Canadian Analyst Updates: April 22, 2026

STA Research
April 22nd, 2026
Today’s analyst updates skew strongly positive, driven by a broad wave of target increases—especially across gold and mining names like Agnico Eagle, Barrick, Kinross, Lundin, and Franco-Nevada—reflecting continued bullish sentiment on commodities. Financials and diversified industrials saw more modest upward revisions, while consumer and telecom names were largely steady with maintained ratings. A handful of target cuts (e.g., CAE, Cargojet, Stella-Jones, West Fraser) suggest some selective caution outside resources, but these were relatively minor. Initiations were generally constructive, with most new coverage landing at Buy ratings, indicating optimism toward smaller or underfollowed names. Overall, the tone of the day is clearly constructive, with analysts leaning bullish, particularly in resource sectors, and limited signs of broad-based downgrades.
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Analyst Ratings (Canada)

Today’s analyst updates skew strongly positive, driven by a broad wave of target increases, especially across gold and mining names. Financials and diversified industrials saw more modest upward revisions, while consumer and telecom names were largely steady with maintained ratings. A handful of target cuts suggest some selective caution outside resources, but these were relatively minor. Initiations were generally constructive, with most new coverage landing at Buy ratings, indicating optimism toward smaller or underfollowed names. Overall, the tone of the day is clearly positive, with analysts leaning bullish, particularly in resource sectors, and limited signs of broad-based downgrades.

46 Analyst Updates

Agnico Eagle Mines (AEM:CA) – BMO raised target to $370 (from $350)

Altius Minerals (ALS:CA) – Raymond James raised target to $52 (from $48), Outperform

Badger Infrastructure (BDGI:CA) – TD lowered target to $79 (from $80), Buy

Barrick Mining (ABX:CA) – BMO raised target to $65 (from $55)

CAE (CAE:CA) – TD lowered target to $49 (from $53), Buy

Canadian Packers (CPKR:CA) – Ventum initiated with Buy, $24 target

Cargojet (CJT:CA) – National Bank lowered target to $104 (from $108), Outperform

Centerra Gold (CG:CA) – Scotiabank raised target to $29 (from $26)

Collective Mining (CNL:CA) – Scotiabank raised target to $35 (from $29)

Endeavour Mining (EDV:CA) – Scotiabank raised target to $100 (from $90)

ERO Copper (ERO:CA) – BMO raised target to $48 (from $42)

Exchange Income (EIF:CA) – Desjardins raised target to $116 (from $114), Buy

Extendicare (EXE:CA) – Desjardins initiated with Buy, $34.50 target

First Quantum (FM:CA) – BMO raised target to $48 (from $40)

Franco-Nevada (FNV:CA) – BMO raised target to $410 (from $370)

Global Education Communities (GEC:CA) – Fundamental Research assigned Buy, $0.95 target

Hemlo Mining (HMMC:CA) – Scotiabank raised target to $9 (from $8)

High Liner Foods (HLF:CA) – Ventum initiated with Neutral, $15.50 target

Hudbay Minerals (HBM:CA) – BMO raised target to $39 (from $33)

IAMGOLD (IMG:CA) – BMO raised target to $32 (from $27)

Kinross Gold (K:CA) – BMO raised target to $55 (from $45)

Lundin Mining (LUN:CA) – BMO raised target to $45 (from $36)

Maple Leaf Foods (MFI:CA) – Ventum initiated with Buy, $37 target

MDA Space (MDA:CA) – Canaccord initiated with Buy, $56 target

MEG Energy (MEG:CA) – TD maintained Sell, $28 target

Methanex (MX:CA) – Scotiabank raised target to $95 (from $82)

Metro (MRU:CA) – CIBC maintained Neutral, $101 target

Montage Gold (MAU:CA) – Scotiabank raised target to $18.50 (from $15)

Nine Mile Metals (NINE:CNX) – Fundamental Research initiated with Buy, $0.32 target

Orla Mining (OLA:CA) – Scotiabank raised target to $27 (from $26.50)

Pan American Silver (PAAS:CA) – BMO raised target to $85 (from $69)

Pan American Silver (PAAS:CA) – Scotiabank raised target to $89 (from $87)

PrairieSky Royalty (PSK:CA) – TD maintained Buy, $36 target

Premium Brands (PBH:CA) – Ventum initiated with Buy, $124 target

Questor Technology (QST:CA) – ATB lowered target to $0.45 (from $0.60), Sector Perform

Questor Technology (QST:CA) – Acumen lowered target to $0.55 (from $0.75), Hold

Rogers Communications (RCI-B:CA) – CIBC maintained Outperform, $61 target

Saputo (SAP:CA) – Ventum initiated with Buy, $47 target

Savaria (SIS:CA) – National Bank raised target to $37 (from $30.50), Outperform

Skeena Resources (SKE:CA) – Scotiabank raised target to $48 (from $44)

SSR Mining (SSRM:CA) – Scotiabank raised target to $55 (from $50)

Stella-Jones (SJ:CA) – CIBC lowered target to $96 (from $102)

Superior Plus (SPB:CA) – Scotiabank raised target to $7 (from $6.50)

Superior Plus (SPB:CA) – TD raised target to $7.50 (from $7), Hold

West Fraser Timber (WFG:CA) – CIBC lowered target to $102 (from $108)

Wheaton Precious Metals (WPM:CA) – BMO raised target to $250 (from $240)

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