Canadian Analyst Coverage Updates: Oct 20th, 2025

Analyst Ratings (Canada)

The following are today’s latest 96 analyst ratings tracked from muliple analysts for Canadian listed and traded stocks:

5N Plus Inc (VNP:CA) — Raymond James raised its target price to $24 from $19, reflecting stronger revenue visibility, improving margins, and growing demand across specialty materials.

Acadian Timber Corp (ADN:CA) — RBC Capital cut its target to $18 from $19, reflecting weaker lumber pricing trends and ongoing softness in housing market activity.

Adentra Inc (ADEN:CA) — Scotiabank raised its target to $40 from $39 on expectations of steady earnings growth supported by resilient U.S. demand and improved cost controls.

Agnico Eagle Mines Ltd (AEM:CA) — Stifel Nicolaus lifted its target to $300 from $195, reflecting stronger gold prices, expanding production volumes, and enhanced mine efficiency.

Alamos Gold Inc (AGI:CA) — Stifel Nicolaus raised its target to $65 from $48 as analysts expect higher free cash flow generation and robust exploration potential.

Altius Minerals Corp (ALS:CA) — Canaccord Genuity increased its target to $40 from $38, citing stable royalty income and exposure to base metals price recovery.

Arizona Sonoran Copper Co. (ASCU:CA) — TD Securities maintained a Buy rating with a $4.00 target, highlighting strong project execution and copper price tailwinds.

AtkinsRéalis Group (ATRL:CA) — CIBC World Markets raised its target to $122 from $115, reflecting strong project execution, solid backlog growth, and infrastructure demand.

Aya Gold & Silver Inc (AYA:CA) — Stifel Nicolaus boosted its target to $33 from $22 on improved production forecasts and expanding exploration results.

B2Gold Corp (BTO:CA) — Stifel Nicolaus raised its target to $11.50 from $7.50, driven by stronger production outlooks and a favorable gold price environment.

Badger Infrastructure Solutions (BDGI:CA) — CIBC World Markets raised its target to $71 from $62 and reiterated an Outperform rating, reflecting operational efficiency and improving cash flow.

Barrick Gold Corp (ABX:CA) — Stifel Nicolaus increased its target to $65 from $46 amid rising gold prices and ongoing cost improvements at key mines.

Bird Construction Inc (BDT:CA) — CIBC World Markets lifted its target to $37 from $33 as analysts expect steady earnings growth supported by infrastructure contracts.

Boyd Group Services Inc (BYD:CA) — CIBC raised its target to $270 from $257 with an Outperform rating, reflecting strong performance in collision repair and U.S. expansion.

Canadian Natural Resources (CNQ:CA) — Wells Fargo maintained an Equal-Weight rating with a $47 target, reflecting stable production but limited near-term upside amid flat oil prices.

Canfor Corp (CFP:CA) — RBC Capital lowered its target to $16 from $17 but kept an Outperform rating, reflecting cyclical softness in lumber but long-term asset strength.

Canfor Pulp Products Inc (CFX:CA) — RBC Capital cut its target to $0.50 from $0.70, reflecting challenging pulp market conditions and margin pressure.

Capital Power Corp (CPX:CA) — CIBC raised its target to $85 from $72, maintaining an Outperform rating on improved power pricing and renewable portfolio growth. Scotiabank adjusted its target up to $80 from $75, reflecting valuation moderation.

Cascades Inc (CAS:CA) — RBC Capital raised its target to $13 from $11, keeping an Outperform rating as analysts noted improving packaging demand and cost control.

Celestica Inc (CLS:CA) — CIBC raised its target to $442, maintaining an Outperform view driven by strong electronic manufacturing demand and AI-related growth catalysts.

CES Energy Solutions (CEU:CA) — Scotiabank increased its target to $10.25 from $9.50, highlighting better drilling activity and cash flow momentum.

Cineplex Inc (CGX:CA) — Canaccord Genuity raised its target to $13 from $11, while BMO Capital increased to $14 from $13, on stronger box office recovery and improving attendance trends.

Cogeco Communications (CCA:CA) — Scotiabank raised its target to $75.50, while CIBC lowered it to $68, reflecting mixed outlooks due to competitive pressures offset by stable broadband revenue.

Cogeco Inc (CGO:CA) — CIBC cut its target to $61 from $64 on limited near-term growth visibility.

Colabor Group (GCL:CA) — Desjardins cut its target to $0.50 from $1.50, reflecting continued margin challenges in food distribution.

Colliers International (CIGI:CA) — CIBC lifted its target to $251, maintaining an Outperform rating on resilient global property advisory and solid capital deployment.

Dominion Lending Centres (DLCG:CA) — Desjardins raised its target to $11.25 from $10.75, citing improved mortgage origination trends.

Dundee Precious Metals (DPM:CA) — Jefferies raised its target to $42 from $40 due to strong mine performance and consistent cost discipline.

Enbridge Inc (ENB:CA) — Scotiabank lifted its target to $69 from $65, maintaining a Sector Perform rating, reflecting stable cash flows and attractive dividend yield.

Endeavour Silver Corp (EDR:CA) — BMO Capital raised its target to $15 from $13, citing rising silver prices and mine development progress.

Enerflex Ltd (EFX:CA) — Desjardins lifted its target to $17.50 from $14.50, maintaining a Sector Perform rating due to improved energy services margins.

ERO Copper Corp (ERO:CA) — Jefferies raised its target to $37 from $34, reflecting higher copper prices and operational improvements.

European Residential REIT (ERE-UN:CA) — Scotiabank lowered its target to $1.25 from $2.85 due to weaker housing market fundamentals.

Finning International Inc. (FTT:CA)

Scotiabank raised its price target on Finning International to C$71.00 from C$64.00, maintaining a positive outlook on the stock, reflecting improving equipment sales, margin expansion, and resilient demand.

TD Securities increased its target price to C$81.00 from C$69.00, reflecting robust performance across Finning’s core markets and an improving outlook for capital spending among industrial clients.

CIBC World Markets raised its target to C$77.00 from C$68.00 while maintaining an Outperform rating, reflecting the increase to strong order backlogs, steady parts and service revenue, and improving profitability across international operations, particularly in South America.

G Mining Ventures (GMIN:CA) — Jefferies raised its target to $40 from $34, supported by positive mine development progress.

Gibson Energy (GEI:CA) — Scotiabank lowered its target to $25 from $27, reflecting modest growth outlook and regulatory headwinds.

Gildan Activewear (GIL:CA) — Citigroup raised its target to $63 from $60, maintaining a Neutral rating as analysts see moderate revenue growth and stable margins.

Great-West Lifeco (GWO:CA) — National Bank lifted its target to $58 from $52, maintaining Sector Perform, reflecting strong capital ratios and stable insurance earnings.

Hudbay Minerals (HBM:CA) — Jefferies raised its target to $28 from $25, reflecting operational execution and strong copper production outlook.

IA Financial (IAG:CA) — National Bank increased its target to $162 from $146, citing steady investment income and diversified growth.

Iamgold (IMG:CA) — TD maintained a Buy rating with a $24 target, while Stifel lifted its target to $28 from $11, reflecting successful project execution and strong gold exposure.

Information Services Corp (ISC:CA) — CIBC lifted its target to $37 from $34, maintaining a Neutral rating due to stable revenue and predictable cash flow.

Interfor Corp (IFP:CA) — RBC cut its target to $14 from $17, maintaining Outperform, as analysts expect long-term recovery despite current lumber weakness.

Linamar Corp (LNR:CA) — Scotiabank raised its target to $83 from $80, reflecting improving margins and vehicle production volumes.

Lundin Gold (LUG:CA) — Jefferies raised its target to $97 from $82 on stronger-than-expected production and higher gold prices.

Manulife (MFC:CA) — National Bank raised its target to $52 from $47, reflecting robust capital strength and solid investment income growth.

NexGen Energy Ltd. (NXE:CA) — BMO Capital Markets raised its target to C$16, while Canaccord Genuity increased its target to C$18.50, representing strengthening uranium prices and significant progress on the Rook I project as the primary drivers for the upgrades.

Orla Mining Ltd. (OLA:CA) —

RBC Capital raised its target price to C$26.00 from C$23.00, reflecting strong project execution at the Camino Rojo mine, improved operational efficiency, and higher expected gold production, which underpin a more bullish outlook on earnings growth.

CIBC World Markets increased its target to C$27.00 from C$25.00, highlighting balance sheet improvement, strong cash flow generation, and financial flexibility to support continued expansion and development initiatives.

Scotiabank maintained its Outperform rating with a target of C$18.00, noting steady operational performance and disciplined capital allocation, while adopting a more conservative view on near-term production ramp-up compared with other brokers.

Quebecor (QBR.B:CA) —

CIBC World Markets raised its target price to C$49.00 from C$46.00, reflecting strong wireless subscriber growth, steady media revenue, and improved post-merger integration, which support higher earnings visibility and cash flow stability.

Scotiabank increased its target to C$43.50 from C$43.25 and maintained a Sector Perform rating, noting stable broadband and media operations, while adopting a slightly conservative stance on near-term growth prospects.

TD Securities raised its target to C$49.00 from C$46.00 and maintained a Buy rating, showing robust wireless growth, operational synergies, and solid dividend support, which are expected to drive shareholder returns.

Rogers Communications (RCI.B:CA) — CIBC and Scotiabank increased targets to $55.75–$58, maintaining neutral ratings as analysts see stable revenue growth post-merger.

Sagicor Financial (SFC:CA) — National Bank raised its target to $11, maintaining Outperform, driven by consistent earnings growth.

South Bow Corp (SOBO:CA) — Scotiabank raised its target to $39 from $27, reflecting stronger revenue momentum.

Stantec Inc (STN:CA) —

Scotiabank raised its target price to C$161.00 from C$160.00, reflecting steady demand for engineering and design services.

CIBC World Markets increased its target to C$175.00 from C$168.00 and maintained an Outperform rating, highlighting strong project pipeline, growing infrastructure demand, and operational efficiency improvements.

Stella-Jones (SJ:CA) — Scotiabank raised its target to $88 from $81, supported by sustained utility pole demand and margin resilience.

Sun Life Financial (SLF:CA) — National Bank raised its target to $94 from $87, reflecting steady insurance earnings and capital strength.

Suncor Energy (SU:CA) — Wells Fargo maintained Equal-Weight with a $57 target, reflecting stable oil prices and steady upstream production.

TC Energy (TRP:CA) —

Scotiabank raised its target price to C$80.00 from C$77.00 and maintained an Outperform rating,reflecting stable cash flows from regulated pipelines, ongoing debt reduction, and reliable dividend growth.

TD Securities increased its target to C$81.00 from C$76.00, highlighting strong fundamentals in the North American pipeline network, predictable revenue streams, and operational reliability.

Telus Corp (T:CA) — CIBC lifted its target to $25 from $24, reflecting improving free cash flow and cost efficiencies.

Terravest Industries (TVK:CA) — Scotiabank cut its target to $171 from $176, onn short-term margin pressure despite long-term growth potential.

Tidewater Midstream (TWM:CA) — Scotiabank raised its target to $7 from $6, maintaining Sector Perform, supported by strong infrastructure assets.

Toromont Industries (TIH:CA) —

Scotiabank raised its target price to C$171.00 from C$140.00, reflecting strong demand for construction and industrial equipment, robust operational performance, and solid margin expansion.

TD Securities increased its target to C$179.00 from C$154.00, emphasizing growth in equipment sales, disciplined cost management, and a strong balance sheet.

CIBC World Markets raised its target to C$168.00 from C$148.00 while maintaining a Neutral rating, noting steady operational execution and consistent cash flow,.

TransAlta (TA:CA) —

CIBC World Markets raised its target price to C$26.00 from C$20.00 and maintained an Outperform rating, reflecting improved operational efficiency, higher contracted power revenues, and disciplined cost management.

Scotiabank raised its target to C$27.00 from C$23.00 while maintaining an Outperform rating, highlighting consistent generation output, favorable market conditions, and solid balance sheet positioning.

Trilogy Metals (TMQ:CA) — National Bank raised its target to $8 from $3.25, showing favorable resource updates and copper exploration upside.

Wesdome Gold Mines (WDO:CA) — Stifel Nicolaus raised its target to $28 from $20.50, maintaining a Buy rating on mine expansion and higher production forecasts.

West Fraser Timber (WFG:CA) — RBC raised its target to $129 from $97, maintaining Outperform, citing improving lumber pricing and cost efficiency.

WSP Global (WSP:CA) —

Scotiabank raised its target price to C$308.00 from C$306.00, reflecting steady demand for engineering and consulting services, ongoing project execution.

CIBC World Markets increased its target to C$349.00 from C$318.00 while maintaining an Outperform rating, highlighting strong international project pipeline, operational efficiency gains, and solid revenue visibility.

Zedcor Inc (ZDC:CA) — Canaccord Genuity raised its target to $7 from $5.25, citing rapid revenue growth and expanding client adoption in mobile security.

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