Inside the Market’s roundup of some of today’s key analyst actions
Desjardins analyst Benoit Poirier is reiterating his bullish stance on BRP Inc. (DOO-T) following the company’s fiscal fourth quarter results this week while introducing his fiscal 2028 estimates.
He increased his price target to C$138 from C$130 and maintained a “buy” rating, suggesting this is a good time for investors to consider the stock.
The quarterly numbers beat expectations, and the company is starting fiscal 2027 with reasonable debt levels, Mr. Poirier said. Results are trending towards the upper half of its normalized fully diluted earnings per share range of C$5.50 to C$6.50. Meanwhile, its renewed product line and introduction of the Can-Am Defender HD11 are helping to boost market share.
“Given DOO’s strong free cash flow and the recent share price decline, we believe the story is worth revisiting,” the analyst said. “DOO ended fiscal year 2026 with leverage of 1.9x. Given our free cash flow forecast (C$805min 2027, C$819min 2028 and C$892mln 2029; translating into an free cash flow yield of 12%+), we expect DOO to end fiscal year 2029 with leverage of 0.1x, putting the company on a solid footing.”
“We are introducing our FY29 numbers, which call for revenue of C$9.9 billion (3% growth year over year), EBITDA margin of 15.4% (up 40 basis points year over year) and normalized EPS fully diluted of C$10.05, which we view as conservative given management’s ability to drive further market share gains and additional efficiencies, supported by new President and CEO Denis Le Vot’s strong background in the automotive industry,” he added.
BRP shares are down about 17% from their 52-week highs, and are now trading at 6.2 times Mr. Poirier’s calendar year 2027 EV/EBITDA estimates, which is an 18% discount to competitor Polaris.
Elsewhere, BMO raised its price target to C$120 from C$115 and reiterated an “outperform” rating, Wells Fargo raised its price target to C$110 from C$105 while reiterating an “overweight” rating, and Citi cut its price target to C$119 from C$128. Citi said it lowered its price target due to lower estimates and multiple, but the U.S. bank still rates the stock a “buy”.
Suncor Energy Inc. (SU-T) presents its investor day on Tuesday but ATB Cormark Capital Markets analyst Patrick J. O’Rourke isn’t waiting for the event to get more bullish.
He raised his price target to C$95 from C$71 while reiterating a “sector perform” rating.
“SU’s upcoming investor day on March 31 represents the next material catalyst for the company, where we expect Management to detail its comprehensive strategy for Base Mine volume replacement (and potential future growth projects beyond that) as a core focus of the event,” Mr. O’Rourke said in a note to clients.
“In addition, downstream profitability (including the potential to see a formal re-rate of capacity after several quarters of throughput that has exceeded 100% of nameplate) and a discussion of capital returns priorities in a higher for longer commodity price environment will be further key discussion points. As the company evaluates its long-term upstream supply options, we anticipate a thorough discussion on advancing its ES-SAGD technology (which we evaluate the impressive public data results inside). Given our improved view of future capital efficiency based on a review of growth opportunities and higher for longer downstream margin forecasts, we are increasing our target price,” he said.
CIBC Capital Markets analyst Mark Jarvi has turned “incrementally more positive” on Northland Power Inc. (NPI-T), raising his price target by C$2 to C$26.
Maintaining an “outperformer” rating, he’s the latest analyst to believe the takeout of Boralex this week by Brookfield and La Caisse has positive read throughs to Northland Power. He says that transaction “reinforces our view that NPI’s intrinsic value can be realized, either as a public company or a takeout.”
But there are other factors causing Mr. Jarvi to turn more positive on Northland.
“Notably, the rise in European spot prices could benefit NPI’s European offshore assets, and progress at Hai Long and a recent debt refinancing by another asset in Taiwan, are reassuring,” Mr. Jarvi said in a note to clients. “We also like NPI’s new Board appointment.
He further explained: “All indications are the two key offshore wind projects are progressing well. After a planned pause in the winter (due to sea conditions) installation of turbines at Hai Long (HL) has resumed, consistent with plans. If weather is fine for installations, it should mean energization of turbines installed in H2/25 is progressing too—we continue to believe the impact on foregone pre-completion revenue will be on the low end of NPI’s stated range. Ideally, we get a positive update on energization efforts fairly soon. Further, another offshore wind facility in Taiwan was able to refinance its debt, with strong support from local lenders. While terms were not disclosed, we believe this bodes well for NPI’s efforts to top up/refinance the HL debt to fill in the pre-completion shortfall and optimize HL FCF. Finally, updates on Baltic Power have shown steady progress, which is reassuring."
Meanwhile, “with disruption of natural gas flows out of the Middle East, natural gas prices in Europe have jumped, driving high power prices in Germany and the Netherlands. This could have a positive impact on NPI in three ways, albeit more potential than tangible thus far: 1) Gemini earns roughly 20% of its revenue from spot power sales—higher prices in the Netherlands could boost NPI’s results (every EUR10/MWh increase adds a modest C$5MM to EBITDA). 2) The German offshore wind farms earn the higher of spot or the contract price—spot prices (now EUR100/MWh) would need to exceed the Nordsee 1 contract price of EUR154/MWh before there’s any positive impact (seems unlikely). 3) The German power price increase/ volatility may allow NPI to contract more of Nordsee 1 once its current contract expires in the next few quarters; one-third is recontracted at EUR60/ MWh and NPI could layer on more contracts (ideally at better pricing)."
National Bank analyst Patrick Kenny upgraded Tidewater Midstream and Infrastructure Ltd. (TWM-T) to “sector perform” from “underperform”, citing an improved near-term cash flow and balance sheet outlook. He also more than doubled his price target, going from C$4.50 to C$9.50.
The company’s fourth quarter results overall came in below expectations, with EBITDA of $2 million well below the Street consensus of $15.5 million, reflecting lower gross margin and lower contributions from equity investments.
But guidance was more positive. It expects adjusted EBITDA of $150-170 million in 2026, bolstered by attractive crack spread margins at its Prince George operations.
Mr. Kenny said sees further upside from pending non-core asset sales and the potential restart of Ram River operations through the first half of this year.
Elsewhere, ATB Cormark Capital Markets raised its price target to C$9 from C$6 while reiterating a “sector perform” rating. Scotiabank raised its target to C$9 from C$7 and reiterated a “sector perform” rating. And RBC analyst Maurice Choy raised his price target to C$11 from C$10 and maintained a “sector perform” rating.
Said Mr. Choy: “Tidewater Midstream’s stock setup in the near-term looks promising, with a series of potential catalysts ahead, including continued strong crack spreads at PGR (which may exceed the mid-cycle spreads assumed in its 2026 guidance for non-hedged volumes), asset sales that progress it towards its $100 million target (and support further debt reduction), and favourable policy outcomes related to its 69%-owned Tidewater Renewables. As market fundamentals can rapidly change and government policy may take time to evolve, we take a “wait-and-see” approach pending these positives materializing."
ATB Cormark Capital Markets analyst Amir Arif upgraded Vermilion Energy Inc. (VET-T) to “outperform” from “sector perform” while raising his price target to C$24 from C$16.
“VET is a value name and our thesis remains the same that the multiple on the name has room to expand as Deep Basin execution takes place and as corporate FCF begins to improve in 2027/2028 from Germany and Montney buildouts,” Mr. Arif said in a note to clients. “The Deep Basin execution began to show up in Q4/25 results and we believe it will also be a standout in Q1/26. The free cash flow increase with Germany and Montney is longer-term in nature but helps solidify the underlying asset value and free cash flow transition that is taking place longer-term.”
Given the recent move in European benchmark gas pricing, and the potential for gas supplies to remain tight on the continent through to at least the summer, valuations have improved enough to justify the upgrade, he said.
Canaccord Genuity analyst Carey MacRury initiated coverage on NOVAGOLD Resources Inc. (NG-A; NG-T) with a “speculative buy” rating and US$13 price target.
NOVAGOLD’s flagship asset is a 60% interest in the Donlin Gold project, a large-scale gold project located in southwestern Alaska. Paulson Advisers LLC owns the remaining 40%. This ownership structure resulted after NOVAGOLD and Paulson jointly acquired Barrick Mining’s 50% interest in the project in 2025, with NOVAGOLD increasing its interest to 60% from 50% and Paulson acquiring the remaining 40%.
The project is permitted, and the new partnership has initiated a bankable feasibility study that is expected to be completed in 2027 to support project financing discussions and a construction decision. Initial production is expected by 2032.
“We believe Donlin is uniquely positioned in the global gold sector due to its combination of (1) size, with 46 million ounces (Moz), Donlin is one of the world’s largest undeveloped gold projects and is projected to produce 1.1 Moz/yr of gold over a 27-year mine, which would make it the largest gold mine in the United States and one of the largest globally; (2) grade, at ~2 g/t, Donlin is roughly double the grade of many other large-scale open pits in North America; (3) jurisdiction, Alaska is a top tier mining jurisdiction and the second-largest gold producing state in the United States after Nevada; (4) permitted, Donlin is federally permitted and, in October 2025, was formally accepted into the US FAST-41 program; and (5) local support, the project is supported by Calista Corporation and the Kuskokwim Corporation, Alaska Native Corporations that own the subsurface and surface rights, respectively,” Mr. MacRury said in a note to clients.
Mr. MacRury highlighted three main challenges for the company.
“(1) Donlin is remote and plans for significant investment in infrastructure, including roads, port facilities, and a power plant fuelled by a 300+ mile natural gas pipeline. (2) Refractory ore. The ore is refractory and the mine plan calls for energy intensive autoclave processing (or pressure oxidation POX) to pretreat the ore before standard CIL processing. (3) Significant capital requirements. Related to its remoteness and refractory ore, development capital for the project (100% basis) is currently estimated at $9.2 billion (2025 dollars),” he said.
Canaccord Genuity analyst Kenric Tyghe initiated coverage on of Canopy Growth Corp. (WEED-T) with a “speculative buy” rating and a 12-month price target of C$2.
Mr. Tyghe notes that Canopy is undergoing a “strategic pivot” under its new management team that promises disciplined cost control, improving execution, and a sharpened focus on global medical markets.
“Following Canopy’s March 16, 2026 acquisition of MTL Cannabis Corp. (MTL), we believe the company’s pivot from an asset-light, third-party supply model to an asset-right, in-house supply model will improve its global competitive positioning,” Mr. Tyghe said in a note to clients.
“For too long Canopy’s brands suffered from a ‘too much of everything, not enough of anything’ problem, compounded by inconsistent flower quality and availability, failing to leverage the weight of its widely recognized brands,” Mr. Tyghe continued. “The company’s strategic reset and renewed focus on unlocking value across core markets aim to heal these self-inflicted wounds by improving execution and expanding margins. The brand portfolio and SKU [Stock Keeping Unit] count have been scrubbed and the company is now focused on high-demand formats and maintaining its global vape leadership.”
Ventum Capital Markets initiated coverage on Gunnison Copper (GCU-T) with a “buy” rating and C$1 price target.
Gunnison is a pure-play copper company that is advancing a large-scale copper project in the U.S.
“A confluence of factors, including a recent pivot to a new mine plan, strategic location, domestic policy tailwinds, growing shareholder base, and an attractive valuation, points to potential upside in the share price,” Ventum analyst Robin Kozar said in a note to clients.
In other analyst actions:
ATB Cormark Capital Markets raised its price target on Tidewater Renewables Ltd. (LCFS-T) to C$8 from C$5 and while reiterating a “speculative buy” rating.