Last month, the S&P/TSX SmallCap Index outperformed the broader index by a wide margin. The S&P/TSX SmallCap Index advanced 12.5 per cent in February, surpassing the 7.6 per cent price return for the S&P/TSX Composite Index.
Nearly all sectors in the TSX SmallCap Index, nine of the 11 sectors to be exact, posted positive price returns. Gains were reported in the materials, consumer staples, communication services, financials, energy, health care, industrials, consumer discretionary and utilities sectors with price returns of 22.1 per cent, 11 per cent, 8.2 per cent, 7.8 per cent, 7.5 per cent, 6.2 per cent, 6 per cent, 3 per cent and 1.3 per cent, respectively.
Amongst the sector laggards were technology and real estate with negative price returns of 5.8 per cent and 0.9 per cent, respectively.
The top 10 performers in the TSX SmallCap Index during the month were:
- New Pacific Metals (NUAG-T), up 70 per cent
- Almonty Industries (AII-T), up 63 per cent
- Novagold Resources (NG-T), up 53 per cent
- Firan Technology Group (FTG-T), up 48 per cent
- Neo Performance Materials (NEO-T), up 45 per cent
- PHX Energy Services (PHX-T), up 44 per cent
- Orla Mining (OLA-T), up 44 per cent
- Fortuna Mining (FVI-T), up 40 per cent
- Seabridge Gold (SEA-T), up 40 per cent
- Perpetua Resources (PPTA-T), up 39 per cent
Stocks with large positive revisions to their average target prices over the past month include:
- Andean Precious Metals (APM-T), increased 56 per cent to $14 from $9
- Almonty Industries (AII-T), increased 56 per cent to $22.31 from $14.35
- Enerflex (EFX-T),increased 36 per cent to $34.35 from $25.17
- Tenaz Energy (TNZ-T),increased 29 per cent to $51.20 from $39.70
In the first two months of 2026, the S&P/TSX SmallCap Index rallied 22.2 per cent compared to a 8.3 per cent price return for the S&P/TSX Composite Index.
Now, here’s a look at analysts’ current target prices, recommendations, forecast returns and yields for all securities in the S&P/TSX SmallCap Composite Index grouped by sector and ranked according to their expected price returns (excluding dividend and distribution income). The posted target price for each security is an average of all available target prices from analysts. A target price typically reflects an expected share or unit price 12 months from now based on an analyst’s financial modelling, such as a discounted cash flow or sum-of-the-parts model. For the yield provided, Bloomberg calculates this figure by annualizing the most recent announced dividend or distribution value.
It’s important to note that high target prices, which imply stellar returns that seem unbelievable may be just that - unrealistic. At times, when a stock price falls analysts may maintain their bullish expectations, inflating the forecast return. In addition, an outlier (extreme target price) can skew the average target price, to the upside or downside, particularly when the number of analysts covering a stock is low. Don’t let a huge projected gain lure you into a position – it is critical to look at the company and industry fundamentals.