Canadian Analyst Updates: November 20th, 2025
Analyst Ratings (Canada)
AbraSilver Resource Corp. (ABRA:CA) – Scotiabank maintained its Outperform rating and set a $9.00 target price, reflecting confidence in ongoing project advancement and supportive commodity price outlooks.
Automotive Properties REIT (APR.UN:CA) – Raymond James lowered its target price to $12.50 from $12.75 while maintaining Outperform, reflecting adjustments to interest-rate assumptions and broader REIT-sector valuation compression.
Automotive Properties REIT (APR-UN:CA) – Scotiabank maintained its Sector Perform rating with a $12.50 target, indicating expectations for steady but limited near-term growth aligned with sector averages.
B2Gold (BTO:CA) – CIBC World Markets lowered its target price to $8.50, reflecting updated gold-price forecasts and mine-level cost considerations.
Brookfield Asset Management (BAM:CA) – Scotiabank maintained its Outperform rating with a $9.50 target, reflecting strong fee-related earnings visibility and resilient asset-management fundamentals.
BRP Inc. (DOO:CA) – TD Securities maintained its Buy rating and $106.00 target, pointing to durable demand trends and operational execution in recreational vehicles.
Canadian Natural Resources (CNQ:CA) – RBC Capital issued a $62.00 target and an Outperform rating, reflecting stable production prospects and supportive crude-oil pricing assumptions.
Cenovus Energy (CVE:CA) – Morgan Stanley raised its target to $31.00 from $26.00, driven by improving oil-market fundamentals and enhanced upstream margin outlooks.
CES Energy Solutions (CEU:CA) – National Bank increased its target to $13.00 from $10.50 while maintaining Outperform, highlighting strengthening drilling activity and margin expansion potential.
DPM Metals (DPM:CA) – CIBC World Markets maintained a Neutral rating with a $40.00 target, reflecting balanced risk-reward amid mixed commodity-price dynamics.
Equinox Gold (EQX:CA) – CIBC World Markets raised its target to $23.00 from $22.00, maintaining the Outperform rating, supported by improving project visibility and stronger gold-price forecasts.
Imperial Oil (IMO:CA) – Morgan Stanley raised its target to $101.00 from $97.00, reflecting updated oil-price expectations and continued capital-return strength.
Kinross Gold (K:CA) – CIBC World Markets increased its target to $52.00 from $36.00 and maintained Outperform, reflecting stronger operational performance and revised gold-price assumptions.
Metro Inc. (MRU:CA) – Scotiabank raised its target to $110.00 from $108.00, maintaining Outperform, reflecting steady consumer-staples demand and margin resilience.
Metro Inc. (MRU:CA) – Desjardins Securities issued a Hold rating with a $105.00 target, indicating expectations for stable but moderated growth relative to valuation.
Metro Inc. (MRU:CA) – Scotiabank provided an additional update raising its target to $110.00, reflecting continued confidence in defensive cash-flow consistency.
Metro Inc. (MRU:CA) – CIBC World Markets maintained its Buy rating with a $118.00 target, reflecting strong competitive positioning and reliable earnings momentum.
NexLiving Communities (NXLV:CA) – Raymond James lowered its target to $2.60 from $2.50, maintaining Outperform, adjusting for sector-wide interest-rate sensitivities but still recognizing solid occupancy trends.
Northland Power (NPI:CA) – CIBC World Markets reduced its target to $24.00 from $25.00, maintaining Outperform, due to updated renewable-energy project assumptions and macro cost pressures.
Northland Power (NPI:CA) – TD Securities maintained its Buy rating with a $22.00 target, emphasizing long-term contracted cash flows in offshore wind and renewables.
Open Text (OTEX:CA) – CIBC World Markets maintained a Neutral rating with a $56.00 target, reflecting mixed outlooks for software demand and integration progress.
Real Matters (REAL:CA) – TD Securities maintained its Buy rating with a $9.00 target, reflecting expectations for volume recovery in mortgage-related services.
Roots (ROOTS:CA) – TD Securities maintained its Buy rating with a $4.00 target, pointing to brand-repositioning efforts and improving retail performance.
Sienna Senior Living (SIA:CA) – Desjardins Securities raised its target to $23.00 from $21.00, maintaining Buy, supported by improving occupancy levels and sector recovery trends.
South Bow Corporation (SOBO:CA) – Scotiabank maintained its Sector Perform rating with a $29.00 target, reflecting moderate growth expectations relative to peers.
Stella-Jones (SJ:CA) – Raymond James issued a $100.00 target and maintained Outperform, reflecting strong infrastructure demand and resilient utility-pole markets.
Stella-Jones (SJ:CA) – TD Securities maintained its Buy rating with a $97.00 target, based on continued earnings momentum and stable end-market conditions.
WELL Health Technologies (WELL:CA) – TD Securities maintained its Buy rating with a $7.50 target, highlighting sustained digital-health adoption and growing revenue streams.
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