Analyst Ratings (Canada)
Canadian analyst sentiment remains selectively bullish, but increasingly cautious on valuations. Utility upgrades and favourable ratings across gold, royalties, pipelines and selected REITs suggest continued confidence in income and cash flow resilience. However, widespread target cuts in telecommunications, insurance and transportation point to more restrained upside expectations. The updates suggest a market favouring selective opportunities over a broad rally, with earnings delivery and margin stability likely to determine which stocks outperform.
Canadian Analyst Updates — October 7, 2026
Allied Gold Corporation (AAUC:CA) — CIBC maintained its Outperform rating with a C$39.00 price target.
ATCO Ltd. (ACO.X:CA) — TD Securities upgraded its rating to Buy and raised its price target to C$98.00 from C$76.00.
Athabasca Oil Corp. (ATH:CA) — National Bank maintained its Tender recommendation and lowered its price target to C$12.00 from C$13.75.
Banyan Gold Corporation (BYN:CA) — Scotiabank maintained its Outperform rating with a C$3.00 price target.
BCE-Inc. (BCE:CA) — Desjardins maintained its Buy rating and lowered its price target to C$41.00 from C$43.00.
BCE-Inc. (BCE:CA) — TD Securities maintained its Buy rating with a C$40.00 price target.
Blue Moon Metals Inc. (MOON:CA) — Scotiabank maintained its Outperform rating with a C$14.00 price target.
Boyd GrouBCEp Services Inc. (BYD:CA) — CIBC maintained its Outperform rating and lowered its price target to C$207.00 from C$208.00.
Canadian National Railway Co. (CNR:CA) — Citibank maintained its Buy rating and lowered its price target to US$143.00 from $151.00.
Canadian Natural Resources Ltd. (CNQ:CA) — TD Securities maintained its Buy rating with a C$73.00 price target.
Canadian Pacific Kansas City Ltd. (CP:CA) — Citibank maintained its Buy rating and lowered its price target to US$102.00 from $109.00.
Canadian Utilities Ltd. (CU:CA) — TD Securities upgraded its rating to Buy and raised its price target to C$57.00 from C$52.00.
Champion Iron Ltd. (CIA:CA) — Raymond James maintained its Outperform rating and lowered its price target to C$5.75 from C$6.25.
Cogeco Communications Inc. (CCA:CA) — Desjardins maintained its Hold rating and lowered its price target to C$64.00 from C$68.00.
Definity Financial Corporation (DFY:CA) — Scotiabank maintained its Sector Perform rating and lowered its price target to C$83.00 from C$84.00.
Descartes Systems Group Inc. (DSG:CA) — TD Securities maintained its Buy rating with a C$172.00 price target.
Emera Inc. (EMA:CA) — TD Securities maintained its Buy rating and lowered its price target to C$75.00 from C$79.00.
Flagship Communities REIT (MHC.UN:CA) — Raymond James maintained its Strong Buy rating with a new price target of $25.25 versus $25.00 previously.*
Granite REIT (GRT.UN:CA) — CIBC maintained its Outperform rating with a C$105.00 price target.
Intact Financial Corporation (IFC:CA) — Scotiabank maintained its Sector Outperform rating and lowered its price target to C$315.00 from C$325.00.
Maple Leaf Foods Inc. (MFI:CA) — Desjardins maintained its Buy rating and lowered its price target to C$36.00 from C$39.00.
OR-Royalties Inc. (OR:CA) — TD Securities maintained its Hold rating with a C$48.00 price target.
Pembina Pipeline Corp. (PPL:CA) — Barclays maintained its Overweight rating and raised its price target to C$70.00 from C$69.00.
Pet Valu Holdings Ltd. (PET:CA) — CIBC maintained its Outperform rating with a C$22.00 price target.
PrairieSky Royalty Ltd. (PSK:CA) — TD Securities maintained its Buy rating with a C$38.00 price target.
Primaris REIT (PMZ.UN:CA) — TD Securities maintained its Buy rating with a C$25.00 price target.
Quebecor Inc. (QBR.A:CA) — Desjardins maintained its Buy rating and lowered its price target to C$74.00 from C$76.00.
Rogers Communications Inc. (RCI.A:CA) — Desjardins maintained its Buy rating and lowered its price target to C$55.00 from C$58.00.
Spin Master Corp. (TOY:CA) — TD Securities maintained its Buy rating with a C$27.00 price target.
Telus Corp. (T:CA) — Desjardins maintained its Hold rating and lowered its price target to C$13.00 from C$13.50.
TFI International Inc. (TFII:CA) — Citibank maintained its Buy rating and lowered its price target to US$157.00 from $180.00.
Torex Gold Resources Inc. (TXG:CA) — Scotiabank maintained its Outperform rating with a C$95.00 price target.
Triple Flag Precious Metals Corp. (TFPM:CA) — TD Securities maintained its Buy rating with a C$58.00 price target.
WELL-Health Technologies Corp. (WELL:CA) — TD Securities maintained its Buy rating with a C$7.00 price target.
Wellstar Technologies Corp. (WSTR:CA) — Paradigm Capital maintained its Buy rating with a C$9.00 price target.
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