Canadian Analyst Updates: April 29th, 2026

Analyst Ratings (Canada)
Analyst sentiment points to a cautiously bullish, mid-cycle outlook, where the majority of firms are raising targets rather than upgrading ratings, signaling improving earnings expectations without a broad shift in conviction.
Strength is concentrated in financials, insurance, and select industrial/tech names Caution remains in construction, infrastructure, and rate-sensitive sectors, where some valluation reductions reflect margin pressure and softer demand expectations. This aligns with a macro backdrop of slow but stable growth, relatively steady interest rates, and manageable inflation, which supports earnings but limits valuation expansion.
Overall, the market appears to be in a revision-driven grind higher, implying a more selective, stock-specific environment where performance is increasingly tied to earnings momentum and sector positioning rather than broad market upside.
55 Analyst Updates
Aecon Group Inc. (ARE:CA) — Raymond James raised its price target to $54 from $44.
Aecon Group Inc. (ARE:CA) — BMO raised its price target to $49 from $45 and maintained a Market Perform rating.
Aecon Group Inc. (ARE:CA) — CIBC maintained a Neutral rating with a $48 target.
Air Canada (AC:CA) — ATB Cormark lowered its price target to $32 from $33 and kept an Outperform rating.
ARC Resources Ltd. (ARX:CA) — Scotiabank raised its price target to $32.80 and maintained a Sector Perform rating.
Aritzia Inc. (ATZ:CA) — Wells Fargo raised its price target to $140 from $110.
AtkinsRéalis Group Inc. (ATRL:CA) — Raymond James lowered its price target to $125 from $130.
Badger Infrastructure Solutions Ltd. (BDGI:CA) — Raymond James lowered its price target to $73 from $83.
Bird Construction Inc. (BDT:CA) — Raymond James raised its price target to $54 from $44.
Bombardier Inc. (BBD-B:CA) — TD Securities maintained a Hold rating with a $275 target.
Brookfield Infrastructure Partners L.P. (BIP-UN:CA) — CIBC maintained an Outperform rating with a $60 target.
Brookfield Infrastructure Partners L.P. (BIP-UN:CA) — TD Securities maintained a Buy rating with a $57 target.
Canadian National Railway Co. (CNR:CA) — CIBC maintained an Outperform rating with a $153 target.
Canadian National Railway Co. (CNR:CA) — TD Securities maintained a Buy rating with a $171 target.
Capital Power Corp. (CPX:CA) — TD Securities maintained a Buy rating with an $80 target.
Capital Power Corp. (CPX:CA) — CIBC maintained an Outperform rating with an $82 target.
Celestica Inc. (CLS:CA) — TD Securities upgraded the stock to Buy from a Hold, and raised its price target to $430 from $350.
Celestica Inc. (CLS:CA) — RBC Capital raised its price target to $602 from $547 and maintained an Outperform rating.
Celestica Inc. (CLS:CA) — CIBC raised its price target to $657 from $582 and maintained an Outperformer rating.
CGI Inc. (GIB-A:CA) — CIBC maintained a Neutral rating with a $112 target.
CGI Inc. (GIB-A:CA) — TD Securities maintained a Buy rating with a $153 target.
CGI Inc. (GIB.A:CA) — Desjardins Securities initiated coverage with a Buy rating and a $149 target.
Colliers International Group Inc. (CIGI) — Raymond James lowered its price target to $246 from $253.
Definity Financial Corp. (DFY:CA) — National Bank raised its price target to $94 from $93.
Doubleview Gold Corp. (DBG:CA) — Fundamental Research initiated coverage with a Buy rating and a $5.00 target.
Fairfax Financial Holdings Inc. (FFH:CA) — National Bank raised its price target to $3,300 from $3,200.
First Quantum Minerals Ltd. (FM:CA) — CIBC maintained a Neutral rating with a $46 target.
First Quantum Minerals Ltd. (FM:CA) — Scotiabank maintained an Outperform rating with a $47 target.
Great-West Lifeco Inc. (GWO:CA) — Scotiabank raised its price target to $78 from $71.
Hemlo Mining Corp. (HMMC:CA) — CIBC maintained an Outperform rating with a $10 target.
Hemlo Mining Corp. (HMMC:CA) — Scotiabank maintained an Outperform rating with a $9 target.
iA Financial Corporation Inc. (IAG:CA) — Scotiabank raised its price target to $183 from $174.
IGM Financial Inc. (IGM:CA) — CIBC raised its price target to $76 from $66 and maintained a Neutral rating.
IGM Financial Inc. (IGM:CA) — BMO raised its price target to $72 from $68.
IGM Financial Inc. (IGM:CA) — National Bank raised its price target to $85 from $82.
Intact Financial Corp. (IFC:CA) — National Bank raised its price target to $372 from $364.
K92 Mining Inc. (KNT:CA) — Raymond James raised its price target to $33 from $30 and maintained an Outperform rating.
Manulife Financial (MFC:CA) — Scotiabank raised its price target to $57.
Morguard North American Residential REIT (MRG-UN:CA) — TD Securities lowered its price target to $23 from $24 and maintained a Buy rating.
Morguard North American Residential REIT (MRG.UN:CA) — TD lowered its price target to $23 from $24 and maintained a Buy rating.
North American Construction Group (NOA:CA) — Raymond James raised its price target to $26 from $24.
NTG Clarity Networks Inc. (NCI:CA) — Canaccord Genuity lowered its price target to $1.50 from $2.70 and maintained a Speculative Buy rating.
Power Financial Corp. (POW:CA) — CIBC raised its price target to $80 from $78 and maintained a Neutral rating.
Stantec Inc. (STN:CA) — Raymond James lowered its price target to $165 from $180.
Sun Life Financial (SLF:CA) — Scotiabank raised its price target to $100.
TMX Group Ltd. (X:CA) — National Bank raised its price target to $63 from $60.
Toromont Industries Ltd. (TIH:CA) — BMO raised its price target to $228 from $215.
Toromont Industries Ltd. (TIH:CA) — CIBC maintained a Neutral rating with a $200 target.
Toromont Industries Ltd. (TIH:CA) — Scotiabank maintained a Sector Perform rating with a $208 target.
Waste Management, Inc. (WM:CA) — CIBC maintained a Neutral rating with a $344 target.
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