Canadian Analyst Updates: May 4th, 2026

STA Research
May 4th, 2026
Canadian Analyst Updates: May 4th, 2026
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Analyst Ratings (Canada)

Today’s analyst updates points to a balanced market outlook, with widespread price target increases across financial stocks, signaling confidence in economic resilience, stable credit conditions, and suggesting no imminent recession. At the same time, energy and infrastructure names show rising targets but mixed ratings, suggesting solid cash flows with limited valuation upside, typical of a late-cycle environment. Industrials reflect selective confidence in ongoing economic activity, while materials and gold stocks indicate hedging behavior rather than outright bullish commodity bets.

However the several lowered rating revisions highlight lingering uncertainty and uneven conviction, reinforcing that while analysts are incrementally raising expectations, they are not broadly shifting to aggressive bullish stances. Overall, the signal is a “grind higher” market driven by earnings strength and stability rather than multiple expansion, with moderate upside potential and continued sensitivity to macro risks like interest rates, energy prices, and geopolitical developments.

72 Analyst Updates

Agnico Eagle Mines Ltd. (AEM:CA) — ATB Cormark upgraded to Outperform.

Agnico Eagle Mines Ltd. (AEM:CA) — National Bank raised price target to $350.00 from $345.00, maintains Sector Outperform.

Air Canada (AC:CA) — Canaccord Genuity lowered price target to $20.00 from $21.00, maintains Hold.

Air Canada (AC:CA) — JP Morgan lowered price target to $23.00 from $27.00.

Aritzia Inc. (ATZ:CA) — CIBC raised price target to $155.00 from $148.00, maintains Outperformer.

Aritzia Inc. (ATZ:CA) — RBC Capital raised price target to $175.00 from $150.00, maintains Outperform.

Arizona Metals Corp. (AMC:CA) — Stifel downgraded to Hold from Buy with $1.50 price target.

B2Gold Corp. (BTO:CA) — CIBC maintains a Neutral rating with $10.00 price target.

Badger Infrastructure Solutions Ltd. (BDGI:CA) — Canaccord Genuity raised price target to $90.00 from $70.00, maintains Buy.

Badger Infrastructure Solutions Ltd. (BDGI:CA) — Raymond James raised price target to $77.00 from $73.00, maintains Outperform.

Badger Infrastructure Solutions Ltd. (BDGI:CA) — TD Securities raised price target to $92.00 from $79.00, maintains Buy.

Badger Infrastructure Solutions Ltd. (BDGI:CA) — Stifel raised price target to $94.00 from $82.00, maintains Buy.

Badger Infrastructure Solutions Ltd. (BDGI:CA) — CIBC raised price target to $85.00 from $78.00, maintains Outperform.

Bank of Montreal (BMO:CA) — Scotia Capital raised price target to $209.00 from $208.00, maintains Sector Perform.

Bombardier Inc. (BBD-B:CA) — TD Securities maintains Hold with $284.00 price target.

Boyd Group Services Inc. (BYD:CA) — Desjardins lowered price target to $260.00 from $270.00, maintains Buy.

Brookfield Asset Management Ltd. (BAM:CA) — Scotiabank maintains Outperform with $76.00 price target.

Brookfield Renewable Partners L.P. (BEP-UN:CA) — National Bank raised price target to $49.00 from $46.00, maintains Sector Outperform.

Brookfield Renewable Partners L.P. (BEP-UN:CA) — TD Securities raised price target to $53.00 from $52.00, maintains Buy.

Brookfield Renewable Partners L.P. (BEP-UN:CA) — Scotiabank maintains Outperform rating and $49 target.

CAE Inc. (CAE:CA) — Desjardins lowered price target to $50.00 from $52.00, maintains Buy.

Canadian Imperial Bank of Commerce (CM:CA) — Scotiabank raised price target to $159.00 from $153.00, maintains Sector Outperform.

Definity Financial Corp. (DFY:CA) — Jefferies raised price target to $81.00 from $76.00.

DRI Healthcare Trust (DHT-UN:CA) — CIBC maintains Outperform with $20.00 price target.

Fairfax Financial Holdings Limited (FFH:CA) — Scotiabank maintains Outperform with $3,150.00 price target.

Fairfax Financial Holdings Limited (FFH:CA) — BMO lowered price target to $2,400.00 from $2,550.00.

Fairfax Financial Holdings Limited (FFH.U:CA) — RBC raised price target to $2,277.00 from $2,261.00, maintains Outperform.

Fairfax Financial Holdings Limited (FFH:CA) — Raymond James raised price target to $3,050.00 from $3,000.00, maintains Outperform.

First Quantum Minerals Ltd. (FM:CA) — Barclays lowered price target to $42.20 from $44.60.

GFL Environmental Inc. (GFL:CA) — Scotiabank lowered price target to $71.00.

Gildan Activewear Inc. (GIL:CA) — Scotiabank lowered price target to $98.00 from $101.00, maintains Outperform.

Hemlo Mining Corp. (HMMC:CA) — TD Securities initiated with Buy and $9.00 price target.

Hudbay Minerals Inc. (HBM:CA) — Canaccord lowered price target to $40.00 from $41.00.

Hudbay Minerals Inc. (HBM:CA) — CIBC maintains Outperform with $46.00 price target.

Imperial Oil Ltd. (IMO:CA) — JP Morgan lowered price target to $149.00 from $155.00.

Imperial Oil Ltd. (IMO:CA) — Scotiabank maintains Sector Perform with $130.00 price target.

Intact Financial Corp. (IFC:CA) — Jefferies raised price target to $324.00 from $306.00.

International Petroleum Corp. (IPCO:CA) — National Bank initiated with Sector Perform and $45.00 price target.

Leon’s Furniture Ltd. (LNF:CA) — CIBC maintains Neutral with $31.00 price target.

Magna International Inc. (MG:CA) — TD Securities raised price target to $103.50 from $102.00, maintains Buy.

Magna International Inc. (MG:CA) — CIBC lowered price target to $100.00 from $103.00, maintains Outperform.

Magna International Inc. (MG:CA) — Scotiabank maintains Outperform with $98.00 price target.

Morguard North American Residential REIT (MRG-UN:CA) — CIBC lowered price target to $22.00 from $23.00, maintains Outperform.

Morguard REIT (MRT-UN:CA) — RBC raised price target to $6.50 from $6.00, maintains Sector Perform.

Morguard REIT (MRT-UN:CA) — TD maintains Hold with $6.00 price target.

Morguard REIT (MRT-UN:CA) — Scotiabank maintains Sector Perform with $6.00 price target.

National Bank of Canada (NA:CA) — Scotiabank raised price target to $214.00 from $202.00, maintains Sector Outperform.

NFI Group Inc. (NFI:CA) — CIBC maintains Outperform with $22.00 price target.

Pizza Pizza Royalty Corp. (PZA:CA) — TD lowered price target to $14.00 from $16.00, maintains Hold.

Real Matters Inc. (REAL:CA) — National Bank raised price target to $7.50 from $7.00, maintains Sector Perform.

Real Matters Inc. (REAL:CA) — BMO lowered price target to $6.00 from $7.00, maintains Market Perform.

Real Matters Inc. (REAL:CA) — Raymond James lowered price target to $8.25 from $9.00, maintains Outperform.

Royal Bank of Canada (RY:CA) — Scotiabank raised price target to $252.00 from $247.00, maintains Outperform.

Russel Metals Inc. (RUS:CA) — TD Securities raised price target to $63.00 from $57.00, maintains Buy.

TC Energy Corp. (TRP:CA) — Scotiabank raised price target to $97.00, with a Outperform.

TC Energy Corp. (TRP:CA) — ATB raised price target to $87.00 from $82.00, maintains Sector Perform.

TC Energy Corp. (TRP:CA) — National Bank raised price target to $92.00 from $86.00, maintains Outperform.

TC Energy Corp. (TRP:CA) — TD raised price target to $90.00 from $88.00, maintains Hold.

TC Energy Corp. (TRP:CA) — RBC raised price target to $95.00 from $92.00, maintains Outperform.

TC Energy Corp. (TRP:CA) — Barclays raised price target to $92.00 from $88.00.

TC Energy Corp. (TRP:CA) — CIBC raised price target to $94.00 from $89.00, maintains Outperform.

TerraVest Industries Inc. (TVK:CA) — Scotiabank lowered the price target to $178.00 from $187.00, maintains Outperform.

Toromont Industries Ltd. (TIH:CA) — TD raised price target to $240.00 from $232.00, maintains Buy.

Toronto-Dominion Bank (TD:CA) — Scotiabank raised price target to $150.00 from $142.00, maintains Sector Outperform.

West Fraser Timber Co. Ltd. (WFG:CA) — Scotiabank maintains Outperform with $122.00 price target.

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