Canadian Analyst Updates: January 20th, 2026
Analyst Ratings (Canada)
The following are today’s 45 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:
ARC Resources Ltd. (ARX:CA): Jefferies & Co. lowered its price target to $27.00 from $28.00, reflecting a more cautious near-term outlook for natural gas pricing.
Athabasca Oil Corp. (ATH:CA): Scotiabank raised its price target to $8.00 from $7.00 while maintaining a Sector Perform rating, reflecting improving oil sands fundamentals.
AtkinsRéalis Group Inc. (ATRL:CA): Raymond James raised its target to $130.00 from $110.00 and reiterated a Strong Buy rating, reflecting robust project execution and margin expansion.
Baytex Energy Corp. (BTE:CA): Scotiabank increased its price target to $5.50 from $5.25 while maintaining an Outperform rating, supported by stronger production and leverage to oil prices.
BCE Inc. (BCE:CA): Scotiabank later raised its target to $40.25 from $40.00, reflecting stabilization in operating trends.
Bird Construction Inc. (BDT:CA): Raymond James assigned an Outperform rating with a $34.00 price target, highlighting strong infrastructure backlog visibility.
Black Diamond Group Ltd. (BDI:CA): Raymond James raised its price target to $20.00 from $18.00 and maintained an Outperform rating, reflecting improved utilization rates.
Celestica Inc. (CLS:CA): Aletheia Capital lifted its target to $567 from $457.00 and reiterated a Buy rating, reflecting AI-driven demand and margin upside.
Cenovus Energy Inc. (CVE:CA): JPMorgan raised its target to $25.00 while maintaining a Neutral rating, reflecting balanced risk-reward amid oil price volatility.
Cenovus Energy Inc. (CVE:CA): Scotiabank increased its price target to $30.00 from $29.00 and maintained a Sector Perform rating.
Centerra Gold (CAU:CA): Scotiabank maintained its Outperform rating with an $18.75 target, supported by improving mine performance.
Centerra Gold Inc. (CG:CA): TD Securities maintained a Buy rating and $19.00 target, reflecting balance sheet strength and operational execution.
Colliers International Group Inc. (CIGI:CA): Raymond James raised its target to $270 from $249.00 and maintained an Outperform rating, reflecting resilient commercial real estate services demand.
Docebo Inc. (DCBO:CA): TD Securities maintained its Buy rating with a $51.00 price target, reflecting steady SaaS growth expectations.
EQB Inc. (EQB:CA): BMO Capital Markets raised its target to $130.00 from $108.00 and reiterated an Outperform rating, supported by loan growth and margin expansion.
Exchange Income Corp. (EIF:CA): Ventum Financial raised its target to $110.00 from $95.00 and maintained a Buy rating, reflecting strong free cash flow generation.
Exchange Income Corp. (EIF:CA): National Bank raised its price target to $109.00 from $88.00 and reiterated an Outperform rating.
Freehold Royalties Ltd. (FRU:CA): Scotiabank raised its target to $16.00 from $15.00 while maintaining a Sector Perform rating.
Global Education Communities Corp. (GEC:CA): Fundamental Research assigned a $1.11 target price and Buy rating, reflecting improving enrollment trends.
International Petroleum Corp. (IPCO:CA): Scotiabank raised its target to $26.00 from $24.00 and maintained a Sector Perform rating.
Keyera Corp. (KEY:CA): National Bank raised its target to $46.00 from $48.00 while maintaining a Sector Perform rating.
Keyera Corp. (KEY:CA): TD Securities cut its target to $52.00 from $54.00 and reiterated a Buy rating.
Keyera Corp. (KEY:CA): Scotiabank maintained its Outperform rating with a $55.00 price target.
Labrador Iron Ore Royalty Corp. (LIF:CA): TD Securities maintained a Hold rating with a $29.00 target.
Montage Gold Corp. (MAU:CA): Stifel Nicolaus raised its target to $12.75 from $9.25 and reiterated a Buy rating, reflecting exploration upside.
Montage Gold Corp. (MAU:CA): Scotiabank raised its target to $10.00 from $8.50 and maintained an Outperform rating.
Mullen Group Ltd. (MTL:CA): National Bank raised its target to $19.00 from $16.50 and reiterated an Outperform rating.
Mullen Group Ltd. (MTL:CA): Scotiabank maintained a Sector Perform rating with a $16.00 target.
Nutrien Ltd. (NTR:CA): RBC Capital raised its price target to $104 from $100.00 and reiterated an Outperform rating.
Ovintiv Inc. (OVV:CA): Scotiabank raised its target to $80.00 from $70.50 while maintaining a Sector Perform rating.
Paramount Resources Ltd. (POU:CA): Jefferies & Co. cut its target to $28.00 from $29.00, reflecting updated commodity assumptions.
PrairieSky Royalty Ltd. (PSK:CA): Scotiabank raised its target to $30.00 from $29.00 and maintained a Sector Perform rating.
Quebecor Inc. (QBR.B:CA): Scotiabank raised its target to $51.25 from $51.75 while maintaining a Sector Perform rating.
RB Global Inc. (RBA:CA): Raymond James raised its target to $200.50 from $187.00 and maintained an Outperform rating.
Rogers Communications Inc. (RCI.B:CA): Scotiabank lowered its target to $57.75 from $58.00, reflecting competitive wireless pressures.
Silvercorp Metals Inc. (SVM:CA): Roth Capital raised its target to $14.50 from $12.50 and maintained a Neutral rating.
Stingray Group Inc. (RAY.A:CA): Desjardins Securities raised its target to $18.50 from $16.50 and reiterated a Buy rating.
Strathcona Resources Ltd. (SCR:CA): Jefferies & Co. raised its target to $26.00 from $29.00, reflecting revised production assumptions.
Suncor Energy Inc. (SU:CA): JPMorgan upgraded the stock to Overweight and raised its target to $75 from $64.00, reflecting improving capital returns.
Suncor Energy Inc. (SU:CA): Scotiabank raised its target to $70.00 from $62.00 while maintaining a Sector Perform rating.
Superior Plus Corp. (SPB:CA): TD Securities maintained a Buy rating with an $8.50 price target.
TELUS Corp. (T:CA): Scotiabank cut its target to $22.00 from $22.50 and maintained an Outperform rating.
Topaz Energy Corp. (TPZ:CA): Jefferies & Co. cut its target to $30.00 from $31.00, reflecting updated valuation assumptions.
Tourmaline Oil Corp. (TOU:CA): Jefferies & Co. cut its target to $70.00 from $72.00, reflecting natural gas outlook revisions.
Vermilion Energy Inc. (VET:CA): Scotiabank raised its target to $15.00 from $14.00 and maintained a Sector Perform rating.
Whitecap Resources Inc. (WCP:CA): Scotiabank raised its target to $15.00 from $14.00 and maintained a Sector Perform rating.
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