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

In reaction to a 35-per-cent jump in its share price thus far in 2026 and seeing “limited relative upside” to his $23 price target, RBC Dominion Securities analyst Bart Dziarski downgraded AGF Management Ltd. (AGF.B-T) to a “sector perform” rating from “outperform” previously.

The revision came after the Toronto-based firm pre-released third-quarter assets under management of $74.2-billion, which is up 31 per cent year-over-year but down 1 per cent sequentially and below Mr. Dziarski’s $75.4-billion estimate. The miss was driven by a weaker-than-anticipated performance at its AGF Investments and AGF Private Wealth segments.

“We are expecting benign net flows for a 2nd consecutive quarter,” the analyst added. “We have lowered our Q3/26 mutual fund net flows estimate from $75-million to $40-million. On the Q2/26 call, management provided an intra-quarter update of net sales totalling $25-million through June 24th, so our estimates imply modest $15-million incremental net flows in July and August. AGF reported $6-million net flows in Q2/26 indicating Q3/26 would mark a 2nd consecutive quarter of benign net flows. Our net flows estimate could prove optimistic given Q2/26 intra-quarter update provided by management was $40-million yet outflows in the balance of the quarter resulted in $6-million Q2/26 actual net flows.

“On the Q2/26 call, management highlighted investor skittishness given the economy and an under-weight to products seeing more positive flows (i.e. gold, crypto, high-yield). A key focus for Q3/26 earnings on September 23 will be whether the foregoing trends persisted.”

Mr. Dziarski reaffirmed his $23 target for AGF shares. The average target on the Street is $22.67.

“We are modestly reducing our estimates to reflect lower Q3/26 AUM reported by AGF,” he said. “We maintain our $23 price target and continue to apply a 9 times P/ E multiple, above AGF’s long-term historical 8.3-times average. AGF currently trades at 9.4 times forward P/E with a 2-per-cent dividend yield. With the stock increasing 35 per cent year-to-date and 44 per cent since December 2025, we see limited relative upside and are downgrading from Outperform to Sector Perform.”

National Bank Financial analyst Cameron Doerksen is “doubtful” that U.S. President Donald Trump will actually ban sales of luxury jets built by Bombardier Inc. (BBD.B-T), however he warns “share price volatility is likely in the near-term, and we would prefer to wait to buy the stock until there is more certainty on the trade front.”

“Bombardier does all the final assembly of its business jets in Canada, but 60 per cent of its annual deliveries (and likely a similar percentage of backlog) is to U.S. based customers. This threat is clearly part of a broader escalating trade dispute between Canada and the U.S. and while it is not clear under what legal authority the U.S. could ban a single importer at a whim, this no doubt elevates uncertainty for Bombardier.

”Not the first threat to Bombardier Recall that in January the U.S. President threatened to ‘de-certify’ all Canadian-built aircraft and put a 50-per-cent tariff on Bombardier planes unless Canada’s aviation regulator immediately certified several competing Gulfstream business jet models. Following the threat, Bombardier shares fell approximately 10 per cent, but the stock subsequently recovered as the dispute was de-escalated and Canada certified Gulfstream models the following month. Given the recent tariff escalation between the two countries and failed trade talks, we suspect that this latest threat to Bombardier will not be de-escalated as quickly as in January.”

In a client note released before the bell on Tuesday, Mr. Doerksen emphasized the Montreal-based manufacturer has “a material presence” south of the border as it directly employs more than 3,500 people in the United States at its sub-manufacturing sites and in its a large service/support network.

“Furthermore, given its large U.S. customer base (including large U.S. fleet operators that have large orders in backlog) banning the sale of Bombardier jets into the U.S. would be massively disruptive to many business jet operators in the country,” he noted. “Bombardier-built jets have sizeable U.S. supplier content. All of Bombardier’s aircraft have sizeable U.S. content (40 per cent or more U.S. content typically) and the company has 2,800 U.S. suppliers. Effectively eliminating a major OEM from the market would lead to lost revenue and job losses for those suppliers undoubtedly. One would hope that large U.S. aerospace suppliers would lobby on behalf of one of their most important customers (both GE Aerospace and Honeywell Aerospace supply engines to Bombardier).

“Canada has some trade leverage when it comes to Aerospace. Because the global aerospace industry is so integrated, aircraft and aerospace parts have generally traded tariff-free. Indeed, in the bilateral trade deals the U.S. Administration has signed with other countries, aerospace has enjoyed a tariff carve out (the U.S. enjoys a US$109-billion trade surplus in Aerospace & Defense according to the U.S. Aerospace Industries Association). According to the U.S. International Trade Administration, in 2025 the U.S. exported US$9.4-billion in aerospace products to Canada, so Canada is a critical market, but Canada is also a critical supplier to major U.S. aircraft OEMs. For instance, many U.S. business jet OEMs rely on engine supply from plants in Canada. As such, we believe Canada has more trade leverage in aerospace than in some other sectors.”

Despite his warning of caution given likely share price turbulence, Mr. Doerksen maintained his “sector perform” rating and $379 target for Bombardier shares. The average target is currently $366.88.

“Based on 2027 estimates, the direct aircraft OEM peer group is trading at an average of 11.2 times EV/EBITDA versus Bombardier currently trading at 13.8 times based on our forecast,” he noted.

Elsewhere, Stifel’s Daryl Young kept a “buy” rating and $390 target for Bombardier.

“In our view, the legalities/practicalities/enforceability of banning Bombardier products are hazy, but we still expect the headline to weigh on Bombardier’s share price. Moreover, the bizjet market remains historically tight and a ban on Bombardier products would severely disrupt U.S. customers (corporations, HNW individuals, and fractional/fleet operators) which are already facing multi-year OEM backlogs,” said Mr. Young.

TD Cowen analyst Aaron Bilkoski thinks Coelacanth Energy Inc. (CEI-X) possesses “attractive assets [and] insufficient upside,” leading him to initiate coverage of the Calgary-based company with a “hold” rating.

“Coelacanth owns a high-quality Montney asset with a credible path to approximately 26 mBOE/d [thousand barrels of oil equivalent per day] by 2031,” he said. “However, at the current share price of $0.69, investors are already crediting the company for the majority (approximately 85 per cent) of that success despite comparatively limited well data across its acreage and meaningful execution risk.”

In a client report released before the bell, Mr. Bilkoski thinks Coelacanth’s large, liquids-weighted position makes it a “compelling Montney company with a disproportionately large asset” that has the potential to grow production by nearly four times its current levels.

“Relative to other producers in the oil window of the Montney, Coelacanth’s land position is competitive in size with peers,” he said. “That said, it stands out for its scale relative to the company’s current production base. Early well results have been encouraging and compare favorably with Vermilion’s adjacent development to the east, although liquids yields remain below those achieved by Alberta Montney operators such as Shell, Kelt, Ovintiv, and Whitecap. While results are modestly lower than other areas of the play today, the Two Rivers area remains in its early stages and could benefit from continued delineation, testing, and development optimization over time.

Despite noting “the scale of that opportunity is significant,” Mr. Bilkoski also warned it is “largely recognized by the market.”

“While our analysis supports the quality of the asset and its development potential, we believe the current share price already reflects the majority of growth over the next five years, despite a limited technical dataset (relative to other junior E&Ps within our coverage) and execution risk inherent in early-stage growth models,” he added.

“Our HOLD rating is driven by valuation, not asset quality or growth potential. If we see better-than-expected well performance, a meaningfully faster growth trajectory, or higher-than-modeled oil and/or natural gas prices, this could result in positive revisions to our estimates.”

Mr. Bilkoski set a target of 80 cents per share. The average is $1.25.

Ventum Financial analyst George Doumet continues to like Dollarama Inc.’s (DOL-T) position in the market “despite a choppy staples backdrop,” seeing its “value proposition proving resilient as consumers become more selective.”

“Recent results in the space have been mixed, offering no clear directional read-through (that said, we like the Walmart Canada comp), while the new Canadian counter-tariffs appear manageable given limited exposure and DOL’s sourcing flexibility,” he said in a report released before the bell titled Expecting Canada to Carry the Cart.

“We remain above consensus on Canadian comps and see a potential $6 price point as an underappreciated catalyst for SSSG [same-store sales growth] and margins. Beyond the quarter, F2027 remains a trough year by design as peak investment in Australia, Mexico, and the Western Canada DC overlap. As these headwinds fade and CARS continues to compound, we see DOL returning toward its historical mid-teens EPS growth algorithm as early as F2028, one year ahead of consensus.”

Ahead of the release of its second-quarter fiscal 2027 financial results before the bell on Sept. 16, Mr. Doumet is projecting earnings per share of $1.30, which is a gain of 12 per cent year-over-year and exceeds the consensus estimate of $1.25. His beat is driven by an expectation for Canadian same-store sales growth of 4.9 per cent, topping the Street by 0.6 per cent.

“DOL entered Q2 with good momentum, with Q1 Canadian SSSG of 5.6 per cent, including 3.5-per-cent transaction growth and 2.0-per-cent higher average ticket,” he said. “We expect another healthy quarter, supported by traffic, solid demand and positive pricing dynamics. On gross margins, we are ahead of consensus by 20 basis points driven by leverage to sales and positive pricing dynamics. We see modest pressure from higher freight and sourcing costs related to the prolonged Middle East conflict, with the impact potentially more pronounced in H2/F2027 should the disruption persist. We also expect controlled SG&A scaling as DOL continues to invest. Overall, another solid quarter should reinforce the resilience of the Canadian business.

”Tariffs barely ring the register. Canada’s newly announced counter-tariffs, effective September 8, include 15-per-cent to 50-per-cent duties on U.S.-origin goods across categories including pulp and paper and certain plastics, creating some overlap with DOL’s assortment. Relevant items include toilet paper and facial tissue at 25 per cent, and certain plastic bags, kitchenware, stationery items, and other household and hygienic articles at 50 per cent. Importantly, the tariffs apply only to U.S.-origin goods, and based on our review, we estimate the directly affected merchandise represents an immaterial portion of DOL’s revenue, even before mitigation. We therefore see limited risk to our estimates, with DOL’s sourcing flexibility providing an additional buffer.“

Mr. Doumet reaffirmed “buy” rating and $225 target for the Montreal-based retailer’s shares. The average target on the Street is $218.42.

TD Cowen analyst David Kwan believes Enghouse Systems Ltd.’s (ENGH-T) outlook “remains challenged by macro pressures and AI-related uncertainty” ahead of the release of its third-quarter results on Thursday.

“Our Q3 forecasts assume another double-digit year-over-year organic decline, given ongoing macroeconomic and competitive headwinds,” he said. “The slowdown in M&A has further contributed to the slowdown in overall growth. With the stock and valuation at multi-year lows and it facing a tougher M&A environment, ENGH ramped up share buyback activity this quarter, which could continue in the near term/medium term.”

Mr. Kwan is projecting revenue for the Markham, Ont.-based software and services company of $114.1-million, implying a 9-per-cent year-over-year and a “continued deterioration in growth” as the second quarter saw an 8-per-cent decline.

“We remain cautious on the outlook, as we forecast organic declines in the 10-per-cent year-over-year range in H2/F26 and more moderate organic declines throughout F2027,” he said. “Amongst other things, we expect competitive/AI pressure and churn from prior acquisitions (i.e., Lifesize) to persist, and macro/geopolitical headwinds to continue negatively impacting customer demand. Based on management’s commentary, market conditions provide limited visibility into the timing of a potential recovery.

“Our Adj. EBITDA estimate of $28.0-million is 5 per cent below consensus. Our forecast implies 24.6-per-cent margin vs. 25.7 per cent last year, with the decline driven by the expected decline in revenue despite ongoing cost optimization work.”

The analyst also emphasized a “significant slowdown in M&A activity over the last year” has hurt the company’s “worsening growth profile.”

“Deal flow has been hindered by elevated valuations in private markets and a more limited universe of attractive public targets, where opportunities tend to be larger and face increased AI disruption risk,” he explained.

Mr. Kwan reaffirmed his “hold” rating and $16 target for Enghouse shares. The average is $17.

“Our neutral view is primarily due to the continued elevated organic revenue declines in both its IMG and AMG businesses, particularly driven by macroeconomic/geopolitical headwinds to its mostly SMB customer base in IMG, AI/competition challenges in its contact center/customer experience business, and headwinds in the telco sector,” he said. “This is offset by ENGH’s strong balance sheet that could fund more active share buybacks and M&A activity.”

In other analyst actions:

* Citing its attractive relative valuation and asset footprint, JPMorgan’s Arun Jayaram Cenovus Energy (CVE-T) to “overweight” from “neutral” with a $58 target, rising from $51. The average target on the Street is $58.51.

* After introducing his 2028 fiscal estimates, Citi’s James Hardiman raised his target for BRP Inc. (DOO-T) to $110 from $106 with a “buy” rating. The average is $102.68.

“Our most recent ORV dealer checks point to modest July/August retail growth for both PII [Polaris Inc.] and DOO, on top of what similar growth reported for 2Q, a welcome positive amidst otherwise lacklustre demand trends within big-ticket discretionary,” he said. “The erratic nature of tariffs continues to be an ongoing problem (even if companies are getting smarter at mitigation) while fuel/freight/transport costs will likely be a much bigger conversation during 3Q earnings. Overall, we feel better about the PII story than we have in some time, with solid retail momentum bolstered by strong share and an excellent inventory positioning. That said we have a tough time bridging to the Street’s 2027 PII numbers and valuation still feels a bit rich, whereas we continue to think that DOO has more upside to numbers and a more favorable valuation.”

* ATB Cormark’s Amir Arif raised his Saturn Oil & Gas Inc. (SOIL-T) target to $9 from $8.50 with an “outperform” rating. The average is $10.

“SOIL is up 165 per cent year-to-date relative to the 48-per-cent move in the sector. This move has been driven by its free cash flow generation and debt reduction rather than any multiple expansion with the stock still trading at 2.5 times 2027 estimated strip EV/DACF. In addition to the ongoing free cash flow, we believe there is room for multiple expansion over time as leverage ratios improve, size continues to increase, and as the marketplace better understands the underlying value creation taking place from cost structure improvements following acquisitions as well as from resource delineation/development through open-hole multilateral (OHML) drilling,” said Mr. Arif.

* TD Cowen’s Wayne Lam initiated coverage of Vancouver-based Thesis Gold and Silver Inc. (TAU-X) with a “buy” rating and $5 target. The average is $6.50.

“We view Lawyers-Ranch as a largescale Canadian project strategically located in the Toodoggone region in B.C.. We anticipate increased traction as the project advances through permitting to construction in 2029 with exploration driving continued resource additions and valuation support given M&A focus on Tier I jurisdictions,” he said.

“Given our continued view of asset scarcity for high-quality Canadian assets with scale, we anticipate increasing investor support for TAU as the project advances towards a construction decision.”

* Barclays’ Manav Patnaik reduced his target for Thomson Reuters Corp. (TRI-Q, TRI-T) to US$130 from US$140, maintaining an “overweight” rating. The average is