Canadian Analyst Update: December 17th, 2025
Analyst Ratings (Canada)
The following are today’s 64 latest analyst ratings tracked from multiple analysts for Canadian listed and traded stocks for Wednesday December 17th:
AltaGas Ltd. (ALA:CA) – National Bank raised its target price to $50.00 from $46.00 and maintained an Outperform rating, reflecting improved visibility into cash flows and midstream fundamentals.
AltaGas Ltd. (ALA:CA) – CIBC World Markets increased its target price to $50.00 from $47.00, reflecting a more constructive outlook on earnings stability.
ATCO Ltd. (ACO.X:CA) – CIBC World Markets raised its target price to $68.00 from $67.00, driven by steady regulated utility performance.
ATCO Ltd. (ACO.X:CA) – National Bank lifted its target price to $54.00 from $51.00 and maintained an Outperform rating, supported by infrastructure growth and predictable earnings.
ATS Corporation (ATS:CA) – Scotiabank maintained its Outperform rating with a $49.00 target price, reflecting strong automation demand and backlog execution.
Aya Gold & Silver Inc. (AYA:CA) – CIBC World Markets reiterated an Outperform rating with a $27.00 target price, reflecting operational momentum at its core assets.
Aya Gold & Silver Inc. (AYA:CA) – Scotiabank maintained its Outperform rating with a $19.00 target price, supported by long-term growth prospects.
Bird Construction Inc. (BDT:CA) – CIBC World Markets maintained an Outperform rating with a $36.00 target price, reflecting solid infrastructure project visibility.
Bombardier Inc. (BBD.B:CA) – TD Securities maintained a Hold rating with a $203.00 target price, reflecting valuation considerations following the stock’s recent performance.
Bombardier Inc. (BBD.B:CA) – CIBC World Markets maintained an Outperform rating with a $230.00 target price, supported by strong execution and margin expansion.
Boralex Inc. (BLX:CA) – CIBC World Markets cut its target price to $37.00 from $38.00, reflecting updated power pricing assumptions.
Brookfield Corp. (BN:CA) – BMO Capital Markets raised its target price to $66.00 and maintained an Outperform rating, reflecting capital recycling and asset monetization opportunities.
Brookfield Infrastructure Partners LP (BIP.UN:CA) – National Bank raised its target price to $52.00 and maintained an Outperform rating, highlighting stable cash flows and inflation protection.
CAE Inc. (CAE:CA) – CIBC World Markets maintained an Outperform rating with a $47.00 target price, driven by strength in defense and training markets.
Canadian Natural Resources Ltd. (CNQ:CA) – Desjardins Securities assigned a Hold rating with a $52.00 target price, reflecting balanced valuation against commodity exposure.
Canadian Natural Resources Ltd. (CNQ:CA) – CIBC World Markets maintained an Outperform rating with a $52.00 target price, citing robust free cash flow generation.
Canadian Utilities Ltd. (CU:CA) – CIBC World Markets raised its target price to $44.00 from $43.00, reflecting regulated rate base growth.
Canadian Utilities Ltd. (CU:CA) – National Bank raised its target price to $43.00 from $40.00 and maintained a Sector Perform rating.
Capital Power Corp. (CPX:CA) – National Bank initiated coverage with an Outperform rating and a $74.00 target price, citing favorable power demand fundamentals.
CIBC (CM:CA) – BMO Capital Markets raised its target price to $135.00 from $130.00, reflecting improved earnings expectations.
Collective Mining Ltd. (CNL:CA) – Scotiabank maintained an Outperform rating with a $25.00 target price, supported by exploration upside.
Coveo Solutions Inc. (CVO:CA) – TD Securities maintained a Buy rating with a $12.00 target price, citing growth in enterprise AI search adoption.
Emera Inc. (EMA:CA) – National Bank raised its target price to $67.00 from $63.00 and maintained a Sector Perform rating.
Enbridge Inc. (ENB:CA) – CIBC World Markets lowered its target price to $69.00 from $71.00, reflecting updated valuation assumptions.
Enbridge Inc. (ENB:CA) – National Bank raised its target price to $71.00 from $66.00 and maintained a Sector Perform rating.
Endeavour Mining Plc (EDV:CA) – Berenberg raised its target price to $85.00 from $79.00, reflecting improved gold price leverage.
Enghouse Systems Ltd. (ENGH:CA) – CIBC World Markets raised its target price to $24.00 from $23.00 while maintaining a Neutral rating.
Enghouse Systems Ltd. (ENGH:CA) – RBC Capital Markets lowered its target price to $22.00 from $24.00 and maintained a Sector Perform rating.
Enghouse Systems Ltd. (ENGH:CA) – TD Securities maintained a Hold rating with a $22.00 target price.
Fortis Inc. (FTS:CA) – CIBC World Markets raised its target price to $76.00 from $75.00, reflecting stable regulated returns.
Fortis Inc. (FTS:CA) – National Bank raised its target price to $72.00 from $68.00 and maintained a Sector Perform rating.
Gibson Energy Inc. (GEI:CA) – National Bank initiated coverage with an Outperform rating and a $29.00 target price.
Hydro One Ltd. (H:CA) – National Bank raised its target price to $53.00 from $49.00 and maintained a Sector Perform rating.
Keyera Corp. (KEY:CA) – National Bank raised its target price to $48.00 from $45.00 and maintained a Sector Perform rating.
Keyera Corp. (KEY:CA) – TD Securities maintained a Buy rating with a $52.00 target price.
Mainstreet Equity Corp. (MEQ:CA) – ATB Capital raised its target price to $240.00 from $235.00 and maintained an Outperform rating.
Mainstreet Equity Corp. (MEQ:CA) – Acumen Capital lowered its target price to $248.00 from $250.00 while maintaining a Buy rating.
Montage Gold Corp. (MAU:CA) – Canaccord Genuity raised its target price to $11.00 from $9.00 and maintained a Speculative Buy rating.
National Bank of Canada (NA:CA) – BMO Capital Markets raised its target price to $177.00 from $172.00.
NFI Group Inc. (NFI:CA) – CIBC World Markets maintained an Outperform rating with a $40.00 target price.
Northland Power Inc. (NPI:CA) – CIBC World Markets raised its target price to $23.00 from $22.00.
Paramount Resources Ltd. (POU:CA) – Scotiabank maintained an Outperform rating with a $29.00 target price.
Pembina Pipeline Corp. (PPL:CA) – National Bank raised its target price to $60.00 from $57.00 and maintained an Outperform rating.
Premium Brands Holdings Corp. (PBH:CA) – TD Securities raised its target price to $160.00 from $145.00 and maintained a Buy rating.
Royal Bank of Canada (RY:CA) – BMO Capital Markets raised its target price to $245.00 from $229.00.
Rockpoint Gas Storage Inc. (RGSI:CA) – National Bank raised its target price to $31.00 from $26.00 and maintained an Outperform rating.
Scotiabank (BNS:CA) – BMO Capital Markets raised its target price to $98.00 from $93.00.
Shopify Inc. (SHOP:CA) – Bank of America raised its target price to $261.00 from $185.00, keeping its Buy rating, reflecting AI-driven commerce upside.
Snowline Gold Corp. (SGD:CA) – CIBC World Markets raised its target price to $22.00 from $17.50.
Snowline Gold Corp. (SGD:CA) – Scotiabank maintained an Outperform rating and raised the target to $20.00.
South Bow Corp. (SOBO:CA) – National Bank raised its target price to $40.00 and maintained a Sector Perform rating.
Superior Plus Corp. (SPB:CA) – CIBC World Markets raised its target price to $9.00 from $8.50 and maintained an Outperform rating.
Superior Plus Corp. (SPB:CA) – National Bank raised its target price to $7.00 from $6.50 and maintained a Sector Perform rating.
TC Energy Corp. (TRP:CA) – National Bank raised its target price to $85.00 from $76.00 and maintained an Outperform rating.
TC Energy Corp. (TRP:CA) – CIBC World Markets raised its target price to $81.00 from $78.00.
TD Bank Group (TD:CA) – BMO Capital Markets raised its target price to $135.00 from $128.00.
Teck Resources Ltd. (TECK.B:CA) – Scotiabank maintained a Sector Perform rating with a $60.00 target price.
TransAlta Corp. (TA:CA) – CIBC World Markets raised its target price to $26.00 from $25.00.
TransAlta Corp. (TA:CA) – TD Securities maintained a Buy rating with a $27.00 target price.
Trilogy Metals Inc. (TMQ:CA) – TD Securities maintained a Hold rating with an $8.50 target price.
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