Canadian Analyst Updates: February 12th, 2026

Analyst Ratings (Canada)

The following are today’s 104 entries of the latest analyst ratings tracked for Canadian-listed and Canadian-traded stocks, with several brokerages adjusting their outlooks and target prices in response to company-specific developments, earnings expectations, commodity fluctuations, and broader sector trends:

Alimentation Couche-Tard Inc. (ATD:CA) – Jefferies & Co. raised its target to C$96.00 from C$88.00.

Alimentation Couche-Tard Inc. (ATD:CA) – BMO Capital Markets raised its target to C$84.00 from C$79.00.

Alimentation Couche-Tard Inc. (ATD:CA) – TD Securities raised its target to C$100.00 from C$90.00 and maintained a Buy rating.

Alimentation Couche-Tard Inc. (ATD:CA) – Scotiabank maintains an Outperform rating with a target of C$94.00.

Alimentation Couche-Tard Inc. (ATD:CA) – CIBC World Markets raised its target to C$92.00 from C$88.00 and maintains an Outperform rating.

Alimentation Couche-Tard Inc. (ATD:CA) – National Bank raised its target to C$88.00 from C$86.00 and maintains an Outperform rating.

Alimentation Couche-Tard Inc. (ATD:CA) – Desjardins Securities raised its target to C$92.00 from C$85.00 and maintains a Buy rating.

Alimentation Couche-Tard Inc. (ATD:CA) – BMO Capital Markets raised its target to C$84.00 from C$79.00 and maintains Market Perform.

Alimentation Couche-Tard Inc. (ATD:CA) – RBC Capital raised its target to C$100.00 from C$91.00 and maintains an Outperform rating.

Alimentation Couche-Tard Inc. (ATD:CA) – Stifel Nicolaus raised its target to C$95.00 from C$88.00 and maintains a Buy rating.

Arizona Sonoran Copper Company Inc. (ASCU:CA) – Scotiabank maintains an Outperform rating with a target of C$7.00.

ATEX Resources (ATX:CA) – TD Securities maintains a Buy rating with a target of C$5.00.

Bank of Montreal (BMO:CA) – Canaccord Genuity raised its target to C$218.00 from C$201.00 and maintains a Buy rating.

Bank of Nova Scotia (BNS:CA) – Canaccord Genuity raised its target to C$112.00 from C$106.00 and maintains a Buy rating.

Birchcliff Energy Ltd. (BIR:CA) – TD Securities maintains a Buy rating with a target of C$8.50.

Birchcliff Energy Ltd. (BIR:CA) – Scotiabank maintains an Outperform rating with a target of C$10.00.

Birchcliff Energy Ltd. (BIR:CA) – Scotiabank also maintains a Buy rating with a target of C$8.50.

Blue Moon Metals Inc. (MOON:CA) – Scotiabank maintains an Outperform rating with a target of C$7.50.

Bombardier Inc. (BBD-B:CA) – TD Securities maintains a Hold rating with a target of C$276.00.

Bombardier Inc. (BBD-B:CA) – CIBC maintains a Neutral rating with a target of C$290.00.

Brookfield Corp. (BN:CA) – TD Securities maintains a Buy rating with a target of C$80.00.

Canadian Imperial Bank of Commerce (CM:CA) – Canaccord Genuity raised its target to C$136.00 from C$129.00 and maintains a Hold rating.

Canadian Natural Resources Ltd. (CNQ:CA) – Gerdes Energy Research downgraded the rating to Neutral.

Cineplex Inc. (CGX:CA) – TD Securities maintains a Buy rating with a target of C$16.00.

Cineplex Inc. (CGX:CA) – Scotiabank maintains an Outperform rating with a target of C$12.00.

Colliers International Group Inc. (CIGI:CA) – Scotiabank maintains an Outperform rating with a target of C$252.00.

Crombie REIT (CRR.UN:CA) – Scotiabank maintains an Outperform rating with a target of C$17.00.

D2L Inc. (DTOL:CA) – Stifel Nicolaus lowered the target to C$12.75 from C$19.00 and maintains a Hold rating.

European Residential REIT (ERE.UN:CA) – Scotiabank maintains a Sector Perform rating with a target of C$1.25.

European Residential REIT (ERE-UN:CA) – CIBC maintains a Neutral rating with a target of C$1.25.

Finning International Inc. (FTT:CA) – RBC Capital raised its target to C$104.00 from C$89.00.

First Capital REIT (FCR.UN:CA) – Scotiabank maintains a Sector Perform rating with a target of C$22.00.

First Quantum Minerals Ltd. (FM:CA) – TD Securities raised its target to C$42.00 from C$41.00 and maintains a Hold rating.

First Quantum Minerals Ltd. (FM:CA) – Scotiabank raised its target to C$45.00 and maintains an Outperform rating.

Fortis Inc. (FTS:CA) – TD Securities maintains a Buy rating with a target of C$79.00.

Fortis Inc. (FTS:CA) – CIBC maintains an Outperform rating with a target of C$76.00.

Franco-Nevada Corp. (FNV:CA) – TD Securities maintains a Hold rating with a target of C$382.00.

Franco-Nevada Corp. (FNV:CA) – CIBC maintains an Outperform rating with a target of C$480.00.

GFL Environmental (GFL:CA) – Barclays Capital lowered its target to C$87.00 from C$88.00.

GFL Environmental Inc. (GFL:CA) – Scotiabank maintains a Sector Perform rating with a target of C$76.00.

Great-West Lifeco Inc. (GWO:CA) – TD Securities maintains a Buy rating with a target of C$73.00.

Great-West Lifeco Inc. (GWO:CA) – Scotiabank maintains an Outperform rating with a target of C$70.00.

Intact Financial Corp. (IFC:CA) – Jefferies & Co. lowered its target to C$306.00 from C$321.00.

Intact Financial Corporation (IFC:CA) – Scotiabank maintains a Sector Perform rating with a target of C$320.00.

Keyera Corp. (KEY:CA) – TD Securities maintains a Buy rating with a target of C$52.00.

Keyera Corporation (KEY:CA) – CIBC maintains an Outperform rating with a target of C$57.00.

Killam Apartment REIT (KMP.UN:CA) – Scotiabank maintains an Outperform rating with a target of C$20.00.

Manulife Financial Corp. (MFC:CA) – TD Securities also lowered its target to C$59.00 from C$60.00 maintaining a Buy rating.

Manulife Financial Corporation (MFC:CA) – Scotiabank maintains a Sector Perform rating with a target of C$55.00.

Morguard North American Residential REIT (MRG-UN:CA) – TD Securities maintains a Buy rating with a target of C$24.00.

Mullen Group Ltd. (MTL:CA) – TD Securities maintains a Buy rating with a target of C$21.00.

Mullen Group Ltd. (MTL:CA) – CIBC maintains a Neutral rating with a target of C$18.00.

National Bank of Canada (NA:CA) – Canaccord Genuity raised its target to C$180.00 from C$170.00 and maintains a Hold rating.

Nowvertical Group Inc. (NOW:CA) – Stifel Nicolaus lowered its target to C$0.25 from C$0.50 and maintains a Sell rating.

Precision Drilling Corp. (PD:CA) – TD Securities raised its target to C$123.00 from C$118.00.

Precision Drilling Corp. (PD:CA) – CIBC raised its target to C$140.00 from C$120.00 and maintains an Outperform rating.

Precision Drilling Corp. (PD:CA) – BMO Capital Markets raised its target to C$150.00 from C$120.00.

Primaris REIT (PMZ-UN:CA) – TD Securities maintains a Buy rating with a target of C$19.00.

Primaris REIT (PMZ.UN:CA) – Scotiabank maintains an Outperform rating with a target of C$17.50.

Restaurant Brands International (QSR:CA) – CIBC maintains an Outperform rating with a target of C$109.00.

Royal Bank of Canada (RY:CA) – Canaccord Genuity raised its target to C$255.00 from C$242.00 and maintains a Buy rating.

Russel Metals Inc. (RUS:CA) – TD Securities maintains a Buy rating with a target of C$50.00.

Shopify Inc. (SHOP:CA) – TD Securities upgraded to a Buy rating with a target of C$216.00.

Shopify Inc. (SHOP:CA) – Scotiabank maintains a Sector Perform rating with a target of C$272.00.

Shopify Inc. (SHOP:CA) – Canaccord Genuity raised its target to C$224.40 from C$185.00 and maintains a Buy rating.

Shopify Inc. (SHOP:CA) – Stifel Nicolaus lowered its target to C$156.00 from C$175.00 and maintains a Hold rating.

Shopify Inc. (SHOP:CA) – Wedbush Morgan raised its target to C$218.00 from C$185.00 and maintains an Outperform rating.

Shopify Inc. (SHOP:CA) – Wells Fargo raised its target to C$260.00 from C$198.00 and maintains a Buy rating.

Shopify Inc. (SHOP:CA) – Barclays Capital raised its target to C$177.00 from C$140.00 and maintains an Equal-Weight rating.

Shopify Inc. (SHOP:CA) – Truist Securities lowered its target to C$150.00 from C$155.00 and maintains a Hold rating.

Shopify Inc. (SHOP:CA) – BMO Capital Markets raised its target to C$218.00 from C$150.00 and maintains an Outperform rating.

Shopify Inc. (SHOP:CA) – RBC Capital raised its target to C$231.00 from C$200.00 and maintains an Outperform rating.

Slate Grocery REIT (SGR.U:CA) – Scotiabank maintains a Sector Perform rating with a target of C$15.00.

SmartCentres REIT (SRU-UN:CA) – TD Securities maintains a Buy rating with a target of C$30.00.

SmartCentres REIT (SRU.UN:CA) – Scotiabank maintains a Sector Perform rating with a target of C$27.00.

Snowline Gold Corp. (SGD:CA) – Scotiabank maintains an Outperform rating with a target of C$25.00.

Sun Life Financial Inc. (SLF:CA) – TD Securities lowered its target to C$102.00 from C$104.00 and maintains a Buy rating.

Sun Life Financial Inc. (SLF:CA) – Scotiabank maintains a Sector Perform rating with a target of C$93.00.

Sylogist Ltd. (SYZ:CA) – Stifel Nicolaus lowered its target to C$4.75 from C$9.00 and maintains a Hold rating.

Tecsys Inc. (TCS:CA) – Stifel Nicolaus lowered its target to C$28.50 from C$48.00 and maintains a Hold rating.

TELUS Corp. (T:CA) – TD Securities maintains a Buy rating with a target of C$25.00.

TELUS Corp. (T:CA) – CIBC maintains an Outperform rating with a target of C$25.00.

TerraVest Industries Inc. (TVK:CA) – Scotiabank maintains an Outperform rating with a target of C$184.50.

TerraVest Industries Inc. (TVK:CA) – CIBC lowered its target to C$170.00 from C$175.00 and maintains a Neutral rating.

Toromont Industries Ltd. (TIH:CA) – BMO Capital Markets raised its target to C$210.00 from C$196.00.

Toromont Industries Ltd. (TIH:CA) – CIBC World Markets raised its target to C$200.00 from C$180.00.

Toromont Industries Ltd. (TIH:CA) – Raymond James raised its target to C$180.00 from C$172.00.

Toromont Industries Ltd. (TIH:CA) – RBC Capital raised its target to C$207.00 from C$180.00.

Toronto-Dominion Bank (TD:CA) – Canaccord Genuity raised its target to C$141.00 from C$131.00 and maintains a Buy rating.

TRANSAT A.T. INC. (TRZ:CA) – CIBC maintains an Underperform rating with a target of C$2.40.

Tribe Property Technologies Inc. (TRBE:CA) – Stifel Nicolaus lowered its target to C$0.25 from C$0.75 and maintains a Sell rating.

Wajax Corp. (WJX:CA) – TD Securities maintains a Hold rating with a target of C$28.00.

West Fraser Timber Co. Ltd. (WFG:CA) – Scotiabank maintains a Sector Perform rating with a target of C$123.00.

Western Forest Products Inc. (WEF:CA) – TD Securities raised its target to C$16.00 from C$14.00 and maintains a Hold rating.

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