Canadian Analyst Updates: December 12th, 2025

Analyst Ratings (Canada)

The following are today’s 79 latest analyst ratings tracked from multiple analysts for Canadian listed and traded stocks for Friday December 12th, 2025:

Allied Properties REIT (AP.UN:CA) – TD Securities lowered its target price to $14.50 from $16.00 while maintaining a Hold rating.

American Hotel Income Properties REIT LP (HOT.UN:CA) – Scotiabank reiterated its Sector Perform rating and maintained a $0.35 target.

Aritzia Inc. (ATZ:CA) – Wells Fargo issued an Equal-Weight rating alongside a new $110.00 target.

Athabasca Oil Corp. (ATH:CA) – Desjardins Securities cut its target to $8.25 from $8.50 while maintaining Hold.

Athabasca Oil Corp. (ATH:CA) – TD Securities maintained Buy at $7.00.

Athabasca Oil Corp. (ATH:CA) – Scotiabank reiterated Sector Perform with a $7.00 target.

AtkinsRéalis Group Inc. (ATRL:CA) – Desjardins Securities raised its target price to $130.00 from $115.00 and maintained a Buy rating.

Boardwalk REIT (BEI.UN:CA) – TD Securities reduced its target to $85.00 from $88.00 while maintaining a Buy rating.

Bombardier Inc. (BBD.B:CA) – Desjardins Securities increased its target to $260.00 from $239.00 and reiterated a Buy rating.

BSR REIT (HOM-U:CA) – TD Securities lowered its target to $15.50 from $16.00 with a Buy.

BSR REIT (HOM-U:CA) – National Bank raised its target to $13.00 from $12.50 with a Sector Perform.

BSR REIT (HOM-U:CA) – Scotiabank increased its target to $15.00 from $14.50 with a Outperform.

BSR REIT (HOM-U:CA) – CIBC World Markets maintained Outperform at $15.00.

CAE Inc. (CAE:CA) – Desjardins Securities raised its target to $51.00 from $46.00 with Buy.

CAE Inc. (CAE:CA) – TD Securities maintained Buy with a $6.00 target.

Canadian Apartment Properties REIT (CAR.UN:CA) – TD Securities lowered its target to $47.00 from $49.00 but maintained a Buy rating.

Canadian National Railway Co. (CNR:CA) – Desjardins Securities raised its target to $161.00 from $151.00 while maintaining Buy.

Canadian Pacific Kansas City Ltd. (CP:CA) – Desjardins Securities lifted its target to $133.00 from $120.00 and reiterated a Buy rating.

Cargojet Inc. (CJT:CA) – Desjardins Securities increased its target to $118.00 from $117.00 and maintained a Buy.

Cenovus Energy Inc. (CVE:CA) – Desjardins Securities raised its target to $33.50 from $33.00 with a Buy.

Cenovus Energy Inc. (CVE:CA) – TD Securities reiterated a Buy rating with a $29.00 target.

Cenovus Energy Inc. (CVE:CA) – Scotiabank maintained its Outperform rating with a target of $29.00.

D2L Inc. (DTOL:CA) – CIBC World Markets cut its target to $20.00 from $23.00 and maintained Outperform.

D2L Inc. (DTOL:CA) – Stifel Nicolaus lowered its target to $19.00 from $22.00 with Buy.

D2L Inc. (DTOL:CA) – BMO Capital reduced its target to $17.00 from $20.00.

D2L Inc. (DTOL:CA) – CIBC World Markets reiterated with a Outperform rating and $20.00 target price.

Dollarama Inc. (DOL:CA) – Jefferies raised its target to $235.00 from $223.00.

Dollarama Inc. (DOL:CA) – Canaccord Genuity lifted its target to $207.00 from $198.00.

Dollarama Inc. (DOL:CA) – Bernstein increased its target to $232.00 from $223.00.

Dollarama Inc. (DOL:CA) – TD Securities raised its target to $235.00 from $210.00 with Buy rating

Dollarama Inc. (DOL:CA) – Stifel Nicolaus lifted its target to $200.00 from $190.00 with Hold rating

Dollarama Inc. (DOL:CA) – Scotiabank raised its target to $220.00 from $205.00 with a Outperform rating.

Dollarama Inc. (DOL:CA) – National Bank increased its target to $226.00 from $214.00 with a Outperform rating

Dollarama Inc. (DOL:CA) – CIBC World Markets raised its target to $212.00 from $199.00 with Neutral rating.

Dollarama Inc. (DOL:CA) – RBC Capital lifted its target to $225.00 from $220.00 with a Outperform rating.

Dollarama Inc. (DOL:CA) – Wells Fargo raised its target to $195.00 from $185.00 with a Equal-Weight rating.

Empire Company Ltd. (EMP-A:CA) – CIBC World Markets cut its target to $53.00 from $59.00 while maintaining its Outperform rating.

Empire Company Ltd. (EMP-A:CA) – National Bank reduced its target to $54.00 from $58.00 and kept Sector Perform.

Empire Company Ltd. (EMP-A:CA) – Scotiabank lowered its target to $52.00 from $57.00 and maintained its Outperform rating.

Empire Company Ltd. (EMP-A:CA) – Desjardins Securities cut its target to $53.00 from $60.00 with a Buy rating.

Empire Company Ltd. (EMP-A:CA) – CIBC World Markets reiterated its Outperform rating and $59.00 target.

Empire Company Ltd. (EMP-A:CA) – TD Securities lowered its target to $50.00 from $58.00 while maintaining Hold rating.

Gran Tierra Energy Inc. (GTE:CA) – RBC Capital cut its target to $6.50 from $8.00 and maintained a Sector Perform rating.

Killam Apartment REIT (KMP.UN:CA) – TD Securities reduced its target to $21.00 from $22.00 and maintained Buy.

Lundin Mining Corp. (LUN:CA) – CIBC World Markets raised its target to $30.00 from $24.00 while maintaining Neutral.

Minto Apartment REIT (MI.UN:CA) – TD Securities lowered its target to $16.50 from $17.00 and reiterated a Buy rating.

Mullen Group Ltd. (MTL:CA) – Desjardins Securities increased its target to $19.00 from $18.00 while maintaining Buy.

Northview Residential REIT (NRR.UN:CA) – TD Securities cut its target to $17.50 from $18.00 and maintained a Hold rating.

Nouveau Monde Graphite Inc. (NOU:CA) – BMO Capital Markets initiated coverage with an Outperform rating and a $6.00 target.

Parex Resources Inc. (PXT:CA) – Roth Capital initiated coverage with a Buy rating and a $24.00 target.

Royal Bank of Canada (RY:CA) – TD Securities reiterated Buy with a $26.00 target.

Stantec Inc. (STN:CA) – Desjardins Securities raised its target to $173.00 from $160.00 and maintained the Buy rating.

Stella-Jones Inc. (SJ:CA) – Desjardins Securities issued a Buy rating with a $102.00 target.

Suncor Energy Inc. (SU:CA) – Desjardins Securities raised its target to $74.00 from $73.00 with a Buy rating.

Suncor Energy Inc. (SU:CA) – TD Securities increased its target to $73.00 from $71.00 with a Buy rating maintained.

Suncor Energy Inc. (SU:CA) – Scotiabank maintained  the Sector Perform rating with a $62.00 target.

TELUS Corp. (T:CA) – TD Securities reiterated the Buy rating with a $25.00 target.

TerraVest Industries Inc. (TVK:CA) – Scotiabank raised its target to $179.00 from $165.00 with a Outperform rating.

TerraVest Industries Inc. (TVK:CA) – BMO Capital Markets lifted its target to $200.00 from $150.00 with a Outperform rating.

TFI International Inc. (TFII:CA) – Desjardins Securities raised its target to $170.00 from $157.00 and maintained its Buy rating.

Titanium Transportation Group Inc. (TTNM:CA) – Desjardins Securities increased its target to $3.25 from $3.00 with a Buy rating.

Transcontinental Inc. (TCL-A:CA) – RBC Capital raised its target to $29.00 from $26.00 with a Outperform rating.

Transcontinental Inc. (TCL-A:CA) – TD Securities reiterated its Buy rating with a $28.00 target.

Transcontinental Inc. (TCL-A:CA) – Scotiabank maintained their Sector Perform rating with a $26.00 target.

Vermilion Energy Inc. (VET:CA) – CIBC World Markets reiterated Neutral with a $14.00 target.

WSP Global Inc. (WSP:CA) – Desjardins Securities increased its target to $346.00 from $306.00 with a Buy rating.

Zedcor Inc. (ZDC:CA) – Ventum Financial initiated coverage with a Buy rating and an $8.70 target.

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