Canadian Analyst Updates: April 13th, 2026

Analyst Ratings (Canada)

Today’s analyst updates collectively indicate a late-cycle, selectively constructive market environment where upside remains but is increasingly concentrated in specific sectors rather than broad-based. While modest target increases in energy, industrials, and materials reflect confidence in real assets benefiting from persistent inflation and ongoing capital investment cycles, with widespread target cuts in consumer-facing and rate-sensitive sectors signal emerging demand softness and margin pressure. This divergence suggests a clear rotation toward earnings-resilient areas, with defensives like telecom offering limited growth catalysts and cyclicals facing earnings risk. At the same time, the high number of “maintain” ratings highlights subdued conviction and a data-dependent backdrop, reinforcing the view that markets are transitioning into a more cautious phase characterized by narrower leadership, macro uncertainty, and limited multiple expansion.

63 Analyst Updates 

AGF Management Limited (AGF-B:CA) saw Scotia Capital raised its price target to $20.00.

Air Canada (AC:CA) had its price target reduced by RBC Capital to $22.00 from $25.00.

ATEX Resources (ATV:CA) was maintained at Buy by TD Securities with a $4.75 target.

AtkinsRéalis Group Inc. (ATRL:CA) had its target lowered by Scotia Capital to $105.00 from $106.00, while maintaining an Outperform rating.

Blackline Safety Corp. (BLN:CA) was downgraded by TD Securities to Sell from Buy with a $9.00 up from $8.00 target.

Bombardier (BBD.B:CA) had its price target increased by RBC Capital to $298.00 from $287.00.

CAE Inc. (CAE:CA) saw RBC Capital cut its price target to $42.00 from $46.00.

Canadian National Railway Co. (CNR:CA) had its target raised by TD Securities to $171.00 from $164.00, maintaining a Buy rating.

Canadian Pacific Railway Ltd. (CP:CA) saw TD Securities raise its price target to $117.00 from $112.00, maintaining a Hold rating.

Cargojet Inc. (CJT:CA) had its target reduced by RBC to $140.00 from $143.00, while maintaining an Outperform rating.

Cascades Inc. (CAS:CA) had its target reduced by Desjardins Securities to $13.00 from $15.00, maintaining a Hold rating.

Cascades Inc. (CAS:CA) also saw National Bank lower its target to $14.00 from $15.00, maintaining a Sector Perform rating.

Cascades Inc. (CAS:CA) had its target cut by Scotia Capital to $14.50 from $16.75, while maintaining an Outperform rating.

Chemtrade Logistics Income Fund (CHE.UN:CA) had its target raised by National Bank to $23.50 from $18.00, maintaining an Outperform rating.

Cineplex Inc. (CGX:CA) was maintained at Buy by TD Securities with a $16.00 target.

Cogeco Communications Inc. (CCA:CA) was upgraded to Buy from Hold by TD Securities with an $83.00 target, down from $85.

Cogeco Communications Inc. (CCA:CA) had its target lowered by Desjardins Securities to $68.00 from $71.00, maintaining a Hold rating.

Cogeco Communications Inc. (CCA:CA) had its target raised by RBC to $74.00 from $77.00, maintaining a Sector Perform rating.

Cogeco Communications Inc. (CCA:CA) saw Canaccord Genuity lower its target to $70.00 from $74.00, maintaining a Buy rating.

Cogeco Communications Inc. (CCA:CA) also had Scotia Capital lower its target to $72.00 from $74.25, maintaining a Sector Perform rating.

Cogeco Inc. (CGO:CA) also saw TD Securities lower its target to $81.00 from $85.00, maintaining a Buy rating.

Cogeco Inc. (CGO:CA) was maintained at Neutral by CIBC with a $68.00 target.

Corus Entertainment Inc. (CJR-B:CA) was maintained at Sell by TD Securities with a $0.01 target.

Enerflex Ltd. (EFX:CA) had its target raised by TD to $41.00 from $39.00, maintaining a Buy rating.

Freehold Royalties Ltd. (FRU:CA) was maintained at Neutral by CIBC with an $18.50 target.

Freehold Royalties Ltd. (FRU:CA) also saw RBC raise its target to $18.00 from $17.00, maintaining a Sector Perform rating.

GFL Environmental Inc. (GFL:CA) was maintained at Outperform by CIBC with a $77.00 target.

Hammond Power Solutions (HPS.A:CA) was initiated by RBC Capital with an Outperform rating and a $250.00 target.

Ivanhoe Mines Ltd. (IVN:CA) was maintained with a Buy by TD Securities with a $13.00 target.

K92 Mining Inc. (KNT:CA) was maintained with a Buy by TD Securities with a $33.00 target.

Kelt Exploration Ltd. (KEL:CA) saw RBC raise its target to $11.00 from $10.00, maintaining an Outperform rating.

Magna International Inc. (MG:CA) had its target raised by RBC to $78.50 from $59.00, maintaining a Sector Perform rating.

Metatek-Group Ltd. (MTEK:CA) was initiated by Canaccord Genuity with a Buy rating and an $8.00 target.

MTY Food Group Inc. (MTY:CA) had its target lowered by TD Securities to $42.00 from $45.00, maintaining a Hold rating.

MTY Food Group Inc. (MTY:CA) also saw Raymond James lower its target to $45.00 from $46.00, maintaining a Market Perform rating.

MTY Food Group Inc. (MTY:CA) had its target reduced by RBC to $46.00 from $48.00, maintaining a Sector Perform rating.

MTY Food Group Inc. (MTY:CA) had Scotia Capital lower its target to $45.00 from $46.00, maintaining a Sector Perform rating.

Mullen Group Ltd. (MTL:CA) had its target raised by RBC to $19.00 from $17.00, maintaining an Outperform rating.

Precision Drilling Corp. (PD:CA) saw TD Securities raise its target to $127.00 from $123.00, maintaining a Hold rating.

Quebecor Inc. (QBR.B:CA) had its target increased by National Bank to $59.00 from $57.00, maintaining an Outperform rating.

Richelieu Hardware Ltd. (RCH:CA) saw CIBC lower its target to $42.00 from $43.00, maintaining a Neutral rating.

Saputo Inc. (SAP:CA) was downgraded by National Bank to Sector Perform with a $46.00 target.

Savaria Corp. (SIS:CA) was maintained at Buy by TD Securities with a $31.00 target.

Secure Waste Infrastructure Corp. (SES:CA) was maintained at Neutral by CIBC with a $22.50 target.

Sprott Inc. (SII:CA) saw BMO Capital Markets raise its target to $210.00 from $192.00.

Stack Capital Group Inc. (STCK:CA) had its target increased by Raymond James to $28.50 from $22.00, maintaining an Outperform rating.

Stella-Jones Inc. (SJ:CA) saw RBC lower its target to $93.00 from $95.00, maintaining a Sector Perform rating.

Suncor Energy Inc. (SU:CA) was maintained at Buy by TD Securities with a $91.00 target.

Tamarack Valley Energy Ltd. (TVE:CA) had its target raised by RBC to $12.00 from $11.00, maintaining an Outperform rating.

Westshore Terminals Investment Corp. (WTE:CA) saw RBC raise its target to $39.00 from $34.00, maintaining an Outperform rating.

Whitecap Resources Inc. (WCP:CA) had its target increased by RBC to $17.00 from $16.00, maintaining an Outperform rating.

WSP Global Inc. (WSP:CA) saw Scotia Capital raise its target to $286.00 from $284.00, maintaining an Outperform rating.

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