Canadian Analyst Updates: Jan 22, 2026
Analyst Ratings (Canada)
The following are today’s 61 entries of the latest analyst ratings tracked for Canadian-listed and Canadian-traded stocks, with several brokerages adjusting their outlooks and target prices in response to company-specific developments, earnings expectations, commodity fluctuations, and broader sector trends:
AGF Management Ltd. (AGF.B:CA): Desjardins Securities raised its price target to $18.50 from $17.75 and reiterated a Buy rating, reflecting improving earnings momentum and asset flows.
Alamos Gold Inc. (AGI:CA): TD Securities lifted its target to $66 from $55, while Scotiabank maintained an Outperform rating with a $69 target, reflecting strong margins and leverage to higher gold prices.
Aris Mining Corp. (ARIS:CA): Canaccord Genuity raised its target to $30 from $28 and reiterated a Buy rating, supported by production growth and balance sheet strength.
Artemis Gold Inc. (ARTG:CA): TD Securities increased its price target to $50 from $42, reflecting execution confidence at the Blackwater project.
AtkinsRéalis Group Inc. (ATRL:CA): Scotiabank trimmed its target slightly to $112 from $113 while maintaining an Outperform rating, reflecting valuation normalization after strong performance.
Brookfield Infrastructure Partners (BIP.UN:CA): TD Securities maintained a Buy rating with a $55 target, highlighting stable cash flows and defensive infrastructure exposure.
Cameco Corp. (CCO:CA): TD Securities raised its target sharply to $185 from $150, reflecting tightening uranium markets and strong long-term contracting fundamentals.
Capstone Copper Corp. (CS:CA): TD Securities maintained a Buy rating with a $17 target, reflecting copper price leverage and operational improvements.
Cardinal Energy Ltd. (CJ:CA): CIBC maintained a Neutral rating with an $8 target, reflecting balanced risk-reward at current valuations.
Celestica Inc. (CLS:CA): TD Securities maintained a Hold rating with a $421 target, reflecting strong AI-driven growth already priced in.
Centerra Gold Inc. (CG:CA): TD Securities raised its target to $30 from $19, reflecting improving operational visibility and asset optimization.
Cerrado Gold Inc. (CERT:CA): H.C. Wainwright lifted its target to $3.30 from $2.20, reflecting improving production performance and cash flow outlook.
Collective Mining Ltd. (CNL:CA): Scotiabank maintained an Outperform rating with a $25 target, supported by strong exploration results.
Constellation Software Inc. (CSU:CA): National Bank cut its target to $3,200 from $4,500 while maintaining Sector Perform, reflecting valuation sensitivity.
Docebo Inc. (DCBO:CA): National Bank raised its target to $33 from $31 with a Sector Perform rating, reflecting gradual improvement in demand trends.
DPM Metals Inc. (DPM:CA): TD Securities increased its target to $57 from $42, driven by stronger precious metals pricing and operational execution.
Eldorado Gold Corp. (ELD:CA): BMO Capital Markets raised its target to $74 from $59, reflecting rising production and margin expansion.
Endeavour Silver Corp. (EDR:CA): TD Securities lifted its target to $21 from $14, reflecting higher silver prices and operational leverage.
Equinox Gold Corp. (EQX:CA): TD Securities raised its target to $26 from $21, supported by improving cash flow and balance sheet repair.
ERO Copper Corp. (ERO:CA): TD Securities increased its target to $45 from $33, reflecting copper price strength and operational improvements.
Fairfax Financial Holdings Ltd. (FFH:CA): BMO Capital Markets lowered its target to $2,500 from $2,600 while maintaining a Neutral rating, reflecting valuation considerations.
Faraday Copper Corp. (FDY:CA): TD Securities maintained a Buy rating with a $3.50 target, highlighting long-term development upside.
First Majestic Silver Corp. (AG:CA): TD Securities raised its target to $36 from $22, driven by silver price momentum.
First Quantum Minerals Ltd. (FM:CA): TD Securities lifted its target to $41 from $34, reflecting improving copper fundamentals.
G Mining Ventures Corp. (GMIN:CA): TD Securities raised its target to $56 from $39, reflecting construction progress and development visibility.
Hudbay Minerals Inc. (HBM:CA): TD Securities raised its target to $43 from $17 and reiterated a Buy, reflecting significant earnings leverage to copper.
IAMGOLD Corp. (IMG:CA): TD Securities increased its target to $34 from $24, supported by improving operations and gold price strength.
K92 Mining Inc. (KNT:CA): TD Securities raised its target to $33 from $23, reflecting strong production growth and margins.
Lundin Gold Inc. (LUG:CA): TD Securities lifted its target to $114 from $95, reflecting strong free cash flow generation.
Lundin Mining Corp. (LUN:CA): TD Securities raising its target to $42.00 from $28.00. Jefferies & Co. also lifted its target to $42.00 from $38.00, reflecting improved confidence in the company’s copper exposure, project execution, and stronger long-term commodity fundamentals.
Mullen Group Ltd. (MTL:CA): CIBC raised its target to $18 from $16 while maintaining Neutral, reflecting gradual freight market recovery.
NexGen Energy Ltd. (NXE:CA): TD Securities raised its target to $20 from $15, reflecting long-term uranium supply-demand tightening.
OceanaGold Corp. (OGC:CA): TD Securities lifted its target to $56 from $38, driven by improving production and cost performance.
OR Royalties Inc. (OR:CA): TD Securities raised its target to $66 from $52, supported by royalty portfolio growth.
Orla Mining Ltd. (OLA:CA): TD Securities cut its price target to $25.00 from $28, while National Bank raised its target to $29.00 from $27.00 and reiterated an Outperform rating.
Saputo Inc. (SAP:CA): National Bank raised its target to $45 from $38 and maintained Outperform, reflecting margin recovery.
Skeena Resources Ltd. (SKE:CA): TD Securities increased its target to $49 from $35, reflecting strong project economics.
Sprott Inc. (SII:CA): TD Securities raised its target to $176 from $130 while maintaining Hold, reflecting higher AUM sensitivity.
SSR Mining Inc. (SSRM:CA): TD Securities upgraded the stock to Buy from Hold and raised its target to $43 from $33, citing operational recovery.
Stantec Inc. (STN:CA): Scotiabank raised its target to $162 from $161 and maintained Outperform, reflecting strong backlog visibility.
Taseko Mines Ltd. (TKO:CA): TD Securities raised its target to $12 from $6.50, reflecting copper price leverage.
Teck Resources Ltd. (TECK.B:CA): TD Securities raised its target to $76 from $70 but downgraded to Hold, reflecting valuation.
Tecsys Inc. (TCS:CA): National Bank raised its target to $29 from $28 while maintaining Sector Perform.
Thesis Gold Inc. (TAU:CA): Scotiabank maintained an Outperform rating with a $3.00 target price, reflecting exploration upside.
Torex Gold Resources Inc. (TXG:CA): TD Securities raised its target to $96 from $78, supported by strong production outlook.
Triple Flag Precious Metals (TFPM:CA): TD Securities increased its target to $64 from $49,reflecting royalty portfolio growth.
Trisura Group Ltd. (TSU:CA): TD Securities maintained a Buy rating with a $58 target, supported by earnings stability.
Wesdome Gold Mines Ltd. (WDO:CA): TD Securities raised its target to $30 from $25, reflecting operational improvements.
WSP Global Inc. (WSP:CA): Scotiabank raised its target to $320 from $318 and maintained Outperform, supported by strong global infrastructure demand.
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