Canadian Analyst Updates: Nov 12th, 2025

Altius Minerals Corp (ALS:CA) – BMO Capital Markets raised its target price to $35 from $34, reflecting stronger commodity fundamentals and steady royalty income diversification.

Aya Gold & Silver Inc (AYA:CA) – Scotiabank maintained an Outperform rating with a $19.00 target, reflecting confidence in the company’s production ramp-up and exploration upside in Morocco.

Barrick Mining (ABX:CA) – TD Securities reiterated its Buy rating with a $46.00 target, highlighting attractive valuation, improving margins, and operational leverage to higher gold prices.

CAE Inc (CAE:CA) – Both Scotiabank and CIBC maintained Outperform ratings with targets of $46.50 and $47.00, respectively, supported by steady demand in the civil aviation training segment and strong defense order backlog.

Capreit (CAR.UN:CA) – BMO Capital Markets lowered its target to $47.00 from $48.00, noting near-term headwinds from higher financing costs and slower rental growth.

CCL Industries Inc (CCL.B:CA) – Scotiabank and CIBC both reiterated Outperform ratings with targets of $91.00 and $93.00, reflecting to resilient margins and strong free cash flow generation from packaging operations.

Chemtrade Logistics (CHE.UN:CA) – Scotiabank maintained an Outperform rating and $15.00 target, supported by favorable pricing trends and solid chemical demand fundamentals.

Cogeco Communications Inc (CCA:CA) – TD Securities reiterated its Buy rating and $95.00 target, emphasizing undervaluation and improving fundamentals in broadband and telecom infrastructure.

Computer Modelling Group Ltd (CMG:CA) – BMO Capital Markets cut its target to $6.00 from $7.00, while CIBC maintained a Neutral rating with a $6.50 target, reflecting limited earnings momentum and valuation constraints despite recurring revenue strength.

Dorel Industries Inc (DII.B:CA) – TD Securities downgraded its target to $1.50 from $2.00, maintaining a Hold rating as management’s recapitalization plan remains in early stages with limited visibility on earnings recovery.

Dream Office REIT (D.UN:CA) – Scotiabank maintained a Sector Perform rating with a $46.50 target, reflecting cautious sentiment amid softening office fundamentals.

European Residential REIT (ERE.UN:CA) – Scotiabank reiterated a Sector Perform rating and $1.25 target, noting stable rent collections but limited near-term growth catalysts.

Exchange Income Corp (EIF:CA) – RBC Capital Markets raised its target to $94 from $85, supported by new long-term contracts, strong Q3 performance, and diversification across aviation and manufacturing segments.

Finning International Inc (FTT:CA) – Scotiabank and CIBC both maintained Outperform ratings with targets of $71.00 and $77.00, respectively, highlighting strong equipment demand and improving operating leverage.

Firm Capital Mortgage Investment Corp (FC:CA) – TD Securities reiterated a Buy rating and $13.00 target, citing sustainable dividend coverage and robust earnings visibility.

Gibson Energy Inc (GEI:CA) – BMO Capital Markets reduced its target to $25 from $26, reflecting cautious outlook on volume growth and tighter refining margins.

InterRent REIT (IIP.UN:CA) – TD Securities maintained a Sell rating with a $13.55 target, expecting continued valuation pressure amid slower rent growth and higher costs.

Killam Apartment REIT (KMP.UN:CA) – BMO Capital Markets cut its target to $19.50 from $20.00, reflecting headwinds from higher rates and modest rent inflation.

Loblaw Companies Ltd (L:CA) – CIBC maintained an Outperform rating with a $58.00 target, supported by steady same-store sales and strong cash flow generation.

Lundin Gold Inc (LUG:CA) – Canaccord Genuity raised its target to $108 from $103, reflecting higher production forecasts and strong cost controls at Fruta del Norte.

Martinrea International Inc (MRE:CA) – BMO raised its target to $11 from $9, TD maintained  their Buy at $14, and CIBC reiterated their Outperform at $13, reflecting resilient margins and solid execution in the automotive segment.

Mattr Corp (MATR:CA) – Canaccord Genuity cut its target to $14 from $17, showing moderating order flow and weaker project pipeline visibility.

NorthWest Healthcare Properties REIT (NWH.UN:CA) – Scotiabank maintained Sector Perform at $7, reflecting stabilization in rent collections but limited FFO growth.

Nutrien Ltd (NTR:CA) – Scotiabank reiterated Sector Perform with a $63.00 target, reflecting balanced fertilizer pricing outlooks and steady cash returns to shareholders.

NuVista Energy Ltd (NVA:CA) – TD Securities raised its target to $18.49 from $18.04 with a Sell rating, while Scotiabank maintained Sector Perform at $18, reflecting limited upside following the announced acquisition by Ovintiv.

OpenText Corp (OTEX:CA) – CIBC maintained a Neutral rating with a $56.00 target, reflecting execution risk amid integration of recent acquisitions.

Osisko Gold Royalties (OR:CA) – Scotiabank maintained Sector Perform with a $41.00 target, highlighting stable cash flow generation but limited near-term catalysts.

Orla Mining Ltd (OLA:CA) – Scotiabank maintained Outperform with a $21.00 target, reflecting robust production growth and cost discipline.

Power Corporation of Canada (POW:CA) – BMO Capital Markets raised its target to $71 from $60, driven by stronger wealth management earnings and enhanced dividend visibility.

PROREIT (PRV.UN:CA) – Scotiabank maintained Sector Perform with a $6.50 target, reflecting steady leasing momentum but limited valuation upside.

RioCan REIT (REI.UN:CA) – Scotiabank reiterated Sector Perform with a $20.50 target, supported by stable retail fundamentals and a healthy development pipeline.

Slate Grocery REIT (SGR.U:CA)– TD Securities maintained their Hold rating, and $11.00 target.  Scotibank kept their Sector Perform rating, and $11 target.  The coverage reflects stable performance in the U.S. grocery-anchored retail portfolio but see limited near-term upside given current valuations and modest growth expectations.

Stingray Group Inc (RAY.A:CA) – CIBC maintained an Outperform rating with a $13.50 target, pointing to strong recurring subscription revenues and improved margins.