Canadian Analyst Updates: May 12th, 2026

Analyst Ratings (Canada)

Today’s analyst coverage updates reflects a moderately positive outlook for Canadian stocks, with sentiment strongest toward gold miners, industrials, energy producers, and select cyclical recovery plays.  Analysts remain bullish on precious metals exposure amid elevated gold prices and macro uncertainty. Industrials and aerospace names also saw supportive commentary and higher targets, indicating confidence in improving earnings visibility and defense/aviation demand trends. In the energy sector analysts remained bullish despite commodity volatility, signaling expectations for resilient cash flows.

Overall, the ratings trend points to a market still favoring quality cyclicals, hard-asset exposure, and stable cash-generating businesses, while becoming more selective toward speculative growth and economically sensitive sectors.

69 Analyst Updates

Ag Growth International Inc. (AFN:CA) — TD Securities raised its target price to $30.00 from $22.00 and maintained a Buy rating.

AGT Food and Ingredients Inc. (AGTF:CA) — RBC Capital Markets lowered its target price to $24.00 from $25.00 and maintained an Outperform rating.

Altius Minerals Corp. (ALS:CA) — Canaccord Genuity raised its target price to $60.00 from $51.00.

Artemis Gold (ARTG:CA) — TD Securities downgraded the stock to Hold from Buy and cut its target price to $38.00 from $50.00.

B2Gold Corp. (BTO:CA) — National Bank raised its target price to $10.70 from $10.00 and maintained an Outperform rating.

Bank of Montreal (BMO:CA) — CIBC maintained its Outperform rating with a $211 target price.

Barrick Mining Corp. (ABX:CA) — National Bank raised its target price to $75.00 from $72.50 and maintained an Outperform rating.

Barrick Mining Corp. (ABX:CA) — CIBC maintained its Outperform rating with an $88 target price.

Boralex Inc. (BLX:CA) — RBC Capital Markets raised its target price to $37.25 from $33.00 and maintained a Sector Perform rating.

Brookfield Business Corp. (BBUC:CA) — National Bank lowered its target price to $57.00 from $60.00 while maintaining an Outperform rating.

Brookfield Corp. (BN:CA) — TD Securities maintained its Buy rating with an $80.00 target price.

CAE Inc. (CAE:CA) — Scotiabank maintained its Outperform rating with a $56.00 target price.

CAP REIT (CAR-UN:CA) — Scotiabank lowered its target price to $41.00 from $43.00 and maintained its Sector Perform rating.

Capital Power Corp. (CPX:CA) — Wells Fargo initiated coverage with an Equal Weight rating and a $70.00 target price.

CGI Inc. (GIB-A:CA) — CIBC maintained its Neutral rating with a $107.00 target price.

Chemtrade LogisticsIncome Fund  (CHE.UN:CA) — Scotiabank maintained its Sector Perform rating with a C$17.00 target price.

Chemtrade Logistics Income Fund (CHE-UN:CA) — CIBC maintained its Outperform rating with a $19 target price.

Chorus Aviation (CHR:CA) — CIBC raised its target price to $31.00 from $30.00 and maintained an Outperform rating.

Chorus Aviation Inc. (CHR:CA) — TD Securities increased its target price to $32.00 from $31.00 and reiterated its Buy rating.

Cineplex Inc. (CGX:CA) — National Bank lowered its target price to $13.50 from $14.00 while maintaining an Outperform rating.

Cineplex Inc. (CGX:CA) — Canaccord Genuity raised its target price to $11.50 from $10.50 and maintained a Hold rating.

Cineplex Inc. (CGX:CA) — TD Securities maintained its Buy rating with a C$16.00 target price.

Cineplex Inc. (CGX:CA) — Scotiabank maintained its Outperform rating with a $12.00 target price.

Cipher Pharmaceuticals (CPH:CA) — Canaccord Genuity maintained its Hold rating with a $17.00 target price.

CT REIT (CRT.UN:CA) — Scotiabank maintained its Sector Perform rating with a $17.00 target price.

Dollarama Inc. (DOL:CA) — Bernstein lowered its target price to $227.00 from $232.00.

Doman Building Materials Group Ltd. (DBM:CA) — CIBC raised its target price to $12.00 from $11.50 and maintained a Neutral rating.

Doman Building Materials Group Ltd. (DBM:CA) — National Bank raised its target price to $13.50 from $12.50 and maintained an Outperform rating.

Doman Building Materials Group Ltd. (DBM:CA) — Desjardins Securities raised its target price to $12.50 from $12.00 and maintained a Buy rating.

Doman Building Materials Group Ltd. (DBM:CA) — Stifel raised its target price to $12.25 from $12.00 and maintained a Buy rating.

Dream Office REIT (D-UN:CA) — CIBC upgraded the stock to Outperform from Neutral and raised its target price to $21.00 from $19.00.

Dream Office REIT (D.UN:CA) — TD Securities raised its target price to $18.50 from $18.00 and maintained a Hold rating.

Ensign Energy Services Inc. (ESI:CA) — ATB Cormark raised its target price to $5.00 from $4.00 and maintained an Outperform rating.

Exchange Income Corporation (EIF:CA) — CIBC maintained its Outperform rating with a $20 target price.

Extendicare Inc. (EXE:CA) — National Bank raised its target price to $34.00 from $32.00 and maintained an Outperform rating.

Fiera Capital Corp. (FSZ:CA) — National Bank lowered its target price to $6.00 from $7.00 and maintained a Sector Perform rating.

Firm Capital Mortgage Investment Corp. (FC:CA) — TD Securities maintained its Buy rating with a $13.00 target price.

GFL Environmental Inc. (GFL:CA) — CIBC lowered its target price to $75 from $77 and maintained an Outperform rating.

GO Residential REIT (GOU-U:CA) — Scotiabank lowered its target price to $14.00 from $15.00.

illumin Holdings Inc. (ILLM:CA) — TD Securities downgraded the stock to Hold from Buy and cut its target price to $0.90 from $1.25.

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