Latest Canadian Analyst Updates: Oct 24th, 2025

Analyst Ratings (Canada)

Algonquin Power & Utilities Corp. (AQN:CA) – Raymond James maintained a Market Perform rating and slightly raised the target price to C$9.00 from C$8.50, citing improved cost efficiencies and progress on balance sheet optimization, though growth prospects remain limited in the near term.

Artis REIT (AX.UN:CA) –TD Securities rates with a Hold and a C$7.00 target, while discontinuing coverage.

Automotive Properties REIT (APR.UN:CA) – Scotiabank maintained a Sector Perform rating but lowered its target to C$12.50 from C$13.00, reflecting limited upside amid continued interest rate sensitivity in the real estate sector.

Automotive Properties REIT (APR.UN:CA) – National Bank reiterated a Sector Perform rating and raised its target to C$12.50 from C$12.00, reflecting resilient tenant occupancy and stable portfolio fundamentals.

Automotive Properties REIT (APR.UN:CA) – Desjardins Securities reaffirmed a Buy rating while reducing the target to C$12.50 from C$13.00, expressing confidence in portfolio quality and predictable cash flows.

Crescent Point Energy (CPG:CA) – Scotiabank raised its target price to C$63.00, reflecting stronger operational performance and confidence in oil market fundamentals.

Definity Financial Corp. (DFY:CA) – Desjardins maintained a Hold rating and lowered its target to C$70.00 from C$80.00, highlighting margin pressure from rising claims costs and moderating premium growth.

Element Fleet Management Corp. (EFN:CA) – Scotiabank raised its target to C$42.00 from C$40.00 and maintained an Outperform rating, citing strong earnings visibility and continued demand in fleet services.

Emera Inc. (EMA:CA) – Raymond James reiterated an Outperform rating and lifted its target to C$73.00 from C$70.00, highlighting the company’s defensive regulated utility profile and stable earnings outlook.

EQB Inc. (EQB:CA) – BMO Capital Markets maintained a Market Perform rating and increased its target price to C$108.00 from C$100.00, reflecting solid loan growth and strong capitalization.

FirstService Corp. (FSV:CA) – CIBC World Markets maintained an Outperform rating but lowered its target to C$296.00 from C$308.00, reflecting resilient fundamentals but slightly tempered growth expectations.

FirstService Corp. (FSV:CA) – TD Securities downgraded the stock to Hold from Buy and adjusted its target to C$292.00 from C$293.00, reflecting limited near-term upside following valuation normalization.

FirstService Corp. (FSV:CA) – Scotiabank upgraded the stock to Outperform from Sector Perform but reduced its target to C$281.00 from C$301.00, reflecting improved operational efficiency and steady long-term potential.

Fortis Inc. (FTS:CA) – Raymond James reiterated an Outperform rating and raised its target to C$75.50 from C$72.00, highlighting predictable earnings and ongoing rate base expansion.

Hydro One Ltd. (H:CA) – Raymond James maintained a Market Perform rating and lifted its target to C$53.50 from C$49.00, reflecting incremental growth with limited valuation upside.

Intact Financial Corp. (IFC:CA) – Desjardins Securities maintained a Buy rating and trimmed its target to C$305.00 from C$335.00, noting strong fundamentals but near-term pressure in personal lines insurance.

Onex Corp. (ONEX:CA) – Scotiabank reiterated an Outperform rating and raised its target to C$153.00 from C$150.00, supported by stronger private equity valuations and improving capital deployment.

Power Corp. of Canada (POW:CA) – Scotiabank maintained an Outperform rating and raised its target to C$68.00 from C$65.00, reflecting stable financial holdings and consistent dividend strength.

Precision Drilling Corp. (PD:CA) – RBC Capital Markets reiterated an Outperform rating and raised its target price to C$117.00 from C$110.00, reflecting robust drilling activity and disciplined capital allocation.

Precision Drilling Corp. (PD:CA) – Raymond James maintained an Outperform rating and raised its target to C$133.00 from C$132.00, supported by strong cash flow and continued operational efficiency.

Propel Holdings Inc. (PRL:CA) – Scotiabank maintained an Outperform rating but lowered its target price to C$40.00 from C$43.00, signaling caution over near-term margin compression despite strong digital lending growth.

Rogers Communications Inc. (RCI.B:CA) – TD Securities maintained a Buy rating and raised its target to C$64.00 from C$62.00, reflecting improving wireless margins and synergies from the Shaw acquisition.

Rogers Communications Inc. (RCI.B:CA) – Desjardins Securities reiterated a Buy rating and lifted its target to C$56.00 from C$53.00, highlighting consistent cash flow and stable fundamentals.

Rogers Communications Inc. (RCI.B:CA) – Scotiabank maintained a Sector Perform rating and raised its target to C$57.75 from C$55.75, indicating a neutral stance as integration efforts continue.

Rogers Communications Inc. (RCI.B:CA) – Canaccord Genuity reaffirmed a Buy rating and raised its target to C$57.00 from C$55.00, supported by strong network quality and improving free cash flow.

Rogers Communications Inc. (RCI.B:CA) – National Bank reiterated an Outperform rating and raised its target to C$60.00 from C$59.00, reflecting continued earnings momentum and cost discipline.

StorageVault Canada Inc. (SVI:CA) – RBC Capital reiterated an Outperform rating and raised its target to C$6.00 from C$5.75, highlighting resilient storage demand and steady revenue growth.

StorageVault Canada Inc. (SVI:CA) – CIBC World Markets maintained a Neutral rating and raised its target to C$5.50 from C$4.75, noting improving sector sentiment.

StorageVault Canada Inc. (SVI:CA) – Raymond James reaffirmed an Outperform rating and raised its target to C$5.75 from C$5.50, reflecting consistent operational performance.

StorageVault Canada Inc. (SVI:CA) – Desjardins Securities maintained a Buy rating and lifted its target to C$6.00 from C$5.00, citing solid occupancy and acquisition momentum.

StorageVault Canada Inc. (SVI:CA) – Canaccord Genuity reiterated a Buy rating and raised its target to C$5.75 from C$5.00, supported by steady earnings visibility and defensive positioning.

StorageVault Canada Inc. (SVI:CA) – National Bank maintained an Outperform rating and increased its target to C$6.25 from C$6.00, reflecting continued growth and disciplined management.

Teck Resources Ltd. (TECK.B:CA) – Scotiabank lowered its target to C$69.00, reflecting a slightly more cautious view amid fluctuating commodity markets.

TMX Group Ltd. (X:CA) – Scotiabank maintained a Sector Perform rating with a C$70.00 target, reflecting stable operations but limited upside catalysts.

TMX Group Ltd. (X:CA) – TD Securities maintained a Hold rating with a C$58.00 target, expecting steady but subdued near-term performance.

Trisura Group Ltd. (TSU:CA) – Desjardins reiterated a Buy rating with a C$54.00 target, highlighting strong underwriting performance and growth in specialty insurance.

Versamet Royalties Corp. (VMET:CA) – Raymond James initiated coverage with an Outperform rating and a C$14.50 target, reflecting attractive exposure to precious metals and solid cash flow potential.

West Fraser Timber Co. Ltd. (WFG:CA) – RBC Capital maintained an Outperform rating but slightly reduced its target to C$127.00 from C$129.00, reflecting stable production and efficiency gains despite pricing headwinds.

West Fraser Timber Co. Ltd. (WFG:CA) – TD Securities reiterated a Buy rating but cut its target to C$123.00 from C$126.00, reflecting strong fundamentals balanced by cyclical industry pressures.

Whitecap Resources Inc. (WCP:CA) – Desjardins reiterated a Buy rating and raised its target to C$13.50 from C$13.00, supported by robust free cash flow and ongoing shareholder returns.

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