Canadian Analyst Ratings: December 18th, 2025

Analyst Ratings (Canada)

The following are today’s 50 latest analyst ratings tracked from multiple analysts for Canadian listed and traded stocks for Thursday December 18th:

Americas Gold and Silver Corp (USA:CA) – Haywood Securities raised its target price to $9.00 from $7.75, reflecting an improved production outlook and increased leverage to precious metals prices.

Aritzia Inc (ATZ:CA) – CIBC World Markets raised its target price to $132.00 from $95.00 and maintained an Outperform rating, reflecting accelerating sales momentum and margin expansion.

Aya Gold and Silver Inc (AYA:CA) – Desjardins Securities raised its target price to $32.00 from $30.00 and maintained a Buy rating, supported by operational execution and exploration upside.

Bank of Montreal (BMO:CA) – Desjardins Securities raised its target price to $189.00 from $180.00 and maintained a Hold rating, reflecting earnings resilience amid a challenging macro environment.

Bank of Nova Scotia (BNS:CA) – Desjardins Securities raised its target price to $104.00 from $100.00 and maintained a Hold rating, reflecting stabilization in international banking operations.

Blackline Safety Corp (BLN:CA) – RBC Capital Markets set a target price of $9.00 and rated the stock Outperform, highlighting growth potential in connected safety solutions.

CAE Inc (CAE:CA) – CIBC maintained an Outperform rating with a $47.00 target, supported by strong demand in defense and civil aviation training markets.

Canadian Imperial Bank of Commerce (CM:CA) – Desjardins Securities raised its target price to $135.00 from $132.00 and maintained a Buy rating, reflecting improving credit trends.

Canadian National Railway (CNR:CA) – RBC Capital Markets lowered its target price to $153.00 from $158.00 while maintaining an Outperform rating, reflecting near-term volume headwinds.

Canfor Corp (CFP:CA) – RBC Capital Markets lowered its target price to $15.00 from $16.00 and maintained an Outperform rating due to ongoing lumber market volatility.

Canfor Pulp Products Inc (CFX:CA) – RBC Capital Markets raised its target price to $0.50 from $0.40 and maintained a Sector Perform rating, reflecting incremental improvement in pulp pricing.

Cascades Inc (CAS:CA) – RBC Capital Markets raised its target price to $16.00 from $14.00 and maintained an Outperform rating, citing margin recovery and cost discipline.

CGI Inc (GIB-A:CA) – CIBC maintained a Neutral rating with a $139.00 target, reflecting steady execution balanced against valuation considerations.

Computer Modelling Group (CMG:CA) – National Bank initiated coverage with a Sector Perform rating and a $6.00 target, reflecting balanced growth prospects.

Dream Industrial REIT (DIR-UN:CA) – TD Securities raised its target price to $14.50 from $14.00 and maintained a Buy rating, supported by improving leasing fundamentals.

Dream Industrial REIT (DIR-UN:CA) – Scotiabank raised its target price to $15.50 from $15.00 and reiterated an Outperform rating, reflecting resilient cash flows and favorable industrial demand trends.

Dream Industrial REIT (DIR-UN:CA) – CIBC maintained an Outperform rating with a $13.50 target, reflecting a balanced view on valuation.

Dream Unlimited Corp (DRM:CA) – TD Securities raised its target price to $28.00 from $27.00 and maintained a Buy rating, supported by asset value realization and development pipeline visibility.

Emera Inc (EMA:CA) – Scotiabank maintained an Outperform rating with a $78.00 target, reflecting regulated earnings stability and capital investment visibility.

EQB Inc (EQB:CA) – Desjardins Securities raised its target price to $110.00 from $107.00 and maintained a Buy rating, supported by loan growth and margin expansion.

First Majestic Silver Corp (AG:CA) – TD Securities maintained a Buy rating with a $22.00 target, reflecting leverage to silver prices and operational improvements.

Happy Belly Food Group Inc (HBFG:CA) – Ventum Financial raised its target price to $2.65 from $2.40 and maintained a Buy rating, reflecting acquisition-driven growth.

Interfor Corp (IFP:CA) – RBC Capital Markets lowered its target price to $13.00 from $14.00 while maintaining an Outperform rating amid lumber market weakness.

Koryx Copper Inc (KRY:CA) – Stifel Nicolaus initiated coverage with a Buy rating and a $3.75 target, reflecting exploration upside.

Manulife Financial Corp (MFC:CA) – Desjardins Securities initiated coverage with a Buy rating and a $55.00 target, reflecting earnings growth and capital strength.

Montage Gold Corp (MAU:CA) – Cormark Securities raised its target price to $10.50 from $9.75 and maintained a Buy rating, reflecting project advancement.

National Bank of Canada (NA:CA) – Desjardins Securities raised its target price to $180.00 from $175.00 and maintained a Buy rating, reflecting strong capital markets performance.

NFI Group Inc (NFI:CA) – Scotiabank raised its target price to $20.00 and reiterated an Outperform rating, reflecting improving order momentum and margin recovery.

OceanaGold (OGC:CA) – TD Securities maintained a Buy rating with a $38.00 target, supported by production growth and favorable cost trends.

Premium Brands Holdings Corp (PBH:CA) – TD Securities raised its target price to $160.00 from $145.00 and maintained a Buy rating, reflecting earnings momentum.

Premium Brands Holdings Corp (PBH:CA) – Scotiabank raised its target price to $120.00 and reiterated an Outperform rating, reflecting margin improvement.

Premium Brands Holdings Corp (PBH:CA) – CIBC raised its target price to $120.00 from $115.00 and maintained an Outperform rating.

Premium Brands Holdings Corp (PBH:CA) – Stifel Nicolaus raised its target price to $111.00 from $106.00, reflecting steady operating performance.

Premium Brands Holdings Corp (PBH:CA) – Raymond James raised its target price to $125.00 from $115.00, supported by resilient consumer demand.

Premium Brands Holdings Corp (PBH:CA) – BMO Capital Markets raised its target price to $125.00 from $111.00, reflecting improving profitability.

Royal Bank of Canada (RY:CA) – Desjardins Securities raised its target price to $240.00 from $230.00 and maintained a Buy rating, supported by diversified earnings strength.

Sun Life Financial Inc (SLF:CA) – Desjardins Securities initiated coverage with a Buy rating and a $94.00 target, reflecting asset management growth.

TD Bank Group (TD:CA) – National Bank raised its target price to $134.00 from $124.00 and maintained an Outperform rating, reflecting improving US operations.

TBank Group (TD:CA) – Desjardins Securities raised its target price to $133.00 from $126.00 and maintained a Buy rating, reflecting earnings stability.

Tecsys Inc (TCS:CA) – National Bank initiated coverage with a Sector Perform rating and a $38.00 target, reflecting balanced growth expectations.

Transat AT Inc (TRZ:CA) – TD Securities maintained a Buy rating with a $5.50 target, reflecting recovery potential in leisure travel demand.

Transat AT Inc (TRZ:CA) – CIBC maintained an Underperform rating with a $2.40 target, reflecting balance sheet risk and competitive pressures.

Trisura Group Ltd (TSU:CA) – Desjardins Securities initiated coverage with a Buy rating and a $56.00 target, reflecting specialty insurance growth.

West Fraser Timber Co (WFG:CA) – RBC Capital Markets lowered its target price to $117.00 while maintaining an Outperform rating, reflecting cyclical pressure in wood products.

The post Canadian Analyst Ratings: December 18th, 2025 appeared first on Stock Target Advisor.