Canadian Analyst Updates: May 8th, 2026
Analyst Ratings (Canada)
Today’s analyst coverage for Canadian stocks show a more selective and increasing sensitivity to valuation and macro positioning rather than being uniformly bullish. A large share of coverage is skewed toward positive updates particularly in cyclicals tied to energy, industrials and select high-quality compounders. This indicates that analysts are still seeing fundamental earnings resilience and cash-flow visibility, especially in firms exposed to infrastructure spending, energy pricing support, and defensive growth demand.
However, there is a parallel and important countertrend: a growing number of target cuts even alongside in interest-rate-sensitive sectors like REITs and financials and telecoms. This pattern typically signals that while long-term thesis remains intact, near-term multiple compression or slower growth expectations are being baked in, often due to higher-for-longer rates, slower consumption trends, or margin normalization.
From a market perspective, the key signal is divergence rather than uniform direction. Analysts are not broadly turning negative, but they are clearly re-rating risk premiums rather than upgrading earnings trajectories at the same pace as before. That creates a backdrop where index-level upside becomes more dependent on a smaller subset of “momentum compounders” (AI-adjacent tech, select energy, and infrastructure names) while broader market participation is weaker.
169 Analyst Updates
5N Plus Inc. (VNP:CA) — ATB Cormark raised its target to $45.00 from $37.50 and maintained a Top Pick rating.
5N Plus Inc. (VNP:CA) — Desjardins Securities raised its target to $43.00 from $35.50 and maintained a Buy rating.
5N Plus Inc. (VNP:CA) — National Bank raised its target to $41.00 from $38.00 and maintained an Outperform rating.
5N Plus Inc. (VNP:CA) — Raymond James raised its target to $45.00 from $38.00 and maintained an Outperform rating.
ADENTRA Inc. (ADEN:CA) — Scotiabank maintained an Outperform rating with a $45.00 target.
AG Growth International Inc. (AFN:CA) — CIBC raised its target to $24.00 from $23.00 and maintained a Neutral rating.
AGT Food and Ingredients Inc. (AGTF:CA) — Scotiabank reduced its target to $21.00 from $23.00, with a Outperform rating.
AirBoss of America Corp. (BOS:CA) — TD Securities raised its target to $9.00 from $8.00 and maintained a Buy rating.
Alaris Equity Partners Income Trust (AD.UN:CA) — Desjardins Securities raised its target to $26.50 from $26.00 and maintained a Buy rating.
Alaris Equity Partners Income Trust (AD.UN:CA) — Raymond James raised its target to $27.25 from $27.00 and maintained an Outperform rating.
Algonquin Power & Utilities Corp. (AQN:CA) — CIBC maintained an Outperform rating with a $9.00 target.
Altus Group Ltd. (AIF:CA) — CIBC maintained a Neutral rating with a $51.00 target.
Altus Group Ltd. (AIF:CA) — TD Securities maintained a Buy rating with a $55.00 target.
Aritzia Inc. (ATZ:CA) — BMO Capital Markets raised its target to $188.00 from $163.00.
Aritzia Inc. (ATZ:CA) — CIBC raised its target to $171.00 from $155.00, with a Outperform rating.
Aritzia Inc. (ATZ:CA) — Truist Securities raised its target to $185.00 from $164.00.
Aritzia Inc. (ATZ:CA) — Canaccord Genuity raised its target to $182.00 from $166.00 and maintained a Buy rating.
Aritzia Inc. (ATZ:CA) — Desjardins Securities raised its target to $175.00 from $148.00 and maintained a Buy rating.
Aritzia Inc. (ATZ:CA) — RBC Capital Markets raised its target to $193.00 from $175.00 and maintained an Outperform rating.
Aritzia Inc. (ATZ:CA) — Stifel Nicolaus raised its target to $180.00 from $158.00.
Aritzia Inc. (ATZ:CA) — TD Securities raised its target to $183.00 from $155.00 and maintained a Buy rating.
Atco Ltd. (ACO.X:CA) — National Bank raised its target to $62.00 from $57.00 and maintained a Sector Perform rating.
ATCO Ltd. (ACO.X:CA) — TD Securities raised its target to $69.00 from $67.00 and maintained a Hold rating.
Athabasca Oil Corp. (ATH:CA) — RBC Capital Markets raised its target to $12.50 from $12.00 and maintained a Sector Perform rating.
Athabasca Oil Corp. (ATH:CA) — TD Securities maintained a Hold rating with a $11.00 target.
Baytex Energy Corp. (BTE:CA) — ATB Cormark raised its target to $8.50 from $7.00 and maintained a Sector Perform rating.
Baytex Energy Corp. (BTE:CA) — National Bank raised its target to $8.50 from $7.50 and maintained a Sector Perform rating.
Baytex Energy Corp. (BTE:CA) — Raymond James raised its target to $8.00 from $7.00 and maintained an Outperform rating.
Baytex Energy Corp. (BTE:CA) — Scotiabank raised its target to $7.50 from $6.50 and maintained a Outperform rating.
Baytex Energy Corp. (BTE:CA) — CIBC maintained a Neutral rating with a $6.50 target.
BCE Inc. (BCE:CA) — Desjardins Securities lowered its target to $41.00 from $41.50 and maintained a Buy rating.
BCE Inc. (BCE:CA) — Scotiabank maintained an Outperform rating with a $41.00 target.
BCE Inc. (BCE:CA) — TD Securities maintained a Hold rating with a $37.00 target.
Boardwalk REIT (BEI.UN:CA) — Raymond James lowered its target to $80.00 from $82.00 and maintained an Outperform rating.
Brookfield Business Corporation (BBUC:CA) — CIBC maintained an Outperform rating with a $60.00 target.
Canadian Natural Resources Ltd. (CNQ:CA) — Scotiabank maintained an Outperform rating with a $70.00 target.
Canadian Natural Resources Ltd. (CNQ:CA) — Raymond James raised its target to $67.00 from $65.00 and maintained an Outperform rating.
Canadian Natural Resources Ltd. (CNQ:CA) — TD Securities maintained a Buy rating with a $72.00 target.
Canadian Utilities Ltd. (CU:CA) — TD Securities raised its target to $48.00 from $47.00 and maintained a Hold rating.
Canfor Corporation (CFP:CA) — CIBC maintained a Neutral rating with a $15.00 target.
CAP REIT (CAR.UN:CA) — Scotiabank maintained a Sector Perform rating with a $43.00 target.
Cascades Inc. (CAS:CA) — National Bank lowered its target to $13.00 from $14.00 and maintained a Sector Perform rating.
Cascades Inc. (CAS:CA) — RBC Capital Markets lowered its target to $14.00 from $15.00 and maintained an Outperform rating.
Cascades Inc. (CAS:CA) — Scotiabank maintained an Outperform rating with a $14.50 target.
Cascades Inc. (CAS:CA) — TD Securities lowered its target to $13.00 from $14.00 and maintained a Buy rating.
CES Energy Solutions Corp. (CEU:CA) — Scotiabank maintained an Outperform rating with a $20.00 target.
CES Energy Solutions Corp. (CEU:CA) — TD Securities raised its target to $19.00 from $18.00 and maintained a Hold rating.
Chartwell Retirement Residences (CSH.UN:CA) — Scotiabank maintained an Outperform rating with a $26.00 target.
Chartwell Retirement Residences (CSH.UN:CA) — CIBC maintained an Outperform rating with a $25.00 target.
Crombie REIT (CRR.UN:CA) — Scotiabank increased its target to $18.00 from $17.00, and maintained an Outperform rating.
Definity Financial Corp. (DFY:CA) — Barclays Capital raised its target to $79.00 from $78.00.
Definity Financial Corp. (DFY:CA) — TD Securities raised its target to $86.00 from $85.00 and maintained a Buy rating.
Definity Financial Corp. (DFY:CA) — CIBC maintained a Neutral rating with a $74.00 target.
Definity Financial Corp. (DFY:CA) — Scotiabank maintained a Sector Perform rating with a $79.00 target.
Docebo Inc. (DCBO:CA) — CIBC maintained an Outperform rating with a $38.00 target.
Dream Industrial REIT (DIR.UN:CA) — Scotiabank maintained an Outperform rating with a $16.00 target.
Dream Industrial REIT (DIR.UN:CA) — Scotiabank increased its target to $16.00 from $15.50.and maintained a Sector Perform rating.
Element Fleet Management Corp. (EFN:CA) — RBC Capital Markets lowered its target to $40.00 from $47.00 and maintained an Outperform rating.
Element Fleet Management Corp. (EFN:CA) — TD Securities lowered its target to $38.00 from $41.00 and maintained a Buy rating.
Element Fleet Management Corp. (EFN:CA) — Scotiabank maintained an Outperform rating with a $41.00 target.
Emera Inc. (EMA:CA) — CIBC maintained a Neutral rating with a $73.00 target.
Enerflex Ltd. (EFX:CA) — BMO Capital Markets raised its target to $45.00 from $39.00.
Enerflex Ltd. (EFX:CA) — ATB Cormark raised its target to $46.00 from $42.00 and maintained an Outperform rating.
Enerflex Ltd. (EFX:CA) — National Bank raised its target to $42.50 from $31.50 and maintained an Outperform rating.
Enerflex Ltd. (EFX:CA) — Raymond James raised its target to $45.00 from $40.00 and maintained an Outperform rating.
Enerflex Ltd. (EFX:CA) — RBC Capital Markets raised its target to $31.00 from $26.00 and maintained an Outperform rating.
Enerflex Ltd. (EFX:CA) — TD Securities raised its target to $44.00 from $41.00 and maintained a Buy rating.
Ensign Energy Services Inc. (ESI:CA) — TD Securities raised its target to $3.75 from $3.50 and maintained a Hold rating.
Ensign Energy Services Inc. (ESI:CA) — TD Securities reiterated a Hold rating with a $3.75 target.
Extendicare Inc. (EXE:CA) — CIBC maintained an Outperform rating with a $32.00 target.
Fortis Inc. (FTS:CA) — Barclays Capital lowered its target to $83.00 from $84.00 and maintained an Overweight rating.
Fortis Inc. (FTS:CA) — National Bank raised its target to $75.00 from $74.00 and maintained a Sector Perform rating.
Granite REIT (GRT.UN:CA) — Canaccord Genuity raised its target to $105.00 from $100.00 and maintained a Buy rating.
Granite REIT (GRT.UN:CA) — CIBC raised its target to $105.00 from $98.00.
Granite REIT (GRT.UN:CA) — Raymond James raised its target to $103.00 from $101.00 and maintained an Outperform rating.
Granite REIT (GRT.UN:CA) — Scotiabank raised its target to $105.00 from $100.00 and maintained a Outperform rating.
Granite REIT (GRT.UN:CA) — TD Securities raised its target to $101.00 from $96.00 and maintained a Buy rating.
Great-West Lifeco Inc. (GWO:CA) — BMO Capital Markets raised its target to $76.00 from $70.00.
Great-West Lifeco Inc. (GWO:CA) — RBC Capital Markets raised its target to $77.00 from $64.00.
Great-West Lifeco Inc. (GWO:CA) — CIBC raised the target to $81.00 from $75.00.
Great-West Lifeco Inc. (GWO:CA) — Desjardins Securities raised its target to $80.00 from $71.00 and maintained a Hold rating.
Great-West Lifeco Inc. (GWO:CA) — National Bank raised its target to $73.00 from $65.00 and maintained a Sector Perform rating.
Great-West Lifeco Inc. (GWO:CA) — Scotiabank raised its target to $83.00 from $78.00 and maintained a Outperform rating.
IGM Financial Inc. (IGM:CA) — Scotiabank maintained a Sector Perform rating with a $79.00 target.
IGM Financial Inc. (IGM:CA) — Scotiabank increased its target to $79.00 from $76.00.
Ivanhoe Mines Ltd. (IVN:CA) — Scotiabank maintained a Sector Perform rating with a $13.00 target.
Ivanhoe Mines Ltd. (IVN:CA) — Scotiabank lowered its target to $13.00 from $13.50.
Jamieson Wellness Inc. (JWEL:CA) — TD Securities maintained a Buy rating with a $48.00 target.
Jamieson Wellness Inc. (JWEL:CA) — CIBC raised its target to $44.00 from $43.00 and maintained an Outperform rating.
Kelt Exploration Ltd. (KEL:CA) — TD Securities maintained a Buy rating with a $11.00 target.
Killam Apartment REIT (KMP.UN:CA) — National Bank raised its target to $20.00 from $19.75 and maintained an Outperform rating.
Killam Apartment REIT (KMP.UN:CA) — Raymond James raised its target to $20.25 from $20.00 and maintained an Outperform rating.
Killam Apartment REIT (KMP.UN:CA) — RBC Capital Markets raised its target to $22.00 from $21.00 and maintained an Outperform rating.
Killam Apartment REIT (KMP.UN:CA) — Scotiabank raised its target to $20.00 from $19.50 and maintained a Outperform rating.
Killam Apartment REIT (KMP.UN:CA) — TD Securities raised its target to $21.00 from $20.00 and maintained a Buy rating.
Kinaxis Inc. (KXS:CA) — BMO Capital Markets raised its target to $185.00 from $180.00.
Kinaxis Inc. (KXS:CA) — RBC Capital Markets raised its target to $210.00 from $200.00 and maintained an Outperform rating.
Kinaxis Inc. (KXS:CA) — Scotiabank maintained an Outperform rating with a $200.00 target.
Kinaxis Inc. (KXS:CA) — TD Securities maintained a Buy rating with a $200.00 target.
Knight Therapeutics Inc. (GUD:CA) — Canaccord Genuity assigned a Buy rating with a $9.50 target.
Libertystream Infrastructure Partners (LIB:CA) — Benchmark initiated coverage with a Buy rating and a $2.00 target.
Lundin Gold Inc. (LUG:CA) — ATB Cormark upgraded the stock to Outperform with a $130.00 target.
Lundin Mining Corp. (LUN:CA) — TD Securities maintained a Buy rating with a $44.00 target.
Lundin Mining Corp. (LUN:CA) — Scotiabank maintained an Outperform rating with a $36.00 target.
Maple Leaf Foods Inc. (MFI:CA) — Canaccord Genuity raised its target to $38.00 from $37.00 and maintained a Buy rating.
Maple Leaf Foods Inc. (MFI:CA) — National Bank raised its target to $37.00 from $35.00 and maintained an Outperform rating.
Maple Leaf Foods Inc. (MFI:CA) — RBC Capital Markets raised its target to $34.00 from $33.00 and maintained an Outperform rating.
Maple Leaf Foods Inc. (MFI:CA) — Scotiabank raised its target to $36.00 from $32.00 and maintained a Outperform rating.
Maple Leaf Foods Inc. (MFI:CA) — Stifel Nicolaus raised its target to $36.00 from $35.00 and maintained a Buy rating.
Maple Leaf Foods Inc. (MFI:CA) — TD Securities maintained a Buy rating with a $42.00 target.
Maple Leaf Foods Inc. (MFI:CA) — Ventum Capital raised its target to $39.00 from $37.00 and maintained a Buy rating.
MDA Space (MDA:CA) — Morgan Stanley raised its target to $58.00 from $51.00.
MDA Space (MDA:CA) — ATB Cormark lowered its target to $53.00 from $54.00 and maintained an Outperform rating.
MDA Space (MDA:CA) — Desjardins Securities raised its target to $55.00 from $53.00 and maintained a Buy rating.
MDA Space (MDA:CA) — Scotiabank raised its target to $53.00 from $49.00 and maintained aOutperform rating.
NexGen Energy Ltd. (NXE:CA) — Scotiabank maintained an Outperform rating with a $22.00 target.
NexGen Energy Ltd. (NXE:CA) — Scotiabank increased its target to $22.00 from $18.00.
NFI Group Inc. (NFI:CA) — Scotiabank maintained an Outperform rating with a $25.00 target.
NFI Group Inc. (NFI:CA) — CIBC maintained an Outperform rating with a $22.00 target.
Nutrien Ltd. (NTR:CA) — CIBC maintained an Outperform rating with a $120.00 target.
Open Text Corp. (OTEX:CA) — Citigroup raised its target to $34.50 from $36.00 and maintained a Neutral rating.
Open Text Corp. (OTEX:CA) — Raymond James raised its target to $48.00 from $58.00 and maintained an Outperform rating.
Open Text Corp. (OTEX:CA) — RBC Capital Markets raised its target to $37.00 from $41.00 and maintained a Sector Perform rating.
Open Text Corp. (OTEX:CA) — Scotiabank raised its target to $55.00 from $69.00 and maintained a Outperform rating.
Open Text Corp. (OTEX:CA) — Citigroup reiterated a Neutral rating with a $34.50 target.
Open Text Corp. (OTEX:CA) — CIBC maintained a Neutral rating with a $37.00 target.
Pason Systems Inc. (PSI:CA) — TD Securities maintained a Buy rating with a $18.00 target.
Pembina Pipeline Corp. (PPL:CA) — TD Securities maintained a Hold rating with a $65.00 target.
Pembina Pipeline Corp. (PPL:CA) — Scotiabank maintained an Outperform rating with a $65.00 target.
Pembina Pipeline Corp. (PPL:CA) — CIBC maintained an Outperform rating with a $66.00 target.
Premium Brands Holdings Corp. (PBH:CA) — CIBC raised its target to $115.00 from $110.00.
Premium Brands Holdings Corp. (PBH:CA) — RBC Capital Markets raised its target to $131.00 from $129.00 and maintained an Outperform rating.
Premium Brands Holdings Corp. (PBH:CA) — Scotiabank raised its target to $110.00 from $100.00 and maintained a Outperform rating.
Premium Brands Holdings Corp. (PBH:CA) — Stifel Nicolaus raised its target to $117.00 from $112.00 and maintained a Buy rating.
Premium Brands Holdings Corp. (PBH:CA) — Ventum Capital raised its target to $128.00 from $124.00 and maintained a Buy rating.
Primo Brands Corp. (PRMB) — TD Securities maintained a Buy rating with a $29.00 target.
RioCan REIT (REI.UN:CA) — RBC Capital Markets raised its target to $24.00 from $22.00 and maintained an Outperform rating.
Savaria Corp. (SIS:CA) — TD Securities maintained a Buy rating with a $35.00 target.
SmartCentres REIT (SRU.UN:CA) — National Bank raised its target to $28.00 from $27.00 and maintained a Sector Perform rating.
SmartCentres REIT (SRU.UN:CA) — Scotiabank raised its target to $28.50 from $27.50 and maintained a Sector Perform rating.
South Bow Corp. (SOBO:CA) — TD Securities raised its target to $47.00 from $44.00 and maintained a Hold rating.
South Bow Corp. (SOBO:CA) — Scotiabank raised its target to $49.00 from $46.00.
South Bow Corp. (SOBO:CA) — CIBC maintained a Neutral rating with a $45.00 target.
Sun Life Financial Inc. (SLF:CA) — BMO Capital Markets raised its target to $105.00 from $99.00.
Sun Life Financial Inc. (SLF:CA) — CIBC raised its target to $102.00 from $95.00.
Sun Life Financial Inc. (SLF:CA) — Scotiabank lowered its target to $98.00 from $100.00, with a Sector Perform rating.
Thomson Reuters Corp. (TRI:CA) — Barclays Capital raised its target to $191.00 from $170.00 and maintained an Overweight rating.
Tidewater Midstream (TWM:CA) — ATB Cormark raised its target to $17.00 from $9.00 and maintained a Sector Perform rating.
Tidewater Midstream (TWM:CA) — National Bank raised its target to $15.00 from $9.50 and maintained a Sector Perform rating.
Tidewater Midstream (TWM:CA) — RBC Capital Markets raised its target to $18.00 from $11.00 and maintained a Sector Perform rating.
Tidewater Midstream (TWM:CA) — Scotiabank raised its target to $17.00 from $9.00 and maintained a Sector Perform rating.
Tidewater Renewables Ltd. (LCFS:CA) — ATB Cormark raised its target to $12.00 from $8.00 and maintained a Speculative Buy rating.
Tidewater Renewables Ltd. (LCFS:CA) — National Bank raised its target to $13.25 from $8.00 and maintained a Sector Perform rating.
Tidewater Renewables Ltd. (LCFS:CA) — RBC Capital Markets raised its target to $12.50 from $7.50 and maintained a Sector Perform rating.
Trisura Group Ltd. (TSU:CA) — Raymond James raised its target to $57.25 from $57.00 and maintained an Outperform rating.
Trisura Group Ltd. (TSU:CA) — Scotiabank maintained a Sector Perform rating with a $52.00 target.
Trisura Group Ltd. (TSU:CA) — TD Securities maintained a Buy rating with a $60.00 target.
Vermilion Energy Inc. (VET:CA) — TD Securities maintained a Hold rating with a $18.00 target.
WELL Health Technologies Corp. (WELL:CA) — CIBC maintained an Outperform rating with a $5.50 target.
Western Forest Products Inc. (WEF:CA) — TD Securities maintained a Hold rating with a $17.00 target.
Wheaton Precious Metals Corp. (WPM-N) — Scotiabank maintained an Outperform rating with a $244.00 target.
WSP Global Inc. (WSP:CA) — BMO Capital Markets lowered its target to $305.00 from $334.00.
WSP Global Inc. (WSP:CA) — CIBC lowered its target to $318.00 from $328.00.
WSP Global Inc. (WSP:CA) — ATB Cormark lowered its target to $330.00 from $335.00 and maintained an Outperform rating.
WSP Global Inc. (WSP:CA) — Canaccord Genuity lowered its target to $315.00 from $345.00 and maintained a Buy rating.
WSP Global Inc. (WSP:CA) — Desjardins Securities lowered its target to $372.00 from $375.00 and maintained a Buy rating.
WSP Global Inc. (WSP:CA) — National Bank raised its target to $272.00 from $268.00 and maintained an Outperform rating.
WSP Global Inc. (WSP:CA) — Scotiabank maintained an Outperform rating with a $286.00 target.
WSP Global Inc. (WSP:CA) — TD Securities maintained a Buy rating with a $307.00 target.
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