Top Canadian Stocks
Agnico Eagle Mines (AEM:CA)
Agnico Eagle Mines is rated a consensus “Buy” by analysts, supported by robust fundamentals and favorable gold market conditions. The consensus 12-month price target averages around C$140, suggesting 10–15% upside from current levels. The company delivered record gold production, rising free cash flow, and strong shareholder returns in recent quarters, while maintaining a solid balance sheet with minimal debt. Despite trading at a premium valuation, AEM is backed by bullish technical signals and momentum, with analysts optimistic about continued earnings growth if gold prices remain strong.
Brookfield Asset Management (BAM:CA)
Brookfield Asset Management is rated a consensus “Buy” by analysts, with a C$79 target forecast. The valuation is supported by strong financial performance and strategic growth initiatives. The company reported record fee-related earnings and significant fundraising success in recent quarters, boosting its fee-bearing capital to approximately $550 billion. BAM has expanded its presence in private credit and residential mortgage markets through acquisitions, enhancing its diversified asset base. While trading at a premium valuation with a P/E ratio around 40×, the stock’s robust earnings growth and solid capital deployment position it well for continued long-term value creation.
Constellation Software (CSU:CA)
Constellation Software is rated a consensus “Buy” from analysts, supported by strong revenue and earnings growth prospects driven by its successful acquisition strategy. The consensus 12-month price target averages around C$4,700, implying modest downside from current levels despite the stock trading at a high premium valuation. The company has demonstrated consistent cash flow generation and share compounding, though its elevated multiples reflect expectations for continued execution and integration success. While investors appreciate CSU’s durable business model and growth potential, some caution remains due to the risks inherent in its acquisitive approach.
Dollarama (DOL:CA)
Dollarama Inc. is rated a “Buy” by analysts, supported by strong financial performance and expansion plans. The consensus 12-month price target averages around C$191, suggesting modest downside from current levels. The company reported a 4.9% increase in comparable store sales and net earnings per share of C$0.98 for the quarter ending May 4, 2025, surpassing analyst expectations . Dollarama also reaffirmed its annual comparable sales expectations of a 3% to 4% rise . Analysts anticipate continued growth, with projected earnings per share of C$4.08 for FY2025 and C$4.51 for FY2026 . While the stock trades at a premium valuation, Dollarama’s consistent performance and expansion initiatives contribute to its positive outlook
Enbridge (ENB:CA)
Enbridge Inc. is rated a “Buy” by analysts, supported by strong financial performance and a robust dividend track record. The consensus 12-month price target averages around C$66, suggesting modest upside from current levels. In Q1 2025, Enbridge reported adjusted earnings per share of C$1.03, surpassing expectations, and achieved a record throughput of 3.2 million barrels per day on its Mainline system . The company also benefited from its recent acquisition of three utilities from Dominion Energy, which significantly increased its gas distribution earnings . Enbridge maintains a strong dividend yield of approximately 5.8%, with a 53-year history of dividend payments . Despite trading at a premium valuation, Enbridge’s diversified infrastructure and regulated revenue streams position it well for continued growth and stability
Fortis (FTS:CA)
Fortis Inc. is a Canadian electric and gas utility company, rated as a “Hold” by analysts. The consensus 12-month price target is C$66, suggesting it is fairly valued from current levels. In Q1 2025, Fortis reported earnings per share of C$0.97, slightly exceeding expectations, and reaffirmed its full-year EPS guidance of C$3.34 . The company offers a dividend yield of approximately 3.8%, with a history of annual increases over the past five decades . Fortis is executing a $26 billion capital program aimed at expanding its rate base from C$39 billion in 2024 to C$53 billion by 2029, supporting projected annual dividend growth of 4–6% . While the stock trades at a premium valuation, Fortis’s diversified infrastructure and regulated revenue streams position it well for continued growth and stability.
Hydro One (H:CA)
Hydro One Limited is a leading Canadian electricity transmission and distribution company, rated a “Buy” by analysts. The consensus 12-month price target is C$49, suggesting the stock is failry valued from current levels. In 2024, Hydro One reported revenues of C$8.5 billion, a 6.5% increase from the previous year, and net income of C$1.2 billion, reflecting steady growth. Earnings per share (EPS) rose to C$1.93, up from C$1.81 in 2023, supported by higher rates and effective cost management. The company maintains a dividend yield of approximately 2.5%, with a 64% payout ratio, indicating a balanced approach to returning value to shareholders while investing in infrastructure. Hydro One is actively expanding its grid with projects like the Chatham to Lakeshore and Wawa to Porcupine transmission lines, positioning itself for long-term growth amid Ontario’s electrification efforts. While trading at a premium valuation, Hydro One’s stable earnings, low beta (0.33), and strategic investments make it an attractive option for investors seeking reliable income and growth potential
Manulife Financial (MFC:CA)
Manulife Financial Corporation is rated a “Hold“ by analysts, supported by strong financial performance and growth prospects in Asia. The consensus 12-month price target averages around C$48, suggesting approximately 7–8% upside from current levels. In 2024, the company reported revenues of C$29.99 billion, a 10.08% increase from the previous year, and earnings of C$5.07 billion, a 5.71% increase. Core earnings exceeded C$7 billion for the first time, driven by significant new business activity and strategic portfolio reshaping through major reinsurance transactions. The company also announced a 10% increase in common share dividends and a new buyback program targeting up to 3% of outstanding shares. Manulife maintains a strong capital position with a leverage ratio of 23.9%, below its 25% target, and holds an “A” rating from S&P Global. Analysts anticipate continued growth, with projected earnings per share of C$4.18 for FY2025 and C$4.57 for FY2026. While the stock trades at a premium valuation, Manulife’s diversified operations and strategic initiatives position it well for sustained growth and stability
Shopify Inc. (SHOP:CA)
Shopify is rated a “Buy” by analysts, driven by strong revenue growth and expanding e-commerce market share. The consensus 12-month price target averages around C$137, implying significant downside potential from current levels. In recent reports, Shopify posted a 25.8% increase in total revenue and a 50% year-over-year surge in gross merchandise volume, reflecting rapid merchant adoption and platform scalability. The company continues to invest in innovative tools and global expansion, reinforcing its leadership in online retail solutions. While competition and evolving consumer trends pose risks, Shopify’s solid financial performance and growth strategy position it well for sustained long-term growth. Overall, analysts remain optimistic about Shopify’s prospects amid the ongoing digital commerce boom.
Teck Resources (TECK-B:CA)
Teck Resources is rated a “Buy” by analysts, supported by strong financial performance and growth prospects in copper and zinc production. The consensus 12-month price target averages around C$64, suggesting approximately 21% upside from current levels. In Q1 2025, Teck reported adjusted EBITDA of C$927 million, more than double the previous year, and net income of C$370 million, a significant turnaround from a loss in Q1 2024. Copper production increased by 7% to 106,100 tonnes, and zinc production exceeded guidance with 90,800 tonnes sold from the Red Dog mine. The company returned C$505 million to shareholders through share buybacks and maintains a strong balance sheet with C$10 billion in liquidity and a net cash position of C$764 million. Analysts highlight Teck’s strategic focus on copper, positioning it well for long-term growth amid global demand for clean energy metals. However, challenges such as planned maintenance shutdowns and weather-related disruptions at the Quebrada Blanca mine may impact near-term production. Overall, Teck’s robust fundamentals and strategic initiatives support a positive outlook for the stock.
David is veteran trader, and former fund manager at a private equity firm, and is currently a STA Research analyst.
Interesting to see how both Agnico Eagle and Brookfield are managing to grow in their respective sectors despite their premium valuations. The key will be whether these companies can maintain momentum amidst market fluctuations.