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

Premium Brands Holdings Corp. (PBH-T) has “a bright outlook with earnings growth accelerating,” according to Stifel analyst Martin Landry, who raised his 2026 sales and earnings forecast for the Vancouver-based specialty foods company as it “ramps-up its biggest product launch in its history.”

That enthusiasm came despite a negative reaction from investors to third-quarter results, which he called “good” but short of expectations, that sent its shares falling 4.5 per cent on Monday.

Premium Brands reported revenue of $1.986-billion, up 19 per cent year-over-year and above both the analyst’s $1.856-billion estimate and the Street’s projection of $1.898-billion, which featured an “impressive” 24-per-cent jump from the U.S. growth initiatives of its Specialty Foods segment. However, earnings per share of $1.27 missed expectations ($1.36 and $1.40 per cent, respectively) despite rising 14.7 per cent from the same period a year ago due higher interest and accretion expenses and a higher tax rate.

“The company increased its 2025 revenue guidance by 2 per cent from $7.30-billion to $7.45-billion stemming from U.S growth initiatives in the Specialty Foods business,” said Mr. Landry. “However, EBITDA guidance was decreased by 1.5 per cent from $685-million to $675-million, in-line with our estimate of $672-million and consensus of $684 million. The EBITDA revision is attributed to the increase in commodity prices, especially beef. This headwind should be temporary as PBH will implement price increases to mitigate the increase in beef prices.

“New meat-stick program launched. PBH has finally launched its grass-fed zero-sugar meatsticks. The long awaited launch occurred in October and PBH’s meat sticks are now available under a private label program at a major U.S. club store. PBH will roll out these products to Canada in January. This launch should help the company absorb some of the incremental fixed costs related to the capacity expansions it carried recently.”

The analyst applauded management’s announcement that they are looking to monetize an asset in the coming months, which he notes could “accelerate debt repayment and reduce financial leverage.”

“This would be welcomed by investors in our view,” he said.

“We believe management wants to send a signal to investors that they are serious about reducing their leverage and won’t pass-up an opportunity to surface value.”

Keeping his “buy” recommendation for Premium Brands shares, Mr. Landry raised his target to $106 from $101. The average target on the Street is $114.67, according to LSEG data.

“After a super cycle of CAPEX investments, which reached more than $900-million in the last three years, Premium Brands is about to harvest the benefits of its investments,“ he added. ”The additional capacity has allowed PBH to bid and win new programs which should drive revenue growth for the coming two years. Hence, the company should enter a phase of higher capacity utilization, reduced CAPEX and reduced interest payments, all of which should stimulate FCF.

“Impressive market share gains. Innovation is at the core of PBH’s strategy. Management aims to develop new products to drive demand rather than competing on price with existing products. Successful new product introductions resulted in meaningful new program wins within the QSR, retail and c-store channels. We see PBH growing faster than the industry and gaining market share for at least the next two years.”

Elsewhere, other analysts making target revisions include:

* Scotia’s John Zamparo to $99 from $103 with a “sector perform” rating.

“We continue to see PBH as a when-not-if story, though the stock’s inflection may land in early to mid-26. Key catalysts are a sizable asset sale, which could occur later this year, and lower beef inflation. The latter is challenging to have confidence in. Beef inflation may have peaked, though we’re hesitant to assume margin stabilization both in the beef category and in the remainder of PBH’s portfolio given the recent history of surging inflation across an array of commodities. The stock’s downside is likely quite modest, though we have doubts about Q4 as a catalyst,” said Mr. Zamparo.

* Desjardins Securities’ Chris Li to $110 from $103 with a “buy” rating.

“3Q results reflected strong sales momentum, driven by accelerating organic volume growth at U.S. Specialty Foods, partially offset by temporary raw material input cost pressures. We expect growing visibility on margin improvement from easing input cost pressures and manufacturing efficiencies, a robust new sales pipeline supported by new capacities, and leverage reduction (asset sales, working capital improvement, lower capex and improved performance at Clearwater) to be key share price catalysts,” said Mr. Li.

* CIBC’s Ty Collin to $115 from $108 with a “buy” rating.

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Scotia Capital analyst Jonathan Goldman sees Adentra Inc. (ADEN-T) “setting up for a really strong 2026.”

“At these levels, we view ADEN as a free option on a housing recovery and M&A,” he said in a client note. “The second consecutive quarter of EBITDA growth confirms earnings are past trough, while 3Q results/4Q outlook confirm end-market demand has not deteriorated further. Despite higher tariff exposure, which was expected following S232 determination and ADENTRA now subject to company-specific tariffs, the company has demonstrated a consistent ability to pass these on, with GM [gross margins] remaining above 21 per cent for the past 10 quarters. Increased channel inventory and competitive dynamics may keep a lid on pricing gains, but that should support volumes.”

Shares of the Langley, B.C.-based distributor of architectural building products soared 7.3 per cent on Monday after it reported sales and adjusted EBITDA for its third quarter of $592-million and $49.9-million, respectively, exceeding the Street’s expectations of $571-million and $45.7-million. Its outlook for the fourth quarter calls for EBITDA to be similar to the first quarter of $40-million, which is in-line with consensus at $39.9-million.

“We think the results will be viewed positively as there were concerns heading into the quarter on negative peer read-throughs (JELD-US, OC-US) and building sector stocks are down double digits over the past month,” said Mr. Goldman. “3Q EBITDA increased 4 per cent year-over-year, the second consecutive quarter of growth, which provides further support for the narrative that earnings are lapping trough and that demand/margins are more resilient, including the company’s ability to pass-through tariffs. Leverage decreased to 2.7 times (from 3 times last quarter) and the company increased the dividend by 6.7 per cent to 64 cents.”

After raising his full-year forecast by 3 per cent to reflect the quarterly results and outlooks, Mr. Goldman increased his target for Adentra shares by $1 to $41, reiterating a “sector outperform” rating. The average on the Street is $45.94.

“Key housing market indicators, namely housing starts, are lacking due to government shut-downs,” he noted. “However, 30-year mortgage rates are down 50 basis points since July and the NAHB/Wells Fargo Housing Market Index (HMI) ticked up significantly in October. Leverage declined to 2.7 times exiting 3Q (from 3x last quarter) and is on track to get in the mid-2s by year-end, setting up a reacceleration of M&A in 2026. On the call, management was ‘optimistic about getting something done next year’.

“ADEN shares are trading at 6.7 times EV/EBITDA on our 2026E, which we find attractive given: 1) earnings are near-trough and de-risked; 2) potential upside from a housing recovery; 3) structural improvements in margin profile due to higher specialty mix warrant a re-rate (see initiating coverage); 4) ADEN trades at a 3.5-times discount to specialty peers BLDR-US and RCH-CA; and 5) we expect a reacceleration of M&A in 2026.”

Elsewhere, other changes include:

* Raymond James’ Daryl Swetlishoff to $46 from $43 with a “strong buy” rating.

“ADENTRA remains one of the most mispriced quality compounders in our coverage universe. Following a decisive transformation over the past years — elevating earnings power, expanding into higher-margin specialty categories, and capturing incremental share in the pro dealer channel – the stock continues to trade near the trough of its valuation range at just 6.2 times 2027 estimated EV/EBITDA and an implied 16-per-cent FCF yield. While combined tariffs (incl. sec 232) impact 1/3 of ADEN’s mix at an average 20-per-cent rate, management remains confident in its ability to sustain gross margins above its 20-per-cent guide underscoring resilience to input cost inflation and tariff volatility, supported by disciplined pricing and cost/mix optimization. Leverage exited the quarter at 2.7 times (sub 1 times ex working cap), comfortably within management’s 2.0–3.0 times target range, while liquidity of nearly $400 mln backstops robust financial flexibility. We highlight this has supported opportunistic capital deployment through the NCIB, with 3 per cent of the share count bought back since Mar-25 (at $29/sh),” said Mr. Swetlishoff.

* Acumen Capital’s Nick Corcoran to $44 from $42 with a “buy” rating.

“We view the Q3/25 results favourably. With uncertainty related to tariffs subsiding, we believe the Company has dry powder for a sizeable acquisition in 2026,” he said.

* CIBC’s Hamir Patel to $42 from $41, keeping an “outperformer” rating.

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Equity analysts on the Street continued to initiate coverage of Rockpoint Gas Storage Inc. (RGSI-T) on Tuesday after coming off research restriction following the Oct. 15 close of its oversubscribed, upsized initial public offering, which raised gross proceeds of approximately $704-million.

Monday’s analyst upgrades and downgrades: Desjardins and Scotia initiate coverage of Rockpoing

In a client report titled Welcome to the Rock! Safeguarding Gas Demand Growth…, National Bank Financial analyst Patrick Kenny gave the Calgary-based company a “sector perform” rating, recommending it for “long-term, yield-oriented investors bullish on natural gas production/consumption growth accumulate a position on any potential weakness.”

“Considering Rockpoint is the largest, independent pure-play natural gas storage operator in North America, we highlight two major investment themes: (1) Irreplicable assets with scarcity dynamics and high barriers to entry underpinning recurring cash flows while driving an increase in long-term take-or-pay committed contracts backstopped by creditworthy utilities, producers, marketers, financial institutions and global LNG counterparties; and (2) a growing supply/demand natural gas market imbalance across North America, exposing the company to attractive long-term expansion and M&A opportunities,” he said.

Mr. Kenny thinks Rockpoint has “ample” liquidity to pursue its near-term growth projects, including allocating US$30-million towards the 5 billion cubic feet expansion of its Warwick natural gas storage facility in central Alberta and 31 megawatt battery projects in the province “in addition to delivering a sustainably growing dividend while de-levering its balance sheet.”

“As North America’s largest independent gas storage operator, RGSI is well positioned to capture the benefits of growing natural gas demand from LNG and gas-fired power generation to support data centre growth, re-industrialization and electrification,” Mr. Kenny said. “With 279 bcf [billion cubic feet] of total effective working gas storage capacity, Rockpoint represents approximately one-third of the combined market share in California and Alberta, with interconnections to PG&E intrastate gas pipelines and TC Energy’s NGTL System, and long-term take-or-pay contracts representing 60 per cent of 2027 estimated adj. EBITDA with a weighted average contract term of 3.6 years in California and 2.9 years in Alberta. The company’s objective is to provide customers with access to critical infrastructure that balances supply and demand, while insuring against operational disruptions and increasing price volatility, while taking advantage of short-term market dislocation.”

“With growing power consumption across North America and rising demand for storage services required for LNG exports off Canada’s West Coast, we highlight upside to our base case estimates should management continue contracting its storage capacity at higher rates, with every 5-per-cent increase to our annual realized storage rate assumptions translating to 7 per cent upside to our DCF valuation,” he added.

He also emphasized Rock Point’s relationship with Brookfield, which will own 30.8 per cent of the Class A shares, 100 per cent of the outstanding Class B shares, and an effective 72.3-per-cent interest in the underlying business.

Mr. Kenny set a target of $26 for Rockpoint shares. The average is $29.33.

Elsewhere, others initiating coverage on Tuesday include:

* RBC’s Maurice Choy with an “outperform” rating and $29 target.

“The secular tailwinds in the natural gas storage market continue to be strong, and in some regions (e.g., western Canada), the growth is just beginning. While many Canadian Energy Infrastructure peers hold gas storage facilities within larger conglomerates, Rockpoint’s shares are the purest way for investors to gain exposure to this part of the natural gas value chain and the associated tailwinds. As Rockpoint delivers on its relatively strong growth targets (backed by an enhanced cash flow quality profile), its stock valuation should further improve,” said Mr. Choy.

* ATB Capital Markets’ Nate Heywood with an “outperform” rating and $29 target.

“RGSI operates critical, large-scale storage infrastructure, holding 34-per-cent market share in the constrained California demand hub and 37 per cent in the growing Alberta supply hub. The high barrier to entry for new storage directly benefits RGSI, enabling the pursuit of near-term capitallight brownfield projects that boast highly accretive 3×6 times build multiples. RGSI has also identified reservoir acquisition opportunities and various long-term opportunities.

“Powerful Macro Tailwinds: Macro forces are overwhelmingly supportive of storage demand. North American LNG exports are projected to grow significantly to more than 30bcf/d by 2030 (vs. 15bcf/d currently), while domestic demand is set to increase by an incremental 3bcf/d-6bcf/d from renewable intermittency and AI infrastructure buildout. The integration of global gas markets from LNG exports, incremental demand and seasonal or operational events that drive supply/demand disruptions are increasing natural gas price volatility and insurance premiums for storage rates, while also furthering demand for long-term ToP contracts.”

* CIBC’s Robert Catellier with an “outperformer” rating and $30 target.

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Following second-quarter fiscal 2026 results that featured “strong” earnings before interest, taxes, depreciation and amortization (EBITDA) growth, National Bank Financial analyst Vishal Shreedhar saw the commentary and outlook from Saputo Inc.’s (SAP-T) management team as “largely constructive.”

“U.S. dairy market volatility is expected to moderate in H2/F26, which we understand to be constructive for SAP (improved cost clarity for customers),“ he said. ”SAP took market share in the U.S. and Canada in certain categories, in part due to better fill rates and innovation. SAP reiterated expectations for longer-term Europe EBITDA margin in the mid-teens (NBCM models 9-10 per cent), and stated margin upside remains in International (milk recovery in Argentina and domestic market progress in Australia, etc.) and USA (full benefits of capital investments and supply chain ramp up, etc.).

“Our EPS estimates are revised upward (primarily International): F2026 is $1.93 from $1.88 and F2027 is $2.21 from $2.16. Q2/F26 net debt to EBITDA of 1.88 times is supportive for share buybacks (NBCM models 5 per cent in F2026). SAP noted that M&A opportunities will focus on North America; our preference is for SAP to prioritize realizing expected cost efficiencies from the current initiatives.

On Thursday after the bell, the Montreal-based diary giant reported revenue of $4.721-billion, up from $4.708-billion during the same period a year ago and above Mr. Shreedhar’s $4.708-billion estimate. Earnings per share rose 11 cents year-over-year to 48 cents, topping the 46-cent estimate of both the analyst and Street.

“Results were strong, with EPS ahead of expectations, despite a $0.02 drag due to a higher than expected tax rate (vs. NBCM),” he said. “Positively, conference call commentary suggested business performance will further improve in H2/F26. Relative to NBCM, Saputo delivered EBITDA that was ahead in Canada and International; USA and Europe was slightly softer than anticipated.”

Maintaining his “outperform” rating for Saputo shares, Mr. Shreedhar raised his target to $38 from $36, pointing to “improving execution.” The average is $39.

“We expect investor focus to be on steady execution amid a volatile commodity and macro backdrop,“ he said. ”We believe that SAP will benefit from a variety of initiatives/factors that will benefit profitability more fulsomely in F2026+, including efficiency initiatives, improved commodities backdrop, and lower capex/costs. We acknowledge that SAP is a show-me story; recent performance has been encouraging.”

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In a client report titled 95% occupancy in sight…now what?, RBC Dominion Securities analyst Pammi Bir said he sees “an attractive price per pound of growth” for Chartwell Retirement Residences (CSH.UN-T).

“Our title sums up the most common question we’ve had from investors over the past several months,“ he explained. ”Yet supported by robust demand, muted new supply, and significant operational advances, we see a runway for solid organic growth to continue through 2026. Combined with a cost of capital that has enabled another sizeable round of accretive acquisitions, our forecasts reflect sector best earnings growth – all while exercising discipline on the balance sheet.”

Last week, the Mississauga-based company reported a “strong” increase in same-property net operating income of 15.8 per cent year-over-year (and 18.9 per cent year-to-date), driven by growth in occupancy and rents/service rates. Same-property occupancy rose to 93.1 per cent, up 4.7 per cent year-over-year.

“With SP occupancy forecast to hit CSH’s 95-per-cent target in December, investors have increasingly questioned capacity for further NOI upside,” said Mr. Bir. “From our lens, multiple levers remain in place. Occupancy in the growth portfolio (37 per cent of suites) is 91.8 per cent, leaving ample room for growth. As well, 95-per-cent SP occupancy is a goal, not a ceiling, particularly with minimal new supply and compensation and training enhancements that incentivize occupancy growth. As market rents grow and incentives burn off, CSH also sees 4-5-per-cent rent/service rate growth in 2026 vs. high-3 per cent in 2025. All said, we see 2026 SP NOI growth in the low-double-digit percentage range.

“Busy, yet disciplined year of capital deployment. Post-Q3, CSH completed $293-million of previously announced acquisitions in QC, with an additional $111-million closing in December. That brings the year-to-date total to a substantial $870-million at a low-6% cap rate ($296K/suite), driving modest earnings accretion. A further $520-million should close through Q1/26, while select developments are also in progress. With more acquisitions likely on the way, we expect the ATM will remain active. Importantly, we’re also pleased to see dispositions teed up, with a sizable 5,700 suites identified as noncore. The balance sheet is in solid shape, though D/EBITDA will likely rise toward its 7.5 times target (vs. 6.9 times current) as announced acquisitions close.”

Touting its “solid growth profile,” Mr. Bir raised his financial forecast through fiscal 2027, leading him to bump his target for Chartwell units to $22 from $21, keeping an “outperform” rating, ahead of its Investor Day event on Thursday. The average on the Street is $22.90.

“On a relative basis, we see an attractive valuation, underpinned by its superior growth profile, robust industry fundamentals, solid execution, and strong balance sheet,” he said.

Elsewhere, CIBC’s Tal Woolley raised his target to $22 from $21 with an “outperformer” rating.

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In other analyst actions:

* TD Cowen’s John Mould raised his Atco Ltd. (ACO.X-T) target to $57 from $55 with a “hold” rating. The average is $57.67.

“Q3/25 results were ahead of expectations, with structures having a solid quarter. We anticipate ongoing investor appetite for progress on CU’s $2.9 billion Yellowhead project. The facility application has been filed, and the company provided certainty around funding parameters for the project (hybrids/prefs for remaining equity),” he said.

* Mr. Mould also increased his Canadian Utilities Ltd. (CU-T) target by $1 to $41 with a “hold” rating. The average is $41.57.

“Q3/25 results met expectations, with some segment-level puts and takes. CU anticipates a decision on the Yellowhead Pipeline facility application in Q2/26. CU provided clarity around funding (including planned indigenous partnerships) and timelines for the project. ATCO Pipeline’s new 2026-2028 GRA is also supportive for the project.,” he said.

* Calling its $1.3-billion acquisition of Alabama-based Joe Hudson Collision Center a “groundbreaking” and “seismic event,” Raymond James’ Steve Hansen raised his Boyd Group Services Inc. (BYD-T) target to $290 from $285 with a “strong buy” rating. The average is $272.64.

“Overall, we view this transaction as highly strategic, providing Boyd with several key benefits, including: 1) a complementary geographic footprint with attractive growth fundamentals; 2) added market density & leadership benefits that are expected to help bolster margins; 3) a strong basket of synergies (US$35-$45 mln); and 4) healthy EPS accretion despite paying a relatively “full” price,” he said.

* Scotia’s Mario Saric reduced his CAP REIT (CAR.UN-T) target to $45 from $47.50 with a “sector perform” rating. The average is $48.63.

“Our Neutral thesis is primarily intact following our Q2 results downgrade, with Q3 incentives coming in a bit higher than our forecast (albeit likely more in-line with internal forecast),” said Mr. Saric. “Despite the fairly notable unit price correction, better visibility into more normalized incentives (and trough asking rents) is critical for us to revisit our prior Sector Outperform rating, something we don’t envision during the slower Winter leasing months (our October Rentals.ca update this am showed an est. 1.3-per-cent market asking rent decline in CAR markets). Lastly, while valuation looks compelling on NAV and appealing on Implied Cap, its AFFO multiple premium to Retail (using FCR/REI as proxy) and Office (AP) look reasonable given a relatively higher PEG ratio. Bottom-line, we like what management is doing but we think it will take time for the results to show up, especially with a lackluster condo market acting as a near-term headwind (October stats were not pretty).”

* CIBC’s Tal Woolley bumped his target for Dream Office REIT (D.UN-T) to $18.50 from $17.50 with a “neutral” rating. The average is $19.31.

* RBC’s Jimmy Shan bumped his European Residential REIT (ERE.UN-T) target to $1.10 from $1 with a “sector perform” rating. The average is $1.27.

“We have revised our NAV/unit estimate to €0.65 ($1.10) from €0.60. This assumes a 15-per-cent discount to IFRS reported value for remaining residential/commercial assets and incorporates wind-up, tax and transaction costs which ERES indicated could be ‘significant.’ The NAV estimate implies a price per suite of €234,000. Reported NAV/unit as of Q3 was €0.91 ($1.49). We caution that our NAV estimate can have a high degree of variability,” said Mr. Shan

* RBC’s Pammi Bir raised his Granite REIT (GRT.UN-T) target to $90 from $88 with an “outperform” rating. The average is $88.50.

“In the face of challenging conditions, GRT’s operating traction is encouraging. Indeed, occupancy, leasing spreads, and organic growth all posted impressive Q3 advances. Supported by a sizeable leasing pipeline, fading new supply deliveries, and significant mark-to-market opportunities on in-place rents, we see another round of solid organic growth in 2026. Portfolio high grading also seems set to rise. Coupled with attractive earnings growth and ample financial flexibility, we see room for valuation to narrow the gap to its U.S. peers,” said Mr. Bir.

* TD Cowen’s Vince Valentini cut his Illumin Holdings Inc. (ILLM-T) target to $1.50 from $3 with a “buy” rating, while Ventum Financial’s Rob Goff reduced his target to $1.90 from $2.75 with a “buy” rating. The average is $2.25.

“We believe the current EV at $13.9-million heavily discounts potential value gains where management successfully rebuilds positive momentum for the core DSP services or the Company becomes a takeover or takeout candidate. We do not see significant downside in the shares except for a scenario of substantial cash burn. We do not forecast ILLM tracking to significant cash burn, nor do we see it remaining as an independent public company if it did sustain negative cash flows. On a risk/return basis, we are maintaining our Buy rating. Our PT moves from $2.75 to $1.90, reflecting lowered 2026 forecasts and an elevated risk premium. Arguably, the more likely risk is on the timing of gains versus further losses.” Mr. Goff said.

* Mr. Valentini raised his Quebecor Corp. (QBR.B-T) target to $55 from $52, exceeding the $50.50 average, with a “buy” rating.

“QBR.B shares have been on a strong run recently. We do not want to downgrade to a Hold in the face of such strong momentum and with the likelihood of a return to positive year-over-year growth in Mobile ARPU [average revenue per user] in Q4/25. Consequently, we have pushed our wireless segment target multiple even higher, to 9.5 times EBITDA versus 9.25 times previously,” he said.

* CIBC’s Hamir Patel cut his Interfor Corp. (IFP-T) by $1 to $9, below the $12.50 average, with a “neutral” rating.

* National Bank’s Don DeMarco increased his OceanaGold Corp. (OGC-T) target to $45 from $41 with an “outperform” rating/ The average is $26.63.

“Strength from Q4 to be carried into 2026,“ he said. “2025 has been all about accessing grade at the two largest mines that represent 75-per-cent production, with completion of waste stripping have been investing heavily to access Innes Mills Phase 8 at Macraes, and Ledbetter Phase 3 at Haile.

“Haile and Macraes tech reports out by end of Q1/26, the essence of each will be reflected in 2026 guidance. With guidance, will increase reserve price from $1,700/oz, but won’t affect many reserves other than Macres (resource booked at $1,950).”

* Scotia’s Himanshu Gupta trimmed his Parkit Enterprise Inc. (PKT-X) target to 70 cents from 75 cents with a “sector perform” rating. The average is 74 cents.

“PKT has underperformed Industrial peers year-to-date, similar to last year. PKT with only $114-million market-cap is below the radar for most institutional investors. PKT will have to demonstrate NOI ramp-up from existing assets, and at the same time grow externally without sacrificing FFO per share growth. We think PKT is a ‘bull-market’ stock, and likely to be a laggard in the near-term,” said Mr. Gupta.

* Jefferies’ Sam Burwell hiked his Strathcona Resources Ltd. (SCR-T) target to $38 from $34, keeping a “hold” rating. The average is $38.