{"id":69607,"date":"2025-12-04T18:39:16","date_gmt":"2025-12-04T18:39:16","guid":{"rendered":"https:\/\/www.stocktargetadvisor.com\/blog\/?p=69607"},"modified":"2025-12-04T18:43:09","modified_gmt":"2025-12-04T18:43:09","slug":"canadian-analyst-updates-december-4th-2025","status":"publish","type":"post","link":"https:\/\/www.stocktargetadvisor.com\/blog\/canadian-analyst-updates-december-4th-2025\/","title":{"rendered":"Canadian Analyst Updates: December 4th, 2025"},"content":{"rendered":"<h2><a href=\"https:\/\/www.stocktargetadvisor.com\/blog\/?p=69607&amp;preview=true\"><strong>Analyst Ratings (Canada)<\/strong><\/a><\/h2>\n<p><strong>The following are today\u2019s 78 latest analyst ratings tracked from multiple analysts for Canadian listed and traded stocks for Thursday December 4th, 2025:<\/strong><\/p>\n<hr data-start=\"508\" data-end=\"511\" \/>\n<p data-start=\"513\" data-end=\"716\"><strong data-start=\"513\" data-end=\"550\">Allied Properties REIT (AP.UN:CA)<\/strong><br data-start=\"550\" data-end=\"553\" \/>Scotiabank reduced its target price from C$18.00 to C$15.75 while reiterating a Sector Perform rating, reflecting a cautious outlook on office-market fundamentals.<\/p>\n<hr data-start=\"718\" data-end=\"721\" \/>\n<p data-start=\"723\" data-end=\"918\"><strong data-start=\"723\" data-end=\"752\">Bank of Montreal (BMO:CA)<\/strong><br data-start=\"752\" data-end=\"755\" \/>TD Securities maintained its Hold rating on Bank of Montreal with a target price of C$182.00, reflecting steady performance but limited catalysts for near-term upside.<\/p>\n<hr data-start=\"920\" data-end=\"923\" \/>\n<p data-start=\"925\" data-end=\"1125\"><strong data-start=\"925\" data-end=\"954\">Bank of Montreal (BMO:CA)<\/strong><br data-start=\"954\" data-end=\"957\" \/>Scotiabank reiterated its Outperform rating for Bank of Montreal and set a target price of C$192.00, highlighting strong top-line trends and healthy credit performance.<\/p>\n<hr data-start=\"1127\" data-end=\"1130\" \/>\n<p data-start=\"1132\" data-end=\"1308\"><strong data-start=\"1132\" data-end=\"1153\">BRP Inc. (DOO:CA)<\/strong><br data-start=\"1153\" data-end=\"1156\" \/>TD Securities maintained its Buy rating on BRP Inc. with a target price of C$106.00, expecting sustained demand across its recreational products lineup.<\/p>\n<hr data-start=\"1310\" data-end=\"1313\" \/>\n<p data-start=\"1315\" data-end=\"1488\"><strong data-start=\"1315\" data-end=\"1336\">BRP Inc. (DOO:CA)<\/strong><br data-start=\"1336\" data-end=\"1339\" \/>Scotiabank reaffirmed its Outperform rating and assigned a target price of C$115.00, pointing to improving retail demand and stable inventory levels.<\/p>\n<hr data-start=\"1490\" data-end=\"1493\" \/>\n<p data-start=\"1495\" data-end=\"1688\"><strong data-start=\"1495\" data-end=\"1541\">Canadian Imperial Bank of Commerce (CM:CA)<\/strong><br data-start=\"1541\" data-end=\"1544\" \/>TD Securities reiterated its Buy rating for CIBC with a target price of C$124.00, reflecting continued progress in loan growth and margin stability.<\/p>\n<hr data-start=\"1690\" data-end=\"1693\" \/>\n<p data-start=\"1695\" data-end=\"1896\"><strong data-start=\"1695\" data-end=\"1741\">Canadian Imperial Bank of Commerce (CM:CA)<\/strong><br data-start=\"1741\" data-end=\"1744\" \/>Scotiabank maintained a Sector Outperform rating and set a target price of C$123.00, reflecting strong revenue momentum and disciplined cost management.<\/p>\n<hr data-start=\"1898\" data-end=\"1901\" \/>\n<p data-start=\"1695\" data-end=\"1896\"><strong data-start=\"2471\" data-end=\"2502\">Canfor Corporation (CFP:CA)<\/strong><br data-start=\"2502\" data-end=\"2505\" \/>Scotiabank maintained its Neutral rating with a C$14.00 target, citing balanced risk and reward given challenging market conditions.<\/p>\n<hr data-start=\"1898\" data-end=\"1901\" \/>\n<p data-start=\"1903\" data-end=\"2076\"><strong data-start=\"1903\" data-end=\"1928\">Canfor Corporation (CFP:CA)<\/strong><br data-start=\"1928\" data-end=\"1931\" \/>TD Securities maintained its Buy rating for Canfor with a C$15.00 target, anticipating recovery in lumber markets and improved mill productivity.<\/p>\n<hr data-start=\"2078\" data-end=\"2081\" \/>\n<p data-start=\"2083\" data-end=\"2286\"><strong data-start=\"2083\" data-end=\"2108\">Canfor Corporation (CFP:CA)<\/strong><br data-start=\"2108\" data-end=\"2111\" \/>Raymond James lowered its target price from C$17.00 to C$15.00 while maintaining an Outperform rating, noting persistent pricing pressures but improved long-term fundamentals.<\/p>\n<hr data-start=\"2288\" data-end=\"2291\" \/>\n<p data-start=\"2293\" data-end=\"2464\"><strong data-start=\"2293\" data-end=\"2324\">Canfor Pulp Products (CFX:CA)<\/strong><br data-start=\"2324\" data-end=\"2327\" \/>Scotiabank cut its target price to C$0.50, signaling heightened concern around the company\u2019s financial outlook and operational headwinds.<\/p>\n<hr data-start=\"2639\" data-end=\"2642\" \/>\n<p data-start=\"2644\" data-end=\"2846\"><strong data-start=\"2644\" data-end=\"2676\">Cenovus Energy Inc. (CVE:CA)<\/strong><br data-start=\"2676\" data-end=\"2679\" \/>TD Securities raised its target price from C$28.00 to C$29.00 and maintained a Buy rating, supported by strong cash flow generation and disciplined capital allocation.<\/p>\n<hr data-start=\"2848\" data-end=\"2851\" \/>\n<p data-start=\"2853\" data-end=\"3044\"><strong data-start=\"2853\" data-end=\"2885\">Denison Mines Corp. (DML:CA)<\/strong><br data-start=\"2885\" data-end=\"2888\" \/>TD Securities maintained its Buy rating for Denison Mines with a target of C$5.00, reflecting growing optimism around uranium pricing and project execution.<\/p>\n<hr data-start=\"3046\" data-end=\"3049\" \/>\n<p data-start=\"3051\" data-end=\"3230\"><strong data-start=\"3051\" data-end=\"3092\">Descartes Systems Group Inc. (DSG:CA)<\/strong><br data-start=\"3092\" data-end=\"3095\" \/>TD Securities kept its Buy rating with a C$168.00 target, reflecting consistent earnings execution and expanding logistics-software demand.<\/p>\n<hr data-start=\"3232\" data-end=\"3235\" \/>\n<p data-start=\"3237\" data-end=\"3418\"><strong data-start=\"3237\" data-end=\"3278\">Descartes Systems Group Inc. (DSG:CA)<\/strong><br data-start=\"3278\" data-end=\"3281\" \/>Scotiabank raised its target from C$127.00 to C$160.00 and reiterated an Outperform rating, highlighting strong recurring-revenue growth.<\/p>\n<hr data-start=\"3420\" data-end=\"3423\" \/>\n<p data-start=\"3425\" data-end=\"3628\"><strong data-start=\"3425\" data-end=\"3466\">Descartes Systems Group Inc. (DSG:CA)<\/strong><br data-start=\"3466\" data-end=\"3469\" \/>BMO Capital Markets increased its target from C$113.00 to C$132.50 and maintained a Market Perform rating, pointing to solid fundamentals but the stock is at full valuation.<\/p>\n<hr data-start=\"3630\" data-end=\"3633\" \/>\n<p data-start=\"3635\" data-end=\"3790\"><strong data-start=\"3635\" data-end=\"3662\">Dollarama Inc. (DOL:CA)<\/strong><br data-start=\"3662\" data-end=\"3665\" \/>Scotiabank maintained a Neutral rating with a C$199.00 target, noting stable consumer demand but moderating valuation upside.<\/p>\n<hr data-start=\"3792\" data-end=\"3795\" \/>\n<p data-start=\"3797\" data-end=\"3996\"><strong data-start=\"3797\" data-end=\"3824\">Dollarama Inc. (DOL:CA)<\/strong><br data-start=\"3824\" data-end=\"3827\" \/>National Bank of Canada raised its target price from C$203.00 to C$214.00 and reiterated an Outperform rating, driven by strong same-store sales and new store expansion.<\/p>\n<hr data-start=\"3998\" data-end=\"4001\" \/>\n<p data-start=\"4003\" data-end=\"4174\"><strong data-start=\"4003\" data-end=\"4040\">Empire Company Limited (EMP-A:CA)<\/strong><br data-start=\"4040\" data-end=\"4043\" \/>Scotiabank maintained an Outperform rating with a C$59.00 target, reflecting operational efficiencies and sustained market-share gains.<\/p>\n<hr data-start=\"4176\" data-end=\"4179\" \/>\n<p data-start=\"4181\" data-end=\"4332\"><strong data-start=\"4181\" data-end=\"4207\">Enbridge Inc. (ENB:CA)<\/strong><br data-start=\"4207\" data-end=\"4210\" \/>BMO Capital Markets raised its target from C$67.00 to C$70.00, reflecting improved visibility in core pipeline operations.<\/p>\n<hr data-start=\"4334\" data-end=\"4337\" \/>\n<p data-start=\"4339\" data-end=\"4482\"><strong data-start=\"4339\" data-end=\"4365\">Enbridge Inc. (ENB:CA)<\/strong><br data-start=\"4365\" data-end=\"4368\" \/>TD Securities maintained a Buy rating with a C$70.00 target, highlighting strong regulated earnings contributions.<\/p>\n<hr data-start=\"4484\" data-end=\"4487\" \/>\n<p data-start=\"4489\" data-end=\"4647\"><strong data-start=\"4489\" data-end=\"4515\">Enbridge Inc. (ENB:CA)<\/strong><br data-start=\"4515\" data-end=\"4518\" \/>Scotiabank maintained its Sector Perform rating and C$70.00 target, reflecting stable utility income but limited near-term catalysts.<\/p>\n<hr data-start=\"4649\" data-end=\"4652\" \/>\n<p data-start=\"4654\" data-end=\"4792\"><strong data-start=\"4654\" data-end=\"4675\">EQB Inc. (EQB:CA)<\/strong><br data-start=\"4675\" data-end=\"4678\" \/>TD Securities maintained a Hold rating with a C$96.00 target, noting slowing loan growth but solid credit metrics.<\/p>\n<hr data-start=\"4794\" data-end=\"4797\" \/>\n<p data-start=\"4799\" data-end=\"4956\"><strong data-start=\"4799\" data-end=\"4820\">EQB Inc. (EQB:CA)<\/strong><br data-start=\"4820\" data-end=\"4823\" \/>Scotiabank reaffirmed its Sector Perform rating with a C$94.00 target, reflecting balanced risk amid moderating mortgage-market momentum.<\/p>\n<hr data-start=\"4958\" data-end=\"4961\" \/>\n<p data-start=\"4963\" data-end=\"5136\"><strong data-start=\"4963\" data-end=\"4994\">Equinox Gold Corp. (EQX:CA)<\/strong><br data-start=\"4994\" data-end=\"4997\" \/>TD Securities raised its target from C$20.00 to C$22.00 while maintaining a Buy rating, supported by production growth and improving costs.<\/p>\n<hr data-start=\"5138\" data-end=\"5141\" \/>\n<p data-start=\"5143\" data-end=\"5335\"><strong data-start=\"5143\" data-end=\"5172\">Extendicare Inc. (EXE:CA)<\/strong><br data-start=\"5172\" data-end=\"5175\" \/>RBC Capital increased its target price from C$15.00 to C$25.00 and maintained an Outperform rating, reflecting restructuring progress and stronger occupancy trends.<\/p>\n<hr data-start=\"5337\" data-end=\"5340\" \/>\n<p data-start=\"5342\" data-end=\"5501\"><strong data-start=\"5342\" data-end=\"5371\">Extendicare Inc. (EXE:CA)<\/strong><br data-start=\"5371\" data-end=\"5374\" \/>Canaccord Genuity boosted its target from C$20.00 to C$22.50, reflecting improving fundamentals within long-term care services.<\/p>\n<hr data-start=\"5503\" data-end=\"5506\" \/>\n<p data-start=\"5508\" data-end=\"5691\"><strong data-start=\"5508\" data-end=\"5537\">Extendicare Inc. (EXE:CA)<\/strong><br data-start=\"5537\" data-end=\"5540\" \/>National Bank raised its target price from C$21.50 to C$24.50 and maintained an Outperform rating, pointing to operational stability and rising demand.<\/p>\n<hr data-start=\"5693\" data-end=\"5696\" \/>\n<p data-start=\"5698\" data-end=\"5867\"><strong data-start=\"5698\" data-end=\"5727\">Extendicare Inc. (EXE:CA)<\/strong><br data-start=\"5727\" data-end=\"5730\" \/>BMO Capital Markets increased its target price to C$24.00 from C$21.00, maintaining an Outperform rating based on strong margin recovery.<\/p>\n<hr data-start=\"5869\" data-end=\"5872\" \/>\n<p data-start=\"5874\" data-end=\"6031\"><strong data-start=\"5874\" data-end=\"5911\">Falcon Energy Materials (FLCN:CA)<\/strong><br data-start=\"5911\" data-end=\"5914\" \/>Desjardins Securities assigned a Buy rating with a C$1.50 target, reflecting promising project development potential.<\/p>\n<hr data-start=\"6033\" data-end=\"6036\" \/>\n<p data-start=\"6038\" data-end=\"6210\"><strong data-start=\"6038\" data-end=\"6077\">Headwater Exploration Inc. (HWX:CA)<\/strong><br data-start=\"6077\" data-end=\"6080\" \/>Desjardins Securities cut its target to C$9.50 from C$8.75 and assigned a Hold rating, reflecting mixed outlook for production growth.<\/p>\n<hr data-start=\"6212\" data-end=\"6215\" \/>\n<p data-start=\"6217\" data-end=\"6385\"><strong data-start=\"6217\" data-end=\"6256\">Headwater Exploration Inc. (HWX:CA)<\/strong><br data-start=\"6256\" data-end=\"6259\" \/>ATB Capital raised its target to C$11.00 from C$8.75 and maintained an Outperform rating, emphasizing robust drilling results.<\/p>\n<hr data-start=\"6387\" data-end=\"6390\" \/>\n<p data-start=\"6392\" data-end=\"6575\"><strong data-start=\"6392\" data-end=\"6423\">Ivanhoe Mines Ltd. (IVN:CA)<\/strong><br data-start=\"6423\" data-end=\"6426\" \/>Scotiabank maintained a Sector Outperform rating with a C$18.50 target, anticipating a relief rally due to improved clarity on Kamoa-Kakula guidance.<\/p>\n<hr data-start=\"6577\" data-end=\"6580\" \/>\n<p data-start=\"6582\" data-end=\"6762\"><strong data-start=\"6582\" data-end=\"6617\">Loblaw Companies Limited (L:CA)<\/strong><br data-start=\"6617\" data-end=\"6620\" \/>Scotiabank reaffirmed a Sector Outperform rating with a C$65.00 target, reflecting solid grocery performance and financial services expansion.<\/p>\n<hr data-start=\"6764\" data-end=\"6767\" \/>\n<p data-start=\"6769\" data-end=\"6923\"><strong data-start=\"6769\" data-end=\"6804\">Loblaw Companies Limited (L:CA)<\/strong><br data-start=\"6804\" data-end=\"6807\" \/>TD Securities maintained its Buy rating with a C$65.00 target,reflecting continued sales momentum and margin stability.<\/p>\n<hr data-start=\"6925\" data-end=\"6928\" \/>\n<p data-start=\"6930\" data-end=\"7119\"><strong data-start=\"6930\" data-end=\"6965\">Loblaw Companies Limited (L:CA)<\/strong><br data-start=\"6965\" data-end=\"6968\" \/>Desjardins Securities raised its target from C$62.00 to C$67.00 while maintaining a Buy rating, supported by strong consumer traffic and operational improvements.<\/p>\n<hr data-start=\"7121\" data-end=\"7124\" \/>\n<p data-start=\"7126\" data-end=\"7318\"><strong data-start=\"7126\" data-end=\"7161\">National Bank of Canada (NA:CA)<\/strong><br data-start=\"7161\" data-end=\"7164\" \/>TD Securities raised its target price from C$161.00 to C$181.00 and maintained a Hold rating, reflecting a solid quarter but limited upside relative to peers.<\/p>\n<hr data-start=\"7515\" data-end=\"7518\" \/>\n<p data-start=\"7520\" data-end=\"7679\"><strong data-start=\"7520\" data-end=\"7555\">National Bank of Canada (NA:CA)<\/strong><br data-start=\"7555\" data-end=\"7558\" \/>Desjardins Securities raised its target from C$167.00 to C$175.00 and maintained a Buy rating, citing broad-based earnings strength.<\/p>\n<hr data-start=\"7681\" data-end=\"7684\" \/>\n<p data-start=\"7686\" data-end=\"7842\"><strong data-start=\"7686\" data-end=\"7721\">National Bank of Canada (NA:CA)<\/strong><br data-start=\"7721\" data-end=\"7724\" \/>RBC Capital increased its target from C$149.00 to C$163.00, reflecting strong capital ratios and stable credit trends.<\/p>\n<hr data-start=\"7844\" data-end=\"7847\" \/>\n<p data-start=\"7849\" data-end=\"7982\"><strong data-start=\"7849\" data-end=\"7884\">National Bank of Canada (NA:CA)<\/strong><br data-start=\"7884\" data-end=\"7887\" \/>Canaccord Genuity raised its target from C$160.00 to C$166.00, reflectng robust fee-income growth.<\/p>\n<hr data-start=\"7984\" data-end=\"7987\" \/>\n<p data-start=\"7989\" data-end=\"8154\"><strong data-start=\"7989\" data-end=\"8024\">National Bank of Canada (NA:CA)<\/strong><br data-start=\"8024\" data-end=\"8027\" \/>Raymond James lifted its target from C$168.00 to C$173.00, maintaining a Market Perform rating due to valuation considerations.<\/p>\n<hr data-start=\"8156\" data-end=\"8159\" \/>\n<p data-start=\"8161\" data-end=\"8349\"><strong data-start=\"8161\" data-end=\"8196\">National Bank of Canada (NA:CA)<\/strong><br data-start=\"8196\" data-end=\"8199\" \/>Scotiabank raised its target from C$166.00 to C$184.00 while maintaining an Outperform rating, reflecting an exceptional quarter and constructive outlook.<\/p>\n<hr data-start=\"8351\" data-end=\"8354\" \/>\n<p data-start=\"8356\" data-end=\"8526\"><strong data-start=\"8356\" data-end=\"8391\">National Bank of Canada (NA:CA)<\/strong><br data-start=\"8391\" data-end=\"8394\" \/>CIBC World Markets raised its target from C$166.00 to C$174.00 and maintained a Neutral rating, reflecting steady long-term performance.<\/p>\n<hr data-start=\"8528\" data-end=\"8531\" \/>\n<p data-start=\"8533\" data-end=\"8714\"><strong data-start=\"8533\" data-end=\"8565\">North West Co. Inc. (NWC:CA)<\/strong><br data-start=\"8565\" data-end=\"8568\" \/>RBC Capital lowered its target from C$60.00 to C$58.00 while maintaining an Outperform rating, noting pressure on northern-market consumer demand.<\/p>\n<hr data-start=\"8716\" data-end=\"8719\" \/>\n<p data-start=\"8721\" data-end=\"8878\"><strong data-start=\"8721\" data-end=\"8750\">Orla Mining Ltd. (OLA:CA)<\/strong><br data-start=\"8750\" data-end=\"8753\" \/>TD Securities maintained a Hold rating with a C$18.00 target, highlighting stable operations but limited near-term catalysts.<\/p>\n<hr data-start=\"8880\" data-end=\"8883\" \/>\n<p data-start=\"8885\" data-end=\"9042\"><strong data-start=\"8885\" data-end=\"8923\">Osisko Metals Incorporated (OM:CA)<\/strong><br data-start=\"8923\" data-end=\"8926\" \/>Scotiabank maintained a Sector Outperform rating with a C$1.15 target, reflecting strong strategic-investor support.<\/p>\n<hr data-start=\"9044\" data-end=\"9047\" \/>\n<p data-start=\"9049\" data-end=\"9220\"><strong data-start=\"9049\" data-end=\"9099\">Peyto Exploration &amp; Development Corp. (PEY:CA)<\/strong><br data-start=\"9099\" data-end=\"9102\" \/>TD Securities raised its target from C$23.00 to C$25.00 and maintained a Buy rating, reflecting higher expected cash flow.<\/p>\n<hr data-start=\"9222\" data-end=\"9225\" \/>\n<p data-start=\"9227\" data-end=\"9366\"><strong data-start=\"9227\" data-end=\"9260\">Propel Holdings Inc. (PRL:CA)<\/strong><br data-start=\"9260\" data-end=\"9263\" \/>Stifel Nicolaus issued a Buy rating with a C$38.00 target, reflecting strong growth in digital lending.<\/p>\n<hr data-start=\"9368\" data-end=\"9371\" \/>\n<p data-start=\"9373\" data-end=\"9539\"><strong data-start=\"9373\" data-end=\"9405\">Royal Bank of Canada (RY:CA)<\/strong><br data-start=\"9405\" data-end=\"9408\" \/>TD Securities upgraded RBC to Buy and increased its target from C$215.00 to C$246.00, reflecting a strong quarter and positive outlook.<\/p>\n<hr data-start=\"9718\" data-end=\"9721\" \/>\n<p data-start=\"9723\" data-end=\"9882\"><strong data-start=\"9723\" data-end=\"9755\">Royal Bank of Canada (RY:CA)<\/strong><br data-start=\"9755\" data-end=\"9758\" \/>Scotiabank raised its target to C$231.00 from C$220 and maintained a Sector Outperform rating, pointing to strong operational momentum.<\/p>\n<hr data-start=\"10017\" data-end=\"10020\" \/>\n<p data-start=\"10022\" data-end=\"10194\"><strong data-start=\"10022\" data-end=\"10054\">Royal Bank of Canada (RY:CA)<\/strong><br data-start=\"10054\" data-end=\"10057\" \/>Barclays Capital raised its target from C$221.00 to C$227.00 and maintained an Overweight rating, highlighting strong credit performance.<\/p>\n<hr data-start=\"10196\" data-end=\"10199\" \/>\n<p data-start=\"10201\" data-end=\"10372\"><strong data-start=\"10201\" data-end=\"10233\">Royal Bank of Canada (RY:CA)<\/strong><br data-start=\"10233\" data-end=\"10236\" \/>Raymond James increased its target from C$229.00 to C$239.00 while maintaining an Outperform rating, reflecting continued earnings strength.<\/p>\n<hr data-start=\"10374\" data-end=\"10377\" \/>\n<p data-start=\"10379\" data-end=\"10541\"><strong data-start=\"10379\" data-end=\"10411\">Royal Bank of Canada (RY:CA)<\/strong><br data-start=\"10411\" data-end=\"10414\" \/>Scotiabank lifted its target from C$218.00 to C$231.00 and maintained an Outperform rating, noting constructive banking trends.<\/p>\n<hr data-start=\"10543\" data-end=\"10546\" \/>\n<p data-start=\"10548\" data-end=\"10700\"><strong data-start=\"10548\" data-end=\"10580\">Royal Bank of Canada (RY:CA)<\/strong><br data-start=\"10580\" data-end=\"10583\" \/>Desjardins raised its target from C$218.00 to C$230.00 while maintaining a Buy rating, supported by capital strength.<\/p>\n<hr data-start=\"10702\" data-end=\"10705\" \/>\n<p data-start=\"10707\" data-end=\"10867\"><strong data-start=\"10707\" data-end=\"10731\">Saputo Inc. (SAP:CA)<\/strong><br data-start=\"10731\" data-end=\"10734\" \/>TD Securities increased its target from C$44.00 to C$49.00 and maintained a Buy rating, reflecting improving margins and top-line growth.<\/p>\n<hr data-start=\"10869\" data-end=\"10872\" \/>\n<p data-start=\"10874\" data-end=\"11014\"><strong data-start=\"10874\" data-end=\"10914\">Tamarack Valley Energy Ltd. (TVE:CA)<\/strong><br data-start=\"10914\" data-end=\"10917\" \/>Canaccord Genuity raised its target from C$6.75 to C$8.00, reflecting improved commodity pricing.<\/p>\n<hr data-start=\"11016\" data-end=\"11019\" \/>\n<p data-start=\"11021\" data-end=\"11186\"><strong data-start=\"11021\" data-end=\"11061\">Tamarack Valley Energy Ltd. (TVE:CA)<\/strong><br data-start=\"11061\" data-end=\"11064\" \/>National Bank raised its target from C$8.00 to C$9.00 and maintained an Outperform rating, reflecting strong drilling results.<\/p>\n<hr data-start=\"11188\" data-end=\"11191\" \/>\n<p data-start=\"11193\" data-end=\"11356\"><strong data-start=\"11193\" data-end=\"11233\">Tamarack Valley Energy Ltd. (TVE:CA)<\/strong><br data-start=\"11233\" data-end=\"11236\" \/>ATB Capital raised its target from C$7.25 to C$9.00 while maintaining an Outperform rating, driven by production growth.<\/p>\n<hr data-start=\"11358\" data-end=\"11361\" \/>\n<p data-start=\"11363\" data-end=\"11507\"><strong data-start=\"11363\" data-end=\"11403\">Tamarack Valley Energy Ltd. (TVE:CA)<\/strong><br data-start=\"11403\" data-end=\"11406\" \/>CIBC World Markets increased its target from C$8.00 to C$9.00 while maintaining an Outperform rating.<\/p>\n<hr data-start=\"11509\" data-end=\"11512\" \/>\n<p data-start=\"11514\" data-end=\"11636\"><strong data-start=\"11514\" data-end=\"11554\">Tamarack Valley Energy Ltd. (TVE:CA)<\/strong><br data-start=\"11554\" data-end=\"11557\" \/>Desjardins Securities raised its target from C$8.50 to C$8.75 and maintained a Buy rating.<\/p>\n<hr data-start=\"11638\" data-end=\"11641\" \/>\n<p data-start=\"11643\" data-end=\"11770\"><strong data-start=\"11643\" data-end=\"11683\">Tamarack Valley Energy Ltd. (TVE:CA)<\/strong><br data-start=\"11683\" data-end=\"11686\" \/>Raymond James raised its target from C$7.00 to C$9.00 and kept an Outperform rating.<\/p>\n<hr data-start=\"11772\" data-end=\"11775\" \/>\n<p data-start=\"11777\" data-end=\"11908\"><strong data-start=\"11777\" data-end=\"11817\">Tamarack Valley Energy Ltd. (TVE:CA)<\/strong><br data-start=\"11817\" data-end=\"11820\" \/>RBC Capital raised its target from C$8.00 to C$9.00 and maintained an Outperform rating.<\/p>\n<hr data-start=\"11910\" data-end=\"11913\" \/>\n<p data-start=\"11915\" data-end=\"12011\"><strong data-start=\"11915\" data-end=\"11937\">Telus Corp. (T:CA)<\/strong><br data-start=\"11937\" data-end=\"11940\" \/>Canaccord Genuity upgraded Telus to Buy, reflecting improving fundamentals.<\/p>\n<hr data-start=\"12013\" data-end=\"12016\" \/>\n<p data-start=\"12018\" data-end=\"12146\"><strong data-start=\"12018\" data-end=\"12040\">Telus Corp. (T:CA)<\/strong><br data-start=\"12040\" data-end=\"12043\" \/>TD Securities maintained its Buy rating with a C$26.00 target, noting improving operational efficiency.<\/p>\n<hr data-start=\"12148\" data-end=\"12151\" \/>\n<p data-start=\"12153\" data-end=\"12273\"><strong data-start=\"12153\" data-end=\"12175\">Telus Corp. (T:CA)<\/strong><br data-start=\"12175\" data-end=\"12178\" \/>National Bank raised its target from C$21.00 to C$21.50 while maintaining an Outperform rating.<\/p>\n<hr data-start=\"12275\" data-end=\"12278\" \/>\n<p data-start=\"12280\" data-end=\"12421\"><strong data-start=\"12280\" data-end=\"12302\">Telus Corp. (T:CA)<\/strong><br data-start=\"12302\" data-end=\"12305\" \/>Scotiabank maintained a Sector Outperform rating with a C$26.00 target, expecting steady wireless-subscriber growth.<\/p>\n<hr data-start=\"12423\" data-end=\"12426\" \/>\n<p data-start=\"12428\" data-end=\"12595\"><strong data-start=\"12428\" data-end=\"12474\">The Descartes Systems Group Inc. (DSG:CA)<\/strong><br data-start=\"12474\" data-end=\"12477\" \/>Scotiabank maintained a Sector Outperform rating with a C$160.00 target, reflecting strong software-as-a-service momentum.<\/p>\n<hr data-start=\"12597\" data-end=\"12600\" \/>\n<p data-start=\"12602\" data-end=\"12773\"><strong data-start=\"12602\" data-end=\"12635\">Toronto-Dominion Bank (TD:CA)<\/strong><br data-start=\"12635\" data-end=\"12638\" \/>Scotiabank maintained its Outperform rating with a C$122.00 target, reflecting strong earnings visibility despite regulatory headwinds.<\/p>\n<hr data-start=\"12597\" data-end=\"12600\" \/>\n<p data-start=\"12602\" data-end=\"12773\">\n","protected":false},"excerpt":{"rendered":"<p>Analyst Ratings (Canada) The following are today\u2019s 78 latest analyst ratings tracked from multiple analysts for Canadian listed and traded stocks for Thursday December 4th,&#8230;<\/p>\n","protected":false},"author":3,"featured_media":24327,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"image","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-69607","post","type-post","status-publish","format-image","has-post-thumbnail","hentry","category-blog","post_format-post-format-image"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.4 (Yoast SEO v21.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Canadian Analyst Updates: December 4th, 2025 | Stock Target Advisor<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.stocktargetadvisor.com\/blog\/canadian-analyst-updates-december-4th-2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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