Skip to main content

Canadian Analyst Updates: December 22nd, 2025

Stock Target Advisor - Mon Dec 22, 2025
Canadian Analyst Updates: December 22nd, 2025

Analyst Ratings (Canada)

The following are today’s 23 entries of the latest analyst ratings tracked for Canadian-listed and Canadian-traded stocks, compiled from multiple brokerage firms and research providers for Monday, December 22nd. These updates reflect a range of actions, including price target revisions, rating reiterations, and changes in analyst outlooks, offering insight into current market sentiment, sector-specific trends, and evolving expectations for earnings, cash flow, and valuation across the Canadian stock market:

Aritzia Inc. (ATZ:CA): TD Securities raised its price target to $133.00 from $110.00, and maintained the Buy rating, refecting stronger-than-expected same-store sales trends and improved margin visibility.

Baytex Energy Corp. (BTE:CA): TD Securities increased its price target to $5.00 from $4.75 and reiterated a Buy rating, supported by stable production, improved free cash flow generation, and constructive oil price assumptions.

Baytex Energy Corp. (BTE:CA): CIBC maintained a Neutral rating with a $5.25 price target, noting balanced risk-reward given commodity price volatility and leverage considerations.

Birchcliff Energy Ltd. (BIR:CA): Haywood Securities raised its price target to $10.00 from $8.00, driven by improving natural gas fundamentals and better capital efficiency.

BlackBerry Ltd. (BB:CA): CIBC maintained an Outperform rating with an $8.25 price target, reflecting optimism around software segment stabilization and monetization of core assets.

BlackBerry Ltd. (BB:CA): TD Securities maintained a Hold rating with a $6.85 price target, reflecting ongoing uncertainty around revenue growth and execution risk.

Bombardier Inc. (BBD.B:CA): CIBC maintained an Outperform rating with a $230.00 price target, supported by strong business jet demand, backlog visibility, and balance sheet improvement.

Brookfield Asset Management Ltd. (BAM:CA): TD Securities maintained a Buy rating with a $76.00 price target, reflecting confidence in fee-related earnings growth and asset inflows across alternative platforms.

Cargojet Inc. (CJT:CA): RBC Capital Markets lowered its price target to $143.00 from $151.00 while maintaining an Outperform rating, due to near-term volume softness and normalization in e-commerce demand.

CGI Inc. (GIB.A:CA): CIBC maintained a Neutral rating with a $139.00 price target, reflecting valuation discipline amid steady but unspectacular organic growth.

Champion Iron Ltd. (CIA:CA): TD Securities maintained a Buy rating with a $5.50 price target, supported by resilient iron ore pricing and strong operating performance at its core assets.

Highlander Silver Corp. (HSLV:CA): CIBC maintained an Outperform rating and raised its price target to $6.50 from $5.50, citing improved project economics and exploration upside.

Integra Resources Corp. (ITR:CA): Stifel Nicolaus raised its price target to $8.00 from $7.00 and maintained a Buy rating, reflecting de-risking progress and favorable precious metals assumptions.

Lundin Mining Corp. (LUN:CA): Ventum Financial raised its price target to $32.00 from $25.00, driven by higher long-term copper price assumptions and operational leverage.

Lycos Energy Inc. (LCX:CA): Haywood Securities lowered its price target to $0.65 from $1.50 while maintaining a Buy rating, reflecting weaker near-term pricing assumptions despite longer-term asset potential.

NFI Group Inc. (NFI:CA): CIBC maintained an Outperform rating with a $20.00 price target, supported by improving order flow, execution on backlog, and recovery in transit demand.

North American Construction Group Ltd. (NOA:CA): CIBC maintained a Neutral rating with a $22.00 price target, reflecting margin pressure risks and project timing uncertainty.

North American Construction Group Ltd. (NOA:CA): National Bank assigned an Outperform rating with a $28.00 price target, reflecting improved contract visibility and earnings leverage.

Savaria Corp. (SIS:CA): National Bank raised its price target to $30.00 from $26.00, driven by steady demand in accessibility products and improved margin outlook.

TFI International Inc. (TFII): RBC Capital Markets raised its price target to $172.00 from $140.00 while maintaining an Outperform rating, reflecting strong execution, margin resilience, and accretive acquisition strategy.

Transat A.T. Inc. (TRZ:CA): CIBC maintained an Underperform rating with a $2.40 price target, reflecting balance sheet constraints and limited earnings visibility in a competitive travel environment.

The post Canadian Analyst Updates: December 22nd, 2025 appeared first on Stock Target Advisor.

This article contains syndicated content. We have not reviewed, approved, or endorsed the content, and may receive compensation for placement of the content on this site. For more information please view the Barchart Disclosure Policy here.
This section contains press releases and other materials from third parties (including paid content). The Globe and Mail has not reviewed this content. Please see disclaimer.