Canadian Analyst Updates: Nov 6th, 2025

Air Canada (AC:CA) – Scotiabank lowered its target price to C$25 while maintaining an Outperform rating, reflecting caution amid current market pressures.

ATS Corporation (ATS:CA) – TD Securities maintained a Buy rating with a target of C$46, showing steady confidence in the company’s performance. Scotiabank increased its target to C$49 with an Outperform rating, signaling optimism on growth prospects.

Aurora Cannabis (ACB:CA) – TD Securities maintained a Buy rating at C$10, reflecting a neutral stance on near-term performance.

B2Gold Corp. (BTO:CA) – Scotiabank maintained a Sector Perform rating at C$8, indicating expected in-line performance with the sector.

BCE Inc. (BCE:CA) – TD Securities maintained a Buy rating at C$39, reflecting stable subscriber metrics and cash flow visibility. CIBC maintained a Neutral rating at C$37, reflecting a more conservative view.

Boardwalk REIT (BEI.UN:CA) – TD Securities raised its target to C$88 from C$87 with a Buy rating, signaling confidence in rental growth. Scotiabank increased its target to C$78 with a Sector Perform rating.

Bombardier Inc. (BBD-B:CA) – TD Securities maintained a Buy rating at C$181, reflecting optimism in its aerospace recovery. CIBC maintained an Outperform rating at C$222, suggesting stronger long-term potential.

Brookfield Renewable Partners (BEP-UN:CA) – TD Securities maintained a Buy rating at C$35, while Scotiabank raised its target to C$49 with an Outperform rating, signaling confidence in renewable growth.

BSR REIT (HOM-U:CA) – Scotiabank maintained an Outperform rating at C$16, reflecting stable income streams.

Cameco Corp. (CCO:CA) – National Bank increased its target to C$145 from C$140 with an Outperform rating, showing optimism on uranium demand. Scotiabank maintained an Outperform rating at C$150, signaling strong sector positioning.

Canada Packers Inc. (CPKR:CA) – TD Securities maintained a Buy rating at C$20, reflecting steady growth expectations.

Cargojet Inc. (CJT:CA) – TD Securities lowered its target from C$160 to C$120, maintaining a Buy rating, reflecting pressure on logistics volumes. Scotiabank lowered its target to C$105 with an Outperform rating.

Cascades Inc. (CAS:CA) – TD Securities maintained a Buy rating at C$12, indicating stable operational performance.

CGI Inc (GI-.A:CA) – Raymond James lowered its target to C$168 from C$178. Bernstein cut its target to C$142 from C$137. TD Securities maintained a Buy rating at C$145, reflecting mixed analyst sentiment post-earnings.

Choice Properties REIT (CHP-UN:CA) – Scotiabank maintained an Outperform rating at C$16, reflecting steady portfolio performance.

Crombie REIT (CRR-UN:CA) – Scotiabank maintained an Outperform rating at C$16.50, indicating continued confidence in retail real estate stability.

Dream Industrial REIT (DIR.UN:CA) – TD Securities raised its target to C$14 from C$13.50 with a Buy rating, while Scotiabank set an Outperform target of C$15, reflecting optimism in industrial property demand.

Equinox Gold Corp (EQX:CA) – BMO Capital Markets raised its target to C$20 from C$18, Scotiabank maintained a Sector Perform at C$19, and CIBC maintained an Outperform rating at C$22, signaling mixed views on gold prices and production.

Ero Copper Corp. (ERO:CA) – TD Securities maintained a Hold rating at C$33, reflecting steady production and market conditions.

European Residential REIT (ERE-UN:CA) – Scotiabank maintained a Sector Perform rating at C$1.25, indicating expectations of market-aligned returns.

First Capital REIT (FCR.UN:CA) – TD Securities maintained a Buy rating at C$22. Scotiabank raised its target to C$21 with a Sector Perform rating.

First Majestic Silver Corp. (AG:CA) – Scotiabank increased its target to C$12.50 with a Sector Perform rating, signaling moderate confidence in silver market recovery.

Goeasy Ltd (GSY:CA) – Raymond James cut targets to C$208 from C$226, National Bank to C$245 from C$265, BMO to C$226 from C$232. Scotiabank maintained an Outperform rating at C$225, reflecting mixed expectations on lending growth.

Granite REIT (GRT-UN:CA) – Scotiabank maintained an Outperform rating at C$85, signaling steady retail property performance.

Great-West Lifeco Inc (GWO:CA) – Barclays and National Bank raised targets to C$59 from C$58. TD Securities raised to C$70 from C$66 with a Buy rating. Scotiabank maintained an Outperform at C$61, reflecting confidence in insurance and wealth management growth.

IA Financial Corporation Inc (IAG:CA) – RBC Capital raised its target to C$167 from C$151, CIBC World Markets to C$175 from C$173, BMO to C$175 from C$170, and Scotiabank to C$179 with an Outperform, reflecting strong financial fundamentals and premium market positioning.

Information Services Corp (ISC:CA) – Raymond James increased its target to C$39 from C$38, indicating moderate growth expectations.

Intact Financial Corp (IFC:CA) – RBC Capital lowered its target to C$304 from C$324. Jefferies raised its target to C$320 from C$317, and BMO to C$320 from C$315. Scotiabank maintained an Outperform at C$318.

Killam Apartment REIT (KMP-UN:CA) – Scotiabank maintained an Outperform rating at C$20.50. Canaccord Genuity lowered its target to C$19 from C$20, reflecting potential rental market pressures.

Kinaxis Inc. (KXS:CA) – Scotiabank maintained an Outperform rating at C$240, reflecting confidence in supply chain software demand.

Lundin Mining (LUN:CA) – CIBC maintained a Neutral rating at C$24, BMO raised its target to C$25 from C$22, and Scotiabank maintained an Outperform at C$23.50, reflecting mixed views on copper and nickel market conditions.

Maple Leaf Foods Inc (MFI:CA) – Analysts lowered targets: CIBC to C$35 from C$36, BMO to C$33 from C$35, TD Securities to C$42 from C$43, and Scotiabank to C$27, signaling pressures from input costs and margins.

Minto Apartment REIT (MI-UN:CA) – TD Securities maintained a Buy rating at C$17, reflecting stable income outlook.

Nutrien Ltd. (NTR:CA) – Scotiabank maintained a Sector Perform at C$92, reflecting stable fertilizer demand.

Oceanagold Corp (OGC:CA) – Jefferies increased its target to C$43 from C$42, showing moderate confidence in gold production.

Open Text Corporation (OTEX) – Scotiabank maintained an Outperform rating at C$50, reflecting steady software demand.

OR Royalties Inc. (OR:CA) – Scotiabank maintained a Sector Perform rating at C$41, reflecting steady royalty revenues.

Pizza Pizza Royalty Corp. (PZA:CA) – TD Securities lowered its target to C$16 from C$17 with a Hold rating, reflecting margin pressures.

Propel Holdings Inc (PRL:CA) – Ventum Financial lowered its target to C$40 from C$42, indicating short-term operational challenges.

Quebecor Inc. (QBR-B:CA) – TD Securities maintained a Buy rating at C$49. CIBC maintained an Outperform rating at C$49, reflecting confidence in telecom and media growth.

Russel Metals Inc. (RUS:CA) – Scotiabank maintained an Outperform rating at C$48, reflecting steady industrial metals demand.

Savaria Corp. (SIS:CA) – TD Securities raised its target to C$27 from C$24 with a Buy rating, and Scotiabank maintained an Outperform at C$25, reflecting growth in mobility solutions.

Sprott Inc (SII:CA) – BMO Capital Markets raised its target to C$123 from C$109. TD Securities raised its target to C$130 from C$125 with a Hold rating, reflecting optimism on precious metals investment flows.

Stella-Jones Inc. (SJ:CA) – TD Securities raised its target to C$97 from C$90 with a Buy rating. Scotiabank maintained a Sector Perform at C$88, reflecting stable timber product demand.

Strathcona Resources Ltd. (SCR:CA) – TD Securities raised its target to C$36 with a Hold rating. Scotiabank maintained an Outperform at C$40. CIBC maintained a Neutral at C$35, reflecting mixed views on oil and gas production.

Sun Life Financial Inc (SLF:CA) – National Bank lowered its target to C$93 from C$94. TD Securities lowered its target to C$99 from C$101 with a Buy rating. Scotiabank maintained a Sector Perform at C$83, reflecting stable insurance fundamentals.

Suncor Energy Inc (SU:CA) – JP Morgan raised its target to C$64 from C$59, reflecting optimism on oil market recovery and integrated operations.

TC Energy Corp. (TRP:CA) – TD Securities maintained a Buy rating at C$81, reflecting stable energy infrastructure performance.

Torex Gold Resources Inc. (TXG:CA) – Scotiabank maintained an Outperform rating at C$72, reflecting strong gold production.

Tourmaline Oil (TOU:CA) – Raymond James lowered its target to C$72 from C$74. TD Securities maintained a Hold at C$68, and Scotiabank maintained an Outperform at C$80, reflecting varied views on natural gas production.

TransAlta Corporation (TA:CA) – CIBC maintained an Outperform rating at C$26, reflecting steady renewable and thermal energy performance.

Vermilion Energy Inc. (VET:CA) – TD Securities maintained a Buy at C$13. Scotiabank maintained a Sector Perform at C$14, reflecting stable oil production expectations.

WELL Health Technologies Corp. (WELL:CA) – TD Securities maintained a Buy at C$7.50. CIBC maintained a Neutral at C$6, reflecting varied views on digital health growth.

WSP Global Inc (WSP:CA) – BMO Capital Markets raised its target to C$335 from C$330, reflecting confidence in global engineering demand. Scotiabank maintained an Outperform at C$308.