Inside the Market\u2019s roundup of some of today\u2019s key analyst actions<\/p>\n
While Desjardins Securities analyst Jerome Dubreuil remains \u201ccautious\u201d on Canada\u2019s telecommunications sector heading into 2026, he does thinks it could \u201coffer decent protection to investors against macroeconomic or geopolitical deterioration.\u201d<\/p>\n
\u201cThe 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,\u201d he said. \u201cHowever, 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\u2019s fixed broadband pricing.\u201d<\/p>\n
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 \u201cnotably more restrained\u201d than the previous year, noting \u201c$29 entry-level plans on flanker brands in Qu\u00e9bec were absent this year, with the minimum price holding at $40\/month per line most of the time.\u201d <\/p>\n
\u201cThis 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,\u201d he added. \u201cWe 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.<\/p>\n
\u201cOn the volume side, the 0.2-per-cent quarter-over-quarter population decline in 3Q25 marks one of only two quarterly instances where Canada\u2019s population has declined sequentially since Statistics Canada began tracking population estimates in 1946. While this data is backward-looking, we believe it remains noteworthy \u2015 particularly given that no material changes to immigration policy occurred in 4Q25.\u201d<\/p>\n
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:<\/p>\n
1. BCE Inc. (BCE-T<\/a>, \u201cbuy\u201d) to $41 (Street high) from $42. The average target is $35.75, according to LSEG data.<\/p>\n Analyst: \u201cThe upcoming guidance will offer an initial indication of the company\u2019s progress toward its three-year EBITDA growth target of 2\u20133 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.\u201d<\/p>\n 2. Telus Corp. (T-T<\/a>, \u201cbuy\u201d) at $23 (unchanged). Average: $20.75.<\/p>\n Analyst: \u201cWe find the capital allocation\/financing strategy inconsistent with some of the company\u2019s 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.\u201d<\/p>\n 3. Quebecor Inc. (QBR.B-T<\/a>, \u201cbuy\u201d) to $54 from $53. Average: $51.94.<\/p>\n Analyst: \u201cCurrently 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.\u201d<\/p>\n 4. Rogers Communications Inc. (RCI.B-T<\/a>, \u201chold\u201d) to $55 from $57. Average: $57.53.<\/p>\n Analyst: \u201cWe anticipate a strong media quarter, driven by the Blue Jays\u2019 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\u2019s decent growth is offset by a high capex profile, which we believe should improve in the coming years.\u201d<\/p>\n 5. Cogeco Communications Inc. (CCA-T<\/a>, \u201chold\u201d) at $71 (unchanged). Average: $88.67.<\/p>\n Analyst: \u201cWe are looking for a rebound in subscriber trends and a recovery from last quarter\u2019s 9.2-per-cent constant-currency revenue decline in the U.S., despite FWA momentum remaining strong.\u201d<\/p>\n In his research report released Monday previewing earnings season for Canada\u2019s telecoms titled A Slow Road to Recovery, Scotia Capital analyst Maher Yaghi reaffirmed his view that Canadian wireless market is on the mend. <\/p>\n \u201cHowever, 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,\u201d he added. \u201cOn 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\u2019s payout ratio comes down closer to peers as seen.\u201d<\/p>\n Mr. Yaghi made these target adjustments:<\/p>\n * BCE Inc. (BCE-T<\/a>, \u201csector outperform\u201d) to $40.75 from $41.50. The average target is $35.75.<\/p>\n Analyst: \u201cWe 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\u2019t 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\u2019s business model and the health of its balance sheet. Management has since made commendable strides to materially de-risk both.\u201d<\/p>\n * Cogeco Communications Inc. (CCA-T<\/a>, \u201csector perform\u201d) at $74.25 from $74. Average: $88.67.<\/p>\n Analyst: \u201cWe 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\u2019s 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.\u201d<\/p>\n * Quebecor Inc. (QBR.B-T<\/a>, \u201csector perform\u201d) to $51.75 from $48. Average: $51.94.<\/p>\n Analyst: \u201cWe expect that QBR loaded the highest number of wireless subscribers in Q4, capturing about 34 per cent of the industry\u2019s 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\u2019t 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..\u201d<\/p>\n * Rogers Communications Inc. (RCI.B-T<\/a>, \u201csector perform\u201d) to $58 from $57.50. Average: $57.53.<\/p>\n Analyst: \u201cWe 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\u2019s data also point to the fact that the company\u2019s 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.\u201d<\/p>\n * Telus Corp. (T-T<\/a>, \u201csector outperform\u201d) at $22.50 from $26. Average: $20.75.<\/p>\n Analyst: \u201cWe 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\u2019s 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..\u201d<\/p>\n TD Cowen analyst Tim James sees multiple factors supporting more upside” for shares of CAE Inc. (CAE-T<\/a>), emphasizing he is \u201cincrementally positive\u201d on the outlook for both its valuation and long-term fundamentals.<\/p>\n \u201cThe current environment of increasing global defence spending is very positive,\u201d he said in a client note. \u201cThe 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.<\/p>\n \u201cCivil 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.\u201d<\/p>\n With higher Defense and Civil segment target earnings multiples, Mr. James increased his target for the Montreal-based company\u2019s shares to a Street high of $53 from $46, maintaining his \u201cbuy\u201d rating. The average is $45.33.<\/p>\n \u201cCAE\u2019s comp group forward EBITDA multiples are up 18 per cent since June\/25 and now average 15.2 times,\u201d he said. \u201cCAE 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.<\/p>\n \u201cOur 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\u2019s multiple. CAE\u2019s multiple moving up to unprecedented comp group levels) would imply $57-58 in 12 months.\u201d<\/p>\n National Bank Financial analyst Maxim Sytchev saw Ag Growth International Inc.\u2019s (AFN-T<\/a>) third-quarter 2025 results and outlook as \u201cnot exactly stellar,\u201d 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 \u201cfinancial process deficiencies in Brazil is a dramatically different outcome versus irregularities, corruption and\/or the ENTIRE Commercial business being contaminated.\u201d <\/p>\n \u201cFor 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,\u201d he said. \u201cThat 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.\u201d<\/p>\n On Friday, shares of the Winnipeg-based bulk commodity storage, transport and processing company soared 22.3 per cent after it reported a \u201cbig\u201d quarterly beat with adjusted earnings per share coming at $1.31, well above Mr. Sytchev\u2019s forecast of 68 cents and the Street\u2019s expectation of $1.04.<\/p>\n However, he emphasized \u201ccontext 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.\u201d He warned macroeconomic challenges continue to linger, particular farm weakness, but he thinks clarity on the company\u2019s Brazil project \u201cprovides relief for investors.\u201d<\/p>\n \u201cThe 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\u2019s] recovery (Frida\u2019s beat and softer Q4\/25E guidance are distant secondary factors),\u201d he said. \u201cManagement 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\u2019s historical financial reporting. The complexity is limited to the Brazilian market and should thus not be a concern for AFN\u2019s 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.<\/p>\n \u201cFarm 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 \u2013 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 \u2013 a sentiment echoed by Deere (NYSE: DE; Not Rated \u2013 see Ag trough is coming but likely at some point throughout 2026).\u201d<\/p>\n Expecting \u201coperational streamlining initiatives to pay dividends\u201d in the second half of the year although warning the rollout of its new Enterprise Resource Planning (ERP) system will \u201clikely take some time,\u201d Mr. Sytchev increased his target for Ag Growth shares to $39 from $37, reiterating an \u201coutperform\u201d rating. The average is $35.50.<\/p>\n \u201cAs 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,\u201d he added.<\/p>\n Elsewhere, Desjardins Securities\u2019 Gary Ho lowered his target to $40 from $47 with a \u201cbuy\u201d rating.<\/p>\n \u201c3Q results came in ahead of our and consensus expectations. More importantly, AFN\u2019s 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,\u201d said Mr. Ho.<\/p>\n Desjardins Securities analyst Benoit Poirier warns conditions for Canada\u2019s freight market remained \u201csoft\u201d in the fourth quarter of 2025 and are \u201cunlikely to materially improve in 1Q (given typical seasonality and challenging year-over-year comps).<\/p>\n However, he remains \u201cconstructive\u201d on the sector with \u201ca clear preference for trucking over rail.\u201d <\/p>\n \u201cOn 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). <\/p>\n \u201cTFII remains our top pick\u201d<\/p>\n In a client note previewing earnings season, Mr. Poirier made these target adjustments: <\/p>\n * Canadian National Railway Co. (CNR\u2014T<\/a>, \u201cbuy\u201d) to $160 from $161. The average is $157.87.<\/p>\n Analyst: \u201cVolumes 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.\u201d <\/p>\n * Canadian Pacific Kansas City Ltd. (CP-T<\/a>, \u201cbuy\u201d) to $130 from $133. Average: $119.18.<\/p>\n Analyst: \u201cVolumes 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).<\/p>\n * TFI International Inc. (TFII-T<\/a>, \u201cbuy\u201d) to $173 from $170. Average: $159.49.<\/p>\n Analyst: \u201cTFII\u2014mixed 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.\u201d<\/p>\n RBC Dominion Securities analyst James McGarragle sees \u201cmixed signals\u201d for Canadian airline and aerospace companies ahead of fourth-quarter 2025 earnings season.<\/p>\n \u201cTravel indexes have turned positive, indicating strengthening demand, but this is offset by softening airline pricing, declining airport throughput, and rising industry capacity \u2014 trends we view as likely to weigh on AC\u2019s Q4 results,\u201c he said. \u201dAdditionally, 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\u2019s civil training solutions, and we therefore lower our F2026 estimates below management\u2019s guidance for Civil. <\/p>\n \u201cIn 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.\u201d<\/p>\n Mr. McGarragle made a trio of target price adjustments to stocks in his coverage universe: <\/p>\n * Bombardier Inc. (BBD.B-T<\/a>, \u201coutperform\u201d) to $287 from $263. The average is $235.38.<\/p>\n Analyst: \u201cWe 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.\u201d <\/p>\n * CAE Inc. (CAE-T<\/a>, sector perform\u201d) to $46 from $40. The average is $45.33.<\/p>\n Analyst: \u201cOur target multiple moves to 12.5 times (from 12 times) on solid defence momentum, and we shift our valuation year to FY2028.\u201d <\/p>\n * Exchange Income Corp. (EIF-T<\/a>, \u201coutperform\u201d) to $103 from $94. The average is $90.83.<\/p>\n Analyst: \u201cWe 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.\u201d<\/p>\n He maintained his target for these stocks: <\/p>\n * Air Canada (AC-T<\/a>, \u201coutperform\u201d) at $25. The average is $23.13.<\/p>\n 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.” <\/p>\n * Chorus Aviation Inc. (CHR-T<\/a>, \u201coutperform\u201d) at $31. The average is $30.<\/p>\n Analyst: \u201cWe 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.\u201d<\/p>\n TD Cowen analyst Aaron MacNeil thinks \u201cdurability for growth\u201d will be a key theme for Canadian midstream companies in 2026.<\/p>\n \u201cWe 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,\u201d he said. \u201cIn 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.\u201d<\/p>\n \u201cReaction 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.\u201d<\/p>\n In a report released before the bell, Mr. MacNeil reaffirmed Keyera Corp. (KEY-T<\/a>) as his top pick, raising his target for its shares to $54 from $52 with a \u201cbuy\u201d rating. The average on the Street is $52.33.<\/p>\n \u201cKeyera 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),\u201d he said. \u201cKeyera 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.\u201d<\/p>\n The analyst thinks TC Energy Corp. (TRP-T<\/a>) \u201cexemplifies\u201d his durability theme, increasing his target to $84, exceeding the $83.84 average, from $80 with a \u201cbuy\u201d rating.<\/p>\n \u201cCapital 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,\u201d he explained. \u201cLonger 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.\u201d<\/p>\n Mr. MacNeil made these other target revisions:<\/p>\n Gibson Energy Inc. (GEI-T<\/a>, \u201chold\u201d) to $26 from $23. Average: $28.16.Pembina Pipeline Corp. (PPL-T<\/a>, \u201cbuy\u201d) to $59 from $60. Average: $58.78.Rockpoint Gas Storage Inc. (RGSI-T<\/a>, \u201chold\u201d) to $28 from $26. Average: $31.86.<\/p>\n In other analyst actions: <\/p>\n * 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\u2019 Raimo Lenschow upgraded Descartes Systems Group Inc. (DSGX-Q<\/a>, DSG-T<\/a>) to \u201coverweight\u201d from \u201cequalweight\u201d with a US$105 target, down from US$106. The average target is US$112.80. <\/p>\n * BofA Securities\u2019 Ross Fowler downgraded Emera Inc. (EMA-N<\/a>, EMA-T<\/a>) to \u201cneutral\u201d from \u201cbuy\u201d previously, citing valuation concerns.<\/p>\n * Canaccord Genuity\u2019s Peter Bell upgraded NGEX Minerals Ltd. (NGEX-T<\/a>) to \u201cspeculative buy\u201d from \u201chold\u201d and hiked his target to $33.50 from $23. The average is $25.95.<\/p>\n \u201cNGEX 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,\u201d said Mr. Bell.<\/p>\n * Mr. Bell initiated coverage of G2 Goldfields Inc. (GTWO-T<\/a>) with a \u201cspeculative buy\u201d rating and Street-high $13.25 target. The average is $5.25.<\/p>\n \u201cOverall, 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,\u201d he said.<\/p>\n