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

TD Cowen analyst Aaron Bilkoski sees Whitecap Resources Inc.’s (WCP-T) diversified multi-asset portfolio as “a defensive benefit to future growth” which is likely to be “perceived as a positive” by investors following another quarterly beat

“One aspect of Whitecap’s portfolio has transitioned from headwind to tailwind – diversification of assets,” he said in a client note. “There was a time that WCP’s peers offered clear, easy to understand/value growth from a few plays. Whitecap, being more diversified, was more challenging to understand, and the multitude of growth options were more difficult to value. However, some peers have run into difficulty with single assets, and Whitecap’s multi-asset growth strategy (Kaybob, Lator, Resthaven, Gold Creek/Karr, Kakwa) provides deep inventory and comforting diversification.”

Shares of the Calgary-based company closed 1.3 per cent higher on Monday after it reported fourth-quarter 2025 production of 379,606 barrels of oil equivalent per day, exceeding the expectations of Mr. Bilkoski (371.0 mBOE/d) and the Street (371.6 mBOE/d). Cash flow per share of 72 cents was “notably” above estimates (65 cents and 67 cents, respectively).

“he production beat relative to our estimate can be attributed to strong performance at Gold Creek/Karr, while the CF beat was driven by the higher-than-expected volumes and lower cash costs including cash taxes,” said the analyst.

Also emphasizing year-end reserves saw a significant increase stemming from the acquisition of Veren Inc. in early 2025, Mr. Bilkoski raised his target for Whitecap shares to $15 from $13, keeping a “buy” rating. The average target is $14.50.

“Whitecap has provided operational consistency, and its future growth is from a diversified basket of oil-weighted assets – a differentiating factor,” he said. “Investors should expect a 5-per-cent dividend yield and additional FCF beyond capex and dividends that equate to an incremental 4 per cent of its market cap – we suspect this will largely be used to repurchase shares.”

“Whitecap offers compelling, scalable growth assets in the Montney/Duvernay with 30+ years of undeveloped locations corporately. The company has comfortable balance sheet leverage, a robust return of capital strategy, and unique ESG credentials.”

Elsewhere, Raymond James’ Luke Davis downgraded Whitecap to “outperform” from “strong buy” with a $16 target, up from $15.

“Whitecap posted a solid exit to a transformative year, while continuing to demonstrate why the company is on a level of its own,” said Mr. Davis. “Management’s common-sense approach to development is driving costs lower at the same time productivity nudges higher, which we believe will provide plenty of operational momentum to carry the company through another year of solid execution. Reserves were up meaningfully given Veren is now fully integrated, with the book underpinned by a solid 1.7-times PDP recycle ratio. Despite our favourable outlook, the stock is already up roughly 20 per cent year-to-date and we’re moving our rating to Outperform on an increased $16/share target price.”

Meanwhile, other analysts making target revisions include:

* BMO’s Jeremy McCrea to $15 from $13 with an “outperform” rating.

“The best-performing companies each year typically have common themes: 1) asset performance not fully recognized by the market and 2) inexpensive valuation. As WCP continues to shift focus toward the Montney and Duvernay, we expect this current re-rate in valuation to continue as learnings and inventory duration become more apparent. Overall, we had another quarter where Whitecap exceeded expectations, with higher production & CFPS, more gas diversification, as well as a good reserve report. With no change to guidance, momentum with WCP should continue,” said Mr. McCrea.

* ATB Cormark Capital Markets’ Patrick O’Rourke to $15 from $13 with an “outperform” rating.

* Canaccord Genuity’s Mike Mueller to $15.50 from $14 with a “buy” rating.

Canadian healthcare software providers haven’t avoid the recent valuation pullback brought on by rising concerns about artificial intelligence, said TD Cowen analyst David Kwan ahead of fourth-quarter earnings season.

“Given the vast majority of Well Health Technologies Corp.’s revenue is from health care services, its shares have been more resilient,” he added. “Although the AI overhang could persist, we remain bullish on Vitalhub Corp. and Kneat.com Inc., while WELL remains our Top Pick (and our Best Idea for 2026).”

Pointing to the decline in peer valuations, Mr. Kwan made a pair of target reductions:

* VitalHub (VHI-T, “buy”) to $13 from $15. The average target is $12.50.

Analyst: “We expect revenue growth to remain strong (approximately 48 per cent year-over-year) driven by the Novari/Induction acquisitions. Our Q4 revenue forecast is in-line with consensus but our adjusted EBITDA forecast is below, as we take a conservative approach on the Novari/Induction integration work. We look to get an update on the integrations of Novari and Induction, the impact of the NHS reorganization on sales cycles, and the M&A pipeline (as M&A is a key catalyst).”

* Well Health (WELL-T, “buy”) to $7 from $7.50. Average: $7.29.

Analyst: “Our Q4/F25 revenue and Adj. EBITDA estimates are in-line with consensus and implied guidance, with our F2025 revenue forecast at the bottom end and our adjusted EBITDA estimate at the mid-point of F2025 guidance. Our forecast implies strong revenue growth of 64 per cent year-over-year, driven by M&A (primarily the consolidation of HEALWELL) with solid organic growth, and continued margin improvements. We think focus will be on the F2026 guidance as well as updates on the sale processes for its U.S. businesses (Wisp, Circle, and CRH), the planned spin-out of WELLSTAR, and its M&A pipeline. We note that the sale of its U.S. businesses is taking longer-than-expected while we think the spin-out of WELLSTAR is likely a mid/late-F2026 story, particularly given the renewed AI-driven sell-off in SaaS/software.”

Mr. Kwan kept a $6 target, exceeding the $5.75 average, with a “buy” rating for Kneat (KSI-T).

“Our revenue and adjusted EBITDA estimates are in-line with consensus,” he said. “We expect a slight deceleration in organic growth to 25 per cent year-over-year (vs. 26 per cent in Q3), which is relatively strong, but organic growth continues to be negatively impacted by tariff uncertainty driving longer sales cycles and budget pressures. We look to get more colour on the demand environment and any changes to management’s target to get to Adj. EBITDA (cash R&D) and FCF break-even/positive in F2026.”

While its fourth-quarter results “modestly” missed his tempered expectations, largely due to unfavourable weather in Florida, Desjardins Securities analyst Brent Stadler continues to think Emera Inc. (EMA-T) is “sitting in the sweet spot.”

“With the quarterly results, EMA extended its 5–7-per-cent EPS CAGR [compound annual growth rate] out to 2030, which was roughly in line with our expectations,” he said. “Recall, EMA had previously outlined a $20-billion capital plan, which should drive a 7–8-per-cent rate case CAGR with expected 1–2-per-cent dividend growth guidance.

“In our view, based on what we see today, upside from the plan could come from continued strong results at EMA Energy (largely weather driven), potentially some smaller datacentre deals and favourable weather at the utility segments. In the guidance, we believe that EMA set it with expectations for Tampa Electric rate cases every three years, ie in 2028 and 2031, which better reflects the 2024 base year.”

Shares of the Halifax-based company finished flat on Monday after it reported earnings per share of 55 cents, missing the 57-cent estimate of both Mr. Stadler and the Street as both its Florida and Canadian Electric segments fell short of expectations (due to weather and higher operating costs, respectively).

“2025 EPS of $3.49 grew 19 per cent year-over-year compared with 2024 at $2.94,” he noted. “Following the strong 2025 results and reflecting guidance for another strong year of earnings from Emera Energy, our 2026 estimated EPS of $3.58 implies 3-per-cent year-over-year growth from 2025.”

“EMA commented that Emera Energy is off to a strong start and we have increased our 2026 estimate to largely reflect this guidance.”

Maintaining his “hold” rating, Mr. Stadler raised his target by $1 to $69. The average is $71.

“2026 catalysts. (1) Closing of the New Mexico Gas transaction. EMA expects the deal to close in 1H26. We model end of 1Q26. We estimate that 60 per cent of NMGC’s earnings are contributed in 1Q and thus the slightly delayed closing provides some solid incremental earnings in 2026. (2) Approval of NSPI’s rate case. EMA sounds confident it could come in 1Q26, with the rate case retroactive to the beginning of the month that it receives approval. EMA sounded confident in the rate case, and we model a March settlement. (3) Datacentre opportunities in Florida. We believe EMA will be disappointed if it cannot announce a relatively smaller datacentre deal in 2026, potentially in the 300MW range utilizing current excess load. EMA commented that it is not working on GW-sized deals,” he noted.

Others making target adjustments include:

* BMO’s Ben Pham to $74 from $72 with an “outperform” rating.

“While Q4/25 results were 4 per cent below consensus expectations, EMA ended the year strong, with EPS up 19 per cent and rate base growth up 8 per cent, well above 5-7-per-cent EPS CAGR guidance, which was extended to 2030 (from 2027) to align with the 7–8-per-cent rate base growth guidance timeframe. At the same time, FFO/debt has been climbing toward the company’s 12-per-cent-plus target (11.6 per cent at year-end 2025), and the shares still offer value relative to large cap utility alternatives (19 times PE vs. FTS/H [Fortis/Hydro One] at 20 times/24 times),” said Mr. Pham.

* Raymond James’ Theo Genzebu to $74.50 from $73 with an “outperform” rating.

“We remain constructive on Emera, supported by the company’s record FY2025 performance, continued Florida‑led rate base expansion, and an improving credit trajectory as the NMGC sale approaches closing. With regulatory visibility strengthening in both Florida and Nova Scotia, and management extending its 5–7-per-cent adjusted EPS growth outlook through 2030, we believe the company is positioned to deliver durable earnings and cash flow growth underpinned by a largely de‑risked $20-billion capital plan,” said Mr. Genzebu.

* TD Cowen’s John Mould to $75 from $74 with a “buy” rating.

“EMA extended its adj. EPS growth target of 5-7 per cent through 2030; we do not expect linear annual growth given the cadence of expected rate case filings. We continue to view Florida as a robust market for investment; clarity on NSP’s GRA filing is expected in H1/26,” said Mr. Mould.

* National Bank’s Patrick Kenny to $68 from $67 with a “sector perform” rating.

“With improved long-term visibility towards the company’s growth outlook in Florida while NSPI aims to return towards its approved ROE band in 2026, our 2027 estimates remain largely unchanged, including adj. EPS at $3.64 (was $3.59) and D/EBITDA of 5.3 times (was 5.2 times),” said Mr. Kenny.

Stifel analyst Martin Landry expects the release of Kits Eyecare Ltd.’s (KITS-T) fourth-quarter 2025 results on March 4 “should not bring many surprises,” continuing to see a “long runway growth runway” as the expanding North American eyewear market increasingly shifts online.

“The company has pre-released key metrics for Q4/25 including revenues and EBITDA margin,” he explained. “We have aligned our Q4/25 revenue and EBITDA to reflect the company’s preliminary results. Last week KITS introduced a guidance for Q1/26 calling for strong revenue growth of 25-29 per cent, stronger than expected, but for EBITDA margins of 4-6 per cent, lower than our forecasts of 7.6 per cent.

“The company decided to accelerate revenue growth at the expense of near-term profitability. We have adjusted our Q1/26 numbers and the remainder of our 2026 estimates to reflect this new dynamic. KITS is disrupting the traditional brick and mortar eyewear market with its rapid turnaround time and very low prices.”

Mr. Landry emphasized the decline in profitability comes from “increased marketing spending to accelerate the company’s progression into the glasses category,” noting the Vancouver-based company has a promotional campaign for glasses with a buy-one get one free offer.

“We believe this offer has improved website sales conversion. We have tweaked our forecasts to reflect the company’s preliminary results,” he added.

“On February 17, 2026, KITS issued financial guidance for Q1/26. The company expect revenues of $58-60 million, up 25-29 per cent year-over-year, higher than our previous expectations of $55-million and consensus at the time of $56-million. KITS has adopted a strategy of pushing for higher revenue growth and building its moat by increasing its customer base more rapidly than before. However, this delays the profitability expansion, and we had to scale back our 2026 EBITDA estimates by 15 per cent. We would like to see continuous profitability expansion on a year-over-year basis, especially given that the company has a portion of its costs which are fixed.”

Maintaining his “buy” recommendation for its shares, Mr. Landry raised his target to $24 from $22 after rolling forward his valuation to include his 2027 forecast. The average target on the Street is $24.13.

TD Cowen analyst Zachary Evershed expects Doman Building Materials Group Ltd. (DBM-T) to benefit from improving lumber market trends when it reports its fourth-quarter 2025 financial results after the close on March 5.

“Lumber cash markets have strengthened, reflecting more of a seller’s market with tighter inventory and somewhat better demand as we note recent gains in East SYP and West SPF pricing in December and January,” he said. “Through December and January, E-SYP rose 41.4 per cent to $495 per thousand board feet, while W-SPF increased 19.5 per cent to $460 per thousand board feet. Though February is more mixed, we take a more constructive near-term view given the overall higher level, raising our organic growth forecasts in Q4/25 and out to Q2/26.”

Given recent pricing trends, Mr. Evershed raised his organic growth forecast for the quarter to a gain of 0.3 per cent from flat previously while increasing his expectation for the first half of the year to 2.0 per cent from nil. He is now calling for $703.5-million in sales, $50.2-million in adjusted EBITDA and adjusted earnings per share of 8 cents, falling in line with the Street’s projections ($711.8-million, $49.5-million and 8 cents, respectively).

“U.S. housing starts for December came to 1.404 million (SAAR), above consensus at 1.309 million and increasing 6.2 per cent month-over-month, but falling 7.3 per cent year-over-year,” he noted. “SFH starts came to 0.981 million (SAAR), increasing by 4.1 per cent month-over-month and decreasing 9.0 per cent year-over-year. Building permits came to 1.448 million (SAAR), above consensus of 1.4 million, increasing 4.3 per cent month-over-month and decreasing 2.2 per cent year-over-year.

“While indicators (albeit lagged) continue to comp negatively year-over-year, we note that the S&P Homebuilders index is up 13.1 per cent year-to-date (vs. DBM up 6.3 per cent | TSX: up 6.0 per cent), likely as easing U.S. inflation paves the way for lower mortgage rates, which have steadily trended down from the high 6s last year to 6.1 per cent today. Our view towards a U.S. recovery in the back half of 2026 remains intact (as does our more bullish view on Canada), while positive swings in lumber pricing provide upside to our estimates after the ongoing slew of capacity curtailments.”

With recent strength in lumber prices lifting his near-term organic growth forecasts, Mr. Evershed bumped his target for Doman’s shares to $12 from $11, keeping an “outperform” rating. The average on the Street is $11.25.

“We rate DBM Outperform as it continues to execute in a choppy near-term environment, working towards a bullish long-term outlook for housing markets driven by strong demographics and under-building exhibited over the last decade,” he explained.

TD Cowen analyst Derek Lessard thinks the Canadian cannabis sector is “entering a structurally improved phase with rationalized capacity, stabilized pricing, and scaled operators generating positive EBITDA and FCF.”

“Despite the improved fundamentals, valuations remain near cycle lows, creating a re-rating opportunity,” he added.

“Cannabis stocks are largely traded by retail investors. On average, they are trading at a substantial EV/Sales discount to their peak historical multiples, despite improved profitability (i.e. all the companies under our coverage are EBITDA-positive), margin improvement, and stronger financial positions (i.e. clean balance sheets highlighted by leverage levels below institutional 3.0x hurdle rates). We expect continued execution strength and financial discipline going forward, supported by increased market growth and share gains.”

In a client report released Tuesday, he initiated coverage of four companies, which he thinks are “uniquely positioned within the Canadian cannabis industry”:

* High Tide Inc. (HITI-X) with a “buy” rating and $6.50 target. The average is $7.22.

Analyst: “HITI is the clear leader in Canadian cannabis retail, with 12-per-cent market share on the back of more than 200 stores across five provinces. HITI’s next biggest competitor, SNDL (under the banners of Spiritleaf, Value Buds, etc.), has a 7-per-cent share. HITI’s membership programs offer market-leading pricing and exclusive product assortment; since the launch of Cabana Club (and later ELITE), HITI’s same-store sales (SSS) are up 150 per cent. This compares with the average operator at down 13 per cent. Management thinks there is room for about 300-400 stores in Canada in the long term, which equates to roughly 4-5 years of store network growth. This would add another $440-million/year to HITI’s revenue over time. Outside of Canada, Germany is the biggest market with advanced cannabis legislation. The company’s recent acquisition of a majority stake in Remexian is supported by strong interest from Canadian LPs to use HITI (some exclusively) to access the German (and eventually European) medical cannabis market. Meanwhile, HITI’s eCommerce sites offer a platform that would allow it to quickly scale in the U.S. should federal legalization occur. Despite another strong year, HITI’s 2025 share price performance was not only negative (17 per cent), but substantially underperformed sector peers (i.e. average of up 65 per cent). Consequently, we expect the shares to play catch-up”

* Cannara Biotech Inc. (LOVE-X) with a “buy” rating and $3.25 target. Average: $3.25.

Analyst: “In our view, LOVE is relatively unknown outside of Quebec, despite having the strongest track record of financial execution in our Licensed Producer (LP) coverage. This is highlighted by consistently improving EBITDA margins (currently the highest) and FCF generation (which has allowed it to fund capex while maintaining healthy leverage of 0.6 times). LOVE holds a 4-per-cent share in the Canadian recreational market and is growing rapidly. The launch of cannabis vape products by the Société Québécoise Du Cannabis (SQDC) on November 26, where LOVE captured 30-per-cent dollar share (with 5 of the 25 total approved SKUs) of the category, vaulted it to the #1 market share position in Quebec. In December, the company held a 14.7-per-cent share of retail cannabis sales in the province (up 100bps m/m). LOVE utilizes a ‘pheno-hunt’ process to develop new genetics and products, allowing it to stay ahead of the competition in a fast-evolving market. While many Canadian LPs turn to international markets for a greater TAM and better margins, LOVE continues to focus on capturing the growing (and underserved) market for quality cannabis in Canada. The company has found success by offering high-quality products at competitive prices given its efficient cost structure. Specifically, its facilities are strategically located in Quebec, where provincial utility costs (14 per cent of LOVE’s production costs) are the lowest in Canada. Moreover, LOVE’s flagship Valleyfield plant was acquired at a ~90% discount given the timing of the company’s market entry (i.e. in 2020 after the cannabis equity wipeout), offering substantial capex savings. As such, LOVE remained profitable despite industry price compression (which has since stabilized) and generated healthy FCF without relying on exports.”

* Cronos Group Inc. (CRON-T) with a “buy” rating and $4.50 target. Average: $3.70.

Analyst: “CRON holds a 5-per-cent share in the Canadian recreational market with prominent positions across several categories (i.e. 21-per-cent share in edibles, 7 per cent in vapes, 5 per cent in flower, and 3 per cent in pre-rolls). This is supported by strong brands (i.e. Spinach is #2 in Canada, Peace Naturals is #1 in Israel), ongoing product innovation, and wide-scale distribution. With a lean operating cost base and industry-leading cultivation practices (i.e. partnered with Mucci Farms, a world-class leader in the greenhouse industry), CRON is well-positioned to improve profitability as it scales the top line. Given the company’s new margin profile, EBITDA growth, and rolling off $51-million of capex tied to GrowCo, we are forecasting positive core operating cash flow (i.e. excluding interest from its sizeable cash balance) in 2026. CRON also has the strongest balance sheet within our cannabis coverage, highlighted by a cash position of $824-million (Altria made a $2.4-billion investment in 2019). We believe this provides a buffer to 1) navigate lingering industry risks on the company’s path to profitability and 2) execute on high-ROI opportunities including direct investments (i.e. HITI), capacity expansion, joint ventures, and M&A (including CRON’s recent announcement that it plans to acquire CanAdelaar, the largest adult-use cannabis company in Europe).”

* Decibel Cannabis Co. Inc. (DB-X) with a “hold” rating and 10-cent target, Average: 30 cents.

Analyst: “DB is the seventh-largest Canadian LP by sales and was an early innovator in vapes and infused pre-rolls. The company holds a top-three share in both categories and has an attractive margin profile (i.e. gross/adj. EBITDA margins of 48 per cent/19 per cent in 2024 owing to a favourable high-margin product mix). Increased category competition pressured DB’s Canadian sales through 2024/early-2025, though this has since stabilized due to new product launches (i.e. high-potency vapes/pre-rolls) and promotional campaigns. We see modest margin upside stemming from DB’s international sales. However, we do harbour some concerns, including (1) potential price compression and (2) international pressure (for now) as competitors, attracted by the lucrative margin opportunity, continue to enter the market. DB has traded at a 0.3-times discount to peers on EV/Sales (1.0 times) over the last two years, which we attribute to share losses. For valuation to move higher, we believe investors need to see DB prove out its international strategy and stem any further domestic share losses.”

In other analyst actions:

* Citing a “tougher tariff/industry backdrop,” CIBC’s Hamir Patel downgraded Winpak Ltd. (WPK-T) to “neutral” from “outperformer” with a $52 target, down from $53.

“We are reducing our rating on Winpak to Neutral (from Outperformer) amid increased tariff uncertainty heading into the USMCA renewal and a more competitive industry backdrop, with Amcor showing signs of targeting the pet care industry (a high-growth area for WPK),” said Mr. Patel. “Additionally, while we were previously hopeful that Winpak would finalize an acquisition in the healthcare space in H1/26, we now have less confidence that a transaction may be completed given increased competition. Although we are moderating our price target to $52 (from $53), we have raised our valuation multiple by 0.5 times (now 6.75 times 2027 estimated EV/EBITDA) as we have pushed out our volume growth assumptions. We have also raised our upside scenario to $63 to reflect recent Canadian flexible packaging transactions.”

Elsewhere, BMO’s Stephen MacLeod raised his target to $52, matching the average, from $47 with a “market perform” rating.

* Seeing Equinox Gold Corp. (EQX-T) ” well positioned to benefit from leverage to the gold price,” CIBC’s Anita Soni raised her rating to “outperformer” from “neutral” with a $32 target, up from $26.50. The average is $26.59.

“Equinox has successfully transitioned from developer to multi-asset producer and is one of the most leveraged names to the gold price. However, we view the operational track record, high cost base, and risks associated with a post start-up operational standpoint at Greenstone and its newly acquired Valentine mine as headwinds for the stock,” said Ms. Soni.

* Canaccord Genuity’s Dalton Baretto initiated coverage of Americas Gold and Silver Corp. (USA-T) with a “buy” rating and a Street-high $17 target. The average target on the Street is $12.64.

“We view USA as a compelling investment option for investors looking to gain early exposure to significant silver leverage and growth in the United States of America, along with a compelling antimony side business, all driven by a management team with a proven track record of generating value for shareholders,” said Mr. Baretto.

* Desjardins Securities’ Bryce Adams raised his Alamos Gold Inc. (AGI-T) target to $80 from $70 with a “buy” rating. The average is $71.49.

“On February 18, AGI reported 4Q25 adjusted EBITDA of US$385-million and adjusted EPS of US$0.54. We have updated our model with the release, resulting in minimal changes given that 4Q25 production and 2026 guidance had been reported previously and were already factored in our model,” said Mr. Adams.

* Mr. Adams also raised his Hudbay Minerals Inc. (HBM-T) target to $40 from $36 with a “buy” rating. The average is $38.77.

“On Friday, HBM reported a 4Q25 earnings miss and issued 2026 guidance which includes higher capex. That said, after model updates, we view HBM’s strong balance sheet (net debt US$440-million ex leases, or 0.4 times TTM [trailing 12-month] EBITDA) as supporting its future growth plans. Further, with Copper World funded by partner contributions through 2028, excess FCF can support other high-IRR growth and shareholder returns (incl increased dividends of $0.01/sh quarterly from $0.01/sh semi-annually and potential share buyback through May 2026),” said Mr. Adams.

* RBC’s Pammi Bir bumped his Choice Properties REIT (CHP.UN-T) target to $17, above the $16.58 average, from $16 with a “sector perform” rating.

“Following another round of in line results, we see CHP as well-equipped to navigate a choppy macro backdrop. Operationally, we expect a repeat year of resilience, underpinned by the stability of its defensive retail portfolio and a little extra torque from industrial. As for the earnings outlook, the pace remains steady and in line with its peers, partly impacted by refinancing headwinds. Combined with a solid balance sheet, we see its premium relative valuation as justified,” said Mr. Bir.

* Seeing an “inflection point in demand,” Desjardins Securities’ Frederic Tremblay raised his Foraco International SA (FAR-T) target to $4.50 from $3 with a “buy” rating. The average is $3.38.

“Within the 4Q release on March 2, we will be looking closely for comments on the outlook amid what appears to be a sharp acceleration in demand for drilling services supported by historically high gold and copper prices and constructive financing activity. Our 2026–27 forecasts reflect our view that Foraco stands to strongly benefit from an improvement in market conditions,” said Mr. Tremblay.

* Ahead of the release of its fourth-quarter 2025 results before the bell on Thursday, RBC’s Ryland Conrad hiked his target for Gildan Activewear Inc. (GIL-N, GIL-T) to US$79 from US$71 with an “outperform” rating. The average is US$80.54.

“With the closing of the HanesBrands acquisition, our near-term focus is on: (i) integration execution and progress in realizing cost synergies; (ii) the extent to which Hanes returns to sustainable revenue growth; and (iii) the de-levering trajectory including potential divestitures,” said Mr. Conrad. “Despite strong share price performance (up 39 per cent since the acquisition announcement) with GIL now trading at a FTM [forward 12-month] P/E of 15.1 times, we continue to see potential for multi-year upside in the shares in a successful integration scenario driven by a solid 2026-2028 outlook (more than 20-per-cent EPS CAGR) boosted by Hanesrelated cost synergies and continued market share gains.”

* RBC’s Sam Crittenden increased his Major Drilling Group International Inc. (MDI-T) target to $20 from $17 with an “outperform” rating. The average is $23.30.

“As we approach MDI’s seasonally weakest quarter (during the winter months) we expect the focus to be around the outlook for the remainder of 2026. Based on elevated commodity prices and a step change higher in financing activity, we expect a strong year for exploration drilling,” said Mr. Crittenden.

* JPMorgan’s John Ivankoe lowered the his price target on Restaurant Brands International Inc. (QSR-N, QSR-T) to US$72 from US$77, keeping an “overweight” rating. The average is US$77.06.

* Desjardins Securities’ Chris MacCulloch moved his Spartan Delta Corp. (SDE-T) target to $11 from $9.50, exceeding the $9.92 average, with a “hold” rating. Other changes include: Ventum Capital Markets’ Adam Gill to $12.25 from $10.50 with a “buy” rating and TD Cowen’s Aaron Bilkoski to $12 from $9.50 with a “buy” rating

“We are increasing our target on Spartan Delta … reflecting upward revisions to our estimates and multiple expansion following [Monday] morning’s release of positive 4Q25 financial results,” he said. “While we remain constructive on the company’s growth prospects given operational momentum and an expanding Duvernay footprint which supported increased production forecasts, we continue to see better opportunities elsewhere in the sector following recent multiple expansion on the back of equity outperformance.”

* While predicting 2026 will bring higher organic growth and continued margin gains for Canadian engineering firms, TD Cowen’s Michael Tupholme cut his targets for Stantec Inc. (STN-T, “buy”) to $158 from $183 and WSP Global Inc. (WSP-T, “buy”) to $311 from $355 due to “market/AI uncertainty.” The averages are $165 and $332.88, respectively.

“We are constructive on our covered engineering services names going into Q4/25 reporting. Our estimates are in line with consensus. We expect favourable 2026 guidance, including a pick-up in organic growth and continued healthy margin gains. We have lowered our engineering services target multiples (amid market uncertainty and AI-disruptor concerns),” he said.

“ATRL remains our top pick (BUY-rated; $125.00 target). We like the growth outlooks for ESR and Nuclear. ATRL’s strong balance sheet positions it well for M&A. Valuation is attractive, with execution and nuclear awards seen as potential drivers of multiple expansion.”