Canadian Analyst Coverage Update: Oct 15th, 2025

Analyst Ratings (Canada)

The following are today’s latest 107 analyst ratings tracked from muliple analysts for Canadian listed and traded stocks:

Ag Growth International Inc (AFN:CA) – RBC Capital reduced its target price to C$50 from C$55 while maintaining an Outperform rating, reflecting near-term softness in agricultural demand despite longer-term growth prospects.

Agnico Eagle Mines Ltd (AEM:CA) – Citigroup raised its target to C$278, maintaining a Buy rating on the back of solid production growth, improved cost control, and favorable gold price momentum.

Alamos Gold Inc (AGI:CA) – National Bank lifted its target to C$64 from C$56, reaffirming an Outperform stance following stronger operational results and robust free cash flow generation.

ARC Resources Ltd (ARX:CA) – CIBC trimmed its price target to C$31.50 from C$34, reflecting modestly lower natural gas price assumptions.

Artemis Gold Inc (ARTG:CA) – Both Ventum Financial and National Bank raised their price targets (to C$42 and C$47 respectively), driven by construction progress at the Blackwater project and increased confidence in long-term production estimates.

Barrick Mining Corp (ABX:CA) – National Bank lifted its target to C$65 from C$60 with an Outperform rating, while Citigroup increased its target to $53, highlighting ongoing operational improvements and gold price strength.

BCE Inc (BCE:CA): RBC Capital Markets upgraded BCE to Outperform fr and sharply raised its target price to C$47 from C$35, reflecting an attractive valuation, stabilizing subscriber metrics, and improving cash flow visibility.

BCE Inc (BCE:CA): TD Securities also upgraded the stock to Buy with a new target of C$37 (up from C$35), reflecting expectations of stronger free cash flow generation and reduced capital intensity going forward.

BCE Inc (BCE:CA): CIBC World Markets maintained a Neutral rating but raised its price target to C$37 from C$36, acknowledging modest upside potential as BCE’s restructuring efforts begin to show early benefits.

Bird Construction Inc (BDT:CA) – Raymond James raised its target to C$37 from C$35, reflecting healthy backlog growth and steady infrastructure spending tailwinds.

Bombardier Inc (BBD.B:CA) – Desjardins raised its target to C$236 from C$186, maintaining a Buy rating as strong aircraft demand and deleveraging efforts continue to improve fundamentals.

BRP Inc (DOO:CA) – Scotiabank lifted its target to C$102 from C$98, maintaining a Sector Perform rating as macro uncertainty tempers otherwise solid earnings momentum.

Cameco Corp (CCO:CA) – Scotiabank raised its target to C$130 from C$110, reiterating an Outperform rating on uranium sector strength and tightening global supply.

Canadian Pacific Kansas City Ltd (CP:CA) – ATB Capital increased its target to C$125 from C$124, citing operational synergies from cross-border integration and resilient freight volumes.

Canfor Corp (CFP:CA) – Raymond James cut its target to C$17 from C$19 but maintained Outperform, expecting recovery once lumber prices stabilize.

Capstone Copper Corp (CS:CA) – BMO and Scotiabank boosted targets (to C$14 and C$16 respectively) amid stronger copper pricing, production ramp-ups, and bullish long-term outlooks for the metal.

Cardinal Energy Ltd (CJ:CA) – CIBC increased its target to C$8.25 from C$7, citing rising oil output and a solid balance sheet.

Celestica Inc (CLS:CA) – BMO lifted its Canadian target to C$421 from C$323, reaffirming Outperform following exceptional AI hardware demand and margin expansion.

Cenovus Energy Inc (CVE:CA) – Scotiabank raised its target to C$29 from C$27, maintaining Outperform as upstream results improve and downstream operations normalize.

Delivra Health Brands (DHB:CA) – Fundamental Research maintained a Buy with a C$0.77 target, emphasizing growth potential in health and wellness products.

Endeavour Silver Corp (EDR:CA) – National Bank lifted its target to C$19 from C$16 with an Outperform rating amid higher silver price forecasts.

Enerflex Ltd (EFX:CA) – TD Securities raised its target to C$19 from C$17, pointing to improving cash generation and global project execution.

Ensign Energy Services (ESI:CA) – CIBC raised its target to C$2.75 from C$2.50, reflecting gradual recovery in drilling activity and enhanced liquidity.

Equinox Gold Corp (EQX:CA) – National Bank increased its target to C$23 from C$19 with an Outperform rating, highlighting execution on expansion projects.

Ero Copper Corp (ERO:CA) – Scotiabank lifted its target to C$32 from C$26.50 but downgraded to Sector Perform, citing valuation concerns despite favorable copper trends.

First Quantum Minerals Ltd (FM:CA) – Scotiabank raised its target to C$34 from C$28, maintaining Sector Perform amid operational normalization in Panama.

Great-West Lifeco Inc (GWO:CA) – Desjardins raised its target to C$60 from C$55, maintaining Hold as capital ratios remain solid despite slower insurance growth.

Green Impact Partners (GIP:CA) – RBC raised its target to C$5 from C$4, keeping Sector Perform as renewable gas development pipelines expand.

Hudbay Minerals Inc (HBM:CA) – Scotiabank lifted its target to C$25 from C$18.50, citing higher copper output and lower costs from recent mine integration.

IA Financial Corp (IAG:CA) – Desjardins raised its target to C$163 from C$149, maintaining Hold amid stable margins and capital strength.

Imperial Oil Ltd (IMO:CA) – CIBC downgraded to Underperform, trimming its target slightly to C$110 from C$108, citing limited upside following strong share performance.

Lundin Mining Corp (LUN:CA) – Scotiabank lifted its target to C$23 from C$17, reaffirming Outperform on improving copper production outlook.

Manulife Financial Corp (MFC:CA) – Desjardins raised its target to C$52 from C$48 with a Buy rating, citing strong balance sheet and dividend appeal.

Metro Inc (MRU:CA) – National Bank lowered its target to C$107 from C$110, maintaining Sector Perform as grocery price inflation eases.

MTY Food Group Inc. (MTY:CA) — National Bank lowered its target price to C$43.00 from C$51.00 and maintained an Outperform rating, reflecting continued challenges in the operating environment and pressure on margins.

MTY Food Group Inc. (MTY:CA) — TD Securities reduced its target price to C$37.00 from C$42.00 and kept a Hold rating, reflecting expectations that industry headwinds and slower sales growth could persist.

MTY Food Group Inc. (MTY:CA) — RBC Capital cut its target price to C$45.00 from C$48.00 and maintained a Sector Perform rating, noting ongoing operational pressures and the likelihood of a prolonged challenging market environment.

MTY Food Group Inc. (MTY:CA) — National Bank reiterated its target price reduction to C$43.00 from C$51.00 with an Outperform rating, emphasizing concerns over slower revenue growth and margin constraints.

MTY Food Group Inc. (MTY:CA) — TD Securities repeated its target price decrease to C$37.00 from C$42.00 and Hold rating, highlighting persistent industry headwinds affecting near-term performance.

MTY Food Group Inc. (MTY:CA) — RBC Capital cut its target price to C$45.00 from C$48.00 with a Sector Perform rating, pointing to sustained operational challenges and a cautious outlook for growth.

Nexgen Energy Ltd (NXE:CA) – Scotiabank lifted its target to C$14 from C$12 on optimism around uranium demand and project financing progress.

Northland Power Inc (NPI:CA) – Desjardins trimmed its target to C$27 from C$28, citing project delays but reaffirming Buy on renewable exposure.

Ovintiv Inc (OVV:CA) – RBC upgraded to Outperform with a C$77 target, reflecting stronger oil realizations and disciplined capital deployment.

Primaris REIT (PMZ.UN:CA) — Raymond James raised its target price to C$18.25 from C$18.00, citing steady leasing momentum and resilient tenant demand in Primaris’s enclosed shopping centers, reflecting confidence in stable cash flow.

Primaris REIT (PMZ.UN:CA) — TD Securities increased its target price to C$18.50 from C$18.00, highlighting the REIT’s improving occupancy trends and strong fundamentals in the Canadian retail property sector.

Primaris REIT (PMZ.UN:CA) — Desjardins Securities raised its target price to C$17.50 from C$17.00 and maintained a Buy rating, noting disciplined management, solid cash flow, and the potential for continued growth in rental income.

Primaris REIT (PMZ.UN:CA) — TD Securities reiterated its target price increase to C$18.50 from C$18.00, emphasizing stable operations and the positive outlook for Canadian retail real estate.

Primaris REIT (PMZ-UN:CA) — Desjardins Securities repeated its target increase to C$17.50 from C$17.00 with a Buy rating, reflecting confidence in the REIT’s operational resilience and consistent income generation.

Precision Drilling Corp (PD:CA) – CIBC raised its target to C$110 from C$100 amid improving rig utilization and robust free cash flow.

Quebecor Inc (QBR.B:CA) – RBC downgraded to Sector Perform despite a slight target increase to C$46, noting slower telecom subscriber growth.

Strathcona Resources Ltd (SCR:CA) – Scotiabank raised its target to C$40 from C$34 with an Outperform, while National Bank downgraded to Sector Perform at C$38 due to valuation moderation after strong performance.

Sun Life Financial Inc (SLF:CA) – Desjardins increased its target to C$94 from C$90, maintaining Buy given solid capital positions and global asset management growth.

TC Energy Corp (TRP:CA) – Barclays raised its target to C$80 from C$75, reiterating Overweight as pipeline asset sales strengthen the balance sheet.

Teck Resources Ltd (TECK.B:CA) – Scotiabank raised its target to C$74 from C$70 with an Outperform, citing coal and copper strength and strategic restructuring progress.

TransAlta Corp (TA:CA) – Jefferies raised its target to C$27 from C$20 with a Buy rating, noting that elevated Alberta power prices should drive strong free cash flow growth.

West Fraser Timber Co. (WFG:CA) – Raymond James lifted its target to C$98 from C$75 but maintained Market Perform, reflecting balanced near-term risks as lumber markets recover.

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