Canadian Analyst Updates: April 15th, 2026

Analyst Ratings (Canada)
Today’s analyst ratings point to a late-cycle selectively bullish market, where fundamentals remain intact but valuation discipline is tightening. While many firms continue to maintain Buy/Outperform ratings on higher-quality names like Enbridge Inc. and Constellation Software Inc., the prevalence of target price cuts alongside increases signals that analysts are tempering upside expectations rather than revising core theses. There is clear dispersion across sectors, particularly in mining where names like Teck Resources Ltd. see target increases while others such as Capstone Copper Corp. face reductions, reinforcing a stock-picking market rather than broad beta-driven gains. Defensive and yield-oriented equities continue to attract support, while cyclicals, are seeing downgrades and sharp target cuts, suggesting emerging demand softness.
Overall, the signal is that the market is not in a new expansion phase but transitioning into a more mature cycle, where alpha generation depends on company-specific execution, earnings durability, and capital allocation discipline rather than macro tailwinds.
57 Analyst Updates
AGF Management Ltd. (TSX: AGF.B): Scotiabank lowers its target to $18 from $20 and maintains a Sector Perform rating.
AGF Management Ltd. (TSX: AGF.B): Desjardins lowers its target to $20 from $21 while maintaining a Buy rating.
AGF Management Ltd. (TSX: AGF.B): TD Securities maintains a Buy rating with a $20 target.
Altius Minerals Corp. (TSX: ALS): National Bank raises its target to $57.50 from $55 and maintains an Outperform rating.
Arizona Metals Corp. (TSX: AMC): National Bank maintains an Outperform rating with a $1.00 target.
Aurora Cannabis Inc. (TSX: ACB): TD Securities maintains a Buy rating with a $10.00 target.
Blue Ant Media Corp. (TSX: BAMI): National Bank lowers its target to $10.50 from $11 and maintains an Outperform rating.
Blue Ant Media Corp. (TSX: BAMI): ATB Cormark lowers its target to $18.50 from $19.50 and maintains an Outperform rating.
Bravo Mining Corp. (TSX: BRVO): National Bank lowers its target to $7.50 from $7.75 and maintains an Outperform rating.
BRP Inc. (TSX: DOO): Canaccord lowers its target to $90 from $118 and maintains a Hold rating.
BRP Inc. (TSX: DOO): TD Securities downgrades the stock to Hold and cuts its target to $84 from $119.
BRP Inc. (TSX: DOO): CIBC maintains an Outperform rating with a $118 target.
Canadian National Railway Co. (TSX: CNR): National Bank raises its target to $164 from $147 and maintains a Sector Perform rating.
Canadian Pacific Kansas City Ltd. (TSX: CP): National Bank raises its target to $125 from $119 and maintains an Outperform rating.
Cannara Biotech Inc. (TSX: LOVE): TD Securities maintains a Buy rating with a $3.25 target.
Capstone Copper Corp. (TSX: CS): National Bank lowers its target to $15 from $17 and maintains an Outperform rating.
Chemtrade Logistics Income Fund (TSX: CHE.UN): Scotiabank maintains a Sector Perform rating with a $17.00 target.
Chemtrade Logistics Income Fund (TSX: CHE.UN): CIBC maintains an Outperform rating with a $19.00 target.
Chemtrade Logistics Income Fund (TSX: CHE.UN): BMO downgrades the stock to Market Perform with a $18.50 target.
Colliers International Group Inc. (TSX: CIGI): Scotiabank lowers its target to $206 from $213 and maintains a Sector Outperform rating.
Colliers International Group Inc. (TSX: CIGI): Scotiabank lowers its target to $206 while maintaining an Outperform rating.
Constellation Software Inc. (TSX: CSU): TD Securities maintains a Buy rating with a $4,100 target.
Eldorado Gold Corp. (TSX: ELD): BMO maintains an Outperform rating with an $82 target.
Eldorado Gold Corp. (TSX: ELD): National Bank raises its target to $70 from $63 and maintains an Outperform rating.
Enbridge Inc. (TSX: ENB): Scotiabank maintains an Outperform rating with a $77 target.
Ero Copper Corp. (TSX: ERO): National Bank lowers its target to $50 from $53.50 and maintains a Sector Perform rating.
Faraday Copper Corp. (TSX: FDY): National Bank raises its target to $5.75 from $5.50 and maintains an Outperform rating.
Finning International Inc. (TSX: FTT): TD raises its target to $106 from $104 and maintains a Buy rating.
First Quantum Minerals Ltd. (TSX: FM): Stifel raises its target to $52 from $47 and maintains a Buy rating.
Freehold Royalties Ltd. (TSX: FRU): CIBC maintains a Neutral rating with an $18.50 target.
G2 Goldfields Inc. (TSX: GTWO): Stifel raises its target to $10.84 from $8.50 and maintains a Hold rating.
High Liner Foods Inc. (TSX: HLF): Raymond James lowers its target to $15 from $17 and maintains a Market Perform rating.
Ivanhoe Electric Inc. (TSX: IE): National Bank lowers its target to $30 from $33 and maintains an Outperform rating.
Koryx Copper Inc. (TSX: KRY): Stifel raises its target to $4.50 from $4.25 and maintains a Buy rating.
Lundin Mining Corp. (TSX: LUN): National Bank raises its target to $43.50 from $42 and maintains a Sector Perform rating.
Marimaca Copper Corp. (TSX: MARI): National Bank lowers its target to $14 from $15 and maintains an Outperform rating.
Meridian Mining PLC (TSX: MNO): Stifel raises its target to $3.00 from $2.50 and maintains a Buy rating.
Montage Gold Corp. (TSX: MAU): Stifel raises its target to $18 from $16 and maintains a Buy rating.
Montage Gold Corp. (TSX: MAU): Scotiabank maintains an Outperform rating with a $15 target.
OR Royalties Inc. (TSX: OR): Stifel raises its target to $71 from $70 and maintains a Buy rating.
Osisko Metals Inc. (TSX: OM): National Bank raises its target to $2.00 from $1.50 and maintains an Outperform rating.
Osisko Metals Inc. (TSX: OM): Scotiabank raises its target to $2.00 and maintains an Outperform rating.
Pecoy Copper Corp. (TSX: PCU): National Bank raises its target to $2.75 from $2.50 and maintains an Outperform rating.
Savaria Corp. (TSX: SIS): TD Securities raises its target to $35 from $31 and maintains a Buy rating.
Savaria Corp. (TSX: SIS): Raymond James raises its target to $33 from $32 and maintains an Outperform rating.
Savaria Corp. (TSX: SIS): ATB Cormark raises its target to $35 from $32 and maintains an Outperform rating.
Savaria Corp. (TSX: SIS): Scotiabank maintains an Outperform rating with a $30 target.
Silver Tiger Metals Inc. (TSX: SLVR): Stifel raises its target to $2.00 from $1.70 and maintains a Buy rating.
Teck Resources Ltd. (TSX: TECK.B): National Bank raises its target to $90 from $85 and maintains a Sector Perform rating.
Toromont Industries Ltd. (TSX: TIH): TD raises its target to $232 from $228 and maintains a Buy rating.
Trilogy Metals Corp. (TSX: TMQ): National Bank lowers its target to $7.50 from $9.50 and maintains a Sector Perform rating.
VitalHub Corp. (TSX: VHI): Scotiabank maintains an Outperform rating with a $12 target.
Wesdome Gold Mines Ltd. (TSX: WDO): CIBC maintains a Neutral rating with a $31 target.
Wheaton Precious Metals Corp. (TSX: WPM): Stifel raises its target to $250 from $240 and maintains a Buy rating.
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