Inside the Market’s roundup of some of today’s key analyst actions
National Bank Financial analyst Zachary Evershed sees Savaria Corp. (SIS-T) “underindexed” in Western Europe, believing that region is a potential source of significant gains for the Laval, Que.-based at-home accessibility equipment manufacturer.
“Though a tumultuous geopolitical environment saw Savaria’s initial growth goal checked back to $925 million [from $1-billion], the company is on track to hit the S1 20-per-cent margin target and can declare Mission Accomplished,” he said. “Therefore, ahead of the company’s second investor day in April 2026, at which management will divulge new long-term targets, we take this opportunity to speculate on the drivers of the next leg of operational improvements.
“Tailwinds continue to blow in Patient Care, as we previously explored, supported by accelerating demographics, allowing us to turn our attention back to Accessibility, and Europe in particular.”
In a client report released Monday, Mr. Evershed pointed to the company’s move to hand another role to Jean-Philippe De Montigny, its Chief Transformation Officer and “champion” of its Savaria One (S1) multi-year strategic initiative. In October, he was also named its President, Accessibility – EU, UK & Rest of World.
“We view one of the company’s main fixers moving across the pond as a telling indicator of where management plans to focus most on operational improvements in the coming years,” said the analyst.
Mr. Evershed thinks the company’s “headroom for improvement” is favourable in Europe, noting “while Accessibility Europe’s EBITDA margin profile has risen to the mid-to-high teen level, up substantially from 9-11 per cent in 2023, it still falls short of North America’s mid-20s, and this, despite Acc EU’s organic growth lagging by nearly 1,000 basis points over the last two years as it sheds low-margin accounts.
“While acknowledging that Europe’s Accessibility market is potentially more competitive, we note that SIS’s penetration on the continent distinctly lags its success in Canada (and the U.S.), even when excluding Eastern European and Nordic countries in which SIS has few sales,” he added. “This runway underwrites management’s plans to kick-start top-line growth through cross-selling.”
“We see no reason the consolidated Accessibility segment cannot achieve mid-to-high single-digit organic growth.”
After rolling out his 2027 forecast for Savaria, Mr. Evershed raised his target for its shares to a Street-high of $30 from $26, which is the current average, “with eyes on significant growth potential in Europe and confidence in further margin improvement under S2.”
“We look forward to additional details and targets related to Savaria Two initiatives, which should be discussed in detail come the next investor day in April 2026," said the analyst, keeping an “outperform” recommendation.
TD Cowen analyst Brian Morrison is expecting Aritzia Inc. (ATZ-T) to report “strong” third-quarter fiscal 2026 results that exceeding the Street’s current expectations on Jan. 8.
“This should be due to outsized revenue growth from SSSG, new store openings, and its successful mobile app launch that in turn supports operating leverage,” he said. “Shares have appreciated 105 per cent year-to-date, but further more modest upside should come from the magnitude of the F2026 guidance raise and confidence for ongoing revenue momentum in F2027.”
Mr. Morrison is currently projecting quarterly revenue growth for the Vancouver-based clothing retailer of 32 per cent year-over-year to $964-million. It easily tops its guidance of $875-million to $900-million, which he attributes to “its product resonating as confirmed by channel checks, new store openings, and the launch of its highly anticipated mobile app”.
“This should support operating leverage above the company’s flat year-over-year guidance,” said Mr. Morrison, who is estimated earnings per share of 94 cents, which is 9 cents above the consensus and 23 cents higher than its same period in the last fiscal year."
In reiterating his bullish view on Aritzia, he called its 2025 performance “tremendous” and calling 2026 a “tough act to follow.”
“Aritzia significantly outperformed peers and the S&P/TSX composite in 2025, driven by best-in-class revenue growth as management has executed upon product innovation/marketing, store expansion including flagships, and eCommerce penetration through the launch of its mobile app/international website,” he said. “This has led to 2025 share price appreciation of 105 per cent.
“We maintain a positive outlook for 2026, albeit with more modest appreciation relative to 2025. Key drivers we need to see include: 1) a material Q3/F26 EPS beat, 2) top-line momentum/operating leverage continuing in Q4/F26, 3) increased F2026 guidance leading to visibility for ongoing outsized EPS growth in F2027, 4) data supportive of our view its mobile app has been a material success, and 5) communication of an accretive allocation of its surplus cash resources to augment EPS growth. These are key milestones we believe are likely and required to support an attractive return again in 2026.”
Maintaining his “buy” rating for its shares, he increased his target to $133 from $110. The average is $117.18.
“Our channel checks support our view that a beat and raise is likely forthcoming with the Q3/F26 release,” he said. “The share price suggests this is also anticipated by the buy-side setting expectations high. We believe Aritzia is positioned to meet/exceed lofty expectations and improve investor comfort in its attractive revenue growth outlook over the mid-to-long term, potential to drive operating leverage and strong FCF, and allocate its surplus capital in an accretive manner. We think this outlook warrants continuation of its premium valuation multiple. Thus, we increased our financial forecast, and roll forward our valuation to F2028, resulting in our target price increase.”
RBC Dominion Securities analyst Walter Spracklin has updated his 2026 forecast for Canadian trucking and diversified industrial companies and is now expecting “a muted” first half of the year with a “modest” recovery to follow, emphasizing “all the mid-quarter data updates we track (U.S. LTL and Cass) highlighted a weak volume backdrop during the quarter and that Canadian PMI readings continue to trend below 50 pointing to a soft outlook looking ahead.”
“We also saw Canadian freight pricing trend lower, although we only have data as of September,” he said. “Looking ahead, Canadian PMI remains below the 50 threshold, indicating continued volume headwinds. However, we see potential upside from lower tariff risks and nation-building projects in 2026. That said, we believe current valuations largely reflect these challenges, favoring companies with unique idiosyncratic opportunities. In this context, we see TFII as best positioned for a value rebound in 2026 and Cargojet as a compelling long-term opportunity given its eCommerce-driven growth exposure, which positions it well in a weak volume and pricing environment.”
In a client report released before the bell, Mr. Spracklin said his revised view pushed 2026 estimates lower for the majority of his coverage universe.
“Interesting however is that valuations are ticking higher at the transports indicating to us that investors are getting more confident in an eventual rebound,” he added. “Into the quarter we expect visibility into freight demand (for CJT, MTL and TFII) to be a focus.”
Mr. Spracklin made a pair of target adjustments to reflect his new view. They are:
* Cargojet Inc. (CJT-T) to $143 from $151 with an “outperform” rating. The average is $115.11.
Analyst: Our Q4 EBITDA estimate remains at $83-million, above consensus $79-million. We continue to see CJT as very well positioned to benefit from operating leverage on rising volumes - and evidence from our site tour points exactly to that. We are therefore flagging upside to both consensus and our Q4 estimate. We took lower our 2026 estimates to $340-million (from $353-million), which reflects continued industrial headwinds in H1, but remains well ahead of consensus $319-million on what we see as increasing eCommerce penetration and better margins driven by improving capacity utilization.“
* TFI International Inc. (TFII-N, TFII-T) to US$125 from US$102 with an ”outperform" rating. Average: US$105.35.
Analyst: “Our Q4 EPS estimate is unchanged at $0.86, in line with consensus $0.87 and Q4 guidance for EPS of $0.80 to $0.90. We had a chance to catch up with management who spoke positively regarding recent service metric trends, which we see as pointing to solid operating leverage when the macro inflects. We do not expect management to provide 2026 guidance given the uncertain backdrop and took down our 2026 estimates to reflect a weak freight backdrop in H1. Our 2026 EPS estimate goes to $5.19 (from $6.09), below consensus $5.28.”
He kept his targets for these companies:
* Mullen Group Ltd. (MTL-T) with a $17 target and “outperform” rating. Average: $16.44.
Analyst: ”Our Q4 EBITDA remains at $85-million, above consensus $84-million as our estimate already reflected a tough freight backdrop in the quarter. We flag uncertainty related to the outlook consistent with recent Canadian PMI readings and our updated 2026 EBITDA estimate of $353-million (from $359-million; cons. $361-million) builds in a continuation of depressed conditions in the first half. We believe management will provide guidance and expect a 2026 EBITDA target of $350MM (a touch below consensus)
* Stella-Jones Inc. (SJ-T) with an $89 target and “sector perform” rating. Average: $91.60.
Analyst: “Our Q4 EPS estimate remains unchanged at $0.94, slightly below consensus of $1.02 and our 2026 EPS also remains unchanged at $6.28, a touch above consensus of $6.22. We expect management to reiterate Investor Day targets, however we flag risk to the margin guide if pole spot market pressures remain and volumes don’t materialize.”
* Westshore Terminals Investment Corp. (WTE-T) with a $29 target and “outperform” rating. Average: $29.
Analyst: “Our Q4 EBITDA estimate remains unchanged at $31-million. Our 2026 throughput estimate remains at 26Mt, above the recent guidance update for volumes of 25Mt which we see as conservative. We will look for updates on the anticipated potash ramp-up timeline and expected insurance payouts related to the fire impact on Berth 1.”
Ventum Capital Markets analyst Maximilian Myers thinks Lundin Mining Corp.’s (LUN-T) US$84-million sale of its Eagle Mine and Humboldt Mill to Talon Metals Corp. (TLO-T) “sharpens [its] focus on its larger-scale copper operations and the advancement of the Vicuna district.”
Seeing the deal, which was announced after the bell on Thursday and led to notable share price gains, as “an accretive outcome” for both companies, Mr. Myers said it allows Lundin to further streamline its portfolio.
“Eagle was expected to contribute approximately 2 per cent of copper production over the next two years, and its divestment removes a marginal asset while freeing capital and management attention for larger opportunities,” he said.
“Reimagined Talon Metals: The transaction creates a new pure-play U.S. nickel-copper producer anchored by the only operating primary nickel mine in the U.S.. Access to the Humboldt Mill enhances Talon’s development optionality at Tamarack, where recent drilling has outlined the high-grade Vault Zone, while Lundin retains meaningful upside through its equity stake.”
While he does not currently cover Talon, Mr. Myers raised his target for Lundin shares to $32 from $25 with a “buy” rating (unchanged) to also reflect its “stable third-quarter operating performance, ongoing balance sheet de-leveraging, and strong copper prices ahead of the Vicuña capex cycle.” The average target is $25.83.
" We have updated our model to reflect the recent Q3 financial results and estimates going into year-end,“ he added. ”Our production estimates remain largely unchanged, with production at all assets anticipated to fall between guidance ranges. Costs are also forecast to remain largely within guidance, while Chapada is forecast to beat thanks to strong gold by-product credits. The divestment of Eagle will be reflected in our estimates upon closing of the transaction, expected in January 2026."
North American Construction Group Ltd.’s (NOA-T) $115-million acquisition of Iron Mine Contracting represents “accretive, strategically complementary M&A [that] supports the ongoing transition to the structurally more attractive Australian market,” according to National Bank Financial analyst Maxim Sytchev.
Shares of the Acheson, Alta.-based company fell 4.8 per cent on Friday in response to the announcement of the deal for the privately owned Western Australian diversified mining services contractor.
“We like the deal strategically and financially,” said Mr. Sytchev. “The elephant in the room is 2026E guidance that imputes a $35-million to $40-million guide-down vs. the Street on a pre-transaction (legacy business) basis. The sale of 797 oil sands assets is part of that, while a lack of staggering to backfill Fargo explains the balance of the delta. Ex the deal, this should have been viewed negatively, but the transaction ostensibly offsets the delta. $4.00+ EPS potential in 2027 (according to management’s commentary) compares very favourably to consensus of $3.40 (although there is a very large dispersion), positioning the company on the recovery track now that expectations have been moderated for 2026E (implies Q4/25E is in line).
“Net-net, the IMC deal contribution is being (in the short term) diametrically offset by lower 2026E EBITDA; with replacement value providing a backstop, a material AUS growth opportunity ahead, and dramatically scaled down oil sands exposure, NOA’s narrative is shifting towards a diversified minerals story.”
In justifying his positive view, Mr. Sytchev emphasized North American Construction Group is “becoming an AUS mining/infra hybrid asset, no longer an oil sands proxy.”
“Yet, the market continues to treat NOA shares like 85 per cent of the business is still driven by Canadian oil sands; post the IMC deal, that percentage will drop to 12.5 per cent (from 20 per cent prior),” he added. “Australia remains one of the most active mining markets in the world, both in terms of size of contracting opportunities (10 times vs. Canada) as producers outsource the actual mining to contractors but also in terms of permitting velocity. The buoyant sentiment is captured by Emeco (ASX: EHL; Not Rated) and Macmahon’s (ASX: MAH; Not Rated) share price advances of 40 per cent and 87 per cent, respectively, year-to-date (Australia is now 75 per cent of NOA’s business by EBIT vs. 60 per cent before the deal). The highly accretive nature of the deal (up 20 per cent to 2026E standalone EPS) and outcome-based earn-out structure (function of net income milestones) - akin to how the MacKellar deal was structured – support our view that management and the Board is capable of finding growth opportunities even in this environment."
Mr. Sytchev reiterated his “outperform” rating and $28 target for the company’s shares. The current average is $24.34.
Elsewhere, ATB Capital Markets’ Tim Monachello reduced his target by $1 to $23 with a “sector perform” rating.
“Strategically, we believe NOA’s IMC acquisition, Canadian heavy equipment asset sales and Australian asset purchases result in a material reduction of NOA’s Canadian oilsands exposure, likely reducing earnings volatility, which we view as positive. That said, we believe increased leverage and lower FCF generation in 2026 will limit near-term upside, at least until NOA is able to demonstrate a more consistent FCF generation profile and material contract awards to de-risk its 2027 growth ambitions. As such, we maintain our Sector Perform rating with a reduced $23.00 price target to account for lower 2026 FCF generation,” said Mr. Monachello.
In other analyst actions:
* Stifel’s Ingrid Rico raised her Integra Resources Corp. (ITR-X) target to $8 from $7 with a “buy” rating. The average target on the Street is $6.84.
“ITR released results of the Feasibility Study for DeLamar which continues to demonstrate merits as the next growth project for Integra and underscores ITR as having the building blocks for production growth trajectory in the U.S Great Basin,” she said. “The future heap-leach mine at DeLamar with projected LOM annual production of 106koz AuEq (broadly in-line with our expectations), or averaging 119koz in the first 5 years, reinforces a path for ITR to be a 200koz producer complementing current production at Florida Canyon. All-in, the FS is a de-risking element on this future project that highlights a capital efficient, future heap-leach operation – with further upside to be unlocked through exploration + additional sulphide resource inventory. We will be watching for an anticipated update on permitting progress + permitting de-risking timeline in H1 2026."