Monday’s analyst upgrades and downgrades

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

While Desjardins Securities analyst Jerome Dubreuil remains “cautious” on Canada’s telecommunications sector heading into 2026, he does thinks it could “offer decent protection to investors against macroeconomic or geopolitical deterioration.”

“The year-over-year improvement in wireless pricing during the holiday period was encouraging and bodes well for the direction of ARPU [average revenue per user] growth,” he said. “However, this was consistent with recent expectations, and the immigration slowdown continues to weigh on volumes in both wireless and wireline. Increased focus on out-of-footprint Internet services could also pressure the industry’s fixed broadband pricing.”

In a research report previewing fourth-quarter earnings season titled Steps in the right direction, Mr. Dubreuil said wireless pricing through Black Friday and the holiday season showed promotional activity was “notably more restrained” than the previous year, noting “$29 entry-level plans on flanker brands in Québec were absent this year, with the minimum price holding at $40/month per line most of the time.”

“This pricing activity, along with recent management commentary, suggests that new activations are being priced above current ARPU levels, which should support improvements in sequential ARPU growth,” he added. “We still anticipate ARPU to decline vs a year ago due to the ongoing repricing of the back book, more emphasis on bundling and add-a-line discounts, as well as headwinds from overage and roaming fees. Finally, we forecast that QBR could deliver flat/positive ARPU growth this quarter for the first time in more than two years.

“On the volume side, the 0.2-per-cent quarter-over-quarter population decline in 3Q25 marks one of only two quarterly instances where Canada’s population has declined sequentially since Statistics Canada began tracking population estimates in 1946. While this data is backward-looking, we believe it remains noteworthy ― particularly given that no material changes to immigration policy occurred in 4Q25.”

After previewing earnings guidance, Mr. Dubreuil made three adjustments to his target prices and reaffirmed his pecking order for stocks in the sector. They are:

1. BCE Inc. (BCE-T, “buy”) to $41 (Street high) from $42. The average target is $35.75, according to LSEG data.

Analyst: “The upcoming guidance will offer an initial indication of the company’s progress toward its three-year EBITDA growth target of 2–3 per cent. Our 2026 estimated EBITDA is broadly aligned with consensus, but we are constructive on the name given the compelling Ziply expansion opportunity, improving operations in Canada, better visibility and an attractive relative valuation.”

2. Telus Corp. (T-T, “buy”) at $23 (unchanged). Average: $20.75.

Analyst: “We find the capital allocation/financing strategy inconsistent with some of the company’s objectives but believe this is already reflected in the share price. The company has options to further reduce leverage into the low-3x range, which would compare favourably vs other members of the Big 3. Asset monetization and DDRIP removal would likely be well-received by investors. We are eager to learn more about the way T will structure its AI investments.”

3. Quebecor Inc. (QBR.B-T, “buy”) to $54 from $53. Average: $51.94.

Analyst: “Currently the most expensive stock within our telecom coverage, QBR still has catalysts coming, including 2026 FCF guidance (provided when the company will report) that we expect will be higher than consensus.”

4. Rogers Communications Inc. (RCI.B-T, “hold”) to $55 from $57. Average: $57.53.

Analyst: “We anticipate a strong media quarter, driven by the Blue Jays’ playoffs run, but anticipate the market will focus more on guidance. We believe the stock is fairly valued on a relative basis, even considering sports investments. The company’s decent growth is offset by a high capex profile, which we believe should improve in the coming years.”

5. Cogeco Communications Inc. (CCA-T, “hold”) at $71 (unchanged). Average: $88.67.

Analyst: “We are looking for a rebound in subscriber trends and a recovery from last quarter’s 9.2-per-cent constant-currency revenue decline in the U.S., despite FWA momentum remaining strong.”

In his research report released Monday previewing earnings season for Canada’s telecoms titled A Slow Road to Recovery, Scotia Capital analyst Maher Yaghi reaffirmed his view that Canadian wireless market is on the mend.

“However, improvement to ARPUs and financials will take time to show given consumer tendencies to not wanting to re-negotiate their contracts if it means paying higher rack prices,” he added. “On financials, we are below consensus on TELUS and BCE, inline on RCI and CCA and above on QBR. Our targets have been slightly adjusted due to changes to our 2026 and beyond estimates as well as some adjustments to NAV multiples corresponding to our changed growth expectations. From a stock perspective, Rogers is beginning to look more attractive given the improving FCF generation picture going forward (less cash needed to support Rogers Bank, MLSE FCF improvement opportunity) while TELUS is seeing the highest price target reduction as we expect a more limited upside in the stock until the company’s payout ratio comes down closer to peers as seen.”

Mr. Yaghi made these target adjustments:

* BCE Inc. (BCE-T, “sector outperform”) to $40.75 from $41.50. The average target is $35.75.

Analyst: “We expect continued churn improvement in wireless this quarter, however we saw BCE deciding to remain somewhat on the sidelines during the quarter on handset subsidies which likely meant a slight step back in loading vs peers. We don’t see this as necessarily a negative focusing on CLV instead of loading, however it does show that the industry remained quite promotional. As for guidance, we expect a subdued outlook for the Canadian telecom business as 2026 continues to be pressured by low subs growth and potentially negative wireless ARPU growth for most of the year. We expect Ziply and the Enterprise business to provide the needed growth to offset the flat outlook for the base Canadian telecom business. This time last year, the market was questioning the fundamental sustainability of BCE’s business model and the health of its balance sheet. Management has since made commendable strides to materially de-risk both.”

* Cogeco Communications Inc. (CCA-T, “sector perform”) at $74.25 from $74. Average: $88.67.

Analyst: “We expect Cogeco to report 3-per-cent year-over-year decline in revenues and EBITDA in fiscal Q1. The top-line decline remains elevated, pressured by lower RGUs in the US and pricing in Canada. Both markets are currently showing negative organic revenue growth. In the U.S. we believe Verizon, T-Mobile, and AT&T continue to have sufficient excess capacity in their wireless networks to allow for continued loading of new FWA customers. We expect cable operators in the U.S. to continue to lose share to both FWA and fiber in the next couple of years. The company’s FY26 guidance implies a positive inflection point in broadband in the U.S. business, but for us, this remains a question mark. Until we see a material and sustained improvement of trends in that business, we believe valuations will remain depressed, similar to other US cable companies such as Comcast and Charter.”

* Quebecor Inc. (QBR.B-T, “sector perform”) to $51.75 from $48. Average: $51.94.

Analyst: “We expect that QBR loaded the highest number of wireless subscribers in Q4, capturing about 34 per cent of the industry’s net additions, up from 29 per cent in Q4/24. This strong performance was supported by the price discount the Freedom brand continues to exhibit vs incumbents and low churn metrics. Given the improved wireless pricing vs a year ago and the lower back book average price in the subscriber base at Freedom, which was loaded at $35 or below in the prior period, we expect QBR to return to positive wireless ARPU growth in Q4 (a first since Q1/23), a distinction that we don’t expect its peers to achieve until 2H26. We also expect the company to report improved revenue growth in its cable operations. Our financial estimates heading into reporting season are currently the highest on the Street on both consolidated revenues and EBITDA..”

* Rogers Communications Inc. (RCI.B-T, “sector perform”) to $58 from $57.50. Average: $57.53.

Analyst: “We believe Rogers continued to execute well in Q4 which should be observable by strong margins and loading. During our store visits during Black Friday and the Holidays, we observed the company pulsating in and out proactively in the market with promotions both on plan prices and handsets in order to maintain leadership, a posture that we would characterize as restrained aggression. During a recent call we hosted with Ookla, we observed that Rogers has not been losing share to Freedom as much as BCE and TELUS. An outcome that has been achieved in our view due to a focus on cost savings that were repurposed to reduce churn, plan differentiation, and handset offers. Ookla’s data also point to the fact that the company’s cable network speeds have significantly increased as a result of recent capex spend, providing a tailwind to see capex materially declining in the coming years. We could also see a move by the company in the coming months to monetize some of its account receivables at Rogers Bank which could provide $500-1,000M of cash inflows to support leverage. Overall we are slowly becoming more positive on the shares, but we will continue to evaluate how leverage will behave as the company takes on a larger ownership of MLSE in the coming months.”

* Telus Corp. (T-T, “sector outperform”) at $22.50 from $26. Average: $20.75.

Analyst: “We witnessed an elevated level of promotional activity in TELUS stores during the late holiday period; this likely provided the company with good loading metrics in Q4. As the only Canadian telco with a distrubution above 100 per cent, we believe management needs to allocate all organically generated FCFs to lowering debt and supporting the dividend and not on stock buybacks given the ongoing discount on the DRIP. Investor feedback shows that appetite for the stock could improve when the DRIP discount is fully removed and the distribution ratio drops below 100 per cent. While selling a portion of TELUS Health could reduce leverage, it does not solve the underlying dividend coverage issue. We believe TELUS operates some of the best telecom infrastructure assets in Canada, and management’s recently articulated focus on deleveraging and FCF growth should provide a path to recovery in the coming years on valuations if that focus is maintained..”

TD Cowen analyst Tim James sees multiple factors supporting more upside” for shares of CAE Inc. (CAE-T), emphasizing he is “incrementally positive” on the outlook for both its valuation and long-term fundamentals.

“The current environment of increasing global defence spending is very positive,” he said in a client note. “The fact that Canada has plans to ramp up spending at high rates to historically unprecedented levels bodes especially well for CAE given our view of the addressable market it has for opportunities in Canada. We believe CAE has exposure to all major defence procurements. We estimate Canadian defence spending could grow at 10-15 per cent annually for 5-10 years with a political desire for domestic benefits driving higher potential growth for domestic players.

“Civil environment also positive though less historically significant than defence. Global commercial air travel growth accelerated in October (up 6.6 per cent) and November (up 5.7 per cent) with key regions of N.A. and Europe accelerating vs mid-2025 (up 1-4 per cent). U.S. pilot hiring over 3 months ending Nov/25 is up 170 per cent year-over-year versus year-over-year declines since 2023 through Aug/25. Boeing (TD Cowen 2026 Best Ideas) and Airbus deliveries are increasing. Although expected, given the years of supply chain and regulatory headwinds, we think the market will still be encouraged by long overdue momentum. CAE is expected to be a beneficiary of all such trends financially and in terms of investor sentiment.”

With higher Defense and Civil segment target earnings multiples, Mr. James increased his target for the Montreal-based company’s shares to a Street high of $53 from $46, maintaining his “buy” rating. The average is $45.33.

“CAE’s comp group forward EBITDA multiples are up 18 per cent since June/25 and now average 15.2 times,” he said. “CAE is trading at 14.1 times (consensus), 1.1-times discount being greater than trailing 5-year avg of 0.1 times. We see no reason for CAE to trade at a greater discount than the past and believe it could move to a premium in the current environment.

“Our updated segment multiples imply a consolidated forward EBITDA multiple of 14.1 times. Given comp multiples are 20-25 per cent higher than previous record highs, we are cautious in our expectations for how gap vs CAE closes. We believe sector exuberance as implied by record multiples could cool just as easily as further expansion in CAE’s multiple. CAE’s multiple moving up to unprecedented comp group levels) would imply $57-58 in 12 months.”

National Bank Financial analyst Maxim Sytchev saw Ag Growth International Inc.’s (AFN-T) third-quarter 2025 results and outlook as “not exactly stellar,” but, given the delay in the release stemming from the need to finalize the accounting treatment of its operations in Brazil, he said investors should be relieved as “financial process deficiencies in Brazil is a dramatically different outcome versus irregularities, corruption and/or the ENTIRE Commercial business being contaminated.”

“For the shares to recapture their prior all-time highs, the ag cycle needs to be in a much better position and investors need to see consistent FCF, a dynamic that should be improving as the monetization program is being utilized in 2026,” he said. “That being said, in the world of most names trading at peak multiples potentially on peak profitability, paying a normal multiple, we believe the risk/reward skew here is attractive.”

On Friday, shares of the Winnipeg-based bulk commodity storage, transport and processing company soared 22.3 per cent after it reported a “big” quarterly beat with adjusted earnings per share coming at $1.31, well above Mr. Sytchev’s forecast of 68 cents and the Street’s expectation of $1.04.

However, he emphasized “context matters … recall that the stock was taken for dead, amid some sell-side suspending coverage and us fielding questions from investors regarding TSX delisting rules.” He warned macroeconomic challenges continue to linger, particular farm weakness, but he thinks clarity on the company’s Brazil project “provides relief for investors.”

“The delay of Q3/25 filings compounded the macro driven weakness in AFN shares, but the additional clarity around the Brazilian project accounting is no doubt the key driver of [Friday’s] recovery (Frida’s beat and softer Q4/25E guidance are distant secondary factors),” he said. “Management is working on improving internal controls to address reporting deficiencies around large complex projects and associated financing arrangements, but no evidence emerged of any material concerns around compliance with laws or regulations, the integrity of management, or the company’s historical financial reporting. The complexity is limited to the Brazilian market and should thus not be a concern for AFN’s other geographies. Management expects to utilize the full capacity of the R$1.2-billion fund in 2026E, which should inflect FCF into positive territory for the full year on lower W/C commitments, helping the company progressively deleverage through 2026E.

“Farm weakness persists, but 2026E likely to be the trough. While the U.S. Farm segment appears to finally be troughing, Canadian conditions have worsened (down 46 per cent year-over-year – though off far tougher comps) as soft commodity prices continue to pressure farmer incomes. As a result, dealer inventories remain elevated and 2026 early order program momentum is in line with last year (i.e., weak). This has also led to Canadian Commercial weakness which, combined with the slowdown in India towards the end of last year and much tougher comps (order book is now approximately 90 per cent Commercial), will likely lead to moderation in the segment, despite the Brazil momentum. Nevertheless, this year is likely to represent the trough of the current ag cycle – a sentiment echoed by Deere (NYSE: DE; Not Rated – see Ag trough is coming but likely at some point throughout 2026).”

Expecting “operational streamlining initiatives to pay dividends” in the second half of the year although warning the rollout of its new Enterprise Resource Planning (ERP) system will “likely take some time,” Mr. Sytchev increased his target for Ag Growth shares to $39 from $37, reiterating an “outperform” rating. The average is $35.50.

“As we look forward, we have further pushed out the Farm rebound timing to the right as the crop cycle remains in the doldrums and moderated Commercial growth; the positive offsetting NAV factor is that we no longer assume an A/R write-off in our valuation,” he added.

Elsewhere, Desjardins Securities’ Gary Ho lowered his target to $40 from $47 with a “buy” rating.

“3Q results came in ahead of our and consensus expectations. More importantly, AFN’s delayed reporting and the additional audit work in Brazil did not result in any material impairments, restatements or findings indicating non-compliance with applicable laws or regulations, nor did they raise concerns regarding management integrity. Separately, we lowered our estimates in light of continued farm segment softness,” said Mr. Ho.

Desjardins Securities analyst Benoit Poirier warns conditions for Canada’s freight market remained “soft” in the fourth quarter of 2025 and are “unlikely to materially improve in 1Q (given typical seasonality and challenging year-over-year comps).

However, he remains “constructive” on the sector with “a clear preference for trucking over rail.”

“On guidance, we expect CNR to maintain a conservative approach, targeting mid- to high-single-digit EPS growth in 2026; our forecast is 6.9 per cent, while consensus at 8.1 per cent appears overly optimistic. For CP, we expect guidance to remain in the 10-per-cent-plus range, with our forecast at 14.6 per cent. As for TFII, we believe management will likely provide only a 1Q26 EPS target; we now forecast US$0.78, as consensus of US$0.85 seems high when considering historical sequential seasonality, despite margin improvements at TForce (with JHT Class 8 exposure acting as a headwind).

“TFII remains our top pick”

In a client note previewing earnings season, Mr. Poirier made these target adjustments:

* Canadian National Railway Co. (CNR—T, “buy”) to $160 from $161. The average is $157.87.

Analyst: “Volumes surprised to the upside but will likely be offset by continued mix headwinds. CN achieved RTM [revenue ton mile] growth of 4.2 per cent year-over-year in 4Q, above our 1.8-per-cent forecast. However, the volume outperformance stemmed mainly from intermodal (given the easy 4Q24 ILWU strike comp) as higher-margin segments of forest products and metals continue to be negatively impacted by U.S. tariffs and a weak North American housing market. Putting this all together, while we have increased our revenue estimate on the volume beat, we also tempered down our OR [operating ratio] expectations to 62.0 per cent (from 61.5 per cent) to account for the mix implications which offsets and leaves our 4Q EPS forecast unchanged at $1.94.”

* Canadian Pacific Kansas City Ltd. (CP-T, “buy”) to $130 from $133. Average: $119.18.

Analyst: “Volumes underperformed our expectations as grain farmers held back. CP achieved RTM growth of 0.0 per cent year-over-year in 4Q, coming in below our 4.3-per-cent estimate. While tariff-linked segments such as forest products were once again weak (like CN), the miss mainly stems from softer-than-expected grain volumes in December, as despite the near-record crop, farmers held back on shipments due to lower grain pricing (as increased global supplies from good harvests have pressured pricing). Adjusting for the weaker volumes, we now forecast 4Q EPS of $1.32 (was $1.38).

* TFI International Inc. (TFII-T, “buy”) to $173 from $170. Average: $159.49.

Analyst: “TFII—mixed LTL [less-than truckload] peer mid-4Q tonnage numbers and continued ISM weakness push our near-term estimates slightly lower. On the November tonnage numbers posted by U.S. LTL peers, it was a mixed bag as SAIA and ARCB showed positive year-over-year inflection but XPO and ODFL tonnage came in below expectations and remained negative. We read this as driven by LTL market share likely just changing hands as both November and December ISM PMI came in below consensus and remained in contraction territory (10th consecutive month), pointing to continued softness in industrial demand. Consequently, we have reduced our 4Q25 EPS estimate to US$0.87 (from US$0.96). We also decided to increase our exit multiples to 18 times P/E (from 17 times) and 9.0 times EV/EBITDA (from 8.5 times) to account for recent multiple expansion in the sector driven by regulatory changes as investors begin to price on a more mid-cycle earnings potential.”

RBC Dominion Securities analyst James McGarragle sees “mixed signals” for Canadian airline and aerospace companies ahead of fourth-quarter 2025 earnings season.

“Travel indexes have turned positive, indicating strengthening demand, but this is offset by softening airline pricing, declining airport throughput, and rising industry capacity — trends we view as likely to weigh on AC’s Q4 results,“ he said. ”Additionally, while pilot hiring has sustained its recovery since the lows in September, we note potential risks from airline commentary around further aircraft delays and revised delivery schedules at OEMs. These factors could dampen near-term demand for CAE’s civil training solutions, and we therefore lower our F2026 estimates below management’s guidance for Civil.

“In private aviation, bizjet activity was a bright spot, increasing 5.1 per cent in Q4 year-over-year. We view this as a positive readthrough for BBD; however, we modestly adjust our 2026 estimates to account for ongoing engine supply chain pressures, which could continue to weigh on margins. BBD remains our top idea with the ability to compound FCF at a low-teen CAGR well into the 2030s, a compelling opportunity with shares trading at a 5-per-cent FCF yield.”

Mr. McGarragle made a trio of target price adjustments to stocks in his coverage universe:

* Bombardier Inc. (BBD.B-T, “outperform”) to $287 from $263. The average is $235.38.

Analyst: “We see runway for Bombardier to compound FCF at greater than a low-teen CAGR well into the 2030s – a compelling investment opportunity for shares trading at a 5-per-cent FCF yield.”

* CAE Inc. (CAE-T, sector perform”) to $46 from $40. The average is $45.33.

Analyst: “Our target multiple moves to 12.5 times (from 12 times) on solid defence momentum, and we shift our valuation year to FY2028.”

* Exchange Income Corp. (EIF-T, “outperform”) to $103 from $94. The average is $90.83.

Analyst: “We lower our 2026 Manufacturing EBITDA estimates to reflect the weaker industrial backdrop consistent with recent Canadian PMI readings offset by an increase in Aerospace EBITDA given recent contract wins resulting in our unchanged consolidated EBITDA of $856-million in line with consensus of $856-million. Our blended target multiple moves to 8.4 times (from 7.8 times) to reflect defence spending tailwinds.”

He maintained his target for these stocks:

* Air Canada (AC-T, “outperform”) at $25. The average is $23.13.

Analyst: “We expect management to release 2026 guidance within a range of $3.4-$3.5-billion reflecting margin pressure from aircraft delivery delays, updated labour agreements, and rising airport infrastructure costs. Looking through a transitory 2026, we anticipate a significant FCF inflection in 2028-2029 off normalizing capital expenditures. Our target multiple remains at 3.5 times resulting in our unchanged target price.”

* Chorus Aviation Inc. (CHR-T, “outperform”) at $31. The average is $30.

Analyst: “We believe the market for regional aircraft is on the rebound and lease rates are inflecting, and we therefore expect sentiment in Chorus shares to improve as these factors start to benefit nearterm results.”

TD Cowen analyst Aaron MacNeil thinks “durability for growth” will be a key theme for Canadian midstream companies in 2026.

“We believe that companies that provide visibility to long-term growth will trade at premiums to peers and we are increasingly orienting our scorecard to reflect longer duration growth outcomes,” he said. “In this context, we are introducing 2029 and 2030 estimates with this update, evaluating growth over a 5-year time-period and providing 5-year discounted cash flow models as a secondary valuation measure.”

“Reaction to U.S. Intervention in Venezuela Underscores Our Durability Theme: We believe that investors should reevaluate investment theses, despite our view that Canadian oil production will remain resilient even with new competitive threats. Specifically, we believe that investors should risk adjust growth outlooks for oil weighted midstream companies that do not have secured growth pipelines as uncertainty could create delays in investment timelines.”

In a report released before the bell, Mr. MacNeil reaffirmed Keyera Corp. (KEY-T) as his top pick, raising his target for its shares to $54 from $52 with a “buy” rating. The average on the Street is $52.33.

“Keyera offers investors durable growth through the Zone 4/KFS III projects, its proposed Plains transaction, ambitions to acquire or build G&P assets as well as future potential growth projects pending FID (rail loop, condensate splitter),” he said. “Keyera screens as uniquely attractive in the context of the current market, both relative to peers as well as its 10-year range and before contemplating potential new disclosures related to the Plains transaction (higher synergies, organic opportunities), with our expectation that valuation will improve upon closing.”

The analyst thinks TC Energy Corp. (TRP-T) “exemplifies” his durability theme, increasing his target to $84, exceeding the $83.84 average, from $80 with a “buy” rating.

“Capital spending out to 2030 is almost entirely secured at its current $6-billion/annum run rate and we are forecasting an increase to $7 billion in 2028,” he explained. “Longer term, Bruce C has the potential to extend growth visibility well into the 2040s. TC has and continues to trade at a premium valuation, albeit less so following the Venezuela news despite having no exposure to this theme. As such, we view recent weakness as a buying opportunity.”

Mr. MacNeil made these other target revisions:

Gibson Energy Inc. (GEI-T, “hold”) to $26 from $23. Average: $28.16.Pembina Pipeline Corp. (PPL-T, “buy”) to $59 from $60. Average: $58.78.Rockpoint Gas Storage Inc. (RGSI-T, “hold”) to $28 from $26. Average: $31.86.

In other analyst actions:

* Pointing to a reacceleration in growth and believing its third-quarter 2026 results, which were released in early December, reflected an unappreciated positive inflection point that is unappreciated by investors, Barclays’ Raimo Lenschow upgraded Descartes Systems Group Inc. (DSGX-Q, DSG-T) to “overweight” from “equalweight” with a US$105 target, down from US$106. The average target is US$112.80.

* BofA Securities’ Ross Fowler downgraded Emera Inc. (EMA-N, EMA-T) to “neutral” from “buy” previously, citing valuation concerns.

* Canaccord Genuity’s Peter Bell upgraded NGEX Minerals Ltd. (NGEX-T) to “speculative buy” from “hold” and hiked his target to $33.50 from $23. The average is $25.95.

“NGEX recently announced the Phase 4 drill program at Lunahuasi has commenced. Six drill rigs are currently turning with two more on the way. The planned 25,000m program will consist of three targeted ranges of drill spacing to accomplish different objectives: short-range resource definition, mid-range step-out, and long-range exploration. Following a successful Phase 3 program, we are looking forward to results through 2026,” said Mr. Bell.

* Mr. Bell initiated coverage of G2 Goldfields Inc. (GTWO-T) with a “speculative buy” rating and Street-high $13.25 target. The average is $5.25.

“Overall, we like G2 for its high-grade Oko asset, prospectivity, M&A potential, and proven team who have delivered in Guyana previously. On our numbers, we believe G2 is well positioned until the end of the year to advance its Oko project, at which point we assume $25-million in additional equity financing. We note that GTWO currently trades at 0.31 times NAV versus our gold developer peer group average of 0.39 times,” he said.

* Canaccord Genuity’s Phil Ker initiated coverage of Integra Resources Corp. (ITR-X) with a “speculative buy” rating and $9.25 target. The average is $7.18.

“Since acquiring the Nevada-based Florida Canyon mine in Q4/24, Integra has become a bona fide 75,000oz gold producer. Furthermore, the recent robust feasibility study (FS) for its DeLamar open pit heap leach project in Idaho provides an attractive pipeline project with near-term permitting upside that, when in operation, escalates ITR’s consolidated production profile to 200,000oz gold. We anticipate ITR continuing to strengthen its balance sheet through FCF from Florida Canyon, aiding ITR in future capital needs for DeLamar, and ongoing optimization and equipment upgrades at Florida Canyon, resulting in reduced operational and financial risk for the company. With a current P/NAV metric of 0.28 times, we see ample upside along with operational and development de-risking supportive of a valuation re-rate for ITR to trade more in line with its peer group average of 0.54 times,” he said.

* Ventum Capital Markets’ Amr Ezzat increased his NanoXplore Inc. (GRA-T) target to $4 from $3.50 with a “buy” rating. The average is $2.50.

“We are pleased to highlight NanoXplore as one of our high-conviction ideas heading into 2026,” he said. “Q1/F26 marked the trough, and management’s commentary supports a progressively stronger trajectory through the balance of F2026, with improvement expected in each of the next three quarters. High-margin graphene powder volumes are ramping faster than anticipated, composite programs are moving into steady-state production, and dry-process graphene is advancing toward commercialization.

“Collectively, this reflects a transition from a period of validation and investment to one defined by rising revenue visibility, accelerating margins, and increasing earnings leverage. The fundamental profile of the business has turned, while the share price has yet to reflect that shift.”