Canadian Analyst Coverage Update: July 22, 2025

Analyst Ratings (Canada)
ACT Energy Technologies Ltd (ACX:CA) Raymond James initiates coverage with an Outperform rating and $9.00 target.
Aecon Group Inc (ARE:CA) BMO Capital Markets raises target to $22.00
Air Canada (AC:CA) Raymond James raises target to $27.00
Arizona Metals Corp (AMC:CA) Scotiabank downgrades to Sector Perform, target set at $2.00.
Atkinsréalis (ATRL:CA) BMO Capital Markets raises target to $106.00
AutoCanada Inc. (ACQ:CA) RBC Capital raises target to $27.00
Bank of Nova Scotia (BNS:CA) Canaccord Genuity raises target to $85.00
Bitcoin Treasury Corp. (BTCT:CA) Canaccord Genuity initiates with a Buy rating and $14.00 target.
Bombardier Inc. (BBD-B:CA) CIBC World Markets raises target to $181.00 Citigroup maintains Buy rating, raises target to $195.00. TD Securities downgrades to Hold, sets target at $173.00. BMO Capital Markets raises target to $185.00
CAE Inc. (CAE:CA) BMO Capital Markets maintains Outperform, raises target to $50.00.
Calian Group Ltd (CGY:CA) CIBC World Markets raises target to $59.00
Cameco Corp (CCO:CA) Stifel Nicolaus raises target to $115.00
Canadian National Railway (CNR:CA) TD Securities maintains Buy, target at $168.00.
Canfor Corp (CFP:CA) Raymond James downgrades but maintains Outperform, target at $19.00.
CGI Inc. (GIB-A:CA) CIBC World Markets lowers target to $180.00
Choice Properties REIT (CHP-UN:CA) Desjardins Securities downgrades to Hold, sets target at $16.00. RBC Capital raises target to $16.00, maintains Sector Perform.
Collective Mining (CNL:CA) Scotiabank maintains Outperform, target at $15.00.
Dye & Durham Ltd (DND:CA) CIBC World Markets lowers target to $16.00
Emerita Resources Corp. (EMO:CA) Canaccord Genuity initiates with Speculative Buy, target at $1.80.
Equinox Gold Corp. (EQX:CA) TD Securities maintains Buy, target at $12.00.
Finning International Inc. (FTT:CA) BMO Capital Markets raises target to $66.00.
Fortis Inc. (FTS:CA) Raymond James upgrades to Outperform
George Weston Ltd. (WN:CA) RBC Capital raises target to $316.00
Hydro One Ltd. (H:CA) CIBC World Markets lowers target to $51.00
Interfor Corp (IFP:CA) Raymond James downgrades but maintains Outperform, target at $19.00.
Loblaw Companies Ltd. (L:CA) RBC Capital raises target to $267.00
Metro Inc. (MRU:CA) RBC Capital raises target to $112.00
Northland Power Inc. (NPI:CA) CIBC World Markets raises target to $29.00
Shopify Inc. (SHOP:CA) National Bank maintains Outperform, raises target to $190.00.
Skeena Resources Ltd. (SKE:CA) CIBC World Markets raises target to $26.00
Sprott Inc. (SII:CA) TD Securities downgrades to Hold, maintains target at $100.00.
Innergex Renewable Energy Inc. (INE:CA) TD Securities maintains Hold, target at $9.00.
Telus (T:CA) TD Securities maintains Buy, target at $25.00.
Toromont Industries Ltd. (TIH:CA) BMO Capital Markets raises target to $140.00
Wajax Corp. (WJX:CA) BMO Capital Markets raises target to $25.00
WSP Global Inc. (WSP:CA) BMO Capital Markets raises target to $312.00
