Friday’s analyst upgrades and downgrades

Inside the Market’s roundup of some of today’s key analyst actions

National Bank Financial analyst Cameron Doerksen reaffirmed his “positive view” on Bombardier Inc. (BBD.B-T) following Thursday’s release of its third-quarter results, pointing to its order activity remaining “strong” alongside an increase to its free cash flow guidance.

“Since our upgrade back to Outperform in mid-October, Bombardier shares are up 13 per cent (versus TSX up 2 per cent over the same timeframe), but we continue to be bullish on the fundamentals for Bombardier noting the following: (1) at the end of Q3, Bombardier’s backlog stood at $22.2 billion providing visibility on new jet deliveries over a multi-year period; (2) strong aftermarket growth (services revenue up 19 per cent year-over-year in Q3) supports margin expansion and lower cyclicality over time; (3) the Defense segment backdrop remains highly positive with a clear line of sight to exceeding the company’s targeted $1.5 billion in annual revenue; (4) strong expected FCF in the coming years should lead to more capital returns to shareholders - Bombardier will hold an Investor Day in February at which time we expect the company will outline capital deployment priorities; (5) with Bombardier’s recent commitment to invest in its U.S. operations and positive comments from the U.S. Administration, the risk of further U.S. trade threats towards Bombardier has eased,” he explained.

Shares of the Montreal-based multinational followed the broader market lower on Thursday, ending down 8.3 per cent, despite announcing it expects to generate more than US$1.3-billion in free cash flow this year, up from a previous forecast of at least US$1-billion. That came after FCF climbed US$31-million in the third quarter from the same period last year to US$183-million.

Revenue rose 3 per cent year-over-year to $2.373-billion (from $2.307-billion), topping Mr. Doerksen’s $2.285-billion estimate, while adjusted earnings per share jumped 42 per cent to $1.72 from $1.21, which easily exceeded his $1.54 projection.

“Unit book-to-bill in the quarter was 1.7 times with total backlog increasing to $22.2-billion compared to $21.8-billion at the end of Q2/26,” he said in a client note. “Order activity remains strong across most geographies except the Middle East due to the conflict in the region. Management again noted particularly strong order activity in recent quarters for the company’s flagship Global 8000 where the book-to-bill has been running at around 2.0 times, which will support higher deliveries of the model in Q4 and beyond.”

“Bombardier has mostly kept its full-year guidance items unchanged with revenue still expected to be $10+ billion on 157+ aircraft deliveries with EBITDA of $1.625+ billion. Unsurprisingly given the strong new order activity YTD (which drives cash deposits), Bombardier has increased its FCF guide, now looking for $1.3+ billion (up from $1.0+ billion previously) versus our prior forecast of $1.2 billion and the consensus at $1.4-billion. Leverage ended Q3 at Bombardier’s long-term target of 1.5 times and with FCF expected to remain strong in the coming years, we expect more capital returns to shareholders in 2027.”

Maintaining his “outperform” rating for Bombardier shares, Mr. Doerksen hiked his target to $390 from $360. The average on the Street is $355.83.

“Based on our updated forecast, Bombardier is currently trading at 15.9 times 2026 and 14.0 times 2027 EV/EBITDA,” he explained. “These are premiums to the direct aircraft OEM peer group which trades at an average of 13.1 times current year and 11.6 times next year EV/EBITDA, but we see a premium for Bombardier as justifiable given the end market momentum (across both the core business jet market and Defense segment), and the solid growth and FCF profile in the coming years.

“We previously valued the stock by applying a 14.0 times EV/EBITDA multiple to our 2027 forecast, but with 2026 coming to a close and the strong visibility on earnings and cash flows for Bombardier extending into 2028, we are comfortable rolling the basis for our valuation to our newly introduced 2028 EBITDA forecast.”

Elsewhere, Desjardins Securities’ Benoit Poirier raised his target to $370 from $368 with a “buy” rating.

“We are encouraged by the strong bizjet conditions, leading to an impressive 1.7-times book-to-bill ratio and record backlog of US$22.2-billion, providing a path toward increasing the annual production rate to 180–190 aircraft by 2030. We expect BBD to finish the year with US$2.9-billion of available liquidity (leverage at 1.1 times), providing great optionality. While many options remain at its disposal, we expect BBD to remain disciplined. We increased our target ... and still see the stock near $500/share by 2030,” said Mr. Poirier.

Following Thursday’s release of better-than-anticipated third-quarter results, RBC Dominion Drew McReynolds upgraded Quebecor Inc. (QBR.B-T) to “outperform” from “sector perform” previously, pointing to the relative risk-adjusted total return to his price target for its shares “against a gradually improving fundamental backdrop for the sector.”

“We continue to see an attractive risk-adjusted total return profile for the stock with multiple expansion since the beginning of 2025 (from 6.1 times FTM [forward 12-month] EV/EBITDA to 8.5 times) largely consistent with a return to mid-single-digit revenue and adjusted EBITDA growth within Telecommunications,” he said.

“While we believe further upside in the shares from current levels will be primarily driven by an industry-leading mid-teen NAV CAGR [net asset valye compound annual growth rate] through the medium-term (rather than further multiple expansion): (i) improved wireless and margin visibility within Telecommunications gives us increased confidence that management can deliver the mid-single-digit Telecommunications adjusted EBITDA growth that will be required to maintain the stock’s notable premium valuation; and (ii) NAV growth should continue to be supported by significant FCF generation while absorbing rising Telecommunications capex, as well as ongoing share repurchases given the strong balance sheet (2.7 times net debt/EBITDA).

In a client report titled A GARP Set-Up That Keeps Getting Better, Mr. McReynolds said he has “increased confidence” in the Montreal-based company’s ability to deliver mid-single-digit adjusted EBITDA growth.

“Despite some degree of lower-margin off-net subscriber growth since the acquisition of Freedom Mobile, we remain impressed by management’s ability to deliver gradual Telecommunications adjusted EBITDA margin expansion driven by the combination of revenue mix, operating leverage and cost-efficiencies,” he explained. “In addition, we expect Quebecor (and the Big 3 for that matter) to benefit from a more constructive wireless and Internet pricing environment that effectively emerged by mid-2025 (with the exception of Q1/26). Lastly, management reiterated its expectation that the current Telecommunications adjusted EBITDA growth and margin trajectories can absorb the incremental costs associated with Western Canada expansion (the next leg of growth).

“Bigger picture, our sector ratings reflect us leaning more into an improving outlook. The increase in the number of our Outperform0rated stocks within our Canadian telecom coverage to now three is also consistent with what we believe is a still gradual but improving industry revenue growth outlook in 2027 and 2028 (relative to a more challenged 2024-2026 period) driven by the more constructive pricing environment that in our view should be sustainable, the likelihood of eventual renewed population growth in Canada, and a still relatively small but rising contribution from new revenue streams.”

He raised his target for Quebecor shares to $84 from $68. The average is $74.08.

Elsewhere, other target adjustments include:

* Desjardins Securities’ Jerome Dubreuil to $82 from $74 with a “buy” rating.

“Management sounded pleased with QBR’s performance during the conference call, while emphasizing the significant growth runway that remains in wireless, with the company accounting for only 8 per cent of Big 4 wireless revenue. Supported by its pricing advantage and improving network, we believe QBR is well positioned to continue gaining market share and delivering wireless growth meaningfully above the industry average,” said Mr. Dubreuil.

* National Bank’s Adam Shine to $80 from $71 with an “outperform” rating.

Calling its growth plan “thoughtful” with “optionality” and believing a recent retreat in its share price provides “an attractive entry point” for investors, TD Cowen analyst Menno Hulshof raised his rating for Baytex Energy Corp. (BTE-T) to “buy” from “hold” on Friday.

“BTE has declined 22 per cent from its Oct. 26 closing peak vs. 11 per cent for XEG [iShares S&P/TSX Capped Energy Index ETF],” he said. “Wider WCS heavy diffs and the risk-off trade likely contributed, but we now see good value on the TD Cowen commodity deck, which sits below strip. Our unchanged $8.00/sh target price implies a 36-per-cent total return and supports our upgrade.”

In a client note released Friday, Mr. Hulshof said the Calgary-based company is now poised for “higher growth with better economics.”

“2027-29 productionn growth is now targeted at 8-10 per cent, up from 6-8 per cent,” he said. “Improved capital efficiency, lower costs and lower declines reduce the sustaining breakeven to US$50 WTI in 2027 from US$52 previously, while US$70 WTI underpins the growth, net-cash and shareholder-return framework. Exit-2027 production of 83 mboe/d [thousand barrels of oil equivalent per day] (up 15 per cent year-over-year) provides a clear path to 92 mboe/d by 2029.

“Accelerating Duvernay Plan and Extending RLI: BTE is pulling forward its 25 mboe/d Duvernay target by ~18 months to 2H28. 3Q production reached a record 12.8 mboe/d (up 26 per cent year-over-year), while D&C costs fell 11% to $930/ft. A 16-per-cent increase in acreage to 106k net acres extends hold-flat RLI to more than 15 years vs. 10 years prior, materially addressing investor concerns around comparatively short RLI, in our view.”

Mr. Hulshof’s $8 target falls 57 cents under the average on the Street.

“While the timing is a bit awkward with the market in turmoil, BTE’s new three-year plan holds together, with 8-10-per-cent annual production growth through 2029 vs. 6-8 per cent prior,” he concluded. “US$50 WTI sustains the business; US$70 WTI underpins the 8-10-per-cent growth + shareholder-return framework. Duvernay remains the key driver, with 25 mboe/d now targeted in 2H28, 18 months earlier, while the 16-per-cent acreage increase to 106k net acres extends hold-flat RLI to more than 15 years vs. 10 years prior. Better capital efficiency, lower costs and lower declines support a US$50 WTI breakeven in 2027, while BTE expects to remain net cash through the plan. Clearwater waterflood and Gemini SAGD remain outside the base plan, providing additional option value. Following the 22-per-cent pullback from its October peak, our unchanged $8.00/sh TP implies a 36-per-cent total return. With a stronger growth outlook, Duvernay inventory concerns materially reduced, and the balance sheet providing some downside protection, we upgrade.”

Citing an “increased risk of material charges going forward,” TD Cowen analyst Mario Mendonca lowered Trisura Group Ltd. (TSU-T) to “hold” rating from “buy” following its “negative” third-quarter release.

“EPS was below our estimate, reflecting softer top line in Cad fronting & U.S., and reserve strengthening in U.S. programs,” he said. “There were also elevated losses/reserves in exited lines (US programs).

“We are downgrading to HOLD on a) pricing pressure in several lines, b) weaker top line, c) exited lines charge and d) unquantified exposure to bankrupt claims service provider affiliated with a reinsurer.”

After the bell on Thursday, the Toronto-based specialty insurance provider reported quarterly operating earnings per share of 73 cents, up 2.7 per cent year-over-year and “reflecting strong growth in investment income (up 18 per cent year-over-year on higher investment yields), growth in U/W inc. in Surety & Corp. insurance.” However, that result fell 3 cents below Mr. Mendonca’s estimate and a penny below the consensus “on weaker top line and higher loss ratio, partly offset by higher investment income.”

In a client note, the analyst called the earning quality “weak.”

“Reported EPS of $0.54 was below operating EPS (net loss on securities),” he explained. “There was a $5.2-million charge in U.S. exited lines (loss in run-off portfolio and commercial auto loss reserving).

“Book value per share was up 11 per cent year-over-year (15 per cent ex-AOCI), reflecting ROE of 16.2 per cent (trailing 12 monts). However, we note ROE has trended down for the past 13 quarters from 20 per cent as excess capital accumulates in support of the U.S. initiatives. Our ’27 estimate of 14.8-per-cent ROE supports our 1.8 times target P/B; reflecting risk associated with a bankrupt service provider, exited lines charges and reserve increases in U.S. Programs warrant a discount.”

With that view, Mr. Mendonca cut his target for Trisura shares to $45 from $56. The average target is $55.28.

“Trisura provides a unique investment opportunity in a pure-play specialty insurer in Canada, one capable of outgrowing the larger P&C and life insurance companies, we believe,” he said. “The high ROE and strong capital generation engine in Canada support what we view as TSU’s key growth story – de novo expansion in the U.S., including Surety and Corporate Insurance. That said, the risk of exited lines charges and a softening top line support our HOLD rating.”

Seeing improved free-cash flow “visibility” following the release of its third-quarter results, National Bank Financial analyst Mohamed Sidibé upgraded Allied Gold Corp. (AAUC-T) to an “outperform” rating from “sector perform” previously.

“Following the termination of the Zijin deal in July, our Sector Perform rating reflected a ‘show-me’ thesis dependent on Kurmuk’s ramp-up and FCF visibility amid Mali valuation risk,” he explained. “At the time we preferred Orezone for accounts seeking growth and discounted value given FCF risks. Now, despite a later start, Kurmuk is processing ore with 1.5 million tons of above-reserve-grade stockpiles available or three months of plant feed. Management put the medium to higher-grade portion at 1.7-1.8 grams per ton, with nameplate expected to be achieved early in 2027.

“The updated guidance removes the main uncertainty over production expectations, while Kurmuk’s operating progress and the prospective capital returns in 2027 give us greater confidence in the 2027 FCF outlook.”

On Wednesday after the bell, the Toronto-based company, which owns and operates gold mines in Mali, the Ivory Coast and Ethiopia, reported third-quarter adjusted attributable basic earnings per share of 37 cents, topping Mr. Sidibé’s estimate of 33 cents as well as the Street’s expectation of 20 cents. The beat was driven by higher realized gold price of US$3,863 per ounce (versus the analyst’s forecast of US$3,765), while gold sales were broadly in line with projections.

“We now model production of 410 koz [thousand ounces] (up 2 per cent) in 2026 and 634 koz (up 1 per cent) in 2027, within the respective guidance ranges of 400-435 koz and 615-670 koz,” said the analyst. “Our 2027 EBITDA estimate edges lower to $1.608-billion from $1.630-billion as we reflect higher costs (AISC [all-in sustaining costs] up 1/3 per cent in 2026/2027), while attributable FCF rises 4 per cent to $886-million from $856-million, mainly on lower capex of $337-million ($382-million prior) at our price deck. Our NAV [net asset value] decreases 3 per cent to $64.06/sh.”

“We have increased our cost assumptions to reflect Q3 performance and input-price pressure. Sadiola’s Q3 AISC rose to $2,876/oz from $2,766/oz in Q2; management suggested $80/oz of incremental diesel-price pressure but expects higher grades and fleet improvements to lower costs. It expects Sadiola production to rise 20-25 per cent quarter-over-quarter in Q4, supporting improvement into 2027.”

With his forecast adjustments, Mr. Sidibé increased his target for Allied shares to $40 from $37. The average on the Street is $44.31.

“Capital returns were another route to rebuilding confidence identified in July,” he added. “Management now prioritizes buybacks, subject to TSX approval, and plans a peer-comparable 2027 dividend, subject to board approval and cash flows.

“We believe the potential return to $40/sh compensates for remaining jurisdictional risk, reflected in our Sadiola discount and Kurmuk risk weighting; removing the Sadiola discount would add $2/sh to our target.”

In other analyst actions:

* RBC’s Bart Dziarski downgraded Brookfield Business Corp. (BBUC-N, BBUC.UN-T) to “sector perform” from “outperform” with a US$34 target (unchanged). Elsewhere, Desjardins Securities’ Gary Ho cut his target to US$40 from US$42 with a “buy” rating. The average on the Street is US$39.14.

“Q3/26 was in-line and capital recycling momentum continues with monetizations (Multiplex, La Trobe) and deployment (Reliance Worldwide Corporation, World Freight Company, Gregg Distributors) continuing at a strong pace year-to-date, totaling $1.4-billion and $0.8-billion, respectively. With BBUC’s stock re-rating 20 per cent following its 2026 investor day and now trading at 23-per-cent discount to NAV, in-line with 25 per cent we use to derive our price target and below its 10-year average of 27 per cent, we believe valuation is fair.”

* In a report titled Not yet seeing the light, Desjardins Securities’ Kyle Stanley downgraded Canadian Apartment Properties Real Estate Investment Trust (CAR.UN-T) to “hold” from “buy” with a $34.50 target, down from $35 and below the $39.77 average.

“Although 3Q results were in line, our conviction in CAR’s near-term growth opportunity has waned amid persistent apartment market challenges. ... ”While valuation screens attractively relative to LTA, in the context of negative 2-per-cent year-over-year FFOPU [funds from operations per unit] growth in 2027, in our view a discount alone is not enough to drive outperformance. Fundamentals rebounding ahead of expectations and positive investor day developments represent key risks to our call."

*National Bank’s Ahmed Abdullahraised his AirBoss of America Corp. (BOS-T) target to $9 from $8 with a “sector perform” rating. The average is $9.50.

*National Bank’s Doug Taylor moved his Altus Group Ltd. (AIF-T) target to $57 from $55, keeping a “sector perform” rating. Other changes include: RBC’s Paul Treiber to $56 from $50 with a “sector perform” rating and TD Cowen’s John Shao to $60 from $55 with a “buy” rating. The average is $53.85.

“Q3 reinforces confidence in Software execution and profitability, although consolidated growth remains mid-single digit and cash conversion continues to lag. We see potential for valuation upside as Altus builds a stronger track record on growth and FCF, but maintain our Sector Perform rating pending further execution,” said Mr. Taylor.

* National Bank’s Maxim Sytchev bumped his target for shares of AtkinsRéalis Group Inc. (ATRL-T) to $109 from $108 with an “outperform” rating. Other changes include: Desjardins Securities’ Benoit Poirier to $126 from $151 with a “buy” rating and RBC’s Sabahat Khan to $120 from $121 with an “outperform” rating. The average is $117.50.

“We are positioned for an inflection spending backdrop in CAD nuclear over the coming decade; we don’t believe shares reflect any of that potential upside (the engineering business is doing better as well). We reiterate our Outperform rating on ATRL shares and nudge our target price up to $109.00 (from $108.00) on lifted earnings forecasts,” said Mr. Sytchev.

* Seeing it “benefiting from diversification and differentiation,” RBC’s Drew McReynolds increased his BCE Inc. (BCE-T) target to $35 from $34 with an “outperform” rating. The average is $37.14.

“We continue to believe current share price levels represent an attractive entry point reflecting what should be a gradual and sustained re-acceleration in underlying revenue and adjusted EBITDA growth beginning in 2026 driven by both diversified and differentiated growth tailwinds (Ziply, Enterprise, Bell Media) against the backdrop of a gradually improving wireless pricing environment in Canada (which we believe should remain intact). At a FTM [forward 12-month] EV/EBITDA multiple of 6.7 times, we see the potential for modest multiple expansion as management executes on Bell AI Fabric and its overall 2026-2028 outlook, that in our view, has contributed meaningfully to earnings visibility relative to Canadian peers. Our forecast continues to be more conservative relative to the 2026-2028 outlook leaving the potential for upside earnings surprises,” said Mr. McReynolds.

* RBC’s Greg Pardy increased his target for shares of Canadian Natural Resources Ltd. (CNQ-T) to $88 from $86 with an “outperform” rating, while National Bank’s Travis Wood raised his target to $87 from $86 with a “sector perform” rating. The average is $76.62.

“Our bullish stance towards CNQ reflects its top-drawer leadership team, shareholder alignment, best-in-class operating performance, abundant shareholder returns and free cash flow generation throughout the cycle. We are reaffirming an Outperform recommendation on CNQ and raising our one-year price target by $2 (2 per cent) to $88 per share. CNQ remains our favorite senior producer in Canada and is on our Global Energy Best Ideas List .,” said Mr. Wood.

*Desjardins Securities’ Frederic Tremblay moved his Cascades Inc. (CAS-T) target to $19.50 from $19 with a “hold” rating, while National Bank’s Ahmed Abdullah raised his target to $20 from $17 with a “sector perform” rating. The average is $18.67.

“Amid mixed market conditions, the building blocks for a better 2027 are falling into place. The slightly below-consensus 4Q outlook reflects continued demand uncertainty and cost inflation, but these headwinds should increasingly be countered by containerboard pricing, cost savings, and operational improvements. We believe management’s 2027 adjusted EBITDA target of more than $650-million is realistic, while further deleveraging toward the 2.5–3.0-times target should improve financial flexibility,” said Mr. Tremblay

* TD Cowen’s Mario Mendonca lowered his Definity Financial Corp. (DFY-T) target by $1 to $86 with a “buy” rating. The average is $83.64.

“DFY beat our estimates and the consensus,” he said. “Q3/26 EPS was down 65 per cent year-over-year, reflecting much higher CAT [catastrophe ] losses (preannounced). EPS was higher than our estimate $0.32 and cons. $0.28, reflecting better earned premium and PYD [prior year development in its property and casualty (P&C) business]. Excluding PYD & CAT, the underlying claims ratio was in line with our forecast & up 105 basis points year-over-year. Excluding CATs, underwriting income was up sharply in all segments reflecting the benefits of TRV deal.”

* Calling its third-quarter results “great” while “heading into a tough tape,” National Bank’s Zachary Evershed raised his target for Dexterra Group Inc. (DXT-T) to $25 from $20.50 with a “sector perform” rating. The average is $20.33.

“DXT is pursuing WFA opportunities in Western Canada, Louisiana and West Texas, along with a bid to provide facilities management at a U.S. data centre. The broader pipeline spans mining, energy, infrastructure, government and defence. New FM/IFM contracts secured in 2026, including PVC wins, are expected to ramp through H1/27. We also flag pricing uplift in open camps, turnkey projects and equipment rentals, with further upside possible as equipment availability tightens,” said Mr. Evershed.

* National Bank’s Nathan Po increased his target for DRI Healthcare Trust (DHT.UN-T) to $27 from $25.50 with an “outperform” rating. The average on the Street is $24.94.

“We reiterate our Outperform rating as we believe management can execute on a robust runway of increasingly attractive opportunities, notably in the pre-approval space which both increase portfolio IRR and duration, the latter of which may help close the valuation gap towards other royalty peers,” said Mr. Po.

* National Bank’s Mohamed Sidibé cut his target for Fortuna Mining Corp. (FVI-T) to $19 from $20 with an “outperform” rating. The average is $19.60.

“Production remains unchanged at 292 koz GEO, as Séguéla’s restored ore access and recoveries support a return to H1 production levels in Q4 which we have already modelled. Our cost revisions incorporate the Q3 misses at Séguéla and Caylloma, partly offset by better-than-expected Lindero and corporate costs. Management expects Q4 AISC to improve from Q3 but remain 5 per cent above the top end of the guidance of $1,830-$1,975/oz AuEq, with FY26 AISC expected to finish 8-10 per cent above that ceiling, broadly consistent with our estimate of $2,151/oz AuEq ($2,153/oz prior) which is 9 per cent above the top end. We now forecast consolidated 2026 cash costs of $1,053/oz AuEq ($1,045/oz prior),” said Mr. Sidibé.

* Touting a “robust” fundamental backdrop with “strong leasing spreads driving organic growth,” National Bank’s Matt Kornack bumped his Granite REIT (GRT.UN-T) target to $102 from $100 with an “outperform” rating. The average is $87.67.

“There were some moving parts and transitory vacancy that impacted Q3 with some further noise expected in Q4. That said, we view the underlying trend positively as Granite put up strong leasing spreads with an expectation for this to persist on committed deals. The REIT has been able to source attractive opportunities on the acquisition front and sell properties at above book value to owner occupiers. Vacant space in the U.S. and Canada is attracting interest from various users with incremental power potential on the domestic assets. A 4-per-cent distribution increase speaks to comfort on earnings growth and the vehicle’s unique cash flow generation potential,” said Mr. Kornack.

* Emphasizing the impact of “a depressed low-income consumer” on its third-quarter results, Stifel’s Martin Landry dropped his target for Gildan Activewear Inc. (GIL-N, GIL-T) to $55 from $83, keeping a “buy” rating. Other changes include: Desjardins Securities’ Chris Li to $74 from $90 with a “buy” rating, RBC’s Ryland Conrad to US$50 from US$70 with an “outperform” rating and TD Cowen’s Brian Morrison to $49 from $54 with a “buy” rating. The average on the Street is US$64.

“Gildan surprised investors [Thursday] with a 20-per-cent reduction in 2026 EPS guidance. GIL is facing multiple challenges including (1) subdued demand at retail where the company has exposure to the low-income consumer, (2) lower fleece sales in the wholesale segment due to a warm fall and a promotional window missed in June, and (3) out-of-stock position at retail for women’s intimates apparel. In our view, the latter two issues are one-time in nature and not recurring. The unknown is related to the low-income consumer and how long the depressed spending will last. We believe that Gildan’s mid-teens to low-twenties EPS growth algorithm has not changed, but that the base on which to apply these growth rates has been reset. As such, we decrease our EPS estimates but keep similar year-over-year growth rates. We reduce our valuation multiples to reflect the near-term headwinds but keep our BUY rating.

* National Bank’s Gabriel Dechaine’s target for Great-West Lifeco Inc. (GWO-T) increased to $95 from $94 with a “sector perform” rating. The average is $97.73.

“We are adjusting our estimates to reflect higher fee/asset management income, offset by lower investment earnings. As a result, we are increasing our target price,” said Mr. Dechaine.

* As “momentum continues to build,” RBC’s Paul Treiber hiked his Kinaxis Inc. (KXS-T) target to $240 from $210 with an “outperform” rating. The average is $207.50.

“Kinaxis reported a solid quarter and raised FY26 guidance above RBC/consensus. While ARR growth didn’t accelerate further, growth momentum remains solid, as bookings were the 4th highest in the company’s history. We believe Kinaxis is likely to sustain high-teens/low-20s SaaS and ARR growth. With the stock remaining towards the low end of its historical valuation range, we see attractive risk-reward,” said Mr. Treiber.

* National Bank’s Doug Taylor bumped his target for Lightspeed Commerce Inc. (LSPD-Q, LSPD-T) to US$12, matching the average, from US$11 with a “sector perform” rating.

“The trends witnessed in Q2 are aimed at producing a higher margin, higher quality installed base, but also place more burden on product initiatives and penetration to produce growth in the absence of overall location momentum. We maintain Sector Perform and raise our target ... on our model roll, using an 8.0 times NTM+1 [next 12 months plus 1] Adj. EBITDA. Valuation remains undemanding, but we’d like to see further maturing in these initiatives before recommending,” said Mr. Taylor.

* Desjardins Securities’ Benoit Poirier reduced his MDA Space Ltd. (MDA-T) target to $69 from $72 with a “buy” rating. The average is $64.72.

“MDA delivered strong 3Q26 results and raised its 2026 outlook, while the call reinforced confidence in double-digit organic growth in 2027. Importantly, Telesat’s revised launch schedule does not change MDA’s financial forecasts. CHORUS, new defence awards, and the BCT and CLS acquisitions support the growth runway. We remain positive on MDA’s outlook, with execution and increasing sovereign demand supporting growth into 2027 and beyond,” said Mr. Poirier.

* National Bank’s Maxim Sytchev dropped his target for North American Construction Group Ltd. (NOA-T) to $19 from $28, keeping an “outperform” rating. The average is $26.57.

“We appreciate that growth is important, but not at the cost of predictable performance. We also sense that investors need to see deleveraging and the former point is tied to the latter. Yes, there is valuable equipment and an undemanding valuation but given capital intensity, investors will need a smoother path to consider purchasing the shares; our thesis is predicated / backstopped by replacement value but in order to get off the floor, FCF is the metric to improve. We reiterate our Outperform rating on NOA shares but lower our target price ... on lower earnings forecast and weaker FCF generation,” said Mr. Sytchev.

* National Bank’s Don DeMarco cut his target for Pan American Silver Corp. (PAAS-T) to $101 from $107 with an “outperform” rating. The average is $89.93.

“Mixed Q3/26 financials [are] reflecting near-term operational challenges across several assets prompting a reset to gold guidance, partly offset by strong silver costs, FCF, balance sheet and shareholder returns,” said Mr. DeMarco.

* Stifel’s Martin Landry lowered his Premium Brands Holdings Corp. (PBH-T) target to $102 from $105 with a “buy” rating. The average is $108.92.

“Premium Brands reported Q3/26 EPS of $1.38, up 9 per cent year-over-year, but lower than our expectations of $1.48 and consensus of $1.51. PBH reported the lowest organic revenue growth rate of the last eight quarters as revenues have been soft at clients in the food service and convenience store channels due to timing of promotions and a challenging consumer environment. Despite that, management expects organic volume to return to a double-digit growth pace in 2027 driven by new initiatives in cooked proteins, meat sticks and sandwiches. Premium Brands’ EBITDA growth combined with asset monetizations at mid-teens multiples has contributed to a significant reduction in financial leverage to 4.3 times, down from 5.3 times a year ago. In our view, PBH’s leverage still needs to decrease closer to 3x to appeal to a broader investor base,” said Mr. Landry.

*National Bank’s Baltej Sidhuhiked his Polaris Renewable Energy Inc. (PIF-T) target to $23 from $20 with an “outperform” rating. The average is $25.40.

“With $91-million of cash at Q3/26, PIF is well positioned to advance near-term growth. PIF should enjoy 15-per-cent-plus IRRs across opportunities, led by Puerto Rico ASAP (approximately 20 per cent), followed by new Puerto Rico and Dominican storage projects, then Mexico. Capital allocation will balance higher PR project returns against Mexico’s substantially larger deployment potential,” said Mr. Sidhu.

* National Bank’s Maxim Sytchev increased his Russel Metals Inc. (RUS-T) target to $108 from $101 with an “outperform” rating. The average is $97.57.

“We are modelling $638-million in 2027E EBITDA; assigning a multiple to peak(ish) earnings is always tricky when the prior bottom settled at $141-million in 2020. But the need to moderate the multiple appears to be rational to us at this juncture to capture the amplitude of potential outcomes; that being said, we are still nudging up our target to $108.00 (from $101.00) on higher projects and lower multiple (9.0 times vs. 11.0 times prior) on 2027 forecasts. Having missed some of the upside, we don’t want to chase at these levels,” said Mr. Sytchev.

* RBC’s Irene Nattel increased her Saputo Inc. (SAP-T) target to $52 from $50 with an “outperform” rating. The average is $47.33.

“Q2/F27 results better than expected driven largely by the U.S. segment and strong performance from high-protein dairy ingredients that more than offset negative spread in cheese manufacturing. Adjusted EBITDA/EPS from continuing operations up 14 per cent/28 per cent year-over-year and 8 per cent above forecast driven by favorable mix, higher volumes and clear momentum in ingredients, substantial gains in productivity/profitability. We reiterate our view that SAP has successfully reshaped its portfolio with a sharper focus on high-demand, more profitable protein and ingredients markets,” said Ms. Nattel.

* Desjardins Securities’ Doug Young trimmed his Sun Life Financial Inc. (SLF-T) target to $120 from $122 with a “buy” rating. The average is $116.08.

“Impact—slightly negative. Underlying EPS was $2.05 vs our estimate of $2.00 and consensus of $2.01. Relative to our underlying earnings estimate, Canada, the U.S., MFS and GreenOak beat, while Asia was in line. While the U.S. medical stop loss and U.S. dental trends were encouraging, pressure from MFS’s net outflows and adverse U.S. long term disability (LTD) claims trends could persist. We lowered our numbers,” he explained.

* National Bank’s Patrick Kenny moved his target for TC Energy Corp. (TRP-T) to $104 from $103 with an “outperform” rating. The average is $101.36.

* RBC’s Sabahat Khan cut his WSP Global Inc. (WSP-T) target to $272 from $290 with an “outperform” rating, while Desjardins Securities’ Benoit Poirier cut his target to $292 from $359 with a “buy” rating. The average is $279.25.

“WSP delivered a modest Q3 beat, with organic Net Revenue growth of 5.1 per cent, despite a slower pace of project conversion in the U.S. Updated 2026 guide now assumes LSD [low-single-digit] organic growth in Americas and MSD/HSD [mid-single-digit/high-single-digit] organic growth in EMEIA, alongside continued strength in Canada. WSP ended the quarter with a record $20.3-billion in backlog, including strong Americas backlog progression and ongoing margin improvement, leaving us constructive for 2027,” said Mr. Khan.