Inside the Market’s roundup of some of today’s key analyst actions
RBC Dominion Securities analyst Drew McReynolds sees Quebecor Inc. (QBR.B-T) now “in the sweet spot,” possessing “a still reasonable risk-adjusted return profile.”
“While Q2/26 financial results for Telecommunications were slightly below our forecast, underlying KPIs were in-line to slightly ahead reflecting solid momentum across the business,” he said.
Shares of the Montreal-based telecom jumped 5.9 per cent on Thursday after it reported quarterly revenue of $1.44-billion, up 3.2 per cent year-over-year and above both Mr. McReynolds’s $1.425-billion estimate and the consensus projection of $1.38-billion. Adjusted earnings per share jumped 14.1 per cent to $1.07, which was 6 cents under the analysts’ forecast but 8 cents above the Street.
Quebecor also raised its quarterly dividend by 12.5 per cent to 45 cents a share and renewed its buyback program.
“Against the backdrop of a low-volume but price-disciplined Canadian telecom market, we believe Q2/26 results once again highlight a successful profitable growth strategy that continues to strike a healthy balance of subscriber growth and profitability,” said Mr. McReynolds. “Specifically: (i) wireless network revenue growth sequentially accelerated from up 8.8 per cent year-over-year in Q1/26 to 9.2 per cent in Q2/26 underpinned by wireless ARPU growth acceleration from up 1.4 per cent year-over-year in Q1/26 to 2.5 per cent in Q2/26 and steady wireless net additions of 53k (up from 29k in Q1/26 with wireless churn declining year-over-year in the quarter); (ii) Internet revenue growth was stable sequentially at up 3.1 per cent year-over-year (versus up 3.2 per cent in Q1/26 and up versus 1.7 per cent in Q4/25) with Quebecor (similar to peers) benefiting from an Internet market with renewed price discipline helping to underpin modest overall wireline revenue growth despite negative wireline RGUs (Internet net losses were down 2k in Q2/26 versus down 3k in Q2/25); (iii) management indicated that planned expansion in Western Canada (including both network upgrades and expansion and incremental opex including additional sales and marketing) can be largely absorbed within the current financial trajectory; and (iv) with management expecting stable to modest growth year-over-year in FCF in 2026 (versus $1.4B in 2025), the capital return program will remain healthy and balanced with leverage at 2.9x in Q2/26.
“Specifically: (i) the quarterly dividend was increased +12.5 per cent; (ii) 1.6 million shares were repurchased for $99.7 million in Q2/26 with the NCIB renewed through August 14, 2027; and (iii) the company increased its equity stake in Etiya to 70 per cent for approximately $90-million, which is a Turkey-based global software company that provides digital business support system platforms
Maintaining his “sector perform” rating for Quebecor shares, Mr. McReynolds bumped his target to $71 from $70. The average target on the Street is $70.50.
“Despite strong share price performance driven mainly by multiple expansion (from 6.1 times FTM EV/ EBITDA at the beginning of 2025 to 8.4 times currently), we continue to see a reasonable risk-adjusted return profile for the stock,” he said. “We believe the driver of further upside in the shares from current levels will be primarily NAV growth bolstered by healthy FCF generation and a relatively low payout ratio. While the bar of expectations at current valuation in our view is now notably higher (particularly given the expanding premium to North American peers), a more constructive pricing environment combined with steady execution on a variety of tactical initiatives and cost-efficiencies should enable this bar to be met.”
Elsewhere, other analyst adjustments include:
* Desjardins Securities’ Jerome Dubreuil to $76 from $72, keeping a “buy” rating.
“QBR delivered an in-line quarter in the context of an elevated valuation and high investor expectations, but management’s bullish FCF outlook and the ARPU beat were the main drivers of our material target price increase. It remains difficult to identify a meaningful area of operational weakness at QBR and, in our view, the company continues to justify its premium valuation,” said Mr. Dubreuil.
* TD Cowen’s Vince Valentini to $80 from $78 with a “buy” rating.
“We did not see anything incremental or exciting in our first look at Q2/26 results (albeit telecom EBITDA up 5 per cent and wireless service revenue up 9 per cent remained industry leading), but then management indicated on the call that FCF could be in the range of $1.4-billion again in 2026. This leaves us with a picture of a company that is hitting on all cylinders,” said Mr. Valentini.
* Scotia’s Maher Yaghi to $66 from $63.50 with a “sector perform” rating.
“QBR delivered Q2 results that were in line with expectations on the top and bottom line, supported by resilient wireless loading despite a slowdown in industry volumes. Wireless ARPU also exceeded our and consensus expectations, helping the company deliver better revenue and EBITDA growth than the incumbents. However, we caution that since the company’s growth has remained heavily dependent on wireless subscriber additions (which we expect to normalize further in 2H as industry loading slows), we estimate wireless service revenue growth will moderate from about 9 per cent today closer to mid single digits by year-end. In a competitive four player market with fewer subscribers available, sustaining the growth required to defend the company’s 2 times EV/EBITDA multiple premium to peers could become increasingly difficult. While operational execution and cost management remains strong, slowing wireless revenue growth could limit further multiple expansion, in our view. We have increased our estimates, mostly on internet ARPU assumptions and maintain our SP rating on the stock,” said Mr. Yaghi.
* ATB Cormark’s David McFadgen to $77 from $69 with an “outperform” rating.
“Quebecor continues to be our favourite telecom stock. Over the last two years it has significantly outperformed the other telecom stocks,” said Mr. McFadgen.
After CES Energy Solutions Corp. (CEU-T) reported better-than-anticipated second-quarter results, National Bank Financial analyst Dan Payne admitted his worries about a “deceleration of earnings and drag from inflation and supply chain were overblown,” leading him to upgrade its shares to an “outperform” recommendation from “sector perform” previously.
On Thursday after the bell, the Calgary-based company reported revenue of $714.1-million, up 24 per cent year-over-year and 5 per cent sequentially and topping both Mr. Payne’s $617.9-million estimate and the consensus forecast of $645.4-million. Associated EBITDA of $119.3-million was a gain of 35 per cent and 7 per cent, respectively, and also exceeded projections ($100.2-million and $104.3-million) as margins outperformed.
“Was activity limited by seasonality and producer discipline, sure,” said Mr. Payne. “Might there have been inflation and supply chain impacts, maybe; but indiscernible, as costs for new businesses abated (margins once again pressed through the high end of its guided range). The reality of this quarter was one of validating the strength and momentum of this business, where even through seasonal and cyclical headwinds, its business positively progressed and outperformed expectations (the only point of adjustment being a one-time item on non-recurring business through the period).
“Overall, the company continues to progress returns with high visibility relating to the strength of its market position (market share & product mix) in addition to structural (new business wins & acquisitions) and secular (intensity of activity) thematics. All with the outcome of compounding returns. Through the period, the company generated FCF of $25-million (down 24 per cent prior period & 29 per cent same period last; given elevated working capital requirements to support high activity levels), which continues to complement shareholder returns (entirely returned through its 1-per-cent cash yield and 2-per-cent buyback; arguably a moderated pace), and strength of balance sheet (total debt up 4 per cent quarter-over-quarter with increased working capital investment; 1 times D/EBITDA).”
Touting CES’s “unique positioning in an otherwise static market,” Mr. Payne maintained a $20 target for its shares, calling it “highest-quality names in the group, with exposure to unique structural and thematic tailwinds to support disproportionate earnings momentum and value over the long term (compounding at a rate of at least 10-15 per cent per annum), and with our overblown anticipation of drag now invalidated.” The average on the Street is $21.25.
“Strategically, it continues to capitalize on multiple scalable avenues of growth with significant opportunity to capture market share and material associated operating leverage, from which to drive meaningful earnings and FCF expansion (against its capital-lite model),” he explained.
“There are few stories in the group where the build-up of incremental opportunity has such strong visibility, where the intensity thematic, modest signs of activity upside, white space of the competitor landscape (i.e., 10-per-cent market share from CHX), and new business (i.e., 20-per-cent market share of offshore & oil sands market; $360-million revenue & $90-million EBITDA opportunity) provide a solid line of sight towards continued compounding of returns.”
In response to recent unit price appreciation, Desjardins Securities analyst Lorne Kalmar lowered Plaza Retail REIT (PLZ.UN-T) to a “hold” rating from “buy” previously.
“PLZ has generated a total unitholder return of 67 per cent since January 1, 2025, the highest of any REIT under coverage and well ahead of the REIT index (approximately 23 per cent),” he said.
“While 2Q operating results were in line with expectations, we remain of the view that there is a low likelihood of a takeout coming to fruition at this time, and we find it difficult to justify a target multiple that would provide a sufficient total return to maintain our Buy rating.”
On Thursday, the Fredericton-based REIT announced a Special Committee of the Board of Trustees has received “inbound interest across a range of potential transactions from other parties” following an unsolicited non-binding proposal from Axia Real Assets LP.
“We remain of the view that the Axia transaction has a low likelihood of success, given it does not appear to have support of Michael Zakuta or Earl Brewer, who together control 20 per cent of units,” said Mr. Kalmar. “While there has been a meaningful uptick in interest in the retail asset class, at this time we believe the most likely outcome is that PLZ continues to exist in its current form.”
With its second-quarter results falling in line with expectations, Mr. Kalmar’s target for Plaza units rose to $5.50 from $5. The average is $4.85.
“Versus the small cap retail peers (APR and NET), PLZ trades at 2 point premium on P/FFO, vs the LTA [long-term average] of a 0.5 point premium,” he noted. “Additionally, we see a low likelihood that the strategic review culminates in an outcome that drives the stock materially higher vs current levels. In our view, the key risk to our Hold rating is that a materially higher bid is surfaced and ultimately successful.”
WSP Global Inc. (WSP-T) delivered a “solid” second-quarter, according to National Bank Financial analyst Maxim Sytchev, believing “accelerating organic momentum and productivity improvements instill confidence.”
“It’s interesting how the same print three months ago would have elicited a different response as the market at the time was in a euphoria stage around AI and its potential disruptions (we are not taking anything away from the print, which was solid, just stating the positioning/fund flow skew),” he said in a client report. “Now that we are back to a semblance of normality (WSP has 7,000 job openings it’s trying to fill as we speak), fundamentals are pointing to sustained organic momentum in all geographies, while margin opportunity is being enhanced as we speak.”
Shares of the Montreal-based engineering firm jumped 6.3 per cent on Thursday after it reported revenue of $4.272-billion, a gain of 23 per cent and well above both the Street’s $4.214-billion estimate and Mr. Sytchev’s $4.128-billion projection driven by 17.1-per-cent inorganic growth. Adjusted earnings per share gained 23 per cent to $2.88, also topping expectations ($2.82 and $2.81, respectively.
“M&A remains the top capital allocation priority, regardless of the Arcadis outcome,” he said.. “WSP submitted two friendly, non-binding proposals to Arcadis, viewing a combination as highly strategic and value-accretive for both companies; however, management remains disciplined and stressed that the growth outlook, financial objectives and capital allocation framework are unchanged regardless of the outcome (management chose not to provide more detail into ARDS on the call, only addressed it directly in prepared remarks). Beyond Arcadis, discussions with smaller and mid-sized firms remain active. POWER, TRC and Ricardo are progressing well, with TRC performing at or slightly above expectations, salary / benefits harmonization substantially complete and systems conversion targeted for January 1, 2027. More importantly, WSP/TRC are jointly pursuing 100+ opportunities, including an IOU award tied to a $78-billion five-year capital plan with line of sight to $10-billion of potential work.”
Mr. Sytchev said WSP’s margin and organic growth “momentum [is] accelerating” and thinks artificial intelligence “remains a future capacity enabler rather than an immediate productivity driver or pricing threat.”
“Management stressed that AI contributed very little to Q2/26 productivity gains, which instead reflected scale, stronger project execution, client/project selection and pricing. AI should increasingly support faster and more efficient design, but is not making technical employees redundant (WSP currently has approximately 7,000 open technical positions), while its India platform has reached 6,500 employees, or 8 per cent of the workforce, after adding roughly 1,000 net employees year-to-date,” he said. “Net revenue per employee continues to increase, directly countering investor concerns around AI-driven fee deflation.”
With higher earnings expectations and free cash flow generation, Mr. Sytchev lifted his target for WSP shares to $219 from $207 with an “outperform” rating. The average is $279.33.
Elsewhere, other changes include:
* ATB Cormark’s Chris Murray to $325 from $330 with an “outperform” rating.
“Better-than-expected Q2/26 results were driven by a step-up in organic growth rates and productivity gains, which underpinned 90 basis point of (year-over-year) margin expansion. Management was increasingly positive on its regions/end markets, with its growing U.S.-based power franchise, more than $20-billion backlog, and scale-based advantages supportive of growth and further margin expansion going forward, with the bottom end of the full-year guidance range increased accordingly. WSP reported a strong quarter, and we see current valuations (10.0 times 2027 estimates) providing a compelling opportunity,” said Mr. Murray.
* Desjardins Securities’ Benoit Poirier to $369 from $372 with a “buy” rating.
“WSP delivered an impressive 2Q, with a record EBITDA margin of 19.1 per cent, the highest since its IPO, and solid 5-per-cent organic growth with APAC finally turning the corner. More importantly, management’s confidence appeared to increase meaningfully, pointing to continued momentum stepping into 2H. The combination of accelerating growth, record backlog and continued margin expansion reinforced the view that recent strategic investments are beginning to translate into improved operating performance,” said Mr. Poirier.
In other analyst actions:
* Calling its margin guidance “disappointing” and “concerning,” Raymond James’ Steven Li downgraded Open Text Corp. (OTEX-Q, OTEX-T) to “market perform” from “outperform” with a US$29.50 target, down from US$35. Analysts making target changes include: Citi’s Steven Enders to US$28 from US$25 with a “neutral” rating and Scotia’s Kevin Krishnaratne to US$33 from US$40 with a “sector outperform” rating. The average is US$28.47.
“The 4Q beat is less meaningful as OTEX guides conservatively/resets the bar lower every quarter,” said Mr. Li. “Sure enough, at the mid-point, OTEX F1Q27 adjusted EBITDA guidance ($400-million) is materially below consensus ($462-million) again. The F2027 margin guidance (32-33 per cent vs. expectations 36 per cent) is concerning. OTEX used to be a 40-per-cent adjusted EBITDA margin company converting high-70s into FCF as recently as 2021-22. Its profitability profile has been in decline since and now this guidance. As well, management commentary on its earnings call indicate divestitures are likely on hold temporarily as macro conditions are not conducive for potential buyers. Target lower on lower forecasts but move to Market Perform given insufficient return as shares were surprisingly strong, up 3 per cent [on Thursday].”
* In response to the announcement of its definitive agreement to be acquired in cash by Japan’s Kirin Holdings, Stifel’s Justin Keywood moved Jamieson Wellness Inc. (JWEL-T) to “hold” from “buy” with a $45.75 target, matching the offer, from $45 previously.
“We calculate a LTM/NTM [last 12 month/next 12 month] adj. EBITDA take-out multiple of 15 times/14 times and below precedent VMS transactions that average 19 times,” said Mr. Keywood. “However, on a EBITDA multiple basis (without adjustment), ~16x LTM is implied and healthy 34 times FCF multiple. We see the offer as fair, provided the global nature of JWEL and uniqueness of the China segment, suitable for a narrower set of potential acquirers. Paired with a $70-million break-fee (3.5 per cent of equity value) and provided other recent takeout processes in our coverage, we believe the vote and transaction should proceed, leading to our hold rating and aligned target price. Q2 results, also reported tonight, showed continued strength and exceptional management execution, reflective in slight estimate changes.”
* Stifel’s Ian Gillies raised his Adentra Inc. (ADEN-T) to $54 from $48 with a “buy” rating. Other changes include: Acumen Capital’s Nick Corcoran to $50 from $48 and Desjardins Securities’ Frederic Tremblay to $49 from $47 with a “buy” rating. The average is $49.40.
“ADEN delivered strong 2Q26 results with adj. EBITDA beating consensus by 16.7 per cent, primarily due to strong margins. The cost discipline in 2Q26 is expected to continue through 2H26E and 2027E, which leads to our 26E/27E EBITDA forecasts increasing by 4.2 per cent/5.3 per cent, respectively. We estimate the company still has $322 mm of spare capacity to execute M&A, and there is the potential for additional acquisitions in 2026E. Building products stocks have been out of favour due to elevated interest rates, but ADEN’s management team is doing an excellent job on functions it can control. The entry point remains attractive in 2027E at 8.9 times P/E and this is a small cap we continue to like quite a bit. Moreover, we believe stock performance could get exciting if and when the U.S. housing market improves,” said Mr. Gillies.
* TD Cowen’s Tim James moved his target for shares of AirBoss of America Corp. (BOS-T) to $11 from $10, which is the average on the Street, with a “buy” rating.
“We remain bullish on AirBoss given defence backdrop, increasing EBITDA consistency, ARS volume trends, industrial economy recovery upside, an increasing opportunity set for new revenue sources across the business and comp multiples,” said Mr. James. “Q2 was solid and there appear to be opportunities in both segments (defence, moulded products, ARS) that are not factored into our current forecasts/multiples.”
* Desjardins Securities’ Gary Ho moved his Alaris Equity Partners Income Trust (AD.UN-T) target to $27.50, topping the $27.13 average, from $27 with a “buy” rating.
“2Q results beat—partner revenue topped guidance, our estimate and consensus, while BVPU hit a record $25.83, ahead of our and consensus forecasts on FX gains and solid FV appreciation (Fleet, Kubik). Deployment momentum continued as Tesco was added as the 25th partner. A larger-than-expected Fleet common dividend was received post-2Q. We look for updates on several partners (Shipyard, McCoy, GWM) and 2H exits on the call,” said Mr. Ho.
* National Bank’s Mohamed Sidibé increased his Allied Gold Corp. (AAUC-T) target to $33 from $29 with a “sector perform” rating. The average is $41.19.
“We are updating our model to reflect Allied Gold’s Q2/26 financial results reported after market on August 5 and highlighting commentary provided on the call,” said Mr. Sidibé. “Overall, our 2026 and 2027 estimates are largely unchanged. AAUC noted on the call that Kurmuk remains on track to start operations in August with first gold in September with stockpiles level, while not disclosed, tracking to plan and fuel needs sufficient to meet production requirements as the power line advances towards completion. Grades are reconciling well and Kurmuk could potentially target production of 30 koz per month. Assuming a September start date, this could imply production of 120 koz, while a later start would see this closer to the 80 koz. We are comfortable with our 100 koz, which is at the lower end of the prior guidance of 100 to 150 koz provided.”
* National Bank’s Doug Taylor increased his Altus Group Ltd. (AIF-T) to $50 from $41 with a “sector perform” rating. Other changes include: BMO’s Stephen MacLeod to $53 from $51 with a “market perform” rating and ATB Cormark’s Gavin Fairweather to $57.10 from $56 with an “outperform” rating. The average is $51.67.
“Altus delivered a solid Q2 beat with revenue and Adj. EBITDA ahead of expectations,” said Mr. Taylor. “On guidance, Q3 revenue and Adj. EBITDA margin also slightly beat expectations, while the Company modestly bumped up its FY26 growth guidance 25 bps to 6.25 per cent year-over-year (CC) and Adj. EBITDA margin 60 bps to 28.5 per cent (both at the midpoints).”
“Stability in the reporting structure over time will help improve confidence in the business model and strategy with execution.”
* ATB Cormark’s Chris Murray reduced his AtkinsRéalis Group Inc. (ATRL-T) target to $120 from $123 with an “outperform” rating, while BMO’s Devin Dodge bumped his target to $110 from $108 with an “outperform” rating. The average is $115.50.
“ATRL delivered strong results, with strength in Nuclear and mid-single-digit organic growth in ES offsetting pockets of (regional) margin softness. A bump in full-year guidance for Nuclear came as expected, with the outlook for ES left unchanged, reinforcing expectations for stronger levels of organic growth and margin expansion in H2/26. Demand for ATRL’s nuclear offering remains robust, with potential U.S. market entry (under review) for its CANDU/MONARK technology and potential new build awards domestically representing near- to medium-term catalysts. The Company remained active on the NCIB, which we expect to continue given valuations, a net cash position, and expectations for stronger FCF generation in H2/26. We see significant value at current levels and would remain buyers,” said Mr. Murray.
* National Bank’s Maxim Sytchev cut his ATS Corp. (ATS-T) target to $42 from $57 with an “outperform” rating. Other changes include: Raymond James’ Michael Glen to $33 from $46 with an “outperform” rating, Stifel’s Justin Keywood to $44 from $52 with a “buy” rating and Desjardins Securities’ Frederic Tremblay to $46 from $52 with a “buy” rating. The average is $49.14.
“We remain believers in the Healthcare cycle as accelerated biotech M&A = more novel therapies coming to market; nuclear is lumpy but could be transformational. This will always be a project-based business model; it’s a treadmill and now the comps are tough. With management now in a “prove me” setting, we are rebasing our numbers and forward multiple to lower levels; that being said, even on those reduced parameters, implied upside is close to 40 per cent,” said Mr. Sytchev.
* Desjardins Securities’ Jerome Dubreuil lowered his BCE Inc. (BCE-T) target to $41 from $43.50 with a “buy” rating, while Scotia’s Maher Yaghi increased his target to $40 from $39 with a “sector outperform” rating. The average is $37.
“BCE stock reacted positively to a largely in-line quarter, which we attribute more to the stock’s undemanding valuation and low expectations than to any change in the fundamental outlook,” said Mr. Dubreuil. “Management provided an update on its Saskatchewan 300MW AI datacentre, which remains on schedule, with $1.15-billion of associated capex to be spent in 2H. Combined with an acceleration in the Ziply buildout, we expect the next two quarters to be construction intensive, laying the groundwork for a stronger growth profile in 2027–28.”
* Raymond James’ Michael Barth raised his target for Canadian Natural Resources Ltd. (CNQ-T) target to $66 from $65 with an “outperform” rating. Other changes include: Scotia’s Chris MacCulloch to $73 from $71 with a “sector perform” rating and TD Cowen’s Menno Hulshof to $73 from $72 with a “buy” rating. The average is $70.35.
“With another solid quarter in the books, and slightly higher estimates, we have better visibility to CNQ achieving their long-term net debt target in short order while simultaneously materially increasing shareholder returns. At the current share price we still see reasonable value with CNQ trading at a 8.5-per-cent sustaining free cash flow yield on our FY27 estimates (US$67/bblWTI deck). Our target moves slightly higher, and we reiterate our Outperform rating,” said Mr. Barth.
* Raymond James’ Stephen Boland increased his Dominion Lending Centres Inc. (DLCG-T) target to $12.50 from $11 with an “outperform” rating, while Desjardins Securities’ Gary Ho moved his target to $13.50 from $11.75 with a “buy” rating. The average is $11.50.
“DLCG reported 2Q results in line with its preliminary release but below our expectations, as continued housing softness weighed on volumes, revenue and margins; management has launched an expense review in response. In our view, the strategic Filogix acquisition more than compensates for the miss —a compelling 3.5 times multiple and immediately accretive with data monetization optionality. We raised our 2026–28 estimates to reflect Filogix’s contribution,” said Mr. Ho.
* Raymond James’ Michael Barth moved his Enerflex Ltd. (EFX-T) target to $48 from $47 with an “outperform” rating. The average is $44.36.
“It would be an understatement to say we were surprised with both the absolute and relative underperformance of EFX [Thursday], particularly following what we thought was a very strong quarter. After tweaking our estimates (which remain at-or-near the high end of consensus), our target actually increases modestly. We continue to view EFX as offering one of the best risk-adjusted returns in our coverage universe, and reiterate our Outperform rating,” Mr. Barth said.
* In response to results that met his expectations, National Bank’s Shane Nagle increased his Ero Copper Corp. (ERO-T) target to $52.50 from $50, exceeding the $49.44 average, with an “outperform” rating.
“We have incorporated Q2 results, and made modest revisions to our H2 assumptions. Improved operational consistency, balance sheet deleveraging and recent cost optimization efforts are expected to result in multiple expansion. We reiterate our Outperform rating based on Ero’s improving FCF outlook through H2/26, continued deleveraging and discounted cash-flow valuation.
* National Bank’s Maxim Sytchev raised his Finning International Inc. (FTT-T) target to $118 from $115 with an “outperform” rating, while BMO’s Devin Dodge increased his target to $122 from $118 with an “outperform” rating. The average is $121.50.
“Margins are a function of mix and in order to create a long Product Support tail, new equipment sales are a prerequisite for future growth; this is a first-class problem to have, especially with sharpened execution on the part of this management team. We are also constructive on nation-building opportunities in Canada, copper in LatAm, and overall better sentiment towards commodity names,” said Mr. Sytchev.
* TD Cowen’s Sam Damiani increased his Granite REIT (GRT.UN-T) target to $103 from $101 with a “buy” rating. Other changes include: Raymond James’ Brad Sturges to $106 from $110 with an “outperform” rating and Desjardins Securities’ Kyle Stanley to $108 from $106 with a “buy” rating. The average is $104.67.
“Leasing fundamentals have further strengthened across most of GRT’s markets, supporting our outlook for sustained mid/upper single digit SPNOI growth through 2028. GRT continues to selectively curate a portfolio that has yielded a long-term track record of relatively high operating and per-unit performance,” said Mr. Damiani.
* TD Cowen’s Aaron Bilkoski bumped his Kelt Exploration Ltd. (KEL-T) target to $12 from $11 with a “buy” rating. The average is $11.90.
“We see significant optionality in the portfolio, even beyond our current estimates. Revised completion designs are driving a step-change in Wembley performance, sulphur windfall profits can be converted into incremental wells, a potential capex increase in ’26 is likely, and the ’27 budget could be moved higher year-over-year. After years of infrastructure delays, Wembley is now demonstrating its potential,” said Mr. Bilkoski.
* TD Cowen’s Jonathan Kelcher moved his target for Killam Apartment REIT (KMP.UN-T) units to $22, exceeding the $21.30 average, from $21 with a “buy” rating. Other changes include: Scotia’s Mario Saric to $20.25 from $20 with a “sector outperform” rating and Raymond James’ Brad Sturges to $21.25 from $21 with an “outperform” rating.
“Atlantic Canada fundamentals remain supportive for Killam, driving above-average SPNOI [same-property net operating income] and AMR [average monthly rent] growth,” Mr. Kelcher. “Stabilizing leasing spreads and continued 97-per-cent-plus occupancy increase our confidence KMP can beat its 3.5-per-cent 2026 apartment SPNOI target (top among NA apartment REITs). Capital recycling remains active with additional MHC sales added. At the current valuation, proceeds targeted towards NCIB.”
* National Bank’s Doug Taylor bumped his Kinaxis Inc. (KXS-T) to $210 from $200 with an “outperform” rating, while BMO’s Thanos Moschopoulos raised his target to $200 from $195 with an “outperform” rating. The average is $202.17.
“Q2 reinforces Kinaxis as a leading growth-reacceleration story and Top Pick, with a beat and raise quarter despite what we (still) view as a conservative guide,” said Mr. Taylor.
* TD Cowen’s Craig Hutchison trimmed his Lundin Mining Corp. (LUN-T) target to $41 from $42 with a “buy” rating. The average is $42.42.
“While the quarter was largely neutral), we look forward to a Vicuña sanction decision later this year which now embodies higher fiscal stability owing to the agreement with the San Juan province,” said Mr. Hutchison. “Additionally, we still believe that Caserones and Candelaria will perform well in H2/26 despite the heavy storm disruption.”
* In a report titled We see relative value here, RBC’s Darko Mihelic hiked his Manulife Financial Corp. (MFC-T) target to $67 from $55 with an “outperform” rating. Other changes include: BMO’s Tom MacKinnon to $70 from $67 with an “outperform” rating, Scotia’s Mike Rizvanovic to $67 from $61 with a “sector outperform” rating and Desjardins Securities’ Doug Young to $68 from $63 with a “buy” rating. The average is $62.46.
“MFC’s Q2/26 core EPS was higher than anticipated, driven by stronger than expected results across all operating segments. MFC suggested that any short-term impacts from the potential enforcement of existing tax rules on Hong Kong MCV sales will be manageable. We view the situation as evolving and adding some uncertainty to the longer-term outlook, shorter term we continue to model strong earnings growth in Asia. Our 2027 estimates are shy of MFC’s 18-per-cent-plus core ROE target (by 2027) but we like to view this as possible upside,” said Mr. Mihelic.
* RBC’s Michael Harvey increased his target for Paramount Resources Ltd. (POU-T) to $37 from $35, which is the average, with a “sector perform” rating. Other changes include: BMO’s Jeremy McCrea to $37 from $35 with an “outperform” rating, Scotia’s Chris MacCulloch to $36 from $34 with a “sector perform” rating, ATB Cormark’s Patrick O’Rourke to $37 from $36 with an “outperform” rating and Raymond James’ Luke Davis to $37 from $35 with an “outperform” rating.
“Paramount has now strung together multiple quarters of outperformance, largely underpinned by Willesden Duvernay well results and favourable run times. Importantly, Phase 3 of Alhambra appears slated for positive FID later this year, which would ultimately bring WSD capacity to 70,000 boe/d. We also note a recent POU license at Hoole - an oil sands project with significant runway,” said Mr. Harvey.
* Stifel’s Martin Landry reduced his target for Premium Brands Holdings Corp. (PBH-T) to $105 from $117, keeping a “buy” rating. Other changes include: TD Cowen’s Derek Lessard to $130 from $140 with a “buy” rating, Scotia’s John Zamparo to $105 from $110 with a “sector outperform” rating, ATB Cormark’s Kyle McPhee to $130 from $150 with an “outperform” rating, RBC’s Ryland Conrad to $120 from $131 with an “outperform” rating, Desjardins Securities’ Chris Li to $110 from $120 with a “buy” rating., National Bank’s Vishal Shreedhar to $98 from $108 with a “sector perform” rating and Ventum’s George Doumet to $127 from $128 with a “buy” rating. The average is $124.89.
“Along with the release of the Q2/26 results, management reduced 2026 EBITDA guidance by 4 per cent, which sent the shares down 14 per cent,” said Mr. Landry. “The larger share decline vs the guidance reduction reflects investors’ frustration with management’s weak track record of hitting its own guidance. We believe it is the fifth consecutive year in which management misses its guidance. Absent this dynamic, PBH’s story is appealing. We forecast EPS to increase by 18 per cent year-over-year, FCF to turn positive and financial leverage to improve, declining by one turn this year. Under different circumstances, this would warrant a higher multiple than 12 times forward earnings currently ascribed by investors. Unfortunately, shares of PBH may be range bound in the coming months as investors digest the guidance revision. We remain positive on the long-term outlook as capitulating at these levels would be wrong. However, our conviction level on PBH has decreased.”
* Ventum’s Rob Goff increased his target for Propel Holdings Inc. (PRL-T) to $34 from $30 with a “buy” rating. Other changes include: Scotia’s Phil Hardie to $29 from $27 with a “sector perform” rating, ATB Cormark’s Jeff Fenwick to $38 from $29 with an “outperform” rating, Stifel’s Suthan Sukumar to $38 from $34 with a “buy” rating and TD Cowen’s Graham Ryding to $37 from $33 with a “buy” rating. The average is $30.61.
“Q2/26 outperformance reflects the strength of 100K+ daily, inbound requests up from 61K year-over-year,” said Mr. Goff. “The step-function demand increase reflects expanded geographic coverage, new marketing partners, the migration from legacy MoneyKey Direct Lending to centralized MoneyKey Bank Services, along with a tailwind from higher market growth. In turn, demand growth leads to above-forecast yield, loan growth, higher credit profiles with lower provisions and the bottom line adjusted EPS and ROE beat. Higher growth with stronger credit clients also leads to increased upfront expensing of onboarding costs for performing loans. Consequently, we focus on the adjusted results.
“We believe H1/26 outperformance reflects strong market demand and management execution. It further casts a positive light on management’s disciplined restraint and the upfront investments in new services and distribution capabilities across H2/25.”
* Scotia’s John Zamparo reduced his Restaurant Brands International Inc. (QSR-N, QSR-T) target to US$81 from US$83 with a “sector perform” rating. The average is US$85.78.
“Reluctance from investors to project forward remarkable BK comps alongside a slowdown in Tims Canada lead to our unchanged outlook for RBI. Valuation looks quite reasonable at 17 times NY EPS. We still view simplification (specifically, near completion of the Carrols re-franchising and Reclaim the Flame) as primary catalysts that will resonate with investors and could re-rate the stock. Until then, it’s difficult to see what will make RBI break out of its range despite healthy consolidated performance. We maintain our SP rating and reduce our target price to $81 on slightly lower earnings estimates (partly from revised FX assumptions) next year,” said Mr. Zamparo.
* RBC’s Pammi Bir increased his RioCan REIT (REI.UN-T) target to $25 from $24 with an “outperform” rating. The average is $23.83.
“Although an in-line quarter, REI’s strategic advances to simplify the business and improve earnings visibility are encouraging. Operationally, a multi- year runway for solid organic growth is taking shape, supported by significant mark- to-market opportunities on in-place rents as leases roll. The capital repatriation exercise is also essentially done, with a growing opportunity set for accretive redeployment as its cost of capital improves. Bottom line, we see a mix of above average growth and improving cash flow quality at a discounted valuation,” said Mr. Bir.
* ATB Cormark’s Kyle McPhee increased his Savaria Corp. (SIS-T) target to $38 from $35 with an “outperform” rating. Other changes include: TD Cowen’s Cheryl Zhang to $37 from $35 with a “buy” rating and Desjardins Securities’ Frederic Tremblay to $39 from $36 with a “buy” rating.
“SIS reported Q2/26 results slightly ahead of expectations, and the update does not trigger any major forecast revisions (modest increase; see full note). The quarter reinforces strong business momentum, highlighted by continued organic growth and margin expansion. The track record, combined with a favourable demand backdrop and healthy balance sheet that can fund accretive M&A, all leaves SIS well positioned to deliver credible and sustained value compounding,” said Mr. McPhee.
* Raymond James’ Michael Barth increased his South Bow Corp. (SOBO-T) target by $1 to $62 with an “outperform” rating. The average is $47.04.
“We remain constructive on SOBO following a strong start to 2026 and a positive revision to FY26 guidance. We continue to believe that little value for Prairie Connector, Liberty Bridge, and other downstream projects is reflected in the current stock price, and expect that a positive FID next year will be a positive catalyst. At the current share price we still see good value with SOBO trading at a 9.0/9.5-per-cent DCF yield on our FY26/27 estimates, and are reiterating our Outperform rating,” said Mr. Barth.
* National Bank’s Maxim Sytchev reduced his Stella-Jones Inc. (SJ-T) target to $92 from $95 with a “sector perform” rating. Other changes include: Raymond James’ Christian Reiter to $83 from $90 with an “outperform” rating, Desjardins Securities’ Benoit Poirier to $99 from $104 with a “buy” rating and RBC’s James McGarragle to $79 from $82 with a “sector perform” rating. The average is $91.50.
“Q2 results were disappointing, with adj. EBITDA margin missing against a discounted consensus. That said, management laid out a reasonable bridge for margin recovery from near-term cost headwinds alleviating (Q3/26), a repricing cycle through contractual mechanisms (early 2027), and annualized savings from the ties/poles network optimization (2027). Furthermore, the demand picture remains constructive, and we therefore see the medium-term earnings trajectory as attractive. The caveat is that execution remains a risk, and we await tangible progress on the cost recovery and repricing before we get more positive,” said Mr. McGarragle.
* TD Cowen’s Mario Mendonca increased his Sun Life Financial Inc. (SLF-T) target to $124 from $121 with a “buy” rating. The average is $110.28.
“SLF beat our estimate on stronger CAD earnings (experience gains) while results were in line in all other segments. In the U.S., experience losses were US$19-million (forecast US$15-million) from seasonal reserving in stop loss. Medicaid dental sales were nil. Pricing actions and reserving point to better US results in ’26/’27. While MFS margins remain good, outflows are accelerating. Asia/HK sales were strong,” said Mr. Mendonca.