Canadian Analyst Updates: November 3rd, 2025

Analyst Ratings (Canada)

Aecon Group Inc. (ARE:CA): RBC Capital raised its target price to C$30 from C$26 while maintaining a Sector Perform rating, reflecting improving project momentum and infrastructure opportunities.

Alamos Gold Inc. (AGI:CA): TD Securities lowered its target price to C$55 from C$56 but maintained a Buy rating, reflecting stable production guidance and steady cost control despite softer gold price expectations.

Allied Properties REIT (AP.UN:CA): RBC Capital cut its target to C$16 from C$18 and maintained a Sector Perform rating, while CIBC World Markets reduced its target to C$15.50 from C$17 with a Neutral stance, reflecting headwinds in office leasing and elevated financing costs.

AtkinsRéalis Group Inc. (ATRL:CA): Canaccord Genuity raised its target price to C$125 from C$118 and reaffirmed a Buy rating, pointing to strong infrastructure demand and operational resilience.

Bombardier Inc. (BBD-B:CA): TD Securities maintained a Hold rating with a target of C$181, reflecting stable performance but limited near-term upside.

Brookfield Renewable Partners L.P. (BEPC:CA): TD Securities raised its target price to C$49 and maintained a Buy rating, highlighting strong renewable growth prospects and improving balance sheet leverage.

Canadian National Railway Co. (CNR:CA): Analysts were broadly positive — RBC Capital increased its target to C$158 from C$148 and rated Outperform; Scotiabank lifted its target to C$160 from C$150 and maintained Outperform; Citigroup raised its target to C$120 from C$119 with a Buy rating; CIBC World Markets lifted its target to C$146 from C$140 with a Neutral rating; and ATB Capital moved its target to C$151 from C$150, maintaining Sector Perform. Overall sentiment remains bullish on long-term rail efficiency and pricing power.

Canadian Natural Resources Ltd. (CNQ:CA): TD Securities maintained  the Buy rating, with a C$53 target.  CIBC kept ist Outperform rating and C$52 target price. The maintaining of coverage reflects the company’s solid free cash flow generation and dividend growth.

Capstone Copper Corp. (CS:CA): TD Securities maintained a Buy rating with a C$14 target, reflecting steady copper fundamentals and strong production visibility.

Cenovus Energy Inc. (CVE:CA): TD Securities the reiterated Buy rating and $28 Target. Scotiabank kept the Outperform rating with a target of C$29, the coverage designation is supported by strong upstream performance and refining margins.

Chorus Aviation Inc. (CHR:CA): TD Securities raised its target to C$30 from C$29 while maintaining a Buy rating, driven by improving travel demand and leasing strength.

Cogeco Communications Inc. (CCA:CA): Desjardins Securities lowered its target to C$171 from C$173 with a Hold rating, reflecting slower broadband growth and regulatory uncertainty.

Cogeco Inc. (CGO:CA): TD Securities trimmed its target to C$110 from C$115 but maintained a Buy rating, citing stable fundamentals despite muted near-term catalysts.

Corus Entertainment (CJR-B:CA): Scotiabank maintained a Sell rating with a C$0.05 target, reflecting structural challenges in media and declining advertising revenue.

Coveo Solutions Inc. (CVO:CA): Canaccord Genuity reduced its target to C$11 from C$13 but maintained a Buy rating, emphasizing AI-driven demand offset by short-term cost pressures.

Endeavour Silver Corp. (EDR:CA): CIBC World Markets raised its target to C$16 from C$14, reflecting operational progress and favorable silver price momentum.

First Mining Gold Corp. (FF:CA): National Bank initiated coverage with an Outperform rating and a C$0.70 target, highlighting attractive exploration potential.

IA Financial Corp. Inc. (IAG:CA): CIBC World Markets raised its target to C$173 from C$150, maintaining an Outperform rating based on robust insurance margins and steady premium growth.

Imperial Oil Ltd. (IMO:CA): Raymond James lifted its target slightly to C$110 from C$109, while Scotiabank maintained Sector Perform with a C$110 target, supported by disciplined capital returns and oil strength.

Magna International Inc. (MG:CA): Multiple upgrades — TD Securities raised its target to C$81.50 with a Buy rating, RBC Capital to C$67.50 with Sector Perform, and JP Morgan to C$80 with Overweight, which reflects improving supply chain conditions and electric vehicle momentum for the valuation upgrades

MEG Energy Corp. (MEG:CA): Scotiabank maintained Outperform with a C$30 target, reflecting strong cash flow and shareholder returns.

Methanex Corp. (MX:CA): Scotiabank lowered its target to C$67.50 while maintaining Outperform, reflecting short-term methanol price volatility.

Metro Inc. (MRU:CA): BMO Capital Markets adjusted its target to C$110 from C$115, reflecting solid but moderating grocery sales trends.

Morguard REIT (MRT.UN:CA): RBC Capital raised its target to C$6.00 from C$5.50 and maintained Sector Perform, while TD Securities raised its target to C$5.50 and maintained Hold, reflecting gradual improvement in property valuations.

NexGold Mining Corp. (NEXG:CA): National Bank initiated coverage with an Outperform rating and C$4.25 target, pointing to strong project economics.

Primaris REIT (PMZ-UN:CA): Scotiabank maintained a Sector Perform rating with a C$17.50 target, reflecting stable retail occupancy.

Probe Gold Inc. (PRB:CA): BMO Capital Markets downgraded to Market Perform and cut its target to C$3.65 from C$5.50, while Scotiabank maintained Outperform at C$5.25. National Bank rated Tender at C$3.65 amid M&A activity.

Slate Grocery REIT (SGR-U:CA): TD Securities maintained a Hold rating with an C$11 target, reflecting stable income visibility.

StorageVault Canada Inc. (SVI:CA): Scotiabank reiterated Outperform with a C$6.00 target, noting steady growth in self-storage demand.

TFI International Inc. (TFII:CA): CIBC raised its target price to C$157.50, maintaining an Outperform rating. National Bank lifted its target to C$145 from C$140, reiterating an Outperform rating.  RBC Capital trimmed its target to C$143, while maintaining an Outperform rating.  The increases to the valuation forecast is based on trong operational performance and solid cash flow generation.

Thesis Gold Inc. (TAU:CA): National Bank set a C$3.00 target and rated Outperform, citing strong exploration progress.

Toromont Industries Ltd. (TIH:CA): RBC Capital raised its target to C$180 from C$151, maintaining an Outperform rating, reflecting strong operational performance and solid earnings momentum.

Toromont Industries Ltd. (TIH:CA): TD Securities also increased its target to C$180 from C$179, reiterating a Buy rating, supported by consistent growth and margin improvement.

Toromont Industries Ltd. (TIH:CA): Canaccord Genuity lifted its target to C$172 from C$160 with a Buy rating, reflecting strong fundamentals and resilient equipment demand.

Toromont Industries Ltd. (TIH:CA): National Bank boosted its target to C$176 from C$164, maintaining an Outperform rating, highlighting robust project activity and improving market outlook.

Well Health Technologies Ltd. (WELL:CA): CIBC World Markets raised its target to C$6.00 from C$5.25 and maintained Neutral, reflecting steady digital health revenue growth.

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