Inside the Market’s roundup of some of today’s key analyst actions
Seeing “many moving parts” with Altus Group Ltd. (AIF-T), National Bank Financial analyst Richard Tse thinks it’s now “reasonable” for investors to “take pause until we gain more clarity on the outlook for 2026.”
That led him to drop his recommendation for its shares to “sector perform” from “outperform” previously.
On Thursday after the bell, the Toronto-based provider of commercial real estate intelligence reported in-line third-quarter 2025 results that were overshadowed by the announcement of the immediate departure of chief executive officer Jim Hannon. Mike Gordon, Altus Group’s former CEO and director since 2020, has been appointed Executive Chair and has agreed to assume the CEO role in the first quarter of 2026.
The company’s also revealed its strategic review has concluded with the decision to remain independent.
“Investors will recall our Outperform rating had been based on a reasonable expectation that the strategic review could potentially result in the sale of the Company,” said Mr. Tse. “That had us valuing the Company on our potential takeout scenario. Now that the strategic review has concluded, we’re reverting to our former DCF-based valuation.
“Coincident with a consecutive quarter of downward guidance, Altus announced the departure of CEO Jim Hannon. Assuming the role in the new year is former CEO Mike Gordon who we view as highly competent. Yet, it’s not unreasonable to think there will be a period of adjustment as Mr. Gordon takes over the leadership in early 2026.”
Now seeing a “balance risk/reward” proposition for its shares, Mr. Tse dropped his target to $52 from $74, which was the high on the Street, after reverting to his previous valuation methodology. The average target is $60, according to LSEG data.
Elsewhere, others making target revisions include:
* RBC’s Paul Treiber to $56 from $58 with a “sector perform” rating.
“ With Q3 results, Altus announced that former CEO Mike Gordon has been named CEO. Management is bullish on Altus’s long-term strategy and opportunity; however, given the lack of specific KPIs disclosures and reduced FY25 guidance, the CEO change reduces near-term investor visibility. As a result, we see Altus’s valuation being sustained below peers,” he said.
* TD Cowen’s Daniel Chan to $67 from $70 with a “buy” rating.
“We expect the shares to trade lower [Friday] on the back of the strategic review concluding with the company remaining an independent public company, combined with lowered guidance. Former CEO, Mike Gordon, is also returning to the CEO position in Q1/26. We believe Mr. Gordon was well-liked by investors; his return will likely be viewed positively. Maintain BUY rating,” said Mr. Chan.
* CIBC’s Erin Kyle to $54 from $63 with a “neutral” rating.
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Scotia Capital analyst Orest Wowkodaw now thinks there is a “stronger likelihood” shareholders of Teck Resources Ltd. (TECK.B-T) will support the proposed merger with British mining giant Anglo American PLC “in the absence of an alternative higher offer, particularly given potential TSX index inclusion.”
That led him to move his recommendation for Teck shares to “sector perform” from “sector outperform” previously.
“However, should the proposed merger fail (due to either insufficient support by Teck B shareholders, a potential interloper for Anglo, or regulatory roadblocks), we see an attractive organic re-rating opportunity ahead,” he added.
His change came after a visit to the Vancouver-based company’s flagship QB2 Cu mine in Chile earlier this week, he said reaffirmed his view “that the ongoing Tailings Management Facility (TMF) issues appear transitory, and are unlikely to impair the mine’s medium to long-term operating performance.”
“We also believe that the company’s recently reduced 2027-2028 guidance is likely conservative,” said Mr. Wowkodaw. “Overall, we view the site visit as a positive update for the shares.”
His target for Teck shares fell to $65 from $69 but above the $62.19 average.
In a separate report, Mr. Wowkodaw upgraded Ero Copper Corp. (ERO-T) to “sector outperform” from “sector perform” with a $36 target, rising from $33 and above the $33.43 average.
“Ero reported weaker than forecast Q3/25 results and warned that 2025 guidance was trending to the low end,” he said. “However, the company also disclosed updated Xavantina reserves and a new Au concentrate stockpile to be monetized shortly. Given the new Au windfall (up 11-per-cent to 8-per-centNAVPS), we view the update as a net positive for the shares.
“Although the Tucumã ramp-up has been extended to H2/26, we are upgrading our rating on Ero shares to SO (from SP) based on a compelling valuation, strong near-term Cu growth, and impressive FCF yield.”
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Citing “soft pulp markets, risks related to covenant compliance, and some medium-term uncertainty around economic fiber supply,” RBC Dominion Securities analyst Matthew McKellar added a “speculative risk” qualifier to his “sector perform” rating for shares of Canfor Pulp Products Inc. (CFX-T) in a research note titled Pulling available levers.
“As a result of continued market weakness and scheduled downtime at its Northwood NBSK [northern bleached softwood kraft] pulp mill in Q4 (projected by management to reduce NBSK production by 10k mt), CFX is anticipating a decline in Q425 results that could leave the company with minimal headroom under its financial covenants,” he warned.
“Management acknowledged the risk of non-compliance as early as December 31, 2025, and stated that it is in active discussions with its lenders in an effort to obtain a waiver for a potential covenant breach (recall, CFX previously received relief in December 2024). Management has introduced additional cost-saving measures in recognition of these pressures, although Q4 maintenance capital expenditures will be elevated, at $27-million (more than the first three quarters combined), as the company completes its maintenance at Northwood. Non-compliance with financial covenants could then constitute an indicator of potential impairment, with any necessary impairment charges then recognized at year-end. While we would not discount the potential for further covenant relief, we would be more comfortable with the situation if pulp markets had clearly begun to inflect.”
After the bell on Wednesday, the Vancouver-based company reported an adjusted EBITDA loss of $7.2-million, if a loss of $2.3-million if inventory write-downs in the Pulp segment were to be adjusted out. The Street’s expectation was a loss of $4.4-million
“Pulp prices remain under pressure,” said Mr. McKellar. “According to RISI, NBSK prices decreased $40/tonne m/m in October to $1,620/tonne. With NBSK prices in China at a discount to U.S. spot pricing, we would continue to expect pressure on U.S. pulp prices as producers look to redirect excess supply to U.S. markets given the premium. Management estimated that 500k tonnes of extra softwood inventories could currently be in the system, and with the addition of 1MM tonnes from Chinese producers, it would estimate that 1.0-1.5MM tonnes of supply would need to be taken out of the system.
“Pulling back on capex in 2026. CFX guided FY25 capital expenditures (including maintenance) to be $45-million, implying Q425 spending of $27-million. Management also guided for a decline in capital spending in FY26 to $35-million.”
The analyst reduced his earnings expectations through fiscal 2027, leading him to trim his target for the company’s shares to 40 cents from 50 cents. The current average is 63 cents.
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While he saw the third-quarter results from Arc Resources Ltd. (ARX-T) as “solid,” Scotia Capital analyst Cameron Bean expects lower production guidance for its Attachie natural gas play in British Columbia is likely to “elicit a negative response from the market,” leading him to cut his rating to “sector perform” from “sector outperform” previously.
“Our valuation criterion remains unchanged; however, our 2026 Cash Flow and Free Cash Flow forecasts are down 5 per cent and 10 per cent, respectively on the lower-than-expected condensate volumes and higher-than-expected cash costs in the 2026 guidance,” he said. “We have also increased the risking for Attachie in our SOA NAV (reducing the PV by 25 per cent), resulting in a 14-per-cent reduction to our SOA NAV to $36.11/share.
“While we do not think the situation at Attachie is catastrophic, we see the consistent production under-performance (versus the company’s stated expectations) and elevated water levels as a concern. Moreover, the 2025 vintage TILs have lagged our base case type curve for a much longer period than the 2024, which rapidly caught up after a slow start. We believe these issues, combined with lower-than-expected 2026 production guidance, and memories of problems from earlier in the year will shake the market’s confidence. In our view, the ups and downs from Attachie have a disproportionate impact on the stock given the long term expectations around the project and significant proportion of ARX’s drilling inventory tied to future Attachie phases. As such, we believe the company and project will be in “show me” mode for the next several months."
Mr. Bean cut his target to $30 from $36. The average is $32.29.
Elsewhere, National Bank’s Travis Wood reduced his target to $30 from $33 with an “outperform” rating.
“In our view, there is little relative downside in owning ARC at these levels, where we forecast 8-per-cent FCF yield against a 2026E EV/DACF of 4.7 times and expect the stock will continue to trade towards $30/sh. We also continue to believe the quality and depth of inventory positions ARC as a potential takeout candidate (Attachie, Sunrise, Septimus, Sundown),” said Mr. Wood.
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While he acknowledges investor questions remain “most focused on organic growth,” National Bank Financial analyst Maxim Sytchev thinks WSP Global Inc. (WSP-T) displayed “very strong bottom line execution” in its third quarter.
“We had a very strong bottom line/FCF showing from WSP this year; the majority of client interactions however centre on organic growth deceleration vs. what we’ve seen in 2024 and 2023 (7 per cent plus in both); we of course understand the debate and a return to high-single-digit momentum is likely unrealistic, but we also need to be mindful that organic trends tend to ebb and flow, and it’s one of the many metrics that describes business’ positioning/resilience,” he said.
“We do think that the ‘new normal’ is in the 5-6-per-cent range, which would still be close to 200 bps ABOVE the 7-year average, healthy by any measure. Capital deployment track record is Tier 1 and we are confident the company/Board will find the avenues of growth (don’t forget we estimate WSP’s market share in the U.S. at roughly 3 per cent; CEO’s commentary around M&A focus being on the U.S. supports our view); overall we are comfortable holding and buying the shares at current levels.”
Shares of the Montreal-based engineering and professional services firm fell 5.3 per cent on Thursday as concerns about its pace of organic growth linger, however Mr. Sytchev emphasizes it’s “not the only KPI that matters.” Adjusted earnings per share came in at $2.82, exceeding both the analyst’s $2.75 estimate and the Street’s expectations of $2.64.
“Margin expansion is significant in magnitude and consistent in cadence,” he said in a client not. “Margins were extremely impressive in the quarter as productivity continues to improve (increased use of tech, higher utilization rates and increased proportion of work in better paying sectors such as power and mining – note that WSP is the largest mine consultant globally). Restructuring efforts – largely in APAC and the Nordics but also some field employees in Canada and the U.S. – have quickly matched capacity with geographic end-market demand and effectively rationalized the cost base from already impressive levels.
“Organic growth is likely to slow from 2022 to 2024 highs, but remains above historical levels. Despite volatile macro and tough top line comps in the U.S. (muted disaster response activity vs. near-record levels last year) and Canada (contract adjustment), underlying growth, in our view, saw a solid performance. Going forward, the APAC inflection and POWER’s 15-per-cent growth rate becoming organic should support 2026 organic expansion. While soft macro in Canada and the U.S. Government shutdown (largely affecting permitting thus far) have led to some postponements/cancellations, growth in WSP’s core end-markets remains thematic in nature.”
Reaffirming his “outperform” recommendation for WSP shares, Mr. Sytchev raised his target by $2 to $299 after adding its recent £363.1-million acquisition of Ricardo plc, a UK-based global strategic and engineering consultancy firm, to his forecast. The average is $317.14.
“We slightly edge up our margin expectations for next year given the impressive performance seen year-to-date as the company is continuing to optimize its workforce, APAC margin improvement is coming up vs. easy comps, and an increase in ERP implementation towards 100 per cent of the company should all provide ample tailwinds for margin expansion towards WSP’s Investor Day target of 19-20 per cent by 2027,” he said.
Elsewhere, touting a “margin story hard to ignore,” ATB Capital Markets analyst Chris Murray upgraded WSP to “outperform” from “sector perform” with a $305 target (unchanged).
“While organic growth was impacted by a challenging comparison in the US due to a lack of disaster recovery work and weakness in APAC, management remained upbeat on its sector/regional outlook heading into 2026, mid-teens growth at Power Engineers, and margin outlook after delivering a 20.2-per-cent margin in Q3/25,” said Mr. Murray. “Leverage remains at the lower end of the targeted range, positioning WSP to be opportunistic around M&A with Power Engineers now integrated. With the growth and margin outlook intact and valuations moderating, we upgrade to Outperform.”
Others making changes include:
* RBC’s Sabahat Khan to $316 from $318 with an “outperform” rating.
“WSP delivered Q3 results that were in line to ahead of consensus, reflecting good progress in the base business (particularly on margins) and continued strength at POWER. Adj. EBITDA guide was also nudged higher again, reflecting the Ricardo acquisition. While organic growth was a bit below our forecast, we continue to like WSP’s positioning going forward and expect organic growth to accelerate into 2026,” said Mr. Khan.
* Desjardins Securities’ Benoit Poirier to $306 from $313 with a “buy” rating.
“We view [Thursday’s] 5.3-per-cent selloff as an overreaction,” said Mr. Poirier. “M&A dynamics may be contributing, with shares down 9.7% since the speculative Jacobs news (vs S&P/TSX down 1.1 per cent). WSP now trades at a wide 2.8 times EV/EBITDA FY2 discount to STN, compared with a five-year average premium of 0.4 times, making this pullback a clear buying opportunity, in our view.”
* CIBC’s Krista Friesen to $342 from $349 with an “outperformer” rating.
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In response to a recent pullback in its shares, TD Cowen analyst Mario Mendonca raised Definity Financial Corp. (DFY-T) to “buy” from “hold” previously, expressing confidence in its “consistency and defensive nature of CAD P&C.”
“A solid beat on lower CATs and better underlying profitability,” he said. “Operating EPS $1.03, up from 13 cents from last year, reflecting much lower CATs (Q3/24 was particularly harsh) and 10-15-per-cent growth in investment and distribution incomes. EPS was higher than our est. $0.81 and cons. $0.79 on lower CATs. Excluding PYD & CAT, the underlying claims ratio was 100bps better than our forecast. We raised our estimates & target price.”
Mr. Mendonca’s target rose to $80 from $74. The average is $77.10.
“With the announcement of the Travelers Canada acquisition, we no longer reflect a takeout premium in our target price,” he explained. “We base our valuation on a target P/B multiple of 2.3 times applied to BV/share ex. AOCI at Q4/26E. Our target price is consistent with 20 times P/E applied to 2026E EPS. While DFY has made significant strides as a public company (including this transaction), we are not comfortable valuing the stock at a premium to IFC.”
Elsewhere, National Bank’s Jaeme Gloyn bumped his target to $93 from $92 with an “outperform” rating.
“This is a good quarter: 1) EPS beat by 30 per cent, 2) BVPS of $33.43 beat by 4 per cent and increased 6 per cent quarter-over-quarter, 3) LTM [last 12-month] operating ROE of 12.5-per-cent beat by almost 200 bps, 4) combined ratio of 89-per-cent beat by 400 bps with beats across all business lines, 5) top-line growth was in line with the street including reiterated industry pricing outlook for the next 12 months (Personal Lines will remain firm while commercial lines pricing will keep pace with loss cost trends in the low-to-mid-single-digits),” said Mr. Gloyn.
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Following Thursday’s release of in-line third-quarter results and a maintaining of its full-year guidance, National Bank Financial analyst Cameron Doerksen reaffirmed his investment thesis for Bombardier Inc. (BBD.B-T), seeing “further upside for the stock.”
“Business jet end market conditions remain positive with growth in flight activity (up 4.8 per cent year-over-year quarter-to-date according to WingX) and solid new business jet orders (Bombardier book-to-bill at 1.3 times in Q3 with order activity continuing to be healthy), which gives us greater confidence that Bombardier can sustain aircraft deliveries at 150+ over a multi-year period and also deliver on higher-margin aftermarket growth,” he said. “Bombardier is already enjoying strong momentum in its Defense segment, but we expect further growth ahead supported by defence spending increases globally
“With leverage continuing to come down (we forecast 2.0 times at the end of 2025 and 1.3 times at the end of 2026) and free cash flow expected to be strong in the coming years, we see the potential for capital to be deployed towards NCIB and potentially for tuck-in M&A to bolster the company’s position in the aftermarket.
Shares of the Montreal-based plane maker closed narrowly lower after it reported quarterly revenue of US$2.307-billion, exceeding both Mr. Doerksen’s US$2.26-billion estimate and the consensus forecast of US$2.244-million after delivering 34 aircraft (versus the analyst’s expectation of 33). Adjusted earnings per share of US$1.21 fell short of forecasts (US$1.45 and US$1.40, respectively).
“Backlog was US$16.6-billion at the end of Q3 versus US$16.1-billion at the end of Q2 and the unit book-to-bill for the quarter came in at 1.3 times,” he noted in a client report. “Order activity into Q4 remains good with management highlighting that it expects to see more orders in Canada following the removal of the business jet luxury tax this week. Management also indicates that it is evaluating the possibility of delivery rate increases, given the strong backlog and still healthy end market conditions. However, given the lead times required of the supply chain, any rate increase would only impact deliveries in 2027 or beyond.
“Management has maintained its 2025 guidance including its free cash flow expectation in a range of YS$500-$800 million. Given the FCF performance year-to-date, still strong new order activity, and visibility on aircraft deliveries in the quarter, we believe FCF towards the mid-to-high end of the range is a reasonable expectation. The full-year guide also implies a strong EBITDA margin for Q4, but the mix of deliveries will be favourable and Defense-related deliveries will also be strong.”
Reiterating his “outperform” recommendation for Bombardier shares, Mr. Doerksen hiked his target to $234 from $216. The average is $215.67.
“We were valuing the stock by applying an 11.0 times EV/EBITDA multiple to our 2026 forecast, but given the strong earnings and cash flow momentum for the company and end market conditions that we expect will remain positive in the coming quarters, we are comfortable raising our target multiple to 11.5 times,” he explained. “After this adjustment and some modest upward adjustments to our forecast, our new target is $234.00.”
Elsewhere, other changes include:
* Desjardins Securities’ Benoit Poirier to $239 from $236 with a “buy” rating.
“We are not concerned by the slight miss vs Street expectations and we are encouraged by the tone on the call related to the outlook for 4Q25 (high mix of Global and defense deliveries) and beyond. While BBD’s record backlog provides an opportunity to increase the production rate, we expect management to remain disciplined. We are confident in BBD’s ability to meet its 2025 guidance and believe that we will be entering Phase 2 of the story, centered on further growth opportunities and capital deployment,” said Mr. Poirier.
* Scotia’s Konark Gupta to $230 from $190 with a “sector outperform” rating.
“While this could serve as a tough comp in 2026, BBD is approaching its 2030 target faster as the long-term opportunity remains big and is being augmented by Canada’s growing focus on defense. Q3 generally met our expectations (missed consensus) with the exception of revenue (ahead) and margins (lighter). Besides the less favourable mix, the supply chain drag surprised us. However, margin should catch-up in Q4 as BBD expects significantly more higher-margin aircraft deliveries. We remain confident in BBD’s ability to exceed the mid-point of FCF guidance this year given the YTD book:bill ratio of 1.6 times, while continuing to expect margin expansion and FCF growth through 2027. At approximately 10-times forward EV/EBITDA, the stock is not as cheap as it once was, but BBD is creating value through diversification, growth, improved FCF power, and ongoing deleveraging,” said Mr. Gupta.
* TD Cowen’s Tim James to $197 from $181 with a “hold” rating.
“Bombardier’s Q3 and outlook is strong with valuation only factor keeping us from being more constructive on 12-month upside. Q4 set-up looks stronger than anticipated. We believe longterm upside to production and deliveries of civil business jets shouldn’t be overshadowed by attention grabbing success of defense and services businesses. Recent multiple expansion justifies HOLD recommendation,” said Mr. James.
* CIBC’s Krista Friesen to $230 from $222 with an “outperformer” rating.
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In other analyst actions:
* CIBC’s Robert Catellier raised TC Energy Corp. (TRP-T) to “outperformer” from “neutral” and raised his target to $78 from $77. Other changes include: Raymond James’ Michael Barth to $72 from $70 with a “market perform” rating, TD’s Aaron MacNeil to $80 from $81 with a “buy” rating, Scotia’s Robert Hope to $81 from $80 with a “sector outperform” rating and RBC’s Maurice Choy to $84 from $74 with an “outperform” rating. The average target on the Street is $73.09.
“We view TC Energy’s Q3/25 results as operationally in line, with the biggest update coming from the company extending its 5-7-per-cent annual EBITDA growth outlook by a year to 2028. With a robust set of opportunities through the end of the decade, combined with the company’s continued project execution, we believe TRP has potential upside to its medium-term targets. We are upgrading our rating,” said Mr. Catellier.
* CIBC’s Jamie Kubik dropped NuVista Energy Ltd. (NVA-T) to “tender” from “outperformer” with a $18 target, falling from $20 but exceeding the $17.88 average.
“We have updated our price target and rating to reflect the offered price from Ovintiv. We believe the Ovintiv offer is attractive, representing a premium to NuVista’s share price, and provides investors with an acceleration of value in the stock. The $3.8 billion purchase price (inclusive of net debt) computes to 4.4 times 2026E EV/DACF versus peers at 4.2 times on our price deck. The offer price of $18/sh is 10 per cent lower than our prior 12- to 18-month price target of $20/sh, which we see as appropriate given the time value,” said Mr. Kubik.
* Scotia Capital’s Ovais Habib upgraded Equinox Gold Corp. (EQX-T) to “sector outperform” from “sector perform” with a $19 target. The average is $20.
“With Greenstone’s mine and mill ramp up improving going into Q4/25 and Valentine having completed its first gold pour and set to achieve nameplate capacity by Q2/26, we see the company as well positioned to achieve a significant inflection point in free cash flow generation, increasing from $250-million in 2025 (2-per-cent FCF yield) to $1.080-billion in 2026 (10-per-cent FCF yield) at spot pricing.
Management emphasized a clear focus on reducing debt, with free cash flow generated over the next 12 months earmarked for deleveraging the balance sheet. At roughly this time next year, we expect the company to be in a better position to finalize a shareholder returns strategy which could consist of a mix of dividends and share buybacks. With the shares currently trading at a slight discount to peers on a P/NAV and P/CF basis, we see share buybacks as an effective tool to help close the valuation gap to peers.“
* “Pending gross margin clarity,” Raymond James’ Michael Glen downgraded High Liner Foods Inc. (HLF-T) to “market perform” from “outperform” and cut his target to $16 from $22. The average is $18.40.
“Overall, we see High Liner as a well managed company, but we had clearly underestimated the near-term headwinds associated with tariff / inflation. As such, pending clarity / stability on these factors we are moving our rating to Market Perform,” said Mr. Glen.
* RBC’s Bart Dziarski raised his Alaris Equity Partners Income Trust (AD.UN-T) target to $21 from $20 with a “sector perform” rating, while Raymond James’ David Pierse raised his target to $26 from $25 with an “outperform” rating. The average is $24.54.
“Q3/25 normalized EBITDA was ahead of our forecast. Alaris continues to be active deploying capital and has done a good job growing and diversifying its investment portfolio. Capital return to shareholders remains strong with a 9-per-cent distribution increase and continued share buybacks. We believe current valuation is fair,” said Mr. Dziarski.
* Desjardins Securities’ Jerome Dubreuil raised his BCE Inc. (BCE-T) target to $42 from $41 with a “sector perform” rating. The average is $35.47.
“We view future EBITDA growth in BCE’s Canadian operations as a key catalyst, particularly given the stock’s low valuation. While we expect growth will remain modest, we believe the company now has a clearer plan that management can follow. This should help management delivering results on initiatives such as Ateko, Bell Cyber, Bell AI Fabric and Ziply, which should position BCE to achieve its investor day targets,” said Mr. Dubreuil.
* National Bank’s Jaeme Gloyn increased his target for Brookfield Business Partners LP (BBU-N, BBU.UN-T) to US$43 from US$39 with an “outperform” rating. The average is US$36.67.
“Overall operating performance was in line on EBITDA and ahead of the Street on EFO. While organic EBITDA increased a modest 2 per cent year-over-year, EBITDA margins continued to expand to 19 per cent, up from 18 per cent in Q3-24 (both excluding tax benefits at Clarios),” said Mr. Gloyn. “Overall, a steady as she goes quarter for BBU, despite ongoing macro uncertainty.”
* National Bank’s Travis Wood bumped his Canadian Natural Resources Ltd. (CNQ-T) target to $48 from $45 with a “sector perform” rating. The average is $54.10.
* Desjardins Securities’ Chris Li raised his Canadian Tire Corp. Ltd. (CTC.A-T) target to $190 from $185 with a “buy” rating. Other changes include: CIBC’s Mark Petrie to $189 from $181 with a “neutral” rating, TD Cowen’s Brian Morrison to $194 from $183 with a “hold” rating, Scotia’s John Zamparo to $155 from $150 with a “sector underperform” rating, and National Bank’s Vishal Shreedhar to $197 from $185 with a “sector perform” rating. The average is $180.80.
“Strong earnings results show CTC is controlling the controllables with good margin and expense control. There is still a decent runway from AI pricing/promo, True North cost savings and other initiatives. CTC and its dealers have bought for growth. Consumer demand remains resilient but dynamic. We expect the stock to be range-bound in the near term until earnings visibility improves. For long-term investors, we believe successful execution of the True North strategy should drive attractive earnings growth,” said Mr. Li.
* RBC’s Matthew McKellar raised his Cascades Inc. (CAS-T) target by $1 to $14 with an “outperform” rating, while Desjardins’ Frederic Tremblay hiked his target to $13.50 from $10.50 with a “hold” rating. The average is $12.58.
“We viewed Cascades’ update as confirming our view that the company is gaining momentum into 2026 with progress in ramping up Bear Island, a tighter North American containerboard market following significant rationalization across the industry year-to-date, and a significant profitability improvement program underway. We continue to see the potential for attractive upside as these themes continue to play out and be recognized by investors,” said Mr. McKellar.
* TD Cowen’s Aaron MacNeil hiked his Enerflex Ltd. (EFX-T) target to $23 from $19 with a “buy” rating. Other changes include: RBC’s Keith Mackey to US$17 from US$15 with an “outperform” rating, ATB’s Tim Monachello to $23 from $19.50 with an “outperform” rating, Raymond James’ Michael Barth to $24 from $20 with an “outperform” rating, National Bank’s Dan Payne to $24 from $17.50 with a “sector perform” rating and CIBC’s Jamie Kubik to US$15.25 from US$11.50 with a “neutral” rating. The average is $22.25.
“With a new CEO in the role, Enerflex deferred on specifics as it relates to the go-forward strategy, with management promising more details in the coming months,” said Mr. MacNeil. “We’ve believed that a multiple expansion thesis could play out for Enerflex for many years, which may be playing out now. Our increased $23 PT equates to a 5.0 times multiple on 2026E EBITDA, and we see potential for further expansion in time”
* Jefferies’ John Aiken cut his Goeasy Ltd. (GSY-T) target to $194 from $225 with a “buy” rating. Other changes include: Desjardins Securities’ Gary Ho to $200 from $215 with a “buy” rating and TD Cowen’s Graham Ryding to $160 from $210 with a “buy” rating. The average is $211.40.
“Management’s tone on the conference call was fairly cautious in our view, prudently highlighting a balanced approach to growth and credit risk. Year-to-date results have been mixed, and the near-term earnings outlook remains somewhat challenged in our view (we are below consensus). We have reduced our estimates and price target. However, the sell-off appears overdone and we maintain our Buy rating,” said Mr. Ryding.
* National Bank’s Matt Kornack raised his Granite REIT (GRT.UN-T) target to $90 from $87 with an “outperform” rating. Other changes include: Raymond James’ Brad Sturges to $93 from $90 with a “strong buy” rating, TD Cowen’s Sam Damiani to $88 from $85 with a “buy” rating and Scotia’s Himanshu Gupta to $90 from $85 with a “sector outperform” rating. The average is $87.94.
“Q3 picked up where Q2 left off in terms of continued occupancy gains bolstered by a strong leasing spread in the Canadian portfolio (here 1 mln sq. ft. saw a 130-per-cent increase),” said Mr. Kornack. “We expect this to drive incremental outperformance in Q4, consistent with management’s commentary on their August call around the back-end weighting of NOI contributions from leasing. With the U.S. portfolio now at 95-per-cent-plus committed occupancy and the remaining geographies being full, the REIT has returned to its historic trendlines, speaking to the quality of the portfolio given new supply pressures in a number of markets. The setup is for continued solid earnings growth into 2026, which prompted a 4.4-per-cent distribution increase. The only caveat over a longer time period is an increasingly shorter term to maturity on below market interest rate debt, which will eventually be a moderating factor on earnings growth.”
* Scotia’s Mike Rizvanovic raised his Great-West Lifeco Inc. (GWO-T) target to $68 from $61 with a “sector outperform” rating, while Desjardins Securities’ Doug Young moved his target to $63 from $60 with a “hold” rating. The average is $63.55.
“We continue to have a favorable view of GWO’s growth momentum following a strong quarterly result with earnings in each business segment coming in ahead of our expectations. Performance out of the U.S. was particularly impressive in Q3 with solid earnings growth and higher year-over-year flows for both the Retirement and Wealth businesses, and the potential for more acquisitions still in place as the lifeco looks to further boost its scale and capabilities. The CRS segment was also a strong positive in the quarter and the outlook appears constructive with the expectation of mid-to-high single-digit earnings growth over the medium-term. Our forecasts move up post-Q3, while our SO rating is unchanged and GWO remains our top pick among the large Canadian lifecos,” said Mr. Rizvanovic.
* RBC’s Jimmy Shan cut his Killam Apartment REIT (KMP.UN-T) target to $22 from $24 with an “outperform” rating. Other changes include: Raymond James’ Brad Sturges to $20 from $21.25 with an “outperform” rating and Scotia’s Mario Saric to $20 from $20.50 with a “sector outperform” rating. The average is $21.32.
“KMP struck a slightly more tempered tone on its operating outlook going forward, but the message was to expect a more ‘normal’ growth rate. To us, this means SP NOI growth in the 4-per-cent range, which we think is achievable, all things considered. Potential risks to the KMP story remain benign at this point – incentive levels are low on a portfolio basis and Halifax with risk of oversupply is holding occupancy strong with a large cushion to market rent. At an implied cap rate of 6.0 per cent along with a normal (albeit moderated) growth, valuation remains attractive," said Mr. Shan.
* TD Cowen’s Daniel Chan moved his Kinaxis Inc. (KXS-T) target to $229 from $225 with a “buy” rating. The average is $226.15.
“We have increased our SaaS growth estimates and expanded our margin assumptions given the strong quarter and what seems to be building momentum. Execution on the upsell strategy seems to be going well. Our thesis remains unchanged: we believe a stabilizing macro is positive for supply chain tech investments in an uncertain trade environment,” said Mr. Chan.
* National Bank’s Richard Tse increased his target for Lightspeed Commerce Inc. (LSPD-N, LSPD-T) to US$15 from US$13 with a “sector perform” rating. Other changes include: ATB’s Martin Toner to $19 (Canadian) from $18 with a “sector perform” rating, Stifel’s Suthan Sukumar to US$15 from US$14 with a “hold” rating, TD Cowen’s Daniel Chan to US$15 from US$13 with a “hold” rating and JP Morgan’s Tien-Tsin Huang to $20 (Canadian) from $19 with a “sell” rating. The average is US$13.91.
“The strong FQ2 results follow a solid FQ1 – with the most important KPI being the increasing location growth trend. With the stock’s move [Thursday], we’d hold on for a lower entry point," said Mr. Tse.
* TD Cowen’s Craig Hutchison raised his Lundin Mining Corp. (LUN-T) target to $28 from $26 with a “buy” rating. Other changes include: National Bank’s Shane Nagle to $27 from $25 with an “outperform” rating and Scotia’s Orest Wowkodaw to $25 from $23.50 with a “sector outperform” rating. The average is $24.13.
“Q3 beat reflects strong operational discipline, enhanced by a standout upward revision to 2025 copper guidance driven by Caserones leaching improvements. The growth pipeline remains robust with strong optionality at existing mines and continued progress at Vicuña with sanctioning as early as 2H/26,” said Mr. Hutchison.
* CIBC’s Hamir Patel lowered his Nutrien Ltd. (NTR-N, NTR-T) target to US$76 from US$77 with an “outperformer” rating, while Jefferies’ Laurence Alexander reduced his target to US$60 from US$65 with a “hold” rating. The average is US$65.93.
* CIBC’s Stephanie Price hiked her target for Quebecor Inc. (QBR.B-T) to $54 from $49 with an “outperformer” rating. Other changes include: TD Cowen’s Vince Valentini to to $52 from $49 with a “buy” rating, Desjardins Securities’ Jerome Dubreuil to $51 from $47 with a “buy” rating and RBC’s Drew McReynolds to $49 from $46 with a “sector perform” rating. The average is $49.32.
“Q3/25 results were slightly ahead of our expectations driven mainly by higher Telecommunications EBITDA margins. Factoring in a slightly higher revenue and EBITDA growth trajectory and an increase in our target EV/EBITDA multiple for wireless (from 8.0 times to 8.5 times), our price target increases,” said Mr. McReynolds
* National Bank’s Maxim Sytchev cut his Russel Metals Inc. (RUS-T) target to $54, remaining above the $50 average, from $56, maintaining an “outperform” rating, while RBC’s James McGarragle reduced his target to $47 from $49 with an “outperform” rating.
“3 results came in line with consensus ex one times, however, the focus for the quarter was management’s commentary on margin moderation expected in Q4. This aligns with recent peers’ results and was not unexpected. That said, we believe this likely contributed to today’s share price weakness. Despite a subdued industrial backdrop, we believe current valuation reflects these headwinds, as shares continue to trade at a notable discount to peers. Importantly, we see several company-specific catalysts including further value-added investments, disciplined M&A, and Kloeckner integration synergies positioning RUS to drive earnings growth irrespective of macro conditions,” said Mr. McGarragle.
* Desjardins Securities’ Chris MacCulloch raised his Suncor Energy Inc. (SU-T) target to $71 from $70 with a “buy” rating. The average is $64.51.
“While our model expectations leaned on the upper bounds of what we previously thought possible, much like SU’s recent operational and financial performance, we have found additional upside. Simply put, SU is currently firing on all cylinders across every aspect of the organization, with no signs of slowing down. We continue highlighting the stock as a top pick,” said Mr. MacCulloch.
* Jefferies’ John Aiken moved his Sun Life Financial Inc. (SLF-T) target to $98 from $96 with a “buy” rating. Other changes include: CIBC’s Paul Holden to $93 from $94 with a “neutral” rating and Scotia’s Mike Rizvanovic to $87 from $83 with a “sector perform” rating. The average is $93.46.
“While SLF’s underlying EPS came in slightly ahead of expectations, the headline beat was overshadowed by continued headwinds in the lifeco’s U.S. segment in both the stop-loss and Dental businesses, while outsized experience gains in the Canada segment, which boosted EPS by $0.09/sh (vs. our expectations), are not likely sustainable, without which EPS would have missed in the quarter. Some positives in Q3 included solid results in Asia and for SLC Management, and a very strong excess capital position. With that backdrop, our EPS forecasts are little-changed coming out of the quarter, although we have a slightly more negative view on SLF’s potential EPS growth trajectory in the near-term,” said Mr. Rizvanovic.
* National Bank’s Don DeMarco raised his Torex Gold Resources Inc. (TXG-T) target to $90 from $86, keeping an “outperform” rating. The average is $76.29.
“Q3/25 results [were] highlighted by a step change in FCF, transition to net cash imminent and the inaugural dividend, all pointing to continued operational de-risking and increased confidence offsetting mixed financials,” said Mr. DeMarco.
* RBC’s Michael Harvey cut his Tourmaline Oil Corp. (TOU-T) target to $72, falling below the $73.08 average, from $75 with an “outperform” rating.
“Tourmaline’s Q3/25 volumes were in-line and drove CFPS of $1.85 (slightly below street on mix/realizations); a special dividend was declared at $0.25/sh. The company reiterated its long term constructive outlook on gas, while noting a number of levers it could pull with near term weak pricing in mind. At strip pricing our updated estimates point to quarterly specials of $0.25/share in 2026, which could also be impacted by a potential sale of PRH assets (sale process ongoing),” said Mr. Harvey.
* Desjardins Securities’ Brent Stadler reduced his TransAlta Corp. (TA-T) target to $19.50, which is under the $22.23 average, from $21. with a “hold” rating, while TD Cowen’s John Mould moved his target to $26 from $27 with a “buy” rating.
“Alberta datacentre expectations were high heading into the 3Q results and the market responded to the shift in the investor day and uncertainty around datacentre timing. We expect TA’s datacentre MOU by its investor day in 1Q26, while the timing of a PPA is not clear. TA continues to expect to announce the Centralia recontracting by year-end, and we look forward to the details. We continue to believe investors should take a wait-and-see approach on TA given elevated risks,” said Mr. Stadler.
Editor’s note: An earlier version of this article indicated RBC's target for Enerflex shares was in Canadian dollars. It is, in fact, in U.S. currency. This version has been updated.