Inside the Market’s roundup of some of today’s key analyst actions
“Solid” third-quarter financial results from Loblaw Companies Ltd. (L-T) reaffirmed RBC Dominion Securities analyst Irene Nattel’s view that it is “best positioned to capitalize on the secular shift in purchasing patterns with a store base that skews to discount, industry-leading PL [private label] penetration and loyalty program, tailwind of hard discount and pharmacy network growth.”
“Despite softer-than-expected top line, another quarter of strong and in-line KPI results reinforces our views around Loblaw’s ability to continue to deliver sector-leading financial results consistent with/upper end of the targeted financial framework of 8-10-per-cent EPS CAGR. Loblaw’s leading position in discount/private label/digital/pharmacy makes the company extremely well-placed for cautious consumer spending,” she said in a client note titled Superfood.
Shares of Canada’s largest grocer jumped 3.7 per cent on Wednesday after it reported revenues of $19.365-billion, up 4.6 per cent year-over-year and largely in-line with the expectations of Ms. Nattel and the Street ($19.447-billion and $19.548-billion, respectively). Adjusted diluted earnings per share jumped 10.9 per cent to 69 cents, matching forecasts.
In response to the financial report, she emphasized the company’s “strong positioning, favourable momentum across retail, leveraging Advanced Media and Freight as a Service, estimated to generate 5 per cent of 2026 EBIT.”
“2025 outlook nudged upward ‘slightly’, includes guidance for ‘low double digits’ (from ‘high single digits’) EPS growth, at the upper end of long-term financial framework objective 8-10-per-cent EPS growth, despite ramp-up of new DC and store openings, and excluding 2-per-cent benefit from an extra week; net capex of $1.9-billion (unchanged), allocation of ‘a significant portion of FCF to share repurchases’ (unchanged), our model incorporates $1.7-billion,” she added.
Keeping her “outperform” rating for Loblaw shares, Ms. Nattel raised her target by $1 to $68. The average target on the Street is $63.73, according to LSEG data.
“2024-2027E EPS CAGR [compound annual growth rate 10.5 per cent, at the high end of long-term financial framework of 8-10 per cent, underpinned by top line growth, stable margins, and consistent share buyback 2.5 per cent annually,” she noted. “Loblaw discount to Metro (TSX: MRU) on EV/EBITDA close to 0.5 times, narrowing consistent with our thesis. In our view, multiples should converge over time, underpinned by what we view as greater torque on Loblaw’s financial performance.”
Other changes include:
* National Bank’s Vishal Shreedhar to $62 from $61 with an “outperform” rating.
“We maintain a favourable view on L and recommend it as our preferred grocer supported by: (i) Benefits from improvement initiatives; (ii) Ongoing stable EPS growth; and (iii) Favourable medium-term trends in discount and drug store (where L over-indexes),” said Mr. Shreedhar. “Given an uncertain macro backdrop, we favour proven staples such as L to add resiliency to portfolios.”
* Desjardins Securities’ Chris Li to $62 from $58.75 with a “hold” rating.
“Another quarter of solid results is a testament to L’s consistent execution, cost discipline, and unmatched food and drug retail assets. Amidst ongoing macro uncertainties, we expect investors’ continuing preference for high-quality, defensive companies with predictable earnings growth to support L’s premium valuation (22 times forward P/E vs 18/14 times for MRU/EMP). But we also believe further multiple expansion is likely limited, with share price appreciation mainly driven by EPS growth (L targets 8–10 per cent longer term),” said Mr. Li.
* TD Cowen’s Michael Van Aelst to $65 from $63 with a “buy” rating.
“Favourable positioning, store growth, solid execution and tight cost management are all helping L gain share and deliver consistent EPS growth, despite new DC [distribution centre]/store headwinds. It is doing so while acting rationally; SSSG is expected to slow in Q4 (tough comps, promo investments normalize), but we still see L achieving the upper end of its financial framework (8-10-per-cent EPS growth) in Q4 and 2026,” said Mr. Van Aelst.
* CIBC’s Mark Petrie to $67 from $58.50 with an “outperformer” rating.
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Ventum Capital Markets analyst Amr Ezzat thinks Computer Modelling Group Ltd.’s (CMG-T) business is entering “a multi-pronged inflection point” and sees its “upside-to-downside skew as increasingly attractive.”
That led him to upgrade the Calgary-based company, which makes software to evaluate underground oil and gas reservoirs, to a “buy” recommendation from “hold” previously, emphasizing its shares are now trading at a 10-year low on an enterprise value to next 12-month projected EBITDA basis.
In a client note, Mr. Ezzat justified taking his bullish stance by pointing to five factors: “(1) Organic recurring revenue is set to return to growth in Q4/F26 and remain positive through F2027. (2) Shell’s full commercial deployment marks one of the highest-value recurring contracts in CMG’s history, validating both technology and pricing. (3) Margins appear to have bottomed, with a meaningful lift expected next quarter. (4) With a record acquisition pipeline, rising inbound interest, and a newly secured $100-million credit facility, we expect M&A activity (which has been a bright spot for CMG) to accelerate from an already solid pace. (5) A newly announced buyback reflects growing confidence in intrinsic value.”
On Tuesday, Computer Modelling reported third-quarter sales of $30.2-million, up 2.5 per cent year-over-year and above both Mr. Ezzat’s $28-million estimate and the Street’s expectation of $28.1-million. However, total organic growth declined 17 per cent from the same period a year ago, offset by a 19-per-cent gain stemming from merger and acquisition activity. Adjusted EBITDA dropped 24.6 per cent year-over-year despite a 14-per-cent contribution from M&A.
“Management reiterated expectations for stronger second-half results, citing the timing of seasonal contract renewals and revenue recognition,” the analyst added. “As a result, both Adjusted EBITDA and FCF are expected to improve sequentially. Organic recurring revenue growth is expected to return to positive territory in Q4/F26, with management targeting positive full-year organic recurring growth in F2027.”
He also emphasizing the company’s management backtracked on its prior stance against repurchases by launch a normal course issuer bid, citing “current valuation as compelling opportunity.”
“The buyback is seen as a supplemental lever alongside M&A and organic investment, not a shift in strategy,” he added.
Mr. Ezzat kept a $7.50 target for Computer Modelling shares. The current average is $7.29.
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Seeing “green shoots now priced in,” National Bank Financial analyst Giuliano Thornhill downgraded Northwest Healthcare Properties REIT (NWH.UN-T) to “sector perform” from “outperform” in response to a recent period of share price outperformance.
“Since upgrading units back in February, NWH has since delivered a total return of 31 per cent vs. the S&P/TSX REIT Index of 6 per cent,“ he noted. ”We point to the stabilization of its balance sheet, abating risks associated to HSO, and a new CEO bringing depth of experience to the team. However, at current levels we prefer seniors-related investment opportunities or durable triple-net retail names that can deliver similar return expectations to ours. Our rating change may be too early if HSO is resolved more rapidly than current expectations, its European asset sales are ahead of estimate, or PE takes a second look at its Australasia platform.”
After the bell on Tuesday, the Toronto-based REIT reported largely in-line third quarter results with funds from operations per unit rising to 11.2 cents from 6.4 cents a year ago and narrowly below the 12-cent projection of both Mr. Thornhill and the Street. He said core operations came in “slightly” ahead of his forecast, due to net operating income and lower interest expense, but were offset by higher one-time cash taxes.
“The largest contributor to today’s performance were the notions made by NWH it can raise over $300-million in net proceeds from its VHP [Vital Healthcare Property Trust] management internalization and the pursuit of an en-bloc European asset sale,“ he added. ”Both capital allocation decisions are logical. VHP ($150-million net) removes a hurdle for new investors and improves the trading picture going forward. The sale of its on-balance sheet European portfolio ($620-million) capitalizes on the region’s low interest rates (10-year Bund at approximately 2.7 per cent) and renewed real estate investor interest. We expect a narrowing of its discount to NAV ($7.10 vs. $5.72 trading price), particularly if NWH emerges from its HSO exposure unscathed."
Mr. Thornhill increased his target for Northwest units to $5.90 from $5.40. The average is $5.94.
Elsewhere, other changes include:
* Scotia’s Himanshu Gupta to $7 from $6.50 with a “sector perform” rating.
“Although our FFOPU estimates are reduced slightly, we continue to see turnaround in earnings growth,“ he said.” We forecast 20-per-cent year-over-year growth in 2025 and 9 per cent year-over-year in 2026. Recall, FFOPU was down 60 per cent in 2024 relative to 2021 mainly due to higher leverage and variable rate-debt. Along with FFO, balance sheet has improved meaningfully. Leverage (D/GBV on proportionate basis) currently at 55% per cent as of Q3/25 vs 61 per cent last year. Vital internalization transaction can reduce leverage by 300 basis points, and successful sale of some European assets can further reduce leverage by 400 basis points. We see a path for leverage to get back to normalized 45-per-cent to 48-per-cent levels. We are keeping our SP rating, as there is still some work to be done (HSO sale; able to do Europe asset sale without sacrificing FFO growth)."
* CIBC’s Dean Wilkinson to $5.75 from $5.25 with a “neutral” rating.
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Followed an enthusiastic reaction to Finning International Inc.’s (FTT-T) third-quarter results, Scotia Capital analyst Jonathan Goldman sees three opportunities three opportunities for investors based on time horizon.
“1) In the near-term (2025-2026), we see upside from continued traction on cost initiatives, but mix, namely more mining product support vs. construction, could hold back operating leverage; 2) in the medium-term (2026-2027), we see potential to reaccelerate PS growth towards IR Day targets of more than 7 per cent underpinned by growing installed base, higher utilization rates, and increasing share/share of wallet (e.g., selling more labour vs. replacement parts); and 3) further out (2027 and beyond), the company could participate in data centre build-out in Canada with its backup power offerings. CAT C175 diesel generator sets have a 4 MW capacity for instance,” he said.
Shares of the Vancouver-based industrial equipment dealer jumped 4.5 per cent on Wednesday in response to its quarterly report, which included earnings before interest and taxes and earnings per share topping the Street’s expectations by 10 per cent and 15 per cent, respectively, driven by revenue gains ($2.84-billion versus the consensus of $2.58-billion). The company saw a 9-per-cent growth in product support, including 13 per cent in Canada, on strong mining demand.
“Management noted strong order intake, particularly in Canada, up 140 per cent tear-over-year, including several large mining orders,” added Mr. Goldman. “Construction backlog was up 70 per cent year-over-year, positioning the company to capture opportunities ahead of the season next year. Management expects steady activity in power systems, primarily O&G, but cited longer-term data center opportunities. The company saw increased traction with restructuring initiatives and sees additional opportunities to drive efficiencies.
“South America benefited from healthy demand and quoting activity across all end markets. However, management does not expect the large delivery of used mining equipment to reoccur. The election outcome in Argentina was described as ‘favourable’, with management noting lower currency controls and increased investments could support activity levels. The company noted continued challenges with labour, but is still hiring technicians.”
The analyst raised his forecasts for 2025 and 2026 by 4 per cent and 2 per cent, respectively, expecting “mix to remain a headwind, on the positive mining outlook, which will offset SG&A leverage (although we think there is more runway there).”
“We raised our valuation multiple to 18.5 times P/E, a 6-times discount to TIH [Toromont Industries Ltd.], compared to historical discount of 6.5 times,” he added. “Arguably, that should compress as backlog remains near record levels, construction remains at trough, and FTT shares tend to outperform during periods of strong commodity pricing. While WTI prices have come off, E&Ps are still making good money with cash opex running at $20-30/bbl and productivity is paramount. Moreover, the copper outlook remains very favorable.”
Keeping his “sector outperform” recommendation for Finning shares, Mr. Goldman hiked his target to $85, exceeding the $83.78 average on the Street, from $71.
Elsewhere, other changes include:
* National Bank’s Maxim Sytchev to $66 from $58 with a “sector perform” rating.
“FTT’s management team has delivered on all fronts (chapeau); while fully acknowledging our too early (wrong) repositioning ... we look at the incrementality of the evolving investment thesis; according to our numbers, a required return on equity in the 11-per-cent to 12-oper-cent range would be earned from current levels into 2030, assuming there is no downdraft in oil/copper markets,” said Mr. Sytchev. “This of course is entirely possible. Historical standard deviation (of annual returns, based on month-end values and excluding 2020 and 2021) of these two commodities has been in the low-30-per-cent range (within 2/3 of all outcomes); in a downdraft scenario, as a result, we believe Mr. Market could throw us a more compelling proposition, just based on historical volatility parameters (as FTT’s share price correlates strongly to the two inputs). As a result, we remain patient for a better entry point.”
* Raymond James’ Steve Hansen to $85 from $68 with an “outperform” rating.
“While FTT’s shares have enjoyed a stellar run over the past 3 months (FTT: up 32.65 per cent vs. TSX Composite: up 10.41 per cent), we stress that its underlying valuation still appears reasonable for a business that boasts strong visibility (record backlog), healthy growth prospects, solid FCF conversion, and high-teens ROIC,” he said.
* RBC’s Sabahat Khan to $89 from $67 with an “outperform” rating.
“Q3 results were well above consensus estimates, reflecting revenue growth across all business lines and regions (Product Support was notably up 9 per cent year-over-year). Power systems was in focus this quarter, with revenue growth across all regions and the backlog now sitting at $1-billion (up 23 per cent year-over-year, 35 per cent of total). Looking ahead, we believe the setup remains positive, underpinned by a near-record $2.9-billion backlog exiting Q3 and strong trends within Product Support,” said Mr. Khan.
* TD Cowen’s Cherilyn Radbourne to $88 from $81 with a “buy” rating.
* CIBC’s Krista Friesen to $84 from $77 with an “outperformer” rating.
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Following Wednesday’s announcement that it has signed a deal to sell its U.S. Eagle Ford assets to an undisclosed buyer for about $3.25-billion, Scotia Capital analyst Kevin Fisk upgraded Baytex Energy Corp. (BTE-T) to “sector outperform” from “sector perform” previously, seeing it as “a significant turning point for the company.”
To justify his change, he pointed to four considerations: “1) the proceeds strengthen BTE’s balance sheet, which has historically been an issue for the company, 2) we estimate that BTE will be able to buyback 16 per cent of its shares in 2026 using its NCIB (2025 and 2026 NCIB capacities) with room for additional buybacks via a SIB, 3) The transaction focuses BTE on its higher-return Canadian assets and BTE’s Pembina Duverney growth program is now more impactful, and 4) the transaction reduces BTE’s sustaining capex breakeven by $8/bbl to $52/bbl WTI.”
Mr. Fisk raised his target for Baytex shares to $5.25 from $4. The average is $4.41.
“BTE trades at a 2027 EV/DACF [enterprise value to debt-adjusted cash flow] multiple of 4.4 times relative to its peer average of 6.1 times. At $70 WTI and $4 HH our sum of the assets NAV is $5.34/sh. There could be upside to our NAVPS estimate as BTE is spending capital on exploration and the company has historically been able to add inventory through exploration,” he noted.
Analysts making target revisions include:
* TD Cowen’s Menno Hulshof to $4.75 from $4 with a “buy” rating.
“While the cross-border model has clear benefits and the Eagle Ford served an important role historically, this was no longer recognized by investors,” he said. “We like this more streamlined, nimble and well-capitalized version of BTE.”
* National Bank’s Dan Payne raised his target to $5 from $4.50 with an “outperform” rating.
“A meaningful pivot by the company to significantly reorient the business, which provides significant option value to shareholders (both through tactical growth, accelerated return of capital and excess capitalization),” said Mr. Payne. “We revised our target price to $5 (from $4.50), which is a function of applying a peer average 4 times multiple to its pro forma outlook (from prior 3-times discount assessed) that is a reflection of the embedded option value (presuming that value will be best capitalized through an aggressive buyback), while we maintain our unchanged Outperform rating. Risk-adjusted value of this opportunity will be validated through proactivity of the renewed strategy and plan after close.”
* ATB Capital Markets’ Amir Arif to $4.60 from $4 with a “sector perform” rating.
“We believe that a key hindrance on the stock was the inability to show free cashflow and/or production growth below US$60WTI. The asset sale improves this, but not due to improved economic assets remaining but mostly due to the removal of a mature, but economic, Eagle Ford asset base and the savings in interest expense/G&A expected from the sale,” said Mr. Arif. “Over the first nine months of 2025, Eagle Ford production was down 7 per cent year-over-year and the interest/G&A savings alone amount to approximately US$5.50/bbl improvement in the WTI breakeven from US$60 to US$52/bbl.
“Expecting Meaningful Buyback Activity: We believe the current valuation of 3.6 times 2026 strip EV/DACF is a fair valuation multiple for the stock. However, we also believe that the large amount of capital that is being earmarked for return to shareholders, primarily through buybacks, could drive the stock higher. We estimate capital allocated to buyback activity could amount to 18.3 per cent of the current market cap with the potential for aggressive buybacks to start in Q1/26 and the potential for an SIB in Q2/26.”
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ATB Capital Markets analyst Chris Murray thinks Boyd Group Services Inc. (BYD-T) took “a turn” with its third-quarter results, seeing a recovery in same-store sales growth now underway.
“Same-store sales growth (SSSG) of 2.4 per cent (ATB estimate: 2.0 per cent) represented significant quarter-over-quarter improvement and BYD’s first quarter of (SSS) growth since Q1/24, with management highlighting improving industry fundamentals and expectations for sequential improvement in SSSG rates in Q4/25,“ he said in a client note.
“Management was constructive on its outlook with improving same-store trends, the addition of Joe Hudson Collision Center (JHCC), active M&A conditions, and the ongoing roll-out of Project 360 boding well for the growth and margin outlook heading into 2026. We continue to see an opportunity in BYD, given valuations combined with an increasingly active M&A pipeline.”
Shares of the Winnipeg-based collision repair franchise company jumped 6.3 per cent on Wednesday after it reported revenue, adjusted EBITDA and adjusted fully diluted earnings per share of $790.2-million, $98.4-million, and 62 cents, respectively, in-line with Mr. Murray’s estimates of $791.1-million, $98.2-million and 73 cents.
“ATBe is calling for 3.5-per-cent SSSG in Q4/25, consistent with management’s outlook for SSSG in a 3-5-per-cent range,” the analyst added. “We expect a larger recovery in SSSG to occur in 2026 (ATB estimate 4.7 per cent) due to soft comparisons combined with increasing miles driven and average repair costs, as well as stabilizing used vehicle prices. While BYD is seeing some pricing pressure on certain parts in response to tariffs, this represents a modest SSS tailwind for the Company given the pass-through nature of its revenue streams. The Company views a moderation in total loss rates (in response to increasing used vehicle values) as a potential tailwind for SSSG going forward, as larger ticket volumes are increasingly directed to repair channels.
“Management had incorporated a 3.0-5.0-per-cent annual same-store sales growth expectation into its longer-run targets through to 2029, as well as 80-100 store adds per year, which remains the expectation even after the planned acquisition of JHCC, to reach $5-billion-plus in revenue and to drive the EBITDA margin target. Management confirmed that early benefits from Project 360 should support margin trends going forward (as evidenced in Q2/25), with the implementation of an indirect staffing model completed in early Q2/25, which is expected to result in annualized run-rate savings of $30-million (with $40-million in incremental procurement-based savings expected to be realized between Q3/25 and Q4/26). The ongoing realization of cost savings programs and an evolving mix (i.e., greater scanning and calibration) are expected to support gradual margin expansion over the coming year, in-line with ATB estimates.
Keeping his “outperform” rating for Boyd shares, Mr. Murray raised his target by $5 to $280, emphasizing its “active” M&A pipeline. The average target is $277.36.
Elsewhere, other revisions include:
* Desjardins Securities’ Gary Ho to $290 from $285 with a “buy” rating.
“3Q results met preliminary guidance, while early October SSSG trends exceeded our expectations, tracking within BYD’s 3–5-per-cent SSSG target, suggesting an industry inflection as insurance premiums moderate and used-car prices recover. Better penetration with Progressive and JHCC store maturation provide upside to our top-line forecasts in FY26 and FY27,” said Mr. Ho.
* National Bank’s Zachary Evershed to $290 from $285 with an “outperform” rating.
“We remain bullish on BYD’s roll-up runway and margin improvement opportunities, and reiterate our Outperform rating,” said Mr. Evershed.
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In other analyst actions:
* Following “another outsized” quarterly earnings beat, Raymond James’ Steve Hansen upgraded Chemtrade Logistics Income Fund (CHE.UN-T) to a “strong buy” recommendation from “outperform” and increased his target to $21 from $16, while RBC’s Nelson Ng moved his target to $18 from $14 with an “outperform” rating. The average is $17.11.
“We are increasing our target price ... and upgrading our rating to Strong Buy (vs. Outperform prior) based upon the firm’s: 1) outsized beat & raise print; 2) attractive pipeline of organic growth opportunities; 3) increasing tilt toward water treatment chemicals; 4) robust balance sheet; 5) active buyback; and 6) compelling valuation & total return prospects,” said Mr. Hansen.
* Jefferies’ Sam Burwell downgraded NuVista Energy Inc. (NVA-T) to “hold” from “buy” with a $18 target, falling from $20 but above the $17.79 average on the Street.
* TD Cowen’s Brian Morrison Aimia Inc. (AIM-T), cut his target to $3.75, matching the average, from $4 with a “buy” rating, while Jefferies’ Surinder Thind maintained a $3.75 target and “buy” rating.
“Aimia reported in line Q3/25 results, maintained 2025 guidance, and provided an update on its ‘three-step strategy’,” he said. “It’s proceeding with monetizing its core operations, that if successful should provide surplus capital to allocate to holdco debt reduction, its NCIB, and of recent focus, toward public investments, as it transitions to a permanent capital company and looks to utilize tax losses.”
* RBC’s James McGarragle trimmed his CAE Inc. (CAE-T) target to $40 from $41 with a “sector perform” rating. Other changes include: Scotia’s Konark Gupta to $49 from $46.50 with a “sector outperform” rating and TD Cowen’s Tim James to $46 from $44 with a “buy” rating. The average is $44.33.
“CAE reported an FQ2 beat,” said Mr. McGarragle. “That said, the company lowered Civil guidance (although consistent with pilot hiring trends), and reiterated Defense guidance despite the strong H1 (H1 adj. SOI up more than 40 per cent), which implies negative adj. SOI growth in H2. All that to say, we continue to see CAE as exposed to some very positive long-term secular trends. However, the company is working through some near-term headwinds in Civil and with guidance implying negative growth in Defense for the next two quarters, we see the shares yielding less than 3 per cent on our FY27 FCF estimate as fully valued.”
* RBC’s Andrew Wong cut his Cameco Corp. (CCO-T) target to $150 from $160, reiterating an “outperform” rating. The average is $145.58.
“Our visit to the Vogtle 3&4 nuclear reactors in Georgia, hosted by Cameco and Southern Company, helped us gain an appreciation for the advancements incorporated into the Westinghouse AP1000 design. We also came away with a better understanding of the learning from the Vogtle 3&4 builds, which can be applied to a future build out of the AP1000 design. We see the Westinghouse AP1000 reactor at the forefront of designs to be widely deployed in the US and Western-aligned countries, and view Cameco as best-positioned in a growing nuclear industry given exposure across the nuclear value chain,” said Mr. Wong.
* RBC’s Arthur Nagorny raised his CCL Industries Inc. (CCL.B-T) target to $94 from $90 with an “outperform” rating. Other changes include: Raymond James’ Michael Glen to $95 from $90 with an “outperform” rating, Stifel’s Daryl Young to $103 from $92 with a “buy” rating, Scotia’s Jonathan Goldman to $94 from $91 with a “sector outperform” rating, National Bank’s Ahmed Abdullah to $97 from $96 with an “outperform” rating and TD Cowen’s Sean Steuart to $100 from $95 with a “buy” rating. The average is $95.80.
“CCL reported strong Q3 results, underpinned by healthy organic growth (particularly in the CCL segment) and strong margin performance. Additionally, the outlook for Q4 is constructive (orders in the CCL segment remain stable), which we view favourably given the sluggish operating backdrop. Overall, we continue to view CCL as being attractively valued at current levels,” said Mr. Nagorny.
* TD Cowen’s Sam Damiani trimmed his Dream Impact Trust (MPCT.UN-T) target to $1.50 from $1.75 with a “hold” rating. The average is $2.75.
“The current trading valuation (89-per-cent discount to our NAV, market cap just 2 per cent of proportionate assets) remains constrained by limited visibility on achieving a comfortable liquidity position and positive cash flow trajectory,” said Mr. Damiani. “Progress is being made and the growing mix of high quality assets represents future upside potential, but significant achievements will take more time.”
* Scotia Capital’s Louise Chen resumed coverage of DRI Healthcare Trust (DHT.U-T, DHT.UN-T) with a “sector outperform” rating and US$25 target. The average is $20.17 (Canadian).
“We like the stock for the following reasons: #1. There is limited competition and a growing need for royalty investments. #2. DRI’s innovative pipeline, with creative deal structures, helps increase unitholder returns. #3. The company’s stable cash flows make it an attractive investment opportunity, in our view,” she said.
* With its strategy “playing out,” Raymond James’ Stephen Boland increased his Element Fleet Management Corp. (EFN-T) target by $1 to $41 with a “strong buy” rating. The average is $43.76.
“EFN reported 3Q25 Adjusted EPS of 33 US cents, below RJL at 36 US cents,” said Mr. Boland. “Net revenue in 3Q25 grew 10 per cent from 3Q24. Overall, revenue increased due to strong growth across all 3 revenue segments. The decision to delay Syndication volumes into 2H25 resulted in an elevated yield for the quarter, which in turn supported syndication revenue. Notably, within the North American fleet, the percentage of multi-service vehicles under management remained steady at 79 per cent.
“Management kept 2025 guidance unchanged and expects to meet or exceed targets for all metrics except originations. 2026 guidance is expected to be delivered with 4Q25 results. We see catalysts for growth ahead, including new funding initiatives, margin expansion via disciplined control of expense growth, and an active NCIB. The strategy is playing out as expected.”
* CIBC’s Tal Woolley hiked his Extendicare Inc. (EXE-T) target to $22 from $18 with an “outperformer” rating. Other changes include: TD Cowen’s Jonathan Kelcher to $19 from $15 with a “hold” rating and National Bank’s Giuliano Thornhill raised his target to $21.50 from $17.50 with an “outperform” rating. The average is $18.63.
“Management has repositioned an ailing diversified LTC operator towards a capital-light services business,“ said Mr. Thornhill. ”We expect accelerating demographics and a strained health system to continue to drive demand for its segments. With demographic tailwinds and muted near-term labour/policy risks, we expect shares to re-rate higher to reflect its organic growth potential and capital-light structure. Additionally, low leverage (1.5 times ND/EBITDA) continues to provide future optionality for modest or transformational M&A.
“[Home health care] continues to trounce. Once again, EXE’s HHC segment beat street forecasts with NOI coming in 22 per cent ahead. This was attributable to organic growth of 13 per cent year-over-year ADV [average daily volume], representing a second consecutive quarter of growth at this level. As had happened during Q2, the excessive (even by EXE’s forecasts) volume growth resulted in margins coming in well ahead of expectations at 13.6 per cent (up 240 basis points year-over-year). Quarterly growth of this magnitude is not just a one-off, it is structurally driven from tailwinds, including aging demographics, a growing LTC wait list, heightened immigration/primary care struggles, and all of these effects on acute care settings.
* National Bank’s Shane Nagle increased his Hudbay Minerals Inc. (HBM-T) target to $26.50 from $25, keeping an “outperform” rating, while Scotia’s Orest Wowkodaw trimmed his target to $26 from $26.50 with a “sector outperform” rating. The average is $23.46.
“We anticipate improved operational performance into Q4 along with incremental expansion initiatives in 2026 at Copper Mountain and Constancia to support improvements to an already stable three-year production outlook. We reiterate our Outperform rating based on strong financial position, support from by-product gold production and a strong near-term cash flow generation,” said Mr. Nagle.
* National Bank’s Mohamed Sidibé bumped his target for Fortuna Mining Corp. (FVI-T) to $14.25 from $13.75, exceeding the $12.49 average, with a “sector perform” rating.
“Over the past couple of weeks, Fortuna has done a good job in delineating some of its organic growth opportunities, specifically through the Diamba Sud PEA, which we view as a positive,” he said. “As we prepare to head to the Séguéla mine site visit next week, we expect further details around advancing the Sunbird and Kingfisher deposits in order to sustain a higher level of production from the site. This, paired with an attractive FCF profile, should lead the shares to rerate higher.“
* CIBC’s Ty Collin increased his Linamar Corp. (LNR-T) target to $88 from $87 with an “outperformer” rating, while TD Cowen’s Brian Morrison hiked his target to $96 from $85 with a “buy” rating. The average is $83.33.
“Linamar’s mobility margins were ‘best in class’ of our supplier coverage this quarter, and responsible for the modest Q3/25 EBITDA/EPS beat. Its FCF track record is impressive, and in a challenging auto/industrial backdrop, positions Linamar to enhance growth through accretive M&A opportunities and an active NCIB. We feel this outlook warrants modest upward financial revisions/multiple expansion,” said Mr. Morrison.
* CIBC’s Anita Soni raised her Street-high Lundin Gold Inc. (LUG-T) target to $123 from $116, keeping a “neutral” rating. The average is $93.67.
* In response to a “good quarter, with a positive actuarial review outcome,“ National Bank’s Gabriel Dechaine nudged higher his target for Manulife Financial Corp. (MFC-T) to $53 from $52 with an “outperform” rating, , while TD Cowen’s Mario Mendonca raised his target to $57 from $54 with a “buy” rating. The average is $50.
‘Results were solid, with key growth segments (Asia and WM) delivering good growth and accounting for three-quarters of core earnings year-to-date,“ said Mr. Mendonca. ”Core EPS benefited from credit reserve releases and lower tax rate (collectively 6 cents per share). Asia delivered good new business CSM, WM EBITDA margins improved 310 basis points year-over-year, and MFC continued to buy back stock, three key drivers of MFC’s 18-per-cent ROE target."
* National Bank’s Jaeme Gloyn increased his target for shares of Power Corp. of Canada (POW-T) to $69 from $64 with a “sector perform” rating, while Scotia’s Phil Hardie raised his target to $76 from $69 with a “sector outperform” rating. The average is $65.86.
“A solid quarter of earnings and NAV growth (up 25 per cent and 12 per cent year-over-year), and capital returned to shareholders,“ said Mr. Gloyn. ”We believe these results will sustain the shares at the current discount to NAV; however, further narrowing of the already record tight discount is likely more challenging.”
“We see NAV upside from strategies to i) further simplify and de-risk the business model (i.e., no material exposure to Standalone Businesses), and ii) drive a re-rate of operating company valuations through organic and inorganic drivers (e.g., solid earnings growth from GWO and IGM in Q3-25). Longer term, we see upside from growth in the alternative asset management platform that continues to grow AUM; however, the timing of upside remains uncertain. In the meantime, POW stands to benefit from significant carried interest. A 3.6-per-cent dividend yield is attractive to investors seeking a stable and growing income component. POW increased the dividend 9 per cent in 2024, and we expect more to come.”
* Desjardins Securities’ Kyle Stanley bumped his target for PRO REIT (PRV.UN-T) to $6.50, matching the average, from $6.25 with a “hold” rating. Other changes include: Raymond James’ Brad Sturges to $6.75 from $6.50 with an “outperform” rating, Scotia’s Himanshu Gupta to $7 from $6.50 with a “sector perform” rating and National Bank’s Matt Kornack to $6.50 from $6.25 with a “sector perform” rating.
“PRO’s quarter came in largely as expected, with strong ops on solid leasing spreads, although occupancy took a hit on an expected vacancy at a single-tenant property outside Montreal (there is interest from tenant users from a purchase standpoint as well as smaller occupiers for demising the space - market rents are 2 times expiring levels). The industrial transition has neared completion, with sales of office and retail properties during and post-quarter resulting in industrial assets approaching 95 per cent of portfolio fair value,” said Mr. Kornack.
* In response to its US$175-million acquisition of American live audio streaming specialist TuneIn Holdings Inc., RBC’s Drew McReynolds increased his target for Stingray Digitial Group Inc. (RAY.A-T) to $17 from $15 with an “outperform” rating, while CIBC’s Stephanie Price raised her target to $16 from $13.50 with an “outperformer” rating. The average is $16.50.
“Against the backdrop of a continuously evolving global audio and video landscape, we believe management continues to execute on identifying and capitalizing on new revenue growth opportunities that include retail media, FAST channels, SVOD and in-car entertainment,” said Mr. McReynolds. “While not immune to macro uncertainty, we believe these opportunities in aggregate have meaningfully enhanced the company’s revenue visibility through F2027. We expect this improved growth and risk profile combined with mid-30-per-cent adjusted EBITDA margins and 60-per-cent EBITDA-to-FCF conversion to translate to steady NAV growth driving further upside in the share.”
* CIBC’s Tal Woolley bumped his target for True North Commercial REIT (TNT.UN-T) to $9.50 from $9.25 with a “neutral” rating. The average is $10.08.