Properties REIT (CAR.UN:CA) – TD Securities lowered its target to $45 and maintained a Buy rating.

Canfor Corporation (CFP:CA) – Scotiabank lowered its target to C$15.50 and maintained a Sector Perform rating.

Cascades Inc. (CAS:CA) – Scotiabank lowered its target to $13.00.

CES Energy Solutions Corp. (CEU:CA) – Scotiabank raised its target to $21.00.

Chartwell Retirement Residences (CSH.UN:CA) – BMO raised its target to $26 and maintained an Outperform rating.

Chartwell Retirement Residences (CSH.UN:CA) – Canaccord Genuity raised its target to $26 and maintained a Buy rating.

Chartwell Retirement Residences (CSH.UN:CA) – CIBC maintained an Outperform rating with a $25.00 target.

Chartwell Retirement Residences (CSH.UN:CA) – Desjardins raised its target to $27 and maintained a Buy rating.

Chartwell Retirement Residences (CSH.UN:CA) – TD Securities raised its target to $27 and maintained a Buy rating.

Chartwell Retirement Residences (CSH.UN:CA) – National Bank raised its target to $26.50 and maintained an Outperform rating.

Chartwell Retirement Residences (CSH.UN:CA) – Raymond James raised its target to $25 and maintained a Strong Buy rating.

Chartwell Retirement Residences (CSH.UN:CA) – RBC Capital raised its target to $27 and maintained an Outperform rating.

Chartwell Retirement Residences (CSH.UN:CA) – Scotiabank maintained a Sector Outperform rating with a C$26.00 target.

Chorus Aviation Inc. (CHR:CA) – Scotiabank maintained a Sector Outperform rating with a $30.00 target.

Cresco Labs Inc. (CL:CA) – Canaccord Genuity raised its target to $2.50 and maintained a Buy rating.

Crombie REIT (CRR.UN:CA) – TD Securities raised its target to $18 and maintained a Buy rating.

Definity Financial Corporation (DFY:CA) – Scotiabank raised its target to $80.00 and maintained a Sector Perform rating.

Docebo Inc. (DCBO:CA) – CIBC maintained an Outperform rating with a $38.00 target.

Docebo Inc. (DCBO:CA) – TD Securities maintained a Buy rating with a $28.00 target.

Docebo Inc. (DCBO:CA) – Scotiabank maintained a Outperform rating with a $34.75 target.

Doman Building Materials Group Ltd. (DBM:CA) – CIBC maintained a Neutral rating with an $11.50 target.

Doman Building Materials Group Ltd. (DBM:CA) – TD Securities maintained a Buy rating with a $12.00 target.

Dorel Industries Inc. (DII.B:CA) – TD Securities lowered its target to $2.00 and maintained a Hold rating.

Dream Office REIT (D-UN:CA) – CIBC upgraded the stock to Outperform with a $21.00 target.

Emera Inc. (EMA:CA) – TD Securities raised its target to $77.00 and maintained a Buy rating.

Emera Inc. (EMA:CA) – Scotiabank raised its target to $78.00 and maintained a Outperform rating.

Enbridge Inc. (ENB:CA) – TD Securities maintained a Hold rating with a C$73.00 target.

Enbridge Inc. (ENB:CA) – CIBC raised its target to $74.00 and maintained a Neutral rating.

Enbridge Inc. (ENB:CA) – National Bank raised its target to $73.00 and maintained a Sector Perform rating.

Enbridge Inc. (ENB:CA) – Raymond James raised its target to $80.00 and maintained an Outperform rating.

Enbridge Inc. (ENB:CA) – RBC Capital raised its target to $79.00 and maintained an Outperform rating..

Enbridge Inc. (ENB:CA) – Scotiabank raised its target to $78.00 and maintained a Sector Outperform rating.

Exchange Income Corporation (EIF:CA) – Scotiabank maintained a Sector Outperform rating with a C$129.00 target.

Extendicare Inc. (EXE:CA) – CIBC raised its target to $38.00 and maintained an Outperform rating.

Extendicare Inc. (EXE:CA) – TD Securities raised its target to $39.00 and maintained a Buy rating.

Fiera Capital Corp. (FSZ:CA) – TD Securities maintained a Hold rating with a C$6.00 target.

Fiera Capital Corporation (FSZ:CA) – Scotiabank maintained a Sector Perform rating with a C$6.50 target.

HEALWELL AI Inc. (AIDX:CA) – TD Securities maintained a Buy rating with a $1.75 target.

HEALWELL AI Inc. (AIDX:CA) – Scotiabank maintained a Sector Outperform rating with a $2.00 target.

IGM Financial Inc. (IGM:CA) – CIBC raised its target to $79.00 and maintained a Neutral rating.

IGM Financial Inc. (IGM:CA) – TD Securities raised its target to $86.00 and maintained a Buy rating.

Itafos Inc. (IFOS:CA) – Raymond James lowered its target to $4.50 and maintained an Outperform rating.

Leon’s Furniture Limited (LNF:CA) – CIBC lowered its target to $28.00 and maintained a Neutral rating.

NexGen Energy Ltd. (NXE:CA) – TD Securities maintained a Buy rating with a $20.00 target.

NFI Group Inc. (NFI:CA) – CIBC raised its target to $27.00 and maintained an Outperform rating.

NFI Group Inc. (NFI:CA) – National Bank raised its target to $26.00 and maintained an Outperform rating.

NFI Group Inc. (NFI:CA) – Scotiabank raised its target to $25.00 and maintained a Sector Outperform rating.

NFI Group Inc. (NFI:CA) – TD Securities raised its target to $26.00 and maintained a Buy rating.

Nutrien Ltd. (NTR:CA) – TD Securities lowered its target to $113.00 from $117.00 and maintained a Buy rating.

Nutrien Ltd. (NTR:CA) – Scotiabank raised its target to $111.00 and maintained a Sector Perform rating.

Open Text Corp. (OTEX:CA) – TD Securities lowered its target to $27.00 and maintained a Hold rating.

Orla Mining Ltd. (OLA:CA) – CIBC maintained an Outperform rating with a $32.00 target.

Premium Brands Holding Corp. (PBH:CA) – TD Securities maintained a Buy rating with a $140.00 target.

Rogers Sugar Inc. (RSI:CA) – TD Securities maintained a Hold rating with a $7.00 target.

Rogers Sugar Inc. (RSI:CA) Scotiabank raised its target to C$6.25 and maintained a Sector Underperform rating.

Russel Metals Inc. (RUS:CA) – TD Securities raised its target to $68.00 and maintained a Buy rating.

Savaria Corporation (SIS:CA) – Scotiabank maintained a Outperform rating with a $33.00 target.

SmartCentres REIT (SRU.UN:CA) – TD Securitiesi maintained a Buy rating with a $31.00 target.

Stella-Jones Inc. (SJ:CA) – TD Securities lowered its target to $93.00 and maintained a Buy rating.

TELUS Corporation (T:CA) – TD Securities maintained a Buy rating with a $20.00 target.

TELUS Corporation (T:CA) – Scotiabank lowered its target to $20.00 and maintained a Sector Perform rating.

Trisura Group Ltd. (TSU:CA) – CIBC lowered its target to $55.00 and maintained an Outperform rating.

VitalHub Corp. (VHI:CA) – TD Securities maintained a Buy rating with a $13.00 target.

VitalHub Corp. (VHI:CA) – Scotiabank maintained a Outperform rating with a $12.00 target.

WELL Health Technologies Corp. (WELL:CA) – TD Securities maintained a Buy rating with a $7.00 target.

WELL Health Technologies Corp. (WELL:CA) – Scotiabank lowered its target to $6.00 and maintained a Outperform rating.

Western Forest Products Inc. (WEF:CA) – Scotiabank maintained a Sector Perform rating with a $18.00 target.

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