Inside the Market’s roundup of some of today’s key analyst actions
Citing its valuation, Raymond James analyst Michael Barth upgraded Canadian Natural Resources Ltd. (CNQ-T) to “outperform” from “market perform” previously, seeing “disciplined growth ahead.”
“We downgraded CNQ to Market Perform in late-March. Since then, the stock has sold off approximately 13 per cent and underperformed the peer group by 10 per cent, which is a relatively big move in a short period of time for one of the most stable upstream businesses in the country,” he explained. “The stock is now nearly back to the levels we saw before the Iran conflict started. Over the same period, we’ve seen SCO premiums start to emerge, which is largely a CNQ-specific tailwind, and causes us to revise our FY26/27 AFFO estimates higher. With higher estimates (and continued macro tightness), we have better visibility to CNQ achieving their long-term net debt target by the end of the year while simultaneously materially increasing shareholder returns. Our target moves higher, and we are upgrading the stock to Outperform as we once again see decent value in the shares."
In a client report released before the bell titled Steady Eddie, Mr. Barth said the company’s first-quarter results, which were released Thursday morning, displayed adjusted funds from operations and production that were “more-or-less in-line” with expectations, and he continues to see “solid execution” from CNQ.
“While the FY26 capital budget remains unchanged, recent performance in both the Thermal and Mining businesses looks promising,” he said. “In Thermal, Jackfish operated above nameplate capacity and recent well results from new pads at Pike 1 are promising as CNQ progresses on the Jackfish expansion and Pike 2. While still too early to make any notable calls on solvents, we note that CNQ continues to experiment with solvent applications, and that too could represent some upside to our medium-term estimates. We also note that Mining production in April averaged 630 mbbl/d with upgrader utilization of 106 per cent, which is stronger than we expected.
"SCO premiums creating some solid near-term tailwinds. In addition to the fact that CNQ is producing more SCO (strong 2QTD performance so far), we note that SCO has started trading at a notable premium to WTI in April, and that premium persists today. Given the high distillate cut in SCO and supportive distillate macro dynamics, we expect SCO will likely continue to trade at a premium for the rest of FY26 and perhaps into FY27. We’ve revised our realized pricing estimates higher for the Mining business, and that helps drive a modest increase to our AFFO estimates."
Mr. Barth raised his target for CNQ shares to $67 from $65. The average target on the Street is $67.71, according to LSEG data.
Following a first-quarter earnings beat, National Bank Financial analyst Dan Payne raised his rating for Enerflex Ltd. (EFX-T) to “outperform” from “sector perform” in a move “meant to acknowledge the expanding and accelerating runway for new high-impact growth opportunities (compression through power) that should continue to contribute outsized value (through a higher implied multiple) as they are manifested.”
Shares of the Calgary-based company, which is one of the world’s largest manufacturers of natural gas compression equipment, jumped 5.5 per cent on Thursday after it reported quarterly revenue of $584-million, down 7 per cent sequentially but up 6 per cent year-over-year and above Mr. Payne’s $553-million estimated. Adjusted EBITDA grew 11 per cent from the previous quarter and 21 per cent from the same period in fiscal 2025 to $137-million, exceeding the analyst’s $126-million projection.
“Consistency and quality has been established, while solid activity levels and continued high-grading of margins (through new business, synergies & efficiencies) continues to be noted, with contributions from; a) Engineered Systems ($328-millionrevenue, down 3 per cent quarter-over-quarter & 18.9-per-cent gross margin, up 130 basis points), with its backlog notably expanding (see below), and b) Energy Infrastructure ($149-million, down 5 per cent quarter-over-quarte & 63.8 per cent, up 760 basis points, including non-recurring contract bonus’ paid), which in association with AMS [After-Market Services] ($107-million, down 19 per cent quarter-over-quarter & 20.6 per cent, down 110 basis points), continued to deliver structural & high-margin returns.
“We note that its exposures in the Middle East (10-15 per cent of its gross margins) showed resilience (uninterrupted) through the initiation of the regional conflict (not necessary to discount, relative to how they are priced within, at this time).”
The analyst also emphasized Eneflex’s free cash flow is “normalizing” and “continued to be redirected towards shareholders through its base dividend and tactical buy-back, while its net debt stayed intact net of working capital build with meaningful option-value being established through lower leverage.”
Following raises to his forecast, Mr. Payne hiked his target for the company’s shares to $42.50 from $31.50. The average is $37.96.
“The business has stabilized and inflected higher in association with meaningful structural tailwinds from thematic market opportunities (i.e., data centres/power & natural gas + synergies), and the visibility of which should continue to provide tailwinds to growth and value (incl. continued multiple expansion) in opposition to an otherwise static environment. EFX trades at 5.4 times 2027 estimated EV/EBITDA (vs. broader peers at 6.7 times) on leverage of negative 0.4 times (vs. broader peers at 1.3 times),” he said.
Elsewhere, other analysts making target adjustments include:
* Raymond James’ Michael Barth to $45 from $40 with an “outperform” rating.
“We get that EFX performed well into the quarter, but we still believe that market underreacted to a very strong 1Q print where Adj. EBITDA beat, ES bookings beat, and forward-looking commentary was constructive. Our estimates move higher and our target follows. On our new estimates, we have EFX trading at a 12-per-cent sustaining FCF yield in 2027, with what we see as plenty of upside beyond that. We reiterate our Outperform rating, and continue to view EFX as offering one of the best risk-adjusted returns in our coverage universe,” said Mr. Barth.
* ATB Cormark’s Tim Monachello to $46 from $42 with an “outperform” rating.
“We believe EFX represents a compelling investment opportunity, offering exposure to a robust outlook for natural gas production growth with minimal direct exposure to gas prices and upside to a sizable, and rapidly growing opportunity in modular power generation,” said Mr. Monachello.
* TD Cowen’s Aaron MacNeil to $44 from $41 with a “buy” rating.
“We are increasing our price target … to reflect our increased estimates in the context of the company’s growing power demand opportunity,” said Mr. MacNeil. “Enerflex is deserving of a premium valuation, in our view, given its contracted cash flows and direct leverage to growing natural gas/power demand. EFX remains our Top Pick in the Energy Services sector.”
* RBC’s Keith Mackey to $31 from $26 with an “outperform” rating.
“Enerflex reported a solid quarter, with EBITDA ahead of our expectations. We remain bullish on EFX shares given exposure to positive macro trends, expanding ROCE/financial metrics, and self-help potential. ... Enerflex is on RBC’s Global Energy Best Ideas list,” said Mr. Mackey.
In response to Canadian miner Sherritt International Corp. (S-T) announcement on Thursday of the suspension of its operations in Cuba and the resignation of three directors after the U.S. expanded sanctions on the communist Caribbean island, National Bank’s Shane Nagle moved his rating to “under review” from “sector perform” previously, seeking “more clarity on a pathway to secure additional funding and/or a plan to restart.”
“Refinery operations in Fort Saskatchewan are continuing to produce finished nickel and cobalt and by-product fertilizer. Inventories are sufficient to continue processing until mid-June,” he said in a client note. “The Moa JV and Cuban power operations account for 76 per cent of our NAV. While Sherritt is generating sufficient cash flow from its Fort Saskatchewan refinery for the time being, those operations are vertically integrated with its Cuban operations and will be forced to shut down in mid-June.”
Mr. Nagle emphasized the Toronto-based company will likely require additional Liquidity Required if Shutdown Persists
“Following the recent $43.5-million equity financing, we estimate sufficient cash in Canada to repay amounts owing on its RCF ($69-million),” he said. “The next interest payment on its $266.2-million of Senior Secured 9.25-per-cent Notes is due in October and the Company will require additional financing, restructuring and/or some sort of collaborative agreement between the U.S., Cuba and Canada to restart nickel and cobalt production - which appears unlikely under current circumstances.”
Mr. Nagle removed his target for its shares. It was previously 30 cents.
Seeing a “competitive leasing environment,” Raymond James analyst Brad Sturges moved his rating for Boardwalk REIT (BEI.UN-T) back to an “outperform” from “strong buy” previously while also touting a “compelling value opportunity.”
“It appears that potential near-term positive catalysts to narrow the REIT’s estimated deep NAV/unit discount may be more limited in a more competitive leasing environment, in our view,” he explained. “We also suggest that greater forecasted Alberta property taxes YoY may constrain Boardwalk’s results starting in 2H26. That said, we are forecasting Boardwalk to generate low-single-digit 2026E SP-NOI and AFFO/unit growth year-over-year, and view the REIT as highly undervalued at current trading levels.”
Mr. Sturges’s target for Boardwalk units slid to $80, matching the average on the Street, from $82.
In a client note released before the bell titled Sewn to Succeed, Stifel analyst Martin Landry said Aritzia Inc. (ATZ-T) continues to impress investors with its sales and earnings growth as it ramps up expansion both south of the border and internationally.
"For a fifth consecutive quarter, Aritzia reported exceptional results,“ he said. ”Throughout the five quarter stretch, sales growth has been above 30 per cent year-over-year, EBITDA margins have expanded by more than 350 basis points on average and EPS growth has doubled year-over-year on average. It’s safe to say that the earnings recovery, which started two years ago, is almost complete and culminating this year with EBITDA margins expected to be around 19 per cent, the level guided by the company at the onset of the 5-year plan established in 2022.
“Aritzia introduced a FY27 guidance, which should please with revenue growth and EBITDA margins ahead of expectations. The mid-point of the FY27 guidance suggests an EBITDA of $855 million, 10 per cent higher than consensus of $780 million. Hence, we expect upward earnings revisions, which should propel shares higher [Friday]. With FY27 EPS expected to be up 45 per cent year-over-year, valuation at 30-times earnings is warranted, in our view.”
After the bell on Thursday, the Vancouver-based clothing retailer reported revenue for the fourth quarter of its fiscal 2026 of $1.19-billion, up 33 per cent year-over-year and above both Mr. Landry’s $1.16-billion estimate and the consensus expectation of $1.14-billion. He called growth “strong” and “achieved on the back of a strong quarter last year, which when combined, represents a revenue growth of 64 per cent on a two-year stacked basis.”
“The brand awareness of Aritzia is growing rapidly in the United States at a time when other brands such as Abercrombie, Lululemon, and Banana Republic are struggling,” said Mr. Landry. Aritzia seems to have found a niche, offering high quality products at price points above mainstream brands. This is conferring a cachet to the brand, which resonates with customers.“
Adjusted earnings per share grew 39 per cent year-over-year to $1.15, also topping expectations ($1.07 and $1.03, respectively). The attributed the beat to higher sales and lower expenses.
“Management introduced a very strong FY27 guidance ahead of expectations,” he added. “FY27 revenue guidance of $4.4-4.6-billion, up 19-24 per cent, is higher than our expectations of $4.34-billion and consensus of $4.26-billion. Embedded in this guidance is a strong Q1FY27, where revenues are expected to increase by 36-39 per cent year-over-year. This suggests that management has taken an assumption that revenue growth decelerates as the year progresses. FY27 EBITDA guidance of 19 per cent, represents an increase of 150 basis points year-over-year, and is higher than our expectations of 18.1 per cent and consensus of 18.3 per cent.
“New boutique openings. Aritzia expect to add 12-13 new boutiques in FY27, with 11-12 in the United States, including new markets such as St. Louis, New Orleans, Birmingham and Fort Worth. The investment payback of new boutique opening remains under one year, better than management’s target of 12-18 months. Lineups in front of the stores on opening day suggests that Aritzia is successful at promoting the openings. Management indicates that there is a very short ramp-up period and that new boutiques are reaching maturity sales levels rapidly. Two new flagship stores are in the works and set to open in FY28.”
After it increases to his fiscal 2027 and 2028 revenue and earnings forecasts, Mr. Landry increased his target for Aritzia shares to a Street high of $180 from $158. The average is $154.15.
Elsewhere, other changes include:
* Canaccord Genuity’s Luke Hannan to $182 from $166 with a “buy” rating.
“In our view, given its generation of robust comparable sales growth, healthy pipeline of new selling square footage coming online, and its clean balance sheet to support growth and margin enhancement initiatives, we believe Aritzia is deserving of a premium valuation,” said Mr. Hannan.
* Desjardins Securities’ Chris Li to $175 from $148 with a “buy” rating.
“ATZ delivered another outstanding quarter with robust comp sales of 28 per cent vs 21 per cent consensus, supported by excellent execution (strong product assortment, inventory, enhanced marketing, increasing brand awareness, outsized e-com growth etc). Despite macro uncertainty, top-line and margin momentum are expected to continue in FY27, with management expecting 19–24-per-cent revenue growth and 150 basis points EBITDA margin expansion,” said Mr. Li.
* RBC’s Irene Nattel to $193 from $175 with an “outperform” rating.
“ATZ delivered another quarter of strong and meaningfully above forecast Q4 results despite tougher prior year comps as existing customer loyalty is augmented by successful new customer acquisition via strong product, effective marketing, geographic expansion and accelerating digital growth with the launch of the mobile app late in Q2. Sales momentum strong and sector-leading across geographies and channels, F27 guidance above forecasts/consensus heading into the quarter,” said Ms. Nattel.
* TD Cowen’s Brian Morrison to $183 from $185 with a “buy” rating.
“Aritzia Q4/F26 results/F2027 potentially conservative guidance, illustrate a growth profile that will increase financial forecasts/sustain its premium valuation. Buyside expectations above consensus were handily exceeded in our view. Continued outlook for material EPS growth - from brand ‘heat’, U.S. ‘white space’, a mobile app accelerating e-comm penetration, and optionality from surplus cash,” said Mr. Morrison.
Ventum Capital Markets analyst George Doumet thinks the 10.1-per-cent jump in shares of Maple Leaf Foods Inc. (MFI-T) following its quarterly release on Thursday was “justified, particularly given investor concerns heading into the quarter around (i) volume elasticity in Prepared Foods following pricing actions, (ii) elevated promotional intensity, and (iii) margin pressure from higher costs (freight and packaging) tied to the conflict in the Middle East.”
“While these factors remain headwinds in 2026, they appear manageable within the current operating framework,” he added in a note. “Looking ahead, although we expect Poultry revenue growth to normalize into the mid-to-high-single-digits range in H2/26, we continue to increasingly appreciate the duration of this growth opportunity over the next 5–10 years."
The Mississauga-based company soared after it reported first-quarter sales of $963-million, topping both Mr. Doumet’s $952-million estimate and the Street’s $956-million expectation. He attributed the beat to “operating efficiency (inclusive of Fuel for Growth program), favourable mix (Poultry channel mix), and disciplined cost management.” Adjusted EBITDA of $122-million also topped projections ($112-million and $116-million, respectively).
“Poultry continued to outperform in Q1, with sales growth of 11.7 per centdriven by strong consumer demand, favourable retail and food service mix, and an 2 pt market share gain. The London Poultry facility remains a key growth enabler, operating efficiently with available capacity, and management highlighted a potential 10-year runway for expansion, with volumes currently tracking ahead of initial expectations. Industry supply management quota allocations are also increasing at a faster 4–5-per-cent pace versus the historical 2–3-per-cent range, reflecting robust underlying demand. While we expect growth to moderate in H2 into the mid-to-high-single-digit range, the longer-term outlook for the category remains highly attractive.
Pricing holding, volumes settling... Prepared Foods sales grew 2.3 per cent in Q1, driven primarily by pricing and mix, while volumes declined 1–2 per cent. Management characterized the softer volumes as a typical consumer response following February pricing actions. The timing of promotional activity may have shifted some demand around, though management does not expect a material impact on full-year performance. Importantly, Q2-to-date trends remain broadly consistent with Q1."
Mr. Doumet did warn the consumer environment was “described as stable but stressed, with promotional investment remaining disciplined and broadly unchanged.”
“While management acknowledged pockets of localized pressure, MFI expects margin performance to improve sequentially in Q2; we model a Q2 EBITDA margin of 13.2 per cent, up 50 bps quarter-over-quarter,” he added.
“Controlling the controllable. Following February pricing actions, management introduced a temporary fuel surcharge ($0.11/kg) to offset higher transportation costs tied to the Iran conflict, while noting secondary packaging impacts remain manageable. No additional pricing actions are planned for now. Looking ahead, Q3 was flagged as seasonally softer due to input mix considerations; we are looking for Q3 EBITDA margin of 12.8 per cent, down 40 bps quarter-over-quarter.”
Reaffirming his “buy” rating for Maple Leaf shares, Mr. Doumet raised his target to $39 from $37. The average is $36.
Elsewhere, others making target adjustments include:
* Canaccord Genuity’s Luke Hannan to $38 from $37 with a “buy” rating.
“Following the spin-out of its pork processing business, we believe Maple Leaf should exhibit a higher degree of top-line and margin resilience on a go-forward basis, which should garner a higher multiple from investors. In our view, Maple Leaf offers long-term investors an attractive growth profile at a reasonable valuation given the company’s robust brand portfolio and category dominance in prepared meats,” said Mr. Hannan.
* Stifel’s Martin Landry to $36 from $35 with a “buy” rating.
“The beat vs our expectation comes from higher revenues and higher gross margin than expected. At 18.7 per cent, gross margin reached the highest level in the last two years. Maple Leaf is benefiting from improved operating efficiencies stemming from asset optimization. MFI’s shares traded down in the weeks leading to the results as investors expressed skepticism on the company’s ability to pass on fuel surcharges to customers. Management had a confident tone during the earnings call, which, combined with the 2026 guidance being unchanged, suggests an ability to pass on higher costs. This reassured investors who sent the shares, up 10 per cent on the day,” said Mr. Landry.
* RBC’s Irene Nattel to $34 from $33 with an “outperform” rating
“MFI delivered solid Q1 results, with revenue growth led by poultry helping offset higher but moderating input costs and higher promotional spending. Pricing action taken mid-quarter should improve profitability as we move through Q2, despite associated transient volume compression. Notwithstanding our caveat that the road from here to there is inevitably bumpy, we reiterate our view that MFI is emerging post-spin as a more agile company with more stable financial results,” said Ms. Nattel.
* National Bank’s Vishal Shreedhar to $37 from $35 with an “outperform” rating.
“We believe that MFI can improve profitability and deliver amongst the highest EBITDA margin within branded protein peers, in conjunction with mid-single-digit top-line growth. We acknowledge heightened risk, largely due to execution and commodity volatility. In our view, valuation may continue to re-rate higher if MFI demonstrates consistent execution,” said Mr. Shreedhar.
In other analyst actions:
* ATB Cormark’s Nicolas Dion upgraded Lundin Gold Inc. (LUG-T) to “outperform” from “sector perform” previously while maintaining a $130 target, exceeding the $114.90 average on the Street.
“After pre-reporting production and sales, LUG delivered an in-line quarter highlighted by continued strong FCF ($349-million) and the declaration of a $1.21/sh quarterly dividend (fixed plus variable) - $293-million and an 7-per-centannualized yield. This follows an impressive press release on FDNS/FDNE drilling (incl. 7.5 metres at 668 g/t), highlighting the potential for both to be added to the mine plan. FDN remains an exceptional asset in the hands of an excellent operator and, with the stock off its highs, we are moving to an Outperform rating,” said Mr. Dion.
* TD Cowen’s Tim James increased his target for AirBoss of America Corp. (BOS-T) by $1 to $9, keeping a “buy” rating. The average target on the Street is $8.
“We remain bullish on AirBoss given defense backdrop, increasing consistency of EBITDA stability/growth, comp multiples, and industrial economy related upside. We assume compounding volume growth resumes in 2027, though uncertainty around timing remains,” said Mr. James.
* Raymond James’ Stephen Boland moved his Alaris Equity Partners Income Trust (AD.UN-T) target to $27.25 from $27, keeping an “outperform” rating, while , while Desjardins Securities’ Gary Ho bumped his target to $26.50 from $26 with a “buy” rating. The average is $25.50.
“Alaris reported a solid 1Q26, with DCFPU ahead of our estimate, stable portfolio coverage, and positive valuation activity, including the 3E realized gain. Management also reiterated the potential for several portfolio exits in 2026, which we believe could help narrow the current discount to book value. We are increasing our target to $27.25 from $27.00 despite a reduction to our reported BVPS estimates, as the decline is largely FX-related and does not reflect a change in underlying partner fundamentals,” said Mr. Boland.
* TD Cowen’s John Mould increased his target for Atco Ltd. (ACO.X-T) to $69 from $67 with a “hold” rating, while National Bank’s Patrick Kenny raised his target to $62 from $57 with a “sector perform” rating. The average is $72.40.
“Q1/26 results at ATCO Structures & Logistics slightly lagged expectations, offsetting a slight beat from CU (distribution utilities). ATCO highlighted growing pipelines of potential contracts at ATCO Structures, and broader defence-related growth opportunities (i.e., WKR investment),” said Mr. Mould.
* RBC’s Greg Pardy raised his Athabasca Oil Corp. (ATH-T) to $12.50 from $12 with a “sector perform” rating. The average is $10.39.
“Our constructive stance towards Athabasca reflects its capable leadership team, deep resource base, shareholder alignment, solid operating performance, strong balance sheet, organic growth profile and 100 per cent payout of (thermal) free cash flow to shareholders,” said Mr. Pardy.
* Mr. Mould also raised his Canadian Utilities Corp. (CU-T) target to $48, which is 43 cents under the average, from $47, keeping a “hold” rating.
“The Yellowhead Pipeline facility application decision continues to be anticipated in Q3/26, with the AUC hearing commencing May 11. A decision on potential credit support mechanisms for the project (higher temp. ROE, CWIP) could also land on a similar timeframe. Q1/26 EPS was a slight beat,” said Mr. Mould.
* National Bank’s Dan Payne raised his Baytex Energy Corp. (BTE-T) target by $1 to $8.50 with a “sector perform” rating. Other changes include: ATB Cormark’s Amir Arif to $8.50 from $7 with a “sector perform” rating and Raymond James’ Luke Davis to $8 from $7 with an “outperform” rating. The average is $6.22.
“The pivot is well in hand, having established a strong foundation and advancing across multiple initiatives to offer visibility towards a multi-pronged opportunity to compound long-term value. BTE is poised for a 24-per-cent return profile (vs. peers 29 per cent) on leverage of negative 1.3 times (vs. peers 0.1 times), while trading at 3.8 times 2027 estimated EV/DACF (vs. peers 3.4 times). The higher target is a function of inclining estimates and the product of the continued cadence of buybacks (each of which should compound through the outlook),” said Mr. Payne.
* Desjardins Securities’ Jerome Dubreuil trimmed his BCE Inc. (BCE-T) target to $41 from $41.50 with a “buy” rating. The average is $38.67.
“Data centres are emerging as a key upside lever for BCE, which we believe the Street is currently overlooking. Meanwhile, the telecom newsflow has been negative in 1Q, but the impact on earnings has been manageable. We believe stability in capital allocation and the two needle-moving EBITDA growth drivers (AI-powered solutions and Ziply, despite a slower start than expected) will drive greater investor interest over time. BCE remains our top pick in the sector,” said Mr. Dubreuil.
* National Bank’s Ahmed Abdullah trimmed his Cascades Inc. (CAS-T) target to $13 from $14 with a “sector perform” rating. Other changes include: TD Cowen’s Sean Steuart to $13 from $14 with a “buy” rating and RBC’s Matthew McKellar to $14 from $15 with an “outperform” rating. The average is $14.25.
“We believe that execution risk may still be a factor in addition to macro headwinds,” said Mr. Abdullah.
* TD Cowen’s Mario Mendonca bumped his Definity Financial Corp. (DFY-T) target to $86 from $85 with a “buy” rating. The average is $83.48.
* TD Cowen’s Aaron MacNeil bumped his Ensign Energy Services Inc. (ESI-T) target to $3.75 from $3.50 with a “hold” rating. The average is $3.83.
“Despite a quarterly miss on reduced estimates, management provided clear visibility to near-term rig additions which, in our view, is the key takeaway and now contemplated in our updated estimates. Additionally, while arguably not material to estimates in isolation, a rig add in Venezuela is likely to captivate the imagination of some investors,” said Mr. MacNeil.
* RBC’s Bart Dziarski cut his Element Fleet Management Corp. (EFN-T) to $40 from $47 with an “outperform” rating. The average is $42.
“EFN traded down 7 per cent [on Thursday] despite an in-line quarter which marks the 2nd consecutive quarter of meaningful move down following in-line results (in Q4/25 EFN traded down 4 per cent),” said Mr. Dziarski. “Management maintained 2026 guidance and we believe the bar for delivering strong results for the remainder of the year has been raised particularly for service revenue growth (up 6 per cent year-over-year in Q1/26) to accelerate to 10 per cent plus.”
* National Bank’s Patrick Kenny bumped his Fortis Inc. (FTS-T) target to $75 from $74 with a “sector perform” rating. The average is $78.88.
* TD Cowen’s Sam Damiani raised his Granite REIT (GRT.UN-T) target to $101 from $96 with a “buy” rating. Other changes include: Canaccord Genuity’s Mark Rothschild to $105 from $100 with a “buy” rating and Raymond James’ Brad Sturges to $103 from $101 with an “outperform” rating. The average is $98.20.
“GRT continues executing well and with discipline in today’s improving leasing and transaction markets. Acquisitions remain focused on core U.S. and Eur./UK markets while GRT is taking advantage of today’s stronger buyer interest in select lower-growth U..S assets,” said Mr. Steaurt. “The result: meaningful enhancements to long term value with comparatively modest initial/temporary dilution.”
* National Bank’s Gabriel Dechaine hiked his Great-West Lifeco Inc. (GWO-T) target to $73, matching the average from $65 with a “sector perform” rating, while Desjardins Securities’ Doug Young increased his target to $80 from $71 with a “hold” rating.
“GWO reported Q1/26 underlying EPS of $1.37, compared to our estimate of $1.32 and consensus of $1.31. The beat was driven mainly by experience gains (e.g., mortality) in the CRS/reinsurance segment,” said Mr. Dechaine.
* RBC’s Jimmy Shan raised his target for Killam Apartment REIT (KMP.UN-T) units by $1 to 22 with an “outperform” rating. Other changes include: Raymond James’ Brad Sturges to $20.25 from $20 with an “outperform” rating, TD Cowen’s Jonathan Kelcher to $21 from $20 with a “buy” rating and National Bank’s Matt Kornack to $20 from $19.75 with an “outperform” rating. The average is $19.80.
“From an operating standpoint, spring leasing season appears to have positive momentum with key operating metrics pointing in the right direction. Occupancy and market rents trended positively through the winter quarter, particularly in Halifax – something we did not expect. From a capital allocation standpoint, there is a notable shift to sell MHC, pause new developments and buy back stock, which we view positively. As such, despite a more competitive rental market and flat population growth, we reiterate OP given increased defence spending tailwind, positive operating momentum and positive capital allocation shift,” said Mr. Shan.
* RBC’s Paul Treiber increased his Kinaxis Inc. (KXS-T) target to $210 from $200 with an “outperform” rating. The average is $204.71.
“Kinaxis reported one of its strongest quarters in the last 2+ years. ARR growth accelerated, net new ARR was a Q1 record, and adj. EBITDA margins reached the highest level in 4 years. While Kinaxis only reiterated FY26 guidance, we see momentum driving potential upside through the year. With the stock near historical valuation lows, we see attractive risk-reward,” said Mr. Trieber.
* Mr. Treiber lowered his Open Text Corp. (OTEX-Q, OTEX-T) target to US$27 from US$30 with a “sector perform” rating. Other changes include: Raymond James’ Steven Li to US$35 from US$42 with an “outperform” rating and Citi’s Steven Enders to US$25 from US$26 with a “neutral” rating. The average is US$27.25.
“Q3 revenue was in line with OpenText’s pre-announcement and RBC/consensus. Cloud revenue, bookings and profitability were better than expected. However, non-core and non-cloud segments continue to decline and divestitures of non-core segments appear delayed. Investor sentiment is likely to remain soft, pending stronger organic growth,” said Mr. Treiber.
* Desjardins Securities’ Benoit Poirier raised his MDA Space Ltd. (MDA-T) target to $55 from $53 with a “buy” rating, while ATB Cormark’s David McFadgen trimmed his target to $53 from $54 with an “outperform” rating. The average is $53.45.
“1Q26 reinforced our confidence in MDA’s strong 2026 execution plan. The next phase depends on converting its large pipeline into awards, while deploying post-IPO balance sheet capacity, most likely through M&A. With the large $40-billion opportunity pipeline, we are confident in its ability to convert opportunities into backlog over time and sustain its revenue growth path of 25-per-cent-plus,” said Mr. Poirier.
* Stifel’s Martin Landry raised his Premium Brands Holdings Corp. (PBH-T) target to $117 from $112 with a “buy” rating. Other changes include: Ventum Capital Markets’ George Doumet to $128 from $124 with a “buy” rating and RBC’s Ryland Conrad to $131 from $129 with an “outperform” rating. The average is $120.27.
“Premium Brands reported strong Q1/26 results supported by solid organic growth of 7.6 per cent and a successful acquisition,” said Mr. Landry. “The company is ramping-up its newly built capacity with several new product launches and this tailwind should continue for the coming quarters. Management is also on a mission to re-center the company’s operations to its core businesses, which include the protein, sandwich and bakery groups. As such, the divestiture of Shaw Bakers is the first step in a strategy to monetize non-core assets. Management estimates that proceeds could exceed well over $1 billion. We expect some of these proceeds will be used to pay down debt and some will be redeployed toward higher return opportunities. With a reasonable valuation of 12 times forward earnings and high teens EPS growth potential, Premium Brands is an appealing combo of growth at a reasonable price, offering one of the lowest PEG ratio in our coverage universe.”
* RBC’s Pammi Bir raised his RioCan REIT (REI.UN-T) target to $24 from $22, which is the average, with an “outperform” rating.
“Post largely in line Q1 results, we like the direction of travel here. Despite broader economic pressures, REI is well-positioned to capitalize on the retail leasing “supercycle”, with a lengthy runway for organic growth to exceed historical levels. Progress on capital repatriation is also encouraging, with proceeds being reinvested at compelling returns. Combined with an attractive, durable earnings growth profile and transactions supportive of lower cap rates for urban, defensive retail, we see multiple levers to drive valuation higher," said Mr. Bir.
* National Bank’s Giuliano Thornhill bumped his SmartCentres REIT (SRU.UN-T) target to $28 from $27.10 with a “sector perform” rating. The average is $28.75.
“SRU posted mixed results. NOI was slightly below street expectations on a decline in occupancy from its previously communicated Toys R Us exposure. More positively, a number of sites will be backfilled with grocers at 25-per-cent higher rents, and with better lease terms, supporting occupancy recovery to 98 per cent (up 40 basis points vs. quarter end),” said Mr. Thornhill.
* In a note titled Makin’ hay while the crack spread shines..., National Bank’s Patrick Kenny raised his Tidewater Midstream and Infrastructure Ltd. (TWM-T) target to $15, exceeding the $9.83 average, from $9.50 with a “sector perform” rating. Other changes include: RBC’s Maurice Choy to $18 from $11 with a “sector perform” rating and ATB Cormark’s Nate Heywood to $17 from $9 with a “sector perform” rating. The average is $9.83.
“Overall, based on the step change in free cash flow driving down near-term debt levels, combined with bumping up our long-term WTI and PGR crack spread assumptions, our target moves up to $15.00 (was $9.50) and we maintain our Sector Perform rating ahead of further potential asset sales in Q2/26 towards reaching its $100 mln divestiture target,” said Mr. Kenny.
* Seeing “significant improvement,” National Bank’s Dan Payne increased his target for Tidewater Renewables Ltd. (LCFS-T) to $13.25 from $8 with a “sector perform” rating. Other changes include: ATB Cormark’s Nate Heywood to $12 from $8 with a “speculative buy” rating and RBC’s Maurice Choy to $12.50 from $7.50 with a “sector perform” rating. The average is $7.83.
“A very solid quarter from the company, proving significant tailwinds to value through positive execution and structural change for its business, with resonance through the outlook. In association, we have reset our estimates with greater confidence, and are maintaining our SP rating, while increasing our target price,” said Mr. Payne.
* Raymond James’ Stephen Boland bumped his Trisura Group Ltd. (TSU-T) target to $57.25 from $57 with an “outperform” rating. The average is $56.20.
“Overall, this was a positive quarter for Trisura with some mixed results in certain business segments (e.g., Canadian Fronting). However, management is focused on profitability which we believe tends to drive shareholder value over time. Book value per share continues to grow at a double-digit pace (up 16.4 per cent year-over-year), and we believe management could achieve its $1.0 billion book value target by mid-2026, ahead of the prior year-end 2027 goal. We maintain our Outperform rating, supported by continued growth and premium ROE,” said Mr. Boland.
* “Trusting the management team to do the right things,“ National Bank’s Maxim Sytchev raised his WSP Global Inc. (WSP-T) target to $272 from $268 with an “outperform” rating. Other changes include: Canaccord Genuity’s Yuri Lynk to $315 from $345 with a “buy” rating, ATB Cormark’s Chris Murray to $330 from $335 with an “outperform” rating and Desjardins Securities’ Benoit Poirier to $372 from $375 with a “buy” rating. The average is $309.38.
“Margin performance has been a standout metric, accelerating from up 20 basis points in Q4/25 improvement to up 80 basis points year-over-year in Q1/26, enabling the company to likely reach the bottom of its 2027E EBITDA range one year earlier; this is impressive while also growing the top line at a 5-per-cent clip, organically,” said Mr. Sytchev. “The addition of TRC/POWER makes the company a leading franchise in the T&D/data centre/grid hardening space in the U.S. (30 per cent of the geography’s top line); the composition of the company’s assets along transport, buildings, environmental services and now power as second to none. Management continues to view M&A as the #1 capital deployment opportunity; with material changes taking place in the industry (of course, AI investments but also succession planning on the part of private firms), being a patient acquirer is likely the best risk-adjusted strategy. WSP remains a steadfast performer amid a churning industry narrative. We believe that sticking around should yield a positive shareholder outcome.”
* In a note titled What’s Not to Love?, National Bank’s Baltej Sidhu increased his target for shares of 5N Plus Inc. (VNP-T) to $41 from $38 with an “outperform” rating. Other changes include: ATB Cormark’s Nicholas Boychuk to $45 from $37.50 with a “top pick” rating, Raymond James’ Michael Glen to $45 from $38 with an “outperform” rating and Desjardins Securities’ Frederic Tremblay to $43 from $35.50 with a “buy” rating. The average is $34.67.
“FY26E growth remains underpinned by exceptional visibility, with SS backlog effectively maxed out at 365 days (vs. 353 days in Q4/25) and bookings extending beyond 2028. SS (75-80 per cent of revenues) continues to anchor growth, supported by multi-year take-or-pay agreement with First Solar (FSLR; Not Rated), driving 33-per-cent volume growth in 2025-26 and +25% through 2028. In space solar, AZUR continues to benefit from a highly concentrated market (3 major players) with strong demand and pricing; the 30-per-cent capacity expansion completed in 2025 is contributing to current growth, with an additional 25-per-cent expansion currently underway (H2/26E start-up) supporting incremental growth into FY27E. Further expansions are likely given sustained robust demand for space solar,” said Mr. Sidhu.