Today’s wave of analyst coverage updates points to steady underlying confidence in several key areas of the Canadian market, particularly commodities, energy services, and select growth names, where higher price targets reflect improving earnings visibility and supportive market trends. At the same time, a number of downgrades and modest target cuts underscore ongoing concerns around valuation, cost pressures, and economic uncertainty. As markets move forward, these analyst revisions provide a useful snapshot of shifting sentiment and can help investors better position portfolios amid a volatile macro economic backdrop.
Canadian Analyst Updates: Jan 9th 2026
Analyst Ratings (Canada)
Analyst Summary
Canadian stock markets continue to reflect a positive but selective tone as analysts adjust their outlooks in response to evolving macroeconomic conditions, commodity price movements, and company-specific fundamentals. The recent 62 analyst actions highlight a clear preference for sectors leveraged to energy, metals, and consumer strength, while financials and industrials saw more measured revisions. The following roundup summarizes the latest Canadian stock rating changes, target price updates, and notable initiations, offering investors insight into where institutional conviction is strengthening and where caution remains warranted:
AG Growth International Inc. (AFN:CA) CIBC maintained their Neutral rating with a $33.00 target price.
Ag Growth International Inc. (AFN:CA) Raymond James downgraded the stock to Market Perform from Outperform with a $52.00 target.
Altus Group Ltd. (AIF:CA) TD Securities maintained its Buy rating with a $67.00 target price.
Aritzia Inc. (ATZ:CA) TD Securities raised its target to $155.00 from $133.00 while maintaining a Buy rating.
Aritzia Inc. (ATZ:CA) CIBC raised its target to $148.00 from $132.00 and maintained an Outperform rating.
Aritzia Inc. (ATZ:CA) Wells Fargo raised its target to $120.00 from $110.00.
Aritzia Inc. (ATZ:CA) Truist Securities increased its target to $157.00 from $116.00.
Aritzia Inc. (ATZ:CA) Jefferies raised its target to $150.00 from $140.00.
Aritzia Inc. (ATZ:CA) CIBC World Markets lifted its target to $148.00 from $132.00.
Aritzia Inc. (ATZ:CA) Raymond James increased its target to $150.00 from $130.00 while maintaining an Outperform rating.
Aritzia Inc. (ATZ:CA) Desjardins Securities raised its target to $148.00 from $133.00 and maintained a Buy rating.
Aritzia Inc. (ATZ:CA) Canaccord Genuity raised its target to $164.00 from $135.00 with a Buy rating.
Aritzia Inc. (ATZ:CA) RBC Capital Markets raised its target to $150.00 from $116.00 and maintained an Outperform rating.
Aritzia Inc. (ATZ:CA) Stifel Nicolaus lifted its target to $150.00 from $132.00 and maintained a Buy rating.
Arizona Sonoran Copper Company (ASCU:CA) Haywood Securities raised its target to $8.00 from $5.00.
Athabasca Oil Corp. (ATH:CA) National Bank raised its target to $9.00 from $8.50 while maintaining an Outperform rating.
Ballard Power Systems Inc. (BLDP:CA) TD Securities upgraded the stock to Hold from Sell.
Bank of Montreal (BMO:CA) Scotiabank raised its target to $191.00 from $187.00.
Blue Moon Metals Inc. (MOON:CA) Scotiabank increased its target to $7.50 from $6.00.
Canadian Natural Resources Ltd. (CNQ:CA) National Bank lowered its target to $47.00 from $48.00 while maintaining a Sector Perform rating.
Cenovus Energy Inc. (CVE:CA) National Bank raised its target to $29.00 from $28.00 and maintained an Outperform rating.
CES Energy Solutions Corp. (CEU:CA) National Bank raised its target to $15.00 from $13.00 with an Outperform rating.
Chemtrade Logistics Income Fund (CHE.UN:CA) CIBC maintained its Outperform rating with a $19.00 target.
Chemtrade Logistics Income Fund (CHE.UN:CA) BMO Capital Markets lowered its target to $18.50 from $20.00 while maintaining Outperform.
CIBC (CM:CA) Scotiabank raised its target to $138.00 from $133.00.
Definity Financial Corp. (DFY:CA) Barclays raised its target to $80.00 from $78.00.
Endeavour Silver Corp. (EDR:CA) National Bank lowered its target to $20.00 from $21.00 while maintaining an Outperform rating.
EQB Inc. (EQB:CA) Scotiabank raised its target to $105.00 from $102.00.
Exchange Income Corp. (EIF:CA) Raymond James raised its target to $100.00 from $92.00 and maintained a Strong Buy rating.
First Quantum Minerals Ltd. (FM:CA) Barclays Capital raised its target to $44.30 from $38.00.
Freehold Royalties Ltd. (FRU:CA) National Bank downgraded the stock to Sector Perform from Outperform with a $15.00 target.
Great-West Lifeco Inc. (GWO:CA) Barclays raised its target to $70.00 from $59.00.
Hudbay Minerals Inc. (HBM:CA) UBS initiated coverage with a Buy rating and a $34.50 target.
Imperial Oil Ltd. (IMO:CA) National Bank raised its target to $127.00 from $125.00 while maintaining Sector Perform.
Keyera Corp. (KEY:CA) BMO Capital Markets lowered its target to $51.00 from $54.00 while maintaining Outperform.
Kinaxis Inc. (KXS:CA) TD Securities maintained a Buy rating with a $229.00 target.
Kinaxis Inc. (KXS:CA) TD Securities also maintained an Outperform rating with a $240.00 target.
Manulife Financial Corp. (MFC:CA) Barclays Capital raised its target to $52.00 from $49.00.
National Bank of Canada (NA:CA) Scotiabank raised its target to $188.00 from $184.00.
Pason Systems Inc. (PSI:CA) National Bank lowered its target to $15.50 from $17.00 while maintaining Sector Perform.
Precision Drilling Corp. (PD:CA) National Bank raised its target to $120.00 from $100.00 with a Sector Perform rating.
Royal Bank of Canada (RY:CA) Scotiabank raised its target to $242.00 from $231.00.
Strathcona Resources Ltd. (SCR:CA) National Bank downgraded the stock to Sector Perform from Outperform and lowered its target to $32.00 from $36.00.
Sun Life Financial Inc. (SLF:CA) Barclays Capital lowered its target to $83.00 from $84.00.
Suncor Energy Inc. (SU:CA) National Bank lowered its target to $72.00 from $73.00 while maintaining the Outperform rating.
Suncor Energy Inc. (SU:CA) RBC Capital Markets raised its target to $70.00 from $67.00 and maintained the Outperform.
TD Bank Group (TD:CA) Scotiabank raised its target to $132.00 from $125.00.
Tenaz Energy Corp. (TNZ:CA) National Bank raised its target sharply to $52.00 from $34.00 and maintained an Outperform rating.
TFI International Inc. (TFII:CA) National Bank raised its target to $170.00 from $145.00 with an Outperform rating.
Topaz Energy Corp. (TPZ:CA) National Bank maintained its Outperform rating with a $33.50 target.
Torex Gold Resources Inc. (TXG:CA) TD Securities maintained its Outperform rating with a $72.00 target.
Tourmaline Oil Corp. (TOU:CA) TD Securities maintained a Hold rating with a $68.00 target.
Trisura Group (TSU:CA) TD Securities maintained its Buy rating with a $55.00 target.
West Fraser Timber Co. Ltd. (WFG:CA) CIBC maintained its Neutral rating with a $96.00 target.
Whitecap Resources Inc. (WCP:CA) National Bank maintained its Outperform rating with a $15.00 target.
Outlook
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