Inside the Market’s roundup of some of today’s key analyst actions
Desjardins Securities has revised its commodity price forecasts for crude oil, natural gas and refined oil products as a result of the conflict in the Middle East.
It resulted in higher 12-month target prices for all the large-cap energy stocks it covers.
Analyst Chris MacCulloch said Desjardins’ 2026 West Texas Intermediate forecast went to US$85/bbl (from US$60/bbl) while the 2027 forecast went to US$70/bbl (from US$65/bbl). This reflects “steepening backwardation of the oil futures curve and our expectation for an eventual resumption of tanker activity in the Strait of Hormuz.”
For natural gas, the 2026 and 2027 NYMEX price forecasts went to US$3.50/mcf (from US$4.00/ mcf) and to US$3.75/mcf (from US$4.00/mcf), respectively, to reflect headwinds from stronger oil prices and the mild conclusion to winter heating season. AECO gas price forecasts were also lowered, while overseas natural gas price estimates were increased as a result of Qatar being forced to temporarily idle its Ras Laffan LNG export facility.
The changes to large-cap energy stock price targets were as follows:
Arc Resources Ltd. (ARX-T) From C$27 to C$31
Canadian Natural Resources (CNQ-T) From $56 to $65
Cenovus Energy Inc. (CVE-T) From C$36 to C$39
Imperial Oil (IMO-T) From C$132 to C$156
Suncor Energy Inc. (SU-T) From C$85 to C$93
Tourmaline Oil Corp. (TOU-T) From C$74 to C$75
Whitecap Resources Inc. (WCP-T) From C$15 to C$16.50
All are rated “buy”, except for Canadian Natural Resources, which has a “hold” rating, and Imperial Oil, which has a “sell” rating.
RBC analyst Logan Reich downgraded Starbucks Corp. (SBUX-Q) to “sector perform” from “outperform”, becoming less enthusiastic about the risk/reward in the name.
“When we assumed coverage in November ’24 at outperform a key aspect of our thesis was relatively small/temporary investments were required to turn around the U.S. business. That did not materialize given ongoing labour and additional future investments which makes it tougher to justify the outperform, so we move to the sidelines,“ the RBC analyst said.
He provided three key points for the downgrade: “1) Permanent labour investments plus net cost savings over next three years are smaller than we previously anticipated, implying further investments required; 2) improvements to U.S. top-line growth are well-appreciated; and 3) stock is trading near peak historical multiple,” he said.
His price target remains at US$105.
The average analyst price target is US$99.94, according to S&P Capital IQ.
Ventum Capital Markets initiated coverage on Stack Capital Group Inc. (STCK-T), a newly formed investment holding company, with a “buy” rating and C$23 price target.
Analyst Rob Goff said Stack Capital “offers unique, focused exposure to premier late-stage private technology businesses” that are “well positioned to benefit from AI and military driven value creation.”
He notes that Stack’s largest holding, SpaceX, is expected to IPO in 2026 at a US$1.5‑1.75 trillion range, implying $8.15‑9.51 per share versus $4.35 currently embedded in Q4/25 NAV of $15.35.
“We are bullish on the portfolio mix, with AI Infrastructure at 20% of NAV and Robotics/Defense at 39%, complemented by PSI Quantum (0.6%) and X‑energy (3.62%) for additional AI and Defense leverage.
He said Stack Capital is “catalyst rich.”
“The potential for as many as five of Stack’s top portfolio holdings, representing more than 50% of its NAV, to complete IPOs in the next 12 months suggests positive NAV adjustments and increased investor focus.”
The average analyst price target is C$22.25.
TD Cowen analyst Aaron MacNeil nudged up his price target on South Bow Corp. (SOBO-T) to C$42 from C$40 after reviewing fourth quarter results and updating his model. He continues to rate the stock as a “hold”.
“South Bow reported Q4/25 EBITDA of $252 million, slightly above our/consensus estimate of $249/$250 million. Our relatively unchanged go-forward estimates reflect management’s unchanged 2026 guidance and Q4/25 results. However, we are reducing our 2026 growth capital spending estimate to $75 million, from $110 million previously,” Mr. MacNeil said.
He added, “Since RBN Energy’s blog on the affiliated Bridger project on February 23, 2026, South Bow’s share price has increased by ~8%, outperforming its North American crude-oil-weighted peer group of ~2%. As such, we believe that investors are actively incorporating value for this project. Importantly, we believe that this is premature, given the early stage of this project, what we believe are many obstacles yet to overcome before a positive FID [final investment decision] is reached, and the inherent risks for any company, including South Bow, to take on a capital project that potentially represents a meaningful proportion of its market capitalization. That said, we continue to observe positive anecdotal evidence of potential customer support, particularly in light of recent events in Iran and longer-term efforts to diversify the source of global crude oil imports.”
The average analyst price target is US$30.21.
Canaccord Genuity analyst Peter Bell raised his price target on Highlander Silver Corp. (HSLV-T) to C$14.75 from C$7.75 following the company’s completion of its acquisition of Bear Creek Mining. He continues to rate the stock “speculative buy”.
“We view the acquisition of Bear Creek as a strategically attractive transaction for Highlander. Bear Creek brings the very large Corani silver project in Peru as well as the operating Mercedes gold/silver mine in Sonora Mexico. As part of the deal arrangement, Highlander settled the outstanding debt obligations owing by Bear Creek to Equinox and Royal Gold, in addition to terminating the gold and silver stream obligations at Mercedes. In our view, we believe this sets the ‘new’ Highlander on the right foot with a cleaner balance sheet,” Mr. Bell said in a note to clients.
The average analyst price target is C$13.35.
Barclays cut its price target on lululemon athletica Inc. (LULU-Q) to US$161 from US$203 following the retailer’s earnings report late Tuesday. It continues to rate the stock “equal weight”.
EPS at US$5.01 compared to the Street estimate of US$4.78.
But Barclays analyst Adrienne Yih noted that guidance for fiscal year 2026 calls for ongoing pressure in the Americas region, with 2026 to serve as the region’s “reset” year.
“Management expects the pressure will be partially offset by still-strong China growth,” the analyst noted.
The average analyst price target is US$189.55.