Inside the Market’s roundup of some of today’s key analyst actions
Believing “unpopularity suggests opportunity,” BMO Nesbitt Burns analyst Sohrab Movahedi upgraded Toronto-Dominion Bank (TD-T) to “outperform” from “market perform” on Thursday.
“We see a total return potential of 25 per cent over the next year relative to further downside risk of 7 per cent (i.e. downside protection at $70 per share or 6-per-cent. dividend yield/1.0 times estimated 2026 book value per share).
“We may be a bit early with the bank in the interregnum but find the 3-to-1 upside/downside skew compelling enough to upgrade TD to Outperform, and collect an attractive dividend yield even if some patience may be required.”
His unchanged $90 target for TD shares exceeds the $83.26 average on the Street, according to LSEG data.
=====
Seeing “an attractive entry point with the stock down 12 per cent over the past month,” BMO’s Stephen MacLeod raised North West Company Inc. (NWC-T) to “outperform” from “market perform” previously.
“Through 2025 and 2026, we expect settlement payment & infrastructure/reform spending programs to support accelerated consumer demand,” the analyst said.
“While timing of payments could be lumpy, we believe the outlook is on-balance positive, supported by Q4/24E/2025E Water Settlement payments and FNCFS settlement payments (late 2025E/2026E), as well as benefits from the company’s Next 100 initiative.”
Mr. MacLeod’s target rose to $58 from $56. The average is $58.50.
=====
National Bank Financial analysts Travis Wood and Dan Payne do not see “the same magnitude” of catalysts in the Canadian energy sector in 2025 as evident this year, predicting “more of a stock pickers market, where trading around core positions throughout the year should help drive incremental return.”
“2024 confirmed our thesis that FCF, valuation, balance sheet attention and return of capital can drive outsized returns regardless of sluggish commodity prices,” they said. “Despite domestic oil and gas prices trading flat, to down for much of 2024, the energy index generated 11 per cent, while our best ideas generated 20-40 per cent.”
In a research report released Thursday titled 2025 Outlook: Same, Same But Different, the analysts said “decision-making around the use of free cash flow will be met with scrutiny (this likely becomes a nuanced differentiator).”
“We continue to believe that a sustainable return of capital model is only as successful as the assets and capital discipline behind them, therefore we expect corporate level returns will emerge as an investing benchmark for 2025,” he said. “Leveraging these broader themes with more micro-based themes such as growth, re-rate potential, sustainability and balancing Trump (and potential tariffs) should provide a decent playbook for Canadian energy in 2025.”
“Similar to 2024, the sector provides opportunity despite what appears to be a directionless macro backdrop. Valuations remain attractive, balance sheets are pristine, FCF is resilient, baseline dividends and capital programs are sustainable and relative value exists.”
The analyst also emphasized Donald Trump’s return to the U.S. presidency on Jan. 20 will have significant and currently unclear consequences across the sector.
“There are various upside and downside risks to the names within our coverage, but outside of tariffs, we believe they skew more heavily to the bullish side (in large part due to public companies’ unwillingness to grow for the sake of growth),” he said. “From a macro perspective, supply risk to Iran, Russia and Venezuela could support prices, while renewable subsidies could bolster demand. We also believe that Trump will lift Biden’s pause on LNG export permits, providing additional catalysts for natural gas prices on the continent due to the incremental access to more lucrative markets abroad (and provide some of the growth implicit in his plan). Furthermore, despite his repeated claims of “Drill, Baby, Drill” and opening the taps, public companies continue to prioritize capital discipline and returns above growth. While the tariffs on imported oil could be extremely problematic and costly, we believe they are not likely to be implemented given the knock-on effect they would have on American energy prices (going against his desire for lower energy costs).”
In the report, the analysts released their 2026 estimates, but they noted their valuations remain based on a 2025 estimated enterprise value to debt-adjusted cash flow multiple “due to longer-term uncertainty surrounding the commodities and macro-related trends.”
“We believe 2025e remains representative of the long-term fair value in a more normalized price environment (mid-cycle),” they said. “Our target multiples are supported by historical forward-looking multiples, in this case we have leveraged historical multiples from 2017-2019 where applicable, given the similarities we see from a price environment perspective.
“On average, our 12-month target prices have decreased by 4 per cent, driven largely by our revisions to our commodity price assumptions, target multiple adjustments in addition to recently published 2025 guidance for select names. We see 57-per-cent and 36-per-cent total return potential across our Outperform and Sector Perform rated names, respectively.”
Mr. Payne and Mr. Wood also unveiled their top picks for the year ahead:
- Arc Resources Ltd. (ARX-T, “outperform” and unchanged $32 target) and Tourmaline Oil Corp. (TOU-T, “outperform” and $75 target, up from $72.50), noting “growth and FCF ramp helped by C5+ exposure while LNG exposure continues to expand.”
- Cenovus Energy Inc. (CVE-T, “outperform” and $29 target, down from $31), citing “value and re-rate through only a modest downstream improvement.”
- Suncor Energy Inc. (SU-T, “outperform” and $65 target, down from $76), emphasizing “continued re-rate momentum vs. historical and relative value as execution and cost compression plays out.”
- Headwater Exploration Inc. (HWX-T, “outperform” and $9 target, down from $9.50) and Tamarack Valley Energy Ltd. (TVE-T, “outperform” and $6.75 target, down from $7) on “compounding value momentum in the Clearwater.”
- Kelt Exploration Ltd. (KEL-T, “outperform” and $9 target, up from $8.75), Logan Energy Corp. (LGN-X, “outperform” and unchanged $1.50 target) and Spartan Delta Corp. (SDE-T, “outperform” and $6 target, up from $5.75) on “pursuing meaningful liquids-oriented value through growth.”
- Topaz Energy Corp. (TPZ-T, “outperform” and unchanged $33.50 target), noting “solid risk-adjusted returns through a diversity of high-quality exposures.”
=====
In association with their annual outlook, Mr. Payne made one rating revision, downgrading NuVista Energy Ltd. (NVA-T) to “sector perform” from “outperform” on valuation concerns after strong performance since his prior upgrade, outperforming the market by 1,500 basis points since Nov. 8.
“We recognize the quality of NVA’s business, with solid returns continuing to be generated by levering the strength of its liquids-oriented capital efficiencies, which should proactively and dynamically progress value towards its targeted critical mass of 125 mboe/d over the medium to long-term,” he said.
“With that, the company has set a prudent 2025 base budget to deliver 5-10-per-cent annualized production growth within the context of a 70-per-cent payout ratio ($65/bbl and $3/mcf) that suggests a 5-10-per-cent FCF yield. That program is undisturbed by the recent announcement of third-party downtime and curtailment that has seen its fourth quarter production guidance revised by 6-7 mboe/d or 7 per cent, but which could moderate its cash flow momentum in the immediate term, before being re-established in to 2025 (as it restores its 90 mboe/d exit, commensurate with its FY25 average).”
Mr. Payne maintained a $16 target for NuVista shares. The average on the Street is currently $17.30.
“While the long-term outcome to value here remains solid, with the backstop of recent peer consolidation at a multiple of 5.5 times P/CF range, our near-term value assessment at a peer average target multiple of 5.0 times suggests 25-per-cent upside to current trading (vs. peers 35 per cent),” he concluded. “As such, we are downgrading to a neutral stance as a function of valuation, with its in-line return proposition largely supported by its prevailing multiple (keeping in mind, peer average multiples are more generally buoyed by low gas prices than it, which is more a reflection of high value attribution). As the company executes its capital budget, we expect to proactively orient towards prospective growth catalysts and value dislocations for future outperformance. NVA is poised for a 17-per-cent return profile (vs. peers 22 per cent) on leverage of 0.0 times (vs. peers 0.5 times), while trading at 4.1 times 2025 estimated EV/DACF (vs. peers 4.0 times).”
=====
In a separate report previewing the year ahead for Canadian oilfield services providers, Mr. Payne predicts stability in the sector “as relatively rangebound commodity prices continue to support static spending in the upstream, and translates through to a stable outlook for the service providers.”
“That perspective should continue to opportunistically position to positive themes (increased industry intensity & structural return of capital) and incremental upside (notably through gas prices with respect to LNG and power burn),” he said.
“Overall, that orientation continues to provide a value-bias through its stability, excess free cash and cadence of return of capital, with the space continuing to trade at a relative discount to historical. As such, we have revised our pecking order (based on a risked assessment of earnings momentum, free cash and valuation, as a product of the relative exposure to the noted thematics) as; PD, TCW, PSI, CEU, EFX (while continuing to acknowledge the relative uniformity throughout; dealers choice).”
The analyst made a trio of target price adjustments on Thursday. They are:
* CES Energy Solutions Corp. (CEU-T, “sector perform”) to $11.50 from $10. The average on the Street is $10.72.
Analyst: “Continued entrenchment of (and the poster child for) the intensity thematic towards expanded margins and returns (including an active buyback), which in association with continued appreciation by the street (including expanding estimates), should continue to elicit multiple support (having expanded 65 per cent year-to-date in ‘24; currently trading at 5.8 times 2025e EV/EBITDA vs. peers 7.5 times).”
* Enerflex Ltd. (EFX-T, “sector perform”) to $16 from $11. The average is $12.66.
Analyst: “The horse is out of the barn, and the stock’s re-rate has been initiated after recent stability and quality of earnings (having seen its multiple inflect by 20 per cent to 3.8 per cent 2025 EV/EBITDA since Q3/24 results in mid-November, vs. peers 7.0 times). Levering the sustainability of that profile, with positive themes (including a pivot to processing from compression for its high-value compression business, with positive peer transaction comps), we believe its performance should continue with a strength of earnings and FCF as reported. We note our increased target for EFX is driven by a slightly expanded target multiple of 4.5 times 2025e (previously 4.0 times 2024e), which is a reflection of the market’s repricing of the sum-of-the-parts equation (principally its U.S. compression & processing business within visibility to incremental gas thematics like data centers) and as backstopped by recent fundamental execution by the company.”
* Pason Systems Inc. (PSI-T, “sector perform”) to $19.50 from $20. The average is $18.60.
Analyst: “The insulation of its diversified business, including market leadership in Canada (super triple & singles) plus C&P and International business units, should outpace risks of lagging activity (and market share) in the US, and which should continue to support ample FCF (the highest relative free cash generation in the group at about 25-per-cent yield) and accelerating de-leveraging and return of capital through the outlook. All of which, in sum, are not appreciated by its discounted multiple (3.1 times 2025e vs. peers 3.4 times).”
=====
RBC Dominion Securities analyst Darko Mihelic thinks the higher-than-anticipated impaired provisions for credit losses endured by Canadian Western Bank (CWB-T) in the fourth quarter largely reflected weakness in the transportation and manufacturing industries and are also trends that have been seen in some of its peer banks recently, which he anticipates will “subside over time.”
Total PCLs came in at $40.0-million, down 27 per cent quarter-over-quarter but up 306 per cent year-over-year and above Mr. Mihelic’s estimate of $20.2-million. That led to adjusted cash earnings per share of 67 cents, which fell below the analyst’s 89-cent estimate and the consensus projection on the Street of 88 cents.
“The Q4/24 impaired PCL ratio was 0.38 per cent, down 19 basis points quarter-over-quarter but up 30 bps year-over-year, which compares to the recent peak since 2018 of 0.27 per cent in Q2/21,” he said. “Impaired credit losses this quarter reflected overall higher default rates and lower realization values, primarily related to transportation (lower valuations in the equipment leasing portfolio) and some of the losses were also in the manufacturing industry.
“We leave our PCL ratio assumptions unchanged. We continue to expect impaired PCLs to remain elevated in H1/25, then decline in the latter half of the year.”
Modelling two more quarters before its acquisition by National Bank of Canada (NA-T) is completed, Mr. Mihelic update his model to “reflect net interest margin expansion through 2025 which is partially offset by lowered expectations for non-interest revenue” as well as reduction to his expected non-interest expenses. His 2025 core EPS estimate increased by 5 cents to $3.53.
Maintaining a “sector perform” rating for CWB shares, Mr. Mihelic increased his target to $60 from $52. The average target on the Street is $52.41.
“We view the transaction as a mild positive, as we believe there are good diversification benefits (e.g., geographic footprint, commercial loan book). We expect the deal to close around May 1, 2025,” he said.
Elsewhere, Raymond James’ Stephen Boland increased his target to $59 from $54 with a “market perform” rating.
=====
Raymond James analyst Michael Glen thinks Vancouver-based Premium Brands Holdings Inc. (PBH-T) has “positioned itself as a leading innovator within the North American food industry,” leading him to initiate coverage with an “outperform” recommendation on Thursday.
“The company’s core strategy is to work with customers, developing new food products and solutions, which in turn drives consumer demand and organic growth,” he said in a report titled Assembled for Accelerated Growth. “Focal areas include the prepared sandwich, protein, and bakery markets. Looking historically, most growth was generated via expansion in Canada and also via M&A. As we move forward, growth will be driven by the U.S. market and follow an aggressive capital expenditure plan where PBH invested close to $700-million over the past 2.5 years. This program is now in the final stages. The products and categories expected to drive organic growth are largely contained in the Specialty Foods Group, with an emphasis on the Sandwich and Protein categories.
“Despite the capital investments to prepare for accelerated growth, with its 2Q report (August), PBH did highlight some near-term factors impacting results. These include delays associated with some large product launches, start-up costs, longer-than-expected onboarding timelines, which has been coupled with a weaker consumer backdrop. Another factor emerging with 3Q was a sales decline with one of its larger Sandwich segment customers which is being driven by lower traffic and ongoing strategic / operational changes within that organization. In terms of this situation, in looking at the public statements provided by this customer, we do believe that Premium Brands is well-aligned as a supplier to this organization, and the product they supply will continue to represent an important part of this customer’s food mix. That said, there could very well be some short-term headwinds on this specific item.”
Mr. Glen thinks investors have already priced in the company’s short-term headlines with its stock trading near $80 and below his 16.5 times 2025 estimated earnings per share projection.
“This multiple compares against a historical 5- and 10-year avg of 21.0 times and 21.6 times, respectively. In terms of peers, we have selected a group of largely U.S. based peers that are very relevant in various portions of the food distribution and manufacturing supply chain. This group of peers trades at 25.3 times 2024E EPS and 19.4 times 2025E EPS. Additionally, with the slower ramp and onboarding of customers, PBH has seen its leverage expand beyond its historical range. At the end of 3Q24, the senior debt to EBITDA ratio was 3.4 times (target range of 2.5-3.0 times), with the total debt (including debentures) to EBITDA ratio at 4.4 times (target range of 3.5-4.0 times). Within our model, we see leverage stabilizing at current levels before trending lower over the course of 2025 with an emphasis on 2H25.”
Believing it will be “exceptionally important” for investors over the next 12 months to monitor the company’s the sales build and new business launches associated with its five-year plan, he set a target of $100 per share. The average is $102.40.
“We believe that this multiple could expand into or above its historical average as management executes on its growth strategy, announces new business wins, and as sales ramp with new programs in the Specialty Foods segment,” said Mr. Glen. “Additionally, another factor that we believe could benefit the multiple is deleverage back into the company’s target range, which could be aided by actions being pursued with respect to a sale / leaseback transaction.”
=====
In a report titled Most Eligible Silver Bachelor, National Bank Financial analyst Don DeMarco initiated coverage of Vizsla Silver Corp. (VZLA-T) with an “outperform” recommendation, touting the “sizable” high-grade resource of its 100-per-cent-owned Panuco advanced stage underground silver-gold project in Mexico.
“Vizsla garnered increased prominence after recent acquisitions in the silver sector, notably Gatos Silver, Inc. (TSX: GATO; Restricted) and SilverCrest Metals Inc. (TSX: SIL), and is one of few high quality silver names next in line for production,” he noted.
Emphasizing Panuco offers ”high-grade, high-margin silver with upside,” Mr. DeMarco also pointed out de-risking of the project is advancing with permitting “in focus.” He said his investment thesis considers a valuation re-rate upon completion of both.
“We also see the opportunity to increase the net asset value (NAV) through exploration driving resource accretion, leading to production growth and/or mine life extensions,” he added.
The analyst set a target of $4.75 per share. The current average is $4.59.
“The target multiple considers the robust economics of the Panuco project with an elevated NPV and IRR; strong team; and sizeable land package providing opportunities for cash flow growth and valuation upside, as outlined above,” he explained.
“The assigned target multiple also considers the PEA stage and pre-permitting status of the Panuco project. Silver names in our coverage universe with higher multiples are at a more advanced stage. For example, our assigned target multiple for AbraSilver (TSX.V: ABRA) is 1.25 times, with its permitted Diablillos project in the PFS stage; and MAG Silver (TSX: MAG) at 1.50 times, with commercial production at the Juanicipio mine achieved in 2023.”
=====
While he thinks the outlook for oil production is “favorable” and expects EBITDA growth in 2025/2026, RBC Dominion Securities analyst Arthur Nagorny thinks that view is “fairly reflected” in shares of Secure Energy Services Inc. (SES-T) at current levels.
Accordingly, though he believes its management has “done a good job of repositioning the business in recent years to focus on waste + midstream infrastructure,” he assumed coverage with a “sector perform” recommendation on Thursday.
“SECURE’s business has been repositioned since 2021, driven by the company’s merger with Tervita (diversified exposure away from oilfield services), the divestment of non-core oilfield services businesses, and the acquisition of 4 Metals Recycling businesses,” he said. “Today, SECURE is primarily exposed to waste management + midstream services in Western Canada, where the company now derives 80 per cent of its revenue from production/industrial activities (relatively stable through the O&G cycle) and 20 pere cent from drilling/completion (vs. 40 per cent/60 per cent in 2014).
“Volatility risks remain despite production-oriented exposure – Historically, meaningful O&G downturns have had a material impact on SECURE’s financial results (e.g., revenue declined 51 per cent between 2014-2016 and 27 per cent year-over-year in 2020). Although SECURE’s revenue now skews more toward production than it has historically, we note that Tervita (which SECURE merged with in 2021) and Newalta (which Tervita completed a reverse takeover of in 2018) experienced meaningful declines during the past 3 O&G downturns (2020/2015/2008) despite also being predominantly exposed to production. Thus, while SECURE is relatively more defensive today than it was in 2014, we still believe that downside risks remain during meaningful/prolonged O&G market downturns.”
Believing a valuation discount to waste majors and seeing its shares fairly valued following a recent re-rating, Mr. Nagorny set a $17 target. The average is $18.10.
“We believe the fundamental difference with SECURE’s business model stems from its services being contracted on an ‘ad hoc’basis (i.e., volume-dependant), whereas collection services are usually contracted for multiple-year periods for the Majors,” he said. “Combined with SECURE’s end-market/geographic concentration and lack of programmatic M&A, we believe a valuation discount is warranted.
“SECURE’s multiple has re-rated as the Tervita asset sale has removed regulatory uncertainty and provided a precedent (7.5 times EV/EBITDA on a ‘forced’ sale) for the value of SECURE’s remaining assets. Overall, we believe SECURE’s current multiple is largely fair given the company’s concentrated exposure to Western Canada’s O&G market, where the above-noted downside risk from a material O&G downturn is fairly balanced against our outlook for nearterm growth
=====
In other analyst actions:
* In a 2025 outlook for the Software & Services space, CIBC’s Scott Fletcher hiked his target for Altus Group Ltd. (AIF-T) to $60, exceeding the $57 average on the Street, from $52 with a “neutral” rating.
“Looking into 2025 we remain optimistic, with enterprise spending expected to improve, including Gartner forecasting 9.3-per-cent year-over-year growth in IT overall spending,” said Mr. Fletcher and colleague Stephanie Price. “We expect application spending to continue to benefit as GenAI spending moves from primarily infrastructure and proof-of-concept work to more specific applications and broader use cases. In this report, we raise our price targets for AIF and KSI.”
“Top Picks Heading Into 2025: Our top picks for 2025 include a mix of defensive and high-growth names, as well as a name we expect to benefit from a Trump administration. We continue to like Constellation for its defensive revenue base, with 70 per cent of revenue derived from maintenance and other recurring revenue, as well as the company’s ever-present M&A upside. We expect Descartes to benefit from a Trump administration as new/changing tariffs should drive additional transaction volume in the global trade intelligence division. We also like Kneat as a high-growth SaaS name with room to grow. With ARR growth of 50%+ over the last several quarters we see upside to Street estimates of 42-per-cent SaaS growth in F2025.”
* Canaccord Genuity’s Aravinda Galappatthige cut his BCE Inc. (BCE-T) target to $33 from $37.50 with a “hold” rating. The average is $40.64.
“We have revisited our BCE model with a view to firming up our 2025 and also our 2026 estimates well ahead of Q4/24 reporting, which would feature 2025 guidance,” he said. “In addition to adjustments to capex factoring in recent management comments, we have also made some revisions around the timing of M&A. In particular, our estimates now reflect the Ziply acquisition closing on October 1 vs our prior expectation of earlier in Q3/25. All said, in terms of 2025, we expect to see flat adj EBITDA in 2025 (0.6-per-cent growth, reported and organic) but higher FCF year-over-year (10 per cent) due to the low base in 2024, which is impacted by an upswing in working capital use, severance payments, lower Canadian capex, partially offset by Ziply in Q4/25. In terms of adj EPS, we expect to see the familiar decline rate of 5 per cent in 2025, broadly similar to 2023A and 2024E.
“How we view BCE in light of ongoing sell-off: BCE’s share price continues to struggle, down 13 per cent over the past month and a staggering 37 per cent year-to-date. While the most recent phase of pressure is likely tax loss selling related, we believe that there is an underlying loss of confidence in the stock that is also playing out. Essentially, BCE’s long held mantle as a highly defensive, low beta stock is no longer valid, we would argue. This, in turn, could lead to a material change in shareholder composition. In addition, sentiment around the broader Canadian telecom space remains weak with pricing pressure and expectations of easing volume growth, together with levered balance sheets having an impact.”
* In response to the results of its pre-feasibility study for the Čoka Rakita project in Serbia, CIBC’s Cosmos Chiu bumped his Dundee Precious Metals Inc. (DPM-T) target to $17 from $16 with a “neutral” rating. The average is $18.28.
* In a 2025 outlook for the U.S. insurance industry, RBC Capital Markets’ Scott Heleniak raised his Fairfax Financial Holdings Ltd. (FRFHF-N, FFH-T) target to US$1,600 from US$1,500 with an “outperform” rating.
“P&C insurance and insurance brokerage stocks had a strong run in 2024 with one of the better performances in years,” he said. “We see the environment staying constructive in 2025, but think that rate deceleration may start to surface in further product lines during 2025 (but still be in positive territory). Our view is that combined ratios, ROEs and earnings stay at attractive levels in 2025 but starting to peak later in 2025. Premium growth and NII should be heathy but below growth rates of recent years. We expect capital return to come into greater focus with more buyback and dividend announcements emerging in 2025. We think a focus on quality names could come to the forefront as market conditions develop. We are less bullish on the group compared to the past few years but still think it could slightly outperform benchmarks in 2025. We think investors will need to be more selective with stock selection given higher valuations as they will look for companies delivering superior results and value ideas.
“Favorite P&C insurance ideas: Our favorite ideas on the P&C side are AIG, Fairfax Financial, and Arch Capital. We favor high quality carriers with diversified product mixes, attractive underwriting margin profiles, some growth left, and healthy balance sheets. We also think investors will want to own companies that can play defense (if needed) and redeploy capital into the most attractive areas globally as the cycle deepens. While P&C stocks remain in favor and fundamentals remain healthy, we acknowledge that there could be some rotation out of insurance during 2025 given the recent stock runs and if signs that fundamentals are perceived as becoming less favorable.”
* CIBC’s Kevin Chiang raised his GFL Environmental Inc. (GFL-T) target to $76 from $75, above the $66.46 average, with an “outperformer” rating. He cut his Waste Connections Inc. (WCN-N, WCN-T) target to US$212 from US$215 with an “outperformer” rating. The average is US$201.41.
“We maintain our positive view on the solid waste sector,” said Mr. Chiang. “We continue to expect pricing-led organic growth, a deep M&A pipeline, and synergy capture opportunities to drive healthy earnings growth in 2025. As we exit this year, OCC and RIN prices moved significantly lower. We have adjusted our estimates to reflect these recent developments. We view GFL and RSG as the least exposed to the movement in commodity prices, followed by WCN, and then WM given the latter’s larger sustainability investment portfolio. We have decreased our price targets for WM to US$225 (from US$235) and WCN to US$212 (from US$215), and we have increased our price target for GFL from $75 to $76. Our RSG price target remains US$227. While the decline in OCC and RIN prices poses an earnings headwind heading into 2025, we continue to view the sustainability investments as a positive given their high ROIC and relatively quick payback periods.”
* Jefferies’ Lloyd Byrne cut his Paramount Resources Ltd. (POU-T) target to $35 from $37 with a “buy” rating. The average is $38.94.
* To reflect its strategic partnership announced with Volkswagen, National Bank’s Mohamed Sidibé bumped his Patriot Battery Metals Inc. (PMET-T) target to $8.50 from $8.25 with an “outperform” rating, while Desjardins Securities’ Frederic Tremblay cut his target to $13 from $15 with a “buy” rating. The average is $10.55.
“This investment is a massive stamp of approval from a key player within the space and reinforces our view that this project is truly a key asset in the Western EV supply chain,” said Mr. Sidibé.
* In response to the sale of a two-thirds stake in its television broadcast business to IoM Media Ventures Inc., National Bank’s Adam Shine raised his WildBrain Ltd. (WILD-T) target to $1.50 from $1.25 with a “sector perform” rating. The average is $2.03.