Canadian Analyst Coverage Update: July 22, 2025

Analyst Ratings (Canada)

ACT Energy Technologies Ltd (ACX:CA) Raymond James initiates coverage with an Outperform rating and $9.00 target.

Aecon Group Inc (ARE:CA) BMO Capital Markets raises target to $22.00

Air Canada (AC:CA) Raymond James raises target to $27.00

Arizona Metals Corp (AMC:CA) Scotiabank downgrades to Sector Perform, target set at $2.00.

Atkinsréalis (ATRL:CA) BMO Capital Markets raises target to $106.00

AutoCanada Inc. (ACQ:CA) RBC Capital raises target to $27.00

Bank of Nova Scotia (BNS:CA) Canaccord Genuity raises target to $85.00

Bitcoin Treasury Corp. (BTCT:CA) Canaccord Genuity initiates with a Buy rating and $14.00 target.

Bombardier Inc. (BBD-B:CA) CIBC World Markets raises target to $181.00 Citigroup maintains Buy rating, raises target to $195.00. TD Securities downgrades to Hold, sets target at $173.00. BMO Capital Markets raises target to $185.00

CAE Inc. (CAE:CA) BMO Capital Markets maintains Outperform, raises target to $50.00.

Calian Group Ltd (CGY:CA) CIBC World Markets raises target to $59.00

Cameco Corp (CCO:CA) Stifel Nicolaus raises target to $115.00

Canadian National Railway (CNR:CA) TD Securities maintains Buy, target at $168.00.

Canfor Corp (CFP:CA) Raymond James downgrades but maintains Outperform, target at $19.00.

CGI Inc. (GIB-A:CA) CIBC World Markets lowers target to $180.00

Choice Properties REIT (CHP-UN:CA) Desjardins Securities downgrades to Hold, sets target at $16.00. RBC Capital raises target to $16.00, maintains Sector Perform.

Collective Mining (CNL:CA) Scotiabank maintains Outperform, target at $15.00.

Dye & Durham Ltd (DND:CA) CIBC World Markets lowers target to $16.00

Emerita Resources Corp. (EMO:CA) Canaccord Genuity initiates with Speculative Buy, target at $1.80.

Equinox Gold Corp. (EQX:CA) TD Securities maintains Buy, target at $12.00.

Finning International Inc. (FTT:CA) BMO Capital Markets raises target to $66.00.

Fortis Inc. (FTS:CA) Raymond James upgrades to Outperform

George Weston Ltd. (WN:CA) RBC Capital raises target to $316.00

Hydro One Ltd. (H:CA) CIBC World Markets lowers target to $51.00

Interfor Corp (IFP:CA) Raymond James downgrades but maintains Outperform, target at $19.00.

Loblaw Companies Ltd. (L:CA) RBC Capital raises target to $267.00

Metro Inc. (MRU:CA) RBC Capital raises target to $112.00

Northland Power Inc. (NPI:CA) CIBC World Markets raises target to $29.00

Shopify Inc. (SHOP:CA) National Bank maintains Outperform, raises target to $190.00.

Skeena Resources Ltd. (SKE:CA) CIBC World Markets raises target to $26.00

Sprott Inc. (SII:CA) TD Securities downgrades to Hold, maintains target at $100.00.

Innergex Renewable Energy Inc. (INE:CA) TD Securities maintains Hold, target at $9.00.

Telus (T:CA) TD Securities maintains Buy, target at $25.00.

Toromont Industries Ltd. (TIH:CA) BMO Capital Markets raises target to $140.00

Wajax Corp. (WJX:CA) BMO Capital Markets raises target to $25.00

WSP Global Inc. (WSP:CA) BMO Capital Markets raises target to $312.00