Canadian Analyst Updates: December 3rd, 2025
Analyst Ratings (Canada)
The following are today’s 35 latest analyst ratings tracked from multiple analysts for Canadian listed and traded stocks for Wednesday December 3rd, 2025:
Altagas Ltd. (ALA:CA)
J.P. Morgan raised its target price to $47 from $45. TD Securities maintained its Buy rating with a $48 target, reflecting stable earnings visibility and supportive utility-infrastructure fundamentals.
Bank of Nova Scotia (BNS:CA)
Barclays increased its target price to $97 from $95. TD Securities raised its target to $104 from $94 and reiterated a Buy rating.
Canaccord Genuity lifted its target to $100 from $98, and BMO Capital Markets raised theirs to $93 from $89.
Analysts are raising targets in response to stronger-than-expected earnings and improving net interest income trends.
Cenovus Energy Inc. (CVE:CA)
TD Securities raised its target price to $29 from $28 and maintained a Buy rating, reflecting resilient oil sands production and disciplined capital spending.
Dollarama Inc. (DOL:CA)
BMO Capital Markets raised its target price to $222 from $215, reflecting ongoing strong same-store sales growth and margin expansion.
Enbridge Inc. (ENB:CA)
TD Securities reiterated its Buy rating and maintained its target price at $70, reflecting stable cash flow from regulated pipeline and utility operations.
Extendicare Inc. (EXE:CA)
National Bank raised its target to $24.50 from $21.50 with an Outperform rating, while Cormark lifted its target to $30 from $25. Analysts see improving occupancy levels and stronger long-term care fundamentals.
Gibson Energy Inc. (GEI:CA)
RBC increased its target to $28 from $26, and CIBC raised theirs to $30 from $26, and BMO moved its target to $27 from $25. Upgrades reflect supportive refining margins and stable midstream cash flow.
Goeasy Ltd. (GSY:CA)
Raymond James cut its target price to $153 from $208 and assigned a Market Perform rating, reflecting rising credit risks and softer loan-book growth expectations.
Groupe Dynamite Inc. (GRGD:CA)
Scotiabank increased its target to $73 from $49, while Canaccord Genuity raised its target to $82 from $54, driven by improving retail demand and stronger profitability forecasts.
Ivanhoe Mines Ltd. (IVN:CA)
TD Securities reiterated its Buy rating with a $17 target, reflecting confidence in the company’s copper-production ramp-up in Africa.
Keyera Corp. (KEY:CA)
TD Securities maintained its Buy rating with a $52 target, supported by steady fee-based midstream earnings.
Laurentian Bank of Canada (LB:CA)
Raymond James raised its target to $40.50 from $30.00, reflecting improved valuation following acquisition news and clearer strategic direction.
Lundin Mining Corp. (LUN:CA)
J.P. Morgan cut its target price to $25.40 from $28.00, reflecting softer copper price assumptions and project-execution risks.
National Bank of Canada (NA:CA)
TD Securities maintained a Hold rating with a $171 target amid stable but moderating earnings expectations.
Northstar Clean Technologies (ROOF:CA)
ATB Capital initiated coverage with a Speculative Buy rating and a $0.50 target, reflecting early-stage growth potential in clean-tech materials recovery.
Onex Corporation (ONEX:CA)
TD Securities reiterated a Buy rating with a $160 target, supported by improving private-equity performance and capital allocation strength.
Rogers Communications Inc. (RCI-B:CA)
TD Securities maintained a Buy rating with a $64 target, reflecting the positive merger integration progress and wireless-growth resiliency.
Royal Bank of Canada (RY:CA)
TD Securities reaffirmed its Hold rating with a $215 target, reflecting stable credit quality but slower earnings growth.
Saputo Inc. (SAP:CA)
TD Securities maintained its Buy rating and raised its target to $49 from $44 due to improving margins and stronger international dairy trends.
Shopify Inc. (SHOP:CA)
TD Securities kept its Hold rating with a $222 price target, reflecting strong fundamentals but stock is at fair value.
Strathcona Resources Ltd. (SCR:CA)
TD Securities cut its target to $32 from $36 and maintained a Hold rating, reflecting weaker near-term cash flow expectations.
TELUS Corp. (T:CA)
TD Securities maintained its Buy rating with a $26 target, reflecting defensive telecom cash flow and cost-reduction progress.
Well Health Technologies Corp. (WELL:CA)
CIBC upgraded the stock to Outperform, while TD Securities maintained its Buy rating with a $7.50 target, reflecting strong digital-health platform momentum.
Wheaton Precious Metals (WPM:CA)
UBS Securities reiterated a Hold rating with a $118 target amid stable precious-metal royalty cash flows.
WSP Global Inc. (WSP:CA)
Desjardins Securities reaffirmed a Buy rating with a $306 target, highlighting strong infrastructure demand and robust acquisition-driven growth.
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