Canadian Analyst Updates: Nov 25th, 2025

Analyst Ratings (Canada)

The following are today’s 54 latest analyst ratings tracked from multiple analysts for Canadian listed and traded stocks for Tuesday November 25th, 2025:

Air Canada (AC:CA)

RBC Capital reaffirmed coverage on Air Canada with an outperform rating and a target price of $25.00. The rating suggests confidence in the airline’s post-pandemic recovery trajectory and improving operating fundamentals.

Alimentation Couche-Tard (ATD:CA)

Scotiabank maintained an outperform rating with a target price of $84.00, reflecting ongoing strength in the company’s global convenience and fuel operations. TD Securities also kept a buy rating, raising its target to $89.00, while CIBC maintained an outperform rating with a target of $87.00, indicating broad analyst conviction in the company’s growth and cash-flow resilience.

Aris Mining Corp. (ARIS:CA)

Canaccord Genuity raised its target price to $28.00 from $25.50 and maintained a buy rating. The increase reflects improved expectations for production, cost controls, or project advancement.

Bank of Montreal (BMO:CA)

Raymond James issued a market perform rating with a target of $182.00, while Scotiabank set a sector perform rating at $179.00. Jefferies raised its target to $181.00 from $173.00 and reiterated a hold rating, reflecting a more cautious stance relative to peers.

Bank of Nova Scotia (BNS:CA)

Raymond James maintained an outperform rating with a target of $108.00, signalling optimism for improving earnings performance. Jefferies lifted its target to $96.00 from $86.00, reflecting modestly better expectations.

Barrick Gold (ABX:CA)

Cormark Securities raised its target price to $78.00 from $66.00, while Raymond James increased its target to $59.00 from $56.00 alongside an outperform rating. Both updates suggest confidence in higher gold prices or improved operating performance.

Bombardier Inc. (BBD.B:CA)

RBC Capital maintained an outperform rating with a target price of $230.00, highlighting expectations for strong demand in business jets and ongoing balance-sheet improvements.

CAE Inc. (CAE:CA)

RBC Capital issued a sector perform rating with a target of $40.00, reflecting a neutral stance as the company navigates mixed conditions in commercial and defense training markets.

Canadian Pacific Kansas City (CP:CA)

Scotiabank maintained an outperform rating with a target of $23.00, pointing to continued confidence in long-term volume growth and integration benefits from the recent rail merger.

Cavvy Energy Ltd. (CVVY:CA)

Ventum Financial assigned a buy rating with a target price of $1.50, suggesting strong upside potential for the small-cap energy producer.

Chorus Aviation (CHR:CA)

RBC Capital reiterated an outperform rating with a target price of $31.00, reflecting confidence in earnings stability and contract visibility.

CIBC (CM:CA)

Scotiabank raised its target to $123.00 from $121.00 while maintaining an outperform rating, and Jefferies increased its target to $118.00 from $106.00 with a hold stance. Raymond James set a market perform rating with a target of $127.00, signalling mixed but slightly improving sentiment.

Doman Building Materials (DBM:CA)

TD Securities maintained a buy rating with a target price of $11.00, reflecting stable expectations tied to housing and construction activity.

Endeavour Silver (EDR:CA)

CIBC maintained an outperform rating with a target of $16.00, supported by improving silver market dynamics and project execution.

EQB Inc. (EQB:CA)

Jefferies cut its target to $93.00 from $107.00, suggesting a more cautious outlook. Scotiabank maintained a sector perform rating with a target of $94.00, indicating stable but measured expectations.

Exchange Income Corp. (EIF:CA)

RBC Capital maintained an outperform rating with a target of $94.00, highlighting the company’s diversified cash flow and acquisition pipeline.

Fortuna Mining (FVI:CA)

National Bank raised its target to $15.00 from $14.25, maintaining an outperform rating. The increase reflects stronger expectations for production and metal pricing.

Highlander Silver (HSLV:CA)

CIBC World Markets assigned an outperform rating with a target of $5.50, indicating strong confidence in exploration potential.

Interfor Corp. (IFP:CA)

Raymond James lowered its target to $12.00 from $15.00 while maintaining an outperform rating, suggesting long-term optimism despite short-term headwinds in lumber markets.

Kraken Robotics (PNG:CA)

Scotiabank maintained an outperform rating with a target of $6.00, while Raymond James raised its target to $6.25 from $4.00, citing continued momentum. Desjardins also raised its target to $6.50 from $5.00 with a buy rating, reflecting strong sentiment around defense and marine-tech demand.

Laurentian Bank (LB:CA)

Scotiabank set a sector perform rating with a target price of $33.00, reflecting a cautious stance amid ongoing strategic challenges.

National Bank (NA:CA)

Scotiabank raised its target to $166.00 from $159.00 with an outperform rating, while Jefferies lowered its target slightly to $152.00 from $153.00 with a hold stance. Raymond James assigned a market perform rating with a target of $168.00.

OceanaGold (OGC:CA)

TD Securities maintained a buy rating with a target of $38.00, pointing to confidence in operational performance and gold price support.

Onex Corporation (ONEX:CA)

TD Securities reiterated a buy rating with a target of $160.00, reflecting positive expectations for asset monetization and private-equity valuations.

Premium Brands Holdings (PBH:CA)

TD Securities maintained a buy rating with a target of $145.00, suggesting optimism around margin recovery and acquisition strategy.

Royal Bank of Canada (RY:CA)

UBS Securities raised its target to $238.00 from $225.00, while Jefferies increased its target to $215.00 from $213.00 with a hold rating. Raymond James initiated coverage with an outperform rating and a $229.00 target, and Scotiabank also maintained an outperform view with a $218.00 target.

Snowline Gold (SGD:CA)

Scotiabank maintained an outperform rating with a target of $16.50, while CIBC kept an outperform rating with a higher target of $17.50, reflecting strong exploration progress.

Tamarack Valley Energy (TVE:CA)

CIBC maintained an outperform rating with a target price of $8.00, supported by stable production and commodity price outlooks.

Teck Resources (TECK-B:CA)

Scotiabank reduced its target to $60.00 from $65.00 and maintained a sector perform rating, reflecting a more cautious view amid commodity volatility.

Toronto-Dominion Bank (TD:CA)

Raymond James initiated coverage with a market perform rating and a target of $119.00, while Scotiabank set a sector perform rating at $114.00. Jefferies nudged its target up to $125.00 from $124.00 with a hold rating.

Vizsla Silver (VZLA:CA)

National Bank set an outperform rating with a target price of $7.75, reflecting optimism supported by recent financing and strong exploration momentum.

WELL Health Technologies (WELL:CA)

TD Securities maintained a buy rating with a target of $7.50, indicating sustained confidence in the company’s growth in digital health and clinic operations.

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