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

RBC Dominion Securities analyst Greg Pardy said Suncor Energy Inc.’s (SU-T) fourth-quarter 2025 results reinforced his “confidence in its long-term outlook and capped off an exceptional year.”

“Suncor Energy closed out another record year punctuated by production rates 1 per cent above the top end of its guidance and capital investment 1 per cent below the low end of its original outlook,” he said in a client note titled More to Come Folks.

“On tap next is the company’s March 31 investor open house in Toronto which, along with establishing its next three-year plan, should also provide longer-term output scenarios and narrow the perception gap between its more limited reserve bookings and extensive resource base.”

In response to the late Tuesday release, which included a reaffirmation of its full-year 2026 guidance, Mr. Pardy emphasized Calgary-based Suncor remains his “favorite integrated” in Canada alongside its spot on the firm’s “Global Energy Best Ideas” list.

“Differentiated Shareholder Returns. Suncor affirmed its commitment to repurchasing approximately $275-million of its common shares monthly,” he said. “The company repurchased $775-million (circa 13.1 million) of its common shares in the fourth-quarter and distributed approximately $719-million in common share dividends. Suncor’s return of capital approach is differentiated because it places the shareholder on the same plane as organic capital investment, which we believe reflects the organization’s increased confidence in the power and stability of its operations and cash flow generation.

“Incremental Improvements. On its conference call, the company highlighted its focus on continuous small improvements, noting an investment of $100,000 in which routine changes made by replacing two control valves, replacing one pump impeller, and replacing a small motor led to an additional 20,000 bbl/d at the Montreal refinery.”

Seeing an enticing valuation, Mr. Pardy raised his target for Suncor shares to $75 from $69, keeping an “outperform” rating. The average target on the Street is $70.57, according to LSEG data.

“Under futures pricing, Suncor is trading at a 2026 debt-adjusted cash flow multiple of 7.5 times (vs. our Canadian major peer group avg. of 9.4 times), and a free cash flow yield (equity) of 7 per cent (vs. our peer group at 6 per cent),” he said. “We believe that Suncor should trade at an average/above average valuation vis-à-vis our peer group given its physical integration, impressive upstream-downstream operating performance, free cash flow generation, solid balance sheet and abundant shareholder returns, partially counterbalanced by the need to address its Base mine depletion in the coming years.”

Elsewhere, other analysts making target revisions include:

* Desjardins Securities’ Chris MacCulloch to $85 from $79 with a “buy” rating.

“Operational momentum remained solid through 2025, setting the stage for revised performance targets and a long-term development roadmap to be outlined at the investor day. While uncertainty surrounding the future pace of capital spending persists, we believe management has earned market credibility to retain an overweight position following recent performance. We continue highlighting the stock as a top pick,” said Mr. MacCulloch.

* Raymond James’ Michael Barth to $76 from $73 with an “outperform” rating.

“SU pre-released record volume performance and still delivered a modest AFFO/FFO beat this quarter. Management’s tone on the call was also loaded with enthusiasm for the upcoming Investor Day, which we believe will be a positive catalyst. In light of all that, it was puzzling to see the stock underperform today. After making minor tweaks, our 2026/2027 estimates actually move modestly higher,” said Mr. Barth.

* ATB Capital Markets’ Patrick O’Rourke to $71 from $68 with a “sector perform” rating.

“Investor focus now shifts toward the company’s upcoming March 31 Investor Day in Toronto, expected to focus heavily on long-term bitumen supply and development options, covering both a three-year short-term horizon and a 15-year long-term horizon focused on bitumen supply; to that end, Management spoke to the strength of 2P and 1C reserves on today’s earnings call, with further granularity expected in March; additionally, Management alluded to a potential re-rating of nameplate capacity higher, with further colour also anticipated in March,” he said.

National Bank analyst Matt Kornack and Giuliano Thornhill see total return for Canadian real estate equities remaining “elevated” heading into earnings season in the sector, leading them to raise their target prices by 3 per cent on average “on stable earnings outlook but a slight reduction in the application of discounts vs. intrinsic values.”

“The REIT index is outperforming at this early point year-to-date (up approximately 5 per cent vs. expected earnings growth of 7 per cent for our coverage in 2026 with the TSX up slightly).” they said. “The Minto privatization and IIP’s expected close this year, combined with beat-up valuations, mean the sector is getting a harder look from incremental generalist and retail investors. Elsewhere, in a world where macro uncertainty has become the norm, key drivers have remained relatively stable (namely interest rates / supply – demand fundamentals). We have broadly maintained our occupancy and rent outlook with this note, other than some slower growth expectations stemming from a more competitive apartment leasing environment evident in Q4 and likely to extend into 2026.”

In a client report, the analysts did not make any rating adjustments alongside their target movement with 2027 estimated funds from operations per unit falling 0.1 per cent on average across their coverage universe.

“Some outliers here included HR (up 4 per cent) on savings from property management externalization/disposition timing, BEI (down 2 per cent) as a result of recent ops and disposition updates, SMA (down 6 per cent) on a muted growth outlook for 2026 in the U.S. storage market and SIA (up 4 per cent) on its LTC segment,” they said. “Competitive apartment fundamentals prompted the biggest asset class adjustment to 2027 earnings (negative 0.8-per-cent impact). On NAV, higher rates were offset by lower spreads with growth expectations being sustained, justifying stable cap rates. Seniors bucked this trend given sustained outsized retirement growth and beneficial LTC regulatory developments, prompting us to shave 40 bps, driving a 13-plus-per-cent positive adjustment to intrinsic values.

“By total return we favour storage / seniors (26 per cent/20 per cent, respectively) followed by industrial / diversified retail (19/17 per cent) and apartments (15 per cent, 21 per cent excluding. IIP and MI, which are subject to privatization transactions) with diversified and office (8 per cent) still trailing but garnering some attention on transaction / turnaround hopes. The aggregate total return across our coverage universe is currently at 16 per cent as trading levels remain relatively depressed vs. our view on NAVs, where spreads to financing cost are consistent. Our top picks by asset class (BEI, MHC, DIR, REI, SVI and EXE) combine for a 26-per-cent total return, besting any one asset type.”

Their “focus idea” selections are now:

Retail

* RioCan REIT (REI.UN-T) with an “outperform” rating and $22.50 target (unchanged). The average on the Street is $20.50.

Analysts: “We have fluctuated back and forth between REI and FCR, but recent trading outperformance of the latter has tilted the total return equation in favour of the former. It is worth noting that First Capital has likely benefited from the still pervasive M&A theme (where it has remained a top contender for a strategic merger / privatization). Nonetheless, RioCan has been putting up some of the strongest rent growth in our retail coverage universe and seems poised to see continued success in its core retail segment. On the latter, it identified a 25-30-per-cent MTM opportunity in the portfolio today, albeit with a longer weighted average lease term structurally impeding it from accessing this in the near term but nonetheless providing a long-term trajectory for above-inflationary growth. We remain constructive on the name as it has made real progress on mitigating risks around its HBC exposure, a relatively attractive valuation and leverage improvements through residential sales (condo and apartments). 2025 was a noisy year; we expect 2026 to be less so and a focus to return to organic growth on the back of retail leasing performance.”

Self-Storage

* StorageVault Canada Inc. (SVI-T) with an “outperform” rating and $6.25 target (unchanged). Average: $5.75.

Analysts: “SVI had another solid quarter in Q3, meeting expectations after having come in ahead on the NOI line in Q2. A nascent recovery in Canada’s housing transaction market (albeit far from uniform nationally) combined with weaker prior year comps has been driving organic performance in line with historic targeted levels (prior year comps are a bit tougher in Q4 given a recent trend towards unseasonal leasing). Short lease durations mean that this segment is likely to be quicker to inflect and SVI benefits from a sizable geographic footprint in markets where housing values were less volatile and away from new supply pockets. Valuation also remains attractive relative to some surprisingly expensive trades for assets across Canada by deep-pocketed institutional investors looking to build storage platforms in a segment where portfolios continue to command premiums given scarcity as a result of highly fragmented ownership.”

Industrial

* Dream Industrial REIT (DIR.UN-T) with an “outperform” rating and $15.75 target (unchanged). Average: $14.65.

Analysts: “Given recent trading outperformance for Granite, which was our top industrial pick with our 2026 outlook and the unexpected Canadian JV struck with CPPIB, which came in ahead of management’s book value, DIR has moved back to our top industrial total return. This is by no means a negative reflection of Granite, where we expect strong results in Q4 and into at least H1/26 on leasing completed over the last few years. Admittedly, we would own both names given a broader industrial sentiment shift. The only caveat is a potentially contentious trade negotiation with the U.S., which could impact economies on both sides of the border. Nonetheless, we seem to have inflected from a supply and demand standpoint for North American industrial fundamentals, resulting in an expectation for market rents to bottom before moving higher.”

Multi-Family

* Boardwalk REIT (BEI.UN-T) with an “outperform” rating and $82.50 target, rising from $80 previously. Average: $81.02.

Analysts: “BEI just squeaks out a higher total return than CAR, which we also think is worth a look given overly punitive trading. That said, Boardwalk’s better-than-expected results to date (largely on cost management) combined with an inflection in rental spreads as sustained population growth satiates new supply and the REIT’s Edmonton heavy and more affordable offering outperform (complemented by strong allowable rent increases in its defensive QC market). Valuation remains attractive on a cap rate basis given outsized NOI growth relative to unit price performance, which has also improved leverage metrics.”

* Flagship Communities REIT (MHC.U-T) with an “outperform” rating and US$25.50 target (unchanged). Average: US$23.32.

Analysts: “MHC is our top U.S. housing pick, and again the top total return in our coverage, given its steep valuation discount, despite offering some of the highest organic growth and defensibility in the REIT sector (the latter being increasingly important in today’s economic environment). Trading liquidity is sparse but for those that can, we would happily buy and hold this name.

Healthcare

* Extendicare Inc. (EXE-T) with an “outperform” rating and $29 target, jumping from $24.50 previously. Average: $24.

Analysts: “Extendicare moves to the top of our healthcare pecking order as we now set our target to a 6.5-per-cent FCF yield. EXE continues to progress towards a service-dominant platform; as such we expect valuation to transition towards FCF versus the former SOTP/NAV analysis. EXE currently trades at 8 per cent our 2027 FCFE versus roll-up plays covered by Zachary Evershed (ranging from 6-8), and its more asset heavy peers (CSH mid-2% and SIA mid-4 per cent). To reach this 6.5-per-cent level, we anticipate successful integration of CBI Home Health, further execution of M&A, and a resilient operating environment to endure.”

Office

* Dream Office REIT (D.UN-T) with a “sector perform” rating and $20 target, up from $19. Average: $19.75.

Analysts: “Office names have given back a lot of the unit price appreciation seen mid-year on return to office optimism. There seem to be pockets of improvement in fundamentals, but we aren’t out of the woods yet (third-party market observers don’t see occupancy normalizing until the 2030s). Dream looks relatively well positioned to where the demand has returned with Toronto seeing the most incremental absorption. While Q4 will see a step back in occupancy on the departure of a tenant in the U.S., 2026 should see the benefits of leasing completed in the Toronto portfolio that had longer fixturing periods.”

Diversified

* H&R REIT (HR.UN-T) with a “sector perform” rating and $11.50 target, up from $10.75. Average: $12.

Analysts: “The outcome to the REIT’s strategic review process was a bit disappointing as investors now need to contend with execution risk as management attempts to sell off the pieces at a premium to what was being offered for the whole company. Nonetheless, we still think the name trades at a discount to intrinsic value and the potential exists for a positive outcome (recent externalization of property management at the Lantower platform provides more optionality for that segment). Roll-up strategies require patience, so we will continue to monitor progress and the implications for NAV and prospects for potential upside/downside.”

Desjardins Securities analyst Brent Stadler expects “another vanilla quarter” from Algonquin Power & Utilities Corp. (AQN-N, AQN-T) when it reports results on Feb. 25, calling it “nice to see from a utility.”

“We have maintained our estimates ahead of 4Q25 results and remain in line vs consensus,” he said. “Higher heating degree days (HDDs) (up approximately 6 per cent year-over-year) in Missouri could be a slight tailwind on EPS. We highlight some recent data centre news out of Missouri and some recent reported migration trends which both bode well for AQN, in our view. Following recent rate case execution and our view that AQN should be able to outgrow utility peers short-term as it continues to execute on its turnaround, we have increased our target.”

Seeing the potential for a “modest weather tailwind” on adjusted earnings per share, Mr. Stadler continues to project 5 US cents, which matches the average on the Street. His full-year estimate of 31 US cents falls in line with the company’s guidance of 30-32 US cents.

Calling Missouri “an attractive data centre destination” due to abundant access to land, water and relatively lower electricity prices, the analyst sees the potential for gains for Algonquin.

“It was recently reported that the Joplin City Council had voted in favour (7-2) to rezone land for a potential data centre,” he added. “In our view, given CEO Rod West’s data centre experience and hyperscaler relationships from his days at Entergy, it is possible that this opportunity could move along relatively quickly, which could provide significant growth opportunities for AQN. Missouri is taking a pro-business stance and working to attract large technology companies and any data centre commentary from AQN would likely be well-received, in our view, given Mr West’s track record.

“Guidance and migration trends in the U.S. (1) Guidance update: we continue to believe that AQN could look to bump its forward guidance, but generally would not expect this to come with the 4Q results, potentially being more of a mid-2026 update. However, with the 4Q results, it is possible that AQN could look to roll out 2028 guidance, which in our view would likely suggest that AQN can continue to grow faster than utility peers as it executes on its turnaround story. (2) We highlight Missouri migration trends which in our view are encouraging for AQN.”

Keeping a “buy” rating for the Oakville, Ont.-based company, Mr. Stadler raised his target to US$7.25 from US$7. The average is US$6.75.

“AQN remains a preferred name,” he concluded.

National Bank Financial analyst Ahmed Abdullah reduced his financial forecast for CCL Industries Inc.’s (CCL.B-T) fourth quarter of 2025 ahead of its Feb. 25 release to reflect “tougher” comps, pointing to price passthroughs at Innovia Films, “caution around industry apparel volumes” related to Checkpoint Systems and a seasonally slow period at Avery Dennison.

The analyst is now projecting quarterly revenue of $1.863-billion, down from $1.871-billion and below the consensus projection of $1.882-billion. His adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted earnings per share estimates slid to $369-million and $1.05, respectively, from $387-million and $1.14, which are also lower than the Street’s expectations ($385-million and $1.10).

“We expect 4.5-per-cent growth at CCL; CCL Label had a stable order backlog heading into 4Q with CCL Design showing strength. Avery Dennison (AVY: NYSE, Not Rated) noted in its 4Q25 release that tariff uncertainty weighed on apparel industry volumes, which could impact Checkpoint results in the period,” he explained. “Innovia results still face German plant start-up costs with polypropylene prices that continued to drift lower in the period.”

Despite the weakness, the analyst now sees the benefits of M&A activity emerging and projects better volume expectations in 2026

“We adjusted our forecast in 2026 to include the latest M&A purchase for CCL Design of ALT Technologies,” he explained. “The purchase is expected to close in 2Q26, we assumed a closing date of April 1. ALT should contribute at least $67-million of annual sales with an estimated 11-per-cent Adj. EBITDA margin pre-synergies. Additionally, global consumer packaged goods (CPG) customers have mostly indicated a focus on driving volume growth in their 2026 guidance commentaries. We think that bodes well for CCL as CPG marketing campaigns get revamped and accelerate label replacement cycles. We tweaked our forecasts higher to reflect that.

“We see leverage at 0.83 times in 4QE. Private equity roll-ups in the label space have faced considerable financial woes with notable restructurings unfolding. This presents a more favorable M&A landscape for CCL as transaction multiples face less upward pressure. This market dynamic could present organic growth opportunities key customer accounts may avail themselves to CCL in an effort to hedge against disruptions related to supplier bankruptcies.”

Maintaining his “outperform” rating for the Toronto-based company’s shares, he raised his target by $3 to $100. The average is currently $95.55.

In a separate note, Mr. Abdullah bumped his Winpak Ltd. (WPK-T) target to $48 from $47, exceeding the $47.50 average, keeping an “outperform” rating after “subtle tweaks” to his forecast of its Feb. 23 quarterly release.

“Muted demand and delays in anticipated wins drove weak 2025 volumes. WPK cut its outlook with 2Q25 (was 4-per-cent to 6-per-cent volume growth; 2025 estimate down 0.7 per cent),” he said. “The company is pursuing new mandates to support a sustainable volume recovery over time. We believe the mandate pipeline could deliver mid-to-high single-digit revenue gains, but what share converts this year remains unclear. Our 2026 forecast assumes 2-per-cent volume growth with flattish pricing as we lap aluminum passthrough tailwinds (upside to forecast exists). Most of WPK’s portfolio is tariff-exempt under USMCA (excl. aluminum tariffs). WPK is evaluating M&A in healthcare and other core segments in its markets. The company is also focused on cost-cutting amidst tariff uncertainty.”

Scotia Capital analyst Jonathan Goldman recommends investors buy shares of TerraVest Industries Inc. (TVK-T) ahead of the release of quarterly results on Feb. 11 given their recent weakness.

“TVK shares are down almost 20 per cent in the past three weeks with the only incremental being the acquisition of steel/fibreglass tank OEM KBK Industries (on January 9), a deal we like,” he explained. “We had some concerns heading into the quarter on trailer market demand and warm December weather, but after reviewing peer results and HDD data, we’ve moved past those concerns and now see upside risk to F1Q numbers.”

In a client note released before the bell, Mr. Goldman emphasized estimates for EnTrans, a Tennessee-based manufacturer of tank trailers acquired in 2025, now “seem sufficiently de-risked.”

“We were concerned the trailer market got incrementally worse since 3Q following recent layoff and plant closure announcements from hyper-commoditized peer Wabash (WNC-US),” he said. “But, WNC 4Q results were in-line – and the company expects 1Q revenue flat quarter-over-quarter and full-year revenue and operating margin ‘likely to be higher than 2025,’ suggesting the industry is at trough. Admittedly, WNC is not the best comp and TVK likely had good visibility on 1QF26 deliveries (Oct-Dec) when it reported 4QF25 results last December.

“For EnTrans, we are currently forecasting run-rate revenue and EBITDA of US$440-million and US$50-million, down 15 per cent and down 35 per cent vs. LTM [last 12-month] run-rate when acquired n March 2025. We also note that TVK is lapping really easy comps in Compressed Gas (down 13 per cent).”

Mr. Goldman thinks the acquisition of KBK Industries on Jan. 9 for US$90-million “fills out [its] data centre offering.”

“KBK is a Texas-based OEM of aboveground and underground fiberglass and steel storage tanks serving the c-store, agricultural, chemical, infrastructure, and energy markets,“ he said. ”The acquisition complements TVK’s existing aboveground fiberglass tank operations, supports cross-selling through TVK’s existing c-store relationships, and further mitigates tariff exposure. KBK’s fiberglass tanks round out TVK’s data center offering with Highland Tank (thermal energy storage tanks) and Simplex (load banks).“

With TerraVest’s shares now “the cheapest in a while,” the analyst raised his target to $184.50 from $179, keeping a “sector outperform” rating, after adding the positive impact of the KBK Industries deal to his estimates. The average target is $196.

“Following the recent selloff, TVK trades at 12.2 times EV/EBITDA on our F26E/F27E vs. Canadian consolidators 12 times,” he said. “We think TVK deserves a significant premium given the much higher growth profile: 21-per-cent EBITDA/share CAGR [compound annual growth rate] from 25E-27E vs. peers 11 per cent. Moreover, our estimates exclude upside from a trailer market recovery, data centre work, and unannounced M&A. We forecast pro forma net debt to EBITDA including leases of 3.5 times; above comfort range of 2-2.5 times, but the company has gone above for a larger deal(s) (see EnTrans).”

In a separate client note reviewing ATS Corp.’s (ATS-T) third-quarter 2026 financial results titled The Man With a Plan, Mr. Goldman applauded new chief executive officer Doug Wright’s first post-earnings conference call, saying he “touched on high-level opportunities to accelerate growth and margin expansion.”

While cautioning “it’s still early days,” the analyst said the comments were “credible and will ultimately prove impactful.”

“Things like amplifying deployment of ABM tools, improving lead times, supply chain optimization, labour productivity, commercial strategies, and increasing mix of aftermarket services,” he added. “Read: blocking and tackling. Margins look worse than they are in the near-term since the company is investing in growth areas – Nuclear, including a fuel fabrication order for a new build booked in the quarter, and new therapies in Life Sciences – while corresponding revenue lags. That should reverse in F2027 as operating leverage kicks-in – or sooner if execution improves.

“We were encouraged by the progress on working cap, which appears sustainable despite some milestone payments, and deleveraging with leverage now back at high-end of comfort range, one quarter ahead of schedule. Read: we see both continuing to trend downwards. Management sees sufficient growth opportunities in existing end-markets with M&A being the preferred path for capital deployment. ATS shares trade at 11.3 times EV/EBITDA on our F2026E/F2027E and a 4.8-per-cent FCF yield. We think that’s undemanding with estimates and valuation having troughed and upside on organic growth, traction on turnaround initiatives, and eventually a reacceleration of M&A.”

On Wednesday, shares of the Cambridge, Ont.-based automation solutions provider jumped sss per cent after it reported quarterly adjusted earnings before interest, taxes and amortization (EBITDA) of $761-million, exceeding the Street by 3 per cent on higher sales ($760.7-million versus the consensus forecast of $722.5-million and above the guidance range of $700-million to $740-million). Adjusted basic earnings per share of 48 cents was 4 cents higher than expectations.

“The standout positive in the quarter was the improvement in working capital percentage (16.4 per cent vs 18.3 per cent last quarter), strong FCF generation ($90-million vs. $43-million last year), and deleveraging, with net debt to EBITDA coming in at 3 times, back within the high-end of the comfort range one quarter ahead of schedule,” said Mr. Goldman.

“For the full-year, the company still expects high-single-digits revenue growth, however guidance implies 10.3 per cent year-over-year at the midpoint, which is 100 basis points above consensus. We expect gross margins to stay in the plus/minus 30-per-cent range with margin expansion primarily driven by operating leverage and/or improved execution. Funnel commentary was positive. We lowered our F2027E by 6 per cent primarily on higher SG&A assumptions, which may prove conservative (see top-line text).”

Reaffirming his “sector outperform” rating for ATS shares, Mr. Goldman raised his target by $1 to $48. The average on the Street is $49.15.

“ATS shares trade at 11.3 times EV/EBITDA on our F2026/F2027 estimates and a 4.8-per-cent FCF yield,” he said. “We think that’s undemanding with estimates and valuation having troughed and upside on organic growth, traction on turnaround initiatives, and eventually a reacceleration of M&A.”

In other analyst actions:

* BMO’s Sohrab Movahedi upgraded Brookfield Asset Management Ltd. (BAM-N, BAM-T) to “outperform” from “market perform” with a US$58 target. The average is US$63.81.

“BAM’s prospects for mid-teens distributable earnings growth are intact underpinned by continued fundraising momentum across strategies as well as fee rate and margin resiliency,” said Mr. Movahedi.

“We see an attractive risk-reward on BAM shares considering the implied 4-per-cent dividend yield (following the 15-per-cent increase announced Wednesday) is on par with 10-year U.S. bond yields vs. an average of 83 per cent since BAM’s spin. Our implied target DE multiple represents a 30-per-cent premium to the S&P 500 (currently: 23 per cent; historical average: 37 per cent).”

Elsewhere, Scotia’s Mario Saric reduced his target to US$64 from US$65.75 with a “sector outperform” rating.

* Previewing earnings season for Canadian life insurance companies, Scotia’s Mike Rizvanovic made these target adjustments: Great-West Lifeco Inc. (GWO-T, “sector outperform”) to $70 from $68, IA Financial Corp. Inc. (IAG-T, “sector outperform”) to $188 from $179, Manulife Financial Corp. (MFC-T, “sector outperform”) to $55 from $53 and Sun Life Financial Inc. (SLF-T, “sector perform”) to $93 from $87. The average are $67.25, $175.50, $56.93 and $89.61, respectively.

“We continue to have a constructive view on the large Canadian lifecos heading into Q4 earnings season as we expect the group to report another good set of results, albeit with modest EPS declines from the prior quarter, which for some was aided by lower-than-expected credit losses and slightly elevated insurance experience gains. We see strong upside potential for the group over the medium-term, supported by solid regulatory capital levels, which we believe may accelerate the pace of share buybacks in the coming quarters. We have not made any changes to our ratings ahead of the quarter, although our target prices move up across-the-board as we use a slightly higher P/BV multiple to value the lifecos to reflect our increased confidence in the group’s ROE trajectory. Among the peers we still prefer GWO as our top pick, despite the lifeco’s strong revaluation in recent months that has resulted in a group-high P/BV multiple, while we are also very optimistic on IAG’s outlook,” he said.

* In a report previewing fourth-quarter 2025 earnings season for Canadian asset managers, TD Cowen’s Graham Ryding raised his IGM Financial Inc. (IGM-T) target to $73 from $64 with a “buy” rating, while he cut his Fiera Capital Corp. (FSZ-T) target to $6.50 from $7 with a “hold” recommendation. The averages on the Street are $67.51 and $7.50, respectively.

“Industry flows in Q4/25 were in line for mutual funds and strong for ETFs,” said Mr. Ryding. “Within our coverage universe Sprott is delivering outsized AUM [assets under management] growth given the strong demand for precious metals amid the uncertain geopolitical backdrop. IGM and AGF flows were solid in Q4/25, while Fiera had further PineStone related outflows. Onex [’buy’ rating and $160 target] remains our top asset manager pick.”

* RBC’s Rob Mann bumped his Cardinal Energy Ltd. (CJ-T) target to $9.50, matching the average on the Street from $9 with an “outperform” rating, while Raymond James’ Luke Davis increased his target to $9.50 from $9 with a “market perform” rating.

“Despite Cardinal Energy’s strong share price performance over the past year, the company’s rate of change remains positive and differentiated, offering investors exposure to meaningful organic thermal production growth while getting paid to wait via its base dividend yielding 7.9 per cent,” said Mr. Mann.

* Ventum Capital’s Rob Goff trimmed his Healwell AI Inc. (AIDX-T) target to $3.25 from $2.76 with a “buy” rating. The average is $3.34.

“We await visible evidence of revenue and platform synergies expected to emerge as the year progresses,” said Mr. Goff. “We remain confident that both aspects will emerge across the year. However, we are taking a more conservative approach: rewarding as results confirm benefits. Our new PT of $2.75 sits below the consensus PT at $3.16, while within the range of $2.25 to $5.00.

“Our bullish thesis remains unchanged as we look for sustained outperformance given the Company’s AI-leveraged growth profile. HEALWELL AI’s growth prospects are driven by its AI-powered patient identification and prognostic care solutions delivered by its integrated Electronic Health Records (EHR) patient care software. The integrated data and service capabilities are strengthened by its global distribution and alignment with WELL Health, which offers access to 30 per cent of Canadian clinics and a strong US network. The complementary services ensure significant cross-selling opportunities and enhanced capabilities through unique access to data, physicians/institutions and patients, backed by global distribution.”

* Stifel’s Suthan Sukumar cut his Sangoma Technologies Corp. (STC-T) target to $10 from $12, which is the average, with a “buy” rating.

“STC delivered in-line FQ2 results, confirming sequentially stronger revenue growth, with a tightened full-year guide alongside a ramp in bookings and backlog, signaling improving growth visibility over the remainder of the year. The company’s post-transformation playbook is bearing early results with increased product/service bundling and larger customer penetration, underscoring stronger go-to-market execution with an increasingly more engaged partner channel, supporting our thesis for continued market share gains and a return to durable organic revenue growth. M&A remains a potential upside catalyst given balance sheet strength. With shares trading at less than 5 times C27E EBITDA, at the low-end of peers, we continue to see an attractive risk-reward. We maintain our BUY rating, while lowering our target to $10/share (from $12/share) to reflect compressed peer multiples,” he said.