Inside the Market\u2019s roundup of some of today\u2019s key analyst actions<\/p>\n
Seeing Pet Valu Holdings Ltd.\u2019s (PET-T<\/a>) 2026 guidance as \u201cuninspiring\u201d alongside a \u201ctepid\u201d industry backdrop, National Bank Financial analyst Vishal Shreedhar downgraded his rating for the retailer\u2019s shares to \u201csector perform\u201d from \u201coutperform\u201d following the release of \u201clight\u201d fourth-quarter 2025 financial results.<\/p>\n \u201cWhile the pet industry has historically been characterized by stable growth, we believe the current pressured backdrop (tepid consumer and heightened industry competition, etc.) is unfavourable for premium priced retailers (motivates trade down). We downgrade to Sector Perform from Outperform,\u201d he explained. \u201cWe view our rating change to be tactical and remain constructive on the industry long term; however, we believe the stock could be range-bound in the near term.\u201d<\/p>\n Shares of the Markham, Ont.-based company plummeted 10.9 per cent on Tuesday after it reported<\/a> quarterly same-store sales growth of 0.3 per cent, up from a decline of 0.2 per cent a year ago but well below Mr. Shreedhar\u2019s projection of a 1.7-per-cent increase. Revenue of $326-million and earnings before interest, taxes, depreciation and amortization of $75-million also fell short of his expectations ($333-million and $77-million, respectively). Earnings per share of 49 cents was a gain of 4 cents year-over-year but under the analyst\u2019s 52-cent estimate as well as the Street\u2019s forecast of 51 cents.<\/p>\n \u201cPET expects the 2026 industry backdrop to be similar to 2025 (tepid growth and competitive pricing),\u201d said Mr. Shreedhar. \u201cQ4\/25 inflation was in line with industry (NBCM calculates down 1.4 per cent), a surprising contrast from PET\u2019s comment of positive inflation in Q3\/25. PET adjusted its value positioning through 2025, pressuring margins. Network expansion of 6 per cent year-over-year supported slight market share gains.<\/p>\n \u201c2026 guidance (52-week basis) is: (i) Revenue growth of 2-4 per cent (NBCM is 3 per cent), supported by 40 new store openings, 0-2-per-cent sssg (NBCM is 1 per cent) and higher wholesale penetration; (ii) Flat to slight EBITDA margin expansion, (iii) EPS growth in the mid to high single-digits (NBCM is 7 per cent), and (iv) $20 mln in net capex and $15-million in transformation costs.:<\/p>\n Reducing his EPS estimates to $1.69 from $1.60 for 2026 and $1.89 from $2 for 2027 to reflect \u201clower sales, lower EBITDA margins and higher interest expense,\u201d Mr. Shreedhar cut his target for Pet Valu shares to $28 from $37. The average target on the Street is $33.67, according to LSEG data.<\/p>\n Elsewhere, others making target revisions include: <\/p>\n * Stifel\u2019s Martin Landry to $32 from $37 with a \u201cbuy\u201d rating.<\/p>\n \u201cPet Valu\u2019s shares were down 11 per cent [Tuesday] as investors were repricing lower growth than expected,\u201d said Mr. Landry. \u201cPromotional intensity increased during Q4\/25 which weighed on same-store-sales and gross margins. This dynamic is expected to continue in Q1\/26 and led management to introduce a 2026 guidance below expectations. Management claims that Pet Valu is gaining share in the specialty channel, but these gains don\u2019t translate into strong revenue growth as the category is experiencing price deflation in our view. In addition, we believe that the specialty channel may be loosing share to Costco, Dollarama and to other online retailers. This makes for a tricky outlook where Pet Valu\u2019s 2026 revenue growth is expected to range between 2-4 per cent year-over-year, below historical averages and below investors\u2019 growth expectations. We maintain our BUY rating given PET\u2019s valuation, at 13 times forward earnings, is 4 turns lower than the historical average, already reflecting this dynamic, in our view.\u201d <\/p>\n * Desjardins Securities\u2019 Chris Li to $32 from $38 with a \u201cbuy\u201d rating.<\/p>\n \u201cSoftness in consumer spending (especially for discretionary hardlines) and heightened promo intensity have caused PET to take a more cautious view on sales growth and margin in the foreseeable future. Following the 11-per-cent share price decline, PET now trades at its recent forward P\/E trough of 15 times. We believe risk\/reward skews to the positive with downside\/upside of 10 per cent\/27 per cent, but we believe investors will need better SSSG visibility (likely in 2H) to become more constructive. Patience is required,\u201d said Mr. Li.<\/p>\n * Raymond James\u2019 Michael Glen to $31.50 from $40 with an \u201coutperform\u201d rating.<\/p>\n \u201cWhile we fully acknowledge the result and outlook is disappointing, we continue to see value in the stock and expect competitive intensity will eventually ease. However, investors will need to be patient, and we would not expect any significant shift during 1H26. Our expectation continues to be that Pet Valu is positioned to gain market share, which is supported by multiple initiatives and investments that have been made in the operation. At the forefront of these investments is the recent completion of the multi-year $100 mln supply chain investment. Additionally, we believe there are levers available to the company to engage customers more effectively via the loyalty program (which we believe would be best achieved via mobile app introduction). With that, we remain Outperform rated on the stock, but expect near-term results will see some choppiness,\u201d said Mr. Glen.<\/p>\n * RBC\u2019s Irene Nattel to $33 from $35 with an \u201coutperform\u201d rating.<\/p>\n \u201cWhile [Tuesday\u2019s] 11-per-cent share price decline was once again caught in broader market crosswinds, investors are clearly disappointed in 2026 guidance, including management commentary around sustained industry pressure until macro headwinds dissipate,\u201d said Ms. Nattel. \u201cNonetheless, we reiterate our view that the combination of commercial initiatives to enhance relative value proposition\/positioning, completion of DC investments in Q3\/2025, attractive FCF with resumption of NCIB in 2026, and sector-leading ROIC more than 20 per cent, should help stabilize the earnings profile and help valuation find it footing.\u201d <\/p>\n * TD Cowen\u2019s Michael Van Aelst to $34 from $40 with a \u201cbuy\u201d rating.<\/p>\n \u201cDespite a tempered outlook, we still see good value in PET shares. Industry growth has paused, but PET is gaining share, has a strong balance sheet and is seen generating a 7-per-cent FCF yield in 2026, resulting in a 4-per-cent NCIB. Meaningful additional downside seems unlikely, but investors likely need to see SSS and EPS growth move higher before supporting a material share price recovery,\u201d said Mr. Van Aelst.<\/p>\n * Barclays\u2019 Adrienne Yih to $28 from $34 with an \u201coverweight\u201d rating.<\/p>\n \u201cDespite uncertainty in FY26, we reaffirm our belief that its investments will support long-term growth,\u201d she said.<\/p>\n Stifel analyst Daryl Young thinks CAE Inc. (CAE-T<\/a>) \u201cpresents a catalyst rich multi-year investment opportunity as one of the marquee corporate champions under Canada\u2019s new Defence Industrial Strategy.\u201d<\/p>\n Touting a \u201cgenerational opportunity in defence,\u201d he initiated coverage with a \u201cbuy\u201d rating on Wednesday.<\/p>\n \u201cCAE is uniquely positioned to capitalize on the current generational increase in NATO defence budgets given its status as the largest independent, pure-play training organization (i.e. not connected with any aircraft\/equipment OEMs),\u201d said Mr. Young. \u201cIndependence provides a unique ability for CAE to bridge interoperability challenges between allied nations to facilitate complex multi-domain simulations. This is particularly important given the shifting military threats from counterterrorism, where adversaries wielded highly asymmetric capabilities to \u201cpeer threats\u201d that will see the battlefield span all five domains (including cyber). The cost and complexity of training for these environments\/ adversaries is necessitating rapid development of virtual battlefields and digital twins, an area where CAE has growing competency. However, air continues to represent the biggest proportion of military training, capturing more than 70 per cent of the spend and is CAE\u2019s clear area of market leadership. We think that this backdrop will position CAE\u2019s defence business to drive high single-digit organic growth well into the 2030s.”<\/p>\n The analyst also thinks the Montreal-based company is \u201cwell-positioned for success\u201d with its turnaround, which is focused on margins, free cash flow and return on invested capital, \u201cgiven the existing business model\/strategy is sound.\u201d<\/p>\n \u201cThe transformation is more about shifting the company mindset from \u2018growth at any cost\u2019 towards a leaner, more capital efficient and returns focused organization,\u201d he explained. \u201cPrepandemic, CAE generated 11-per-cent ROICs but M&A, legacy fixed-price defence contracts and overbuilding of the civil network have seen ROICs fall to the 5-7-per-cent range. Looking forward we see a path to double-digit ROICs through margin enhancement across both the Civil and Defence businesses combined with more disciplined capex and R&D spending. In terms of margins, management has been clear that the Defence segment should be able to sustainably produce 10-per-cent operating income margins through asset optimization, cost-cutting and a sharper approach to contract structuring that balances risk\/reward versus padding the backlog. For Civil, the optimization theme is similar, with plans to remove 10 per cent of the FFS network to boost utilization rates, while culling unprofitable training arrangements and grinding the sales mix higher. Combined, we think these initiatives could drive mid-20-per-cent operating margins in Civil. <\/p>\n \u201cTo be clear, this will be a multi-year process, with F2027 still a transition year but we expect investors to focus on progress toward management new upcoming medium-term targets to be released in FQ4\/26 as the key driver for the stock.\u201d<\/p>\n Mr. Young set a target of $50 for CAE shares, exceeding the average on the Street of $48.60.<\/p>\n \u201cNearterm, we expect the stock to be driven by the generational inflection in NATO defence budgets (and related backlog growth), combined with improving FCF and ROIC under management\u2019s new business transformation plan. Medium-term, the story will be complimented by a structural recovery in civil aviation training as commercial air travel growth and pilot demographics usurp current transitory headwinds from new aircraft delivery delays. The company is trading at a historically elevated valuation of 13.2 times EBITDA but we think it\u2019s warranted given the defence thematic, record backlogs, and Canadian corporate champion status, which reduces the risk profile,\u201d he added.<\/p>\n Jonathan Goldman of Scotia Capital sees Wajax Corp. (WJX-T<\/a>) as a \u201cgood cost control story,\u201d however he says he\u2019s \u201cwaiting for [a] revenue sequel\u201d from the Mississauga-based industrial products and services provider, deeming its fourth-quarter 2025 result to be \u201cneutral\u201d to its investment case.<\/p>\n \u201c2025 was a more consistent year with the company beating\/meeting expectations 3\/4 quarters,\u201d he said. \u201cSales growth has been sluggish (up 2 per cent year-over-year), especially Product Support, which was down 1 per cent year-over-year and continues to lag peers FTT (Canada) up 10 per cent and TIH (Equipment Group) up 4 per cent, respectively.\u201d <\/p>\n In a client report, Mr. Goldman says he does not see a reacceleration in 2026, noting Wajax is \u201clapping tough comps on outsized mining shovels last year (six in 2025 vs. two in an average year).\u201d He also pointed to a \u201cmuted\u201d outlook for both its Industrial Products and Engineered Repair Services segments as \u201ccapital projects are still on pause with the majority of customer spend being MRO-related.\u201d <\/p>\n \u201cWJX backlog benefited from a subcontract to supply diesel generator sets for the first batch of three River Class Destroyers (RCD) to be delivered to the Royal Canadian Navy,\u201d he said. \u201cWe tend to view that award as one-time given the project timeline: while Canada has committed to investing in 15 RCD ships, first delivery is expected by 2030 and final delivery is expected by 2050. Moreover, backlog was down in all other categories.<\/p>\n \u201cThat said, the company is controlling what it can control: costs and capital. SG&A rate ex one-timers was 14.0 per cent in 2025, down 60 basis points year-over-year, and at its lowest level since 2020. Inventory ended the year at $548-million, down $126-million from end of last year, and $200 million from peak in March 2024. That supported deleveraging back within target range of 1.5 times to 2 times.\u201d<\/p>\n Keeping a \u201csector perform\u201d rating for the company\u2019s shares, Mr. Goldman raised his target to $34 from $29. The average is $33.<\/p>\n \u201cWJX shares are up 60 per cent in the last 12 months driven by multiple expansion (NTM [next 12 month] P\/E up 35 per cent since Mar-25) and positive earnings revisions (NTM EPS estimates up 25 per cent), supported by lower SG&A,\u201d he noted. \u201cLower cost base is structural, in our view, and we are ahead of the Street in 2026\/2027. But, the bar is higher now and at a certain point, cost runway will run out. Revenue will need to reaccelerate to support earnings growth and durable multiple expansion.<\/p>\n \u201cShares are trading at 9.2 times P\/E on our 2026E\/2027E, 15 per cent above the company\u2019s 5-year average of 8 times. On a relative basis, shares are trading at 10-times discount to FTT (historicals 5 times) and 20 times to TIH (historicals 11.5 times). Those are big numbers, but: 1) WJX doesn\u2019t have a compelling commodity (gold\/copper) or data center angle; 2) we have previously discussed how the entire sector may be frothy (particularly in TIH\u2019s case); 4) cost-cutting is supporting a large part of the earnings growth and runway is finite; and 5) valuation alone is not a catalyst. Capital allocation could be a catalyst, namely ERS\/IP M&A, but we tend to view that more as a 2027 story as new CEO George McClean (effective March 3) gets a lay of the land and leverage could increase near-term due to business seasonality. We raised our valuation multiple to 9.5 times P\/E on our equal-weighted 2026E\/2027E, which bakes-in both a generous premium to historicals and a premium for capital optionality.\u201d<\/p>\n Elsewhere, other revisions include: <\/p>\n * TD Cowen\u2019s Patrick Sullivan to $34 from $28 with a \u201chold\u201d rating.<\/p>\n \u201cWe characterized WJX\u2019s results as broadly in line; however, shares rallied 7 per cent. We acknowledge WJX has made great strides in resetting its cost base and de-levering, but think market exuberance around nation-building projects is getting ahead of real revenue expectations which we see as muted medium-term,\u201d said Mr. Sullivan.<\/p>\n * BMO\u2019s Devin Dodge to $34 from $40 with a \u201cmarket perform\u201d rating.<\/p>\n \u201cDemand from the mining and energy sectors remains strong while emerging opportunities tied to nation building projects and increased defence spending are encouraging for the medium- to long-term prospects of the business. However, the outlook for WJX\u2019s other key end-markets remains challenging which is likely to mute top- and bottom-line growth potential in the near term. Valuation is undemanding but a re-rating catalyst isn\u2019t clear to us,\u201d said Mr. Dodge.<\/p>\n TD Cowen analyst Jonathan Kelcher expects European Residential REIT\u2019s (ERE.UN-T<\/a>) take-private agreement with Canadian Apartment Properties REIT (CAR.UN-T<\/a>) to be successful, seeing the \u201cpricing as fair both entities\u201d and leading him to move his rating to \u201csell\u201d from \u201chold\u201d previously.<\/p>\n The deal was announced after the bell<\/a> on Monday with CAP REIT acquiring all outstanding shares it does not own (approximately 35 per cent) at an all-cash cost of $1.19 each. The transaction values Toronto-based ERES at approximately $441-million, including debt <\/p>\n \u201cSince announcing plans in November 2024 to dispose of all or substantially all of its assets, ERES has sold all but six properties and returned \u20ac1.90\/unit (CAD$2.96) through special distributions,\u201d Mr. Kelcher said. \u201cTogether with the $1.19 transaction price, the total $4.15\/unit represents a 32-per-cent total return to the closing price on November 6, 2024 (prior to announcement).\u201d<\/p>\n \u201cThe transaction price represents a 17-per-cent discount to IFRS and our estimated NAV. It provides ERES unitholders with immediate value as opposed to a potentially lengthy process to sell the remaining assets in the portfolio (as well as wind up<\/p>\n costs and contingent liability risks). We note that the $1.19\/unit represents a 5-per-cent premium to Monday\u2019s closing price of $1.13\/unit.\u201d<\/p>\n The analyst called the deal \u201cnot an overly material transaction\u201d for CAP REIT with the purchase price adding approximately 1 per cent to its asset base.<\/p>\n \u201cWe expect CAPREIT to realized value by selling the remaining Netherland assets at close to IFRS value over time,\u201d said Mr. Kelcher. \u201cTaking ERES private will allow CAPREIT to proceed with asset sales at its own pace while eliminating the costs associated with maintaining ERES as a public listing.\u201d<\/p>\n He moved his target for ERES units to $1.19 from $1.25 to reflect the deal. The average on the Street is $1.15.<\/p>\n Elsewhere, Desjardins Securities\u2019 Kyle Stanley moved his rating to \u201ctender\u201d from \u201chold\u201d with a $1.90 target, down from $1.20.<\/p>\n \u201cWhile the offer price implies a (1) approximately 5.1-per-cent cap rate on in-place NOI (89.3% occupancy at 4Q25); (2) a mid- to high-5-per-cent cap rate on a stabilized basis; and (3) EUR304,000\/door, which is above ERE\u2019s 4Q25 IFRS cap rate of 4.84 per cent and 15 per cent below its IFRS value\/suite of EUR359,000, we believe the value is fair given the potential outstanding tax liability as part of the Dutch tax audit and the wind-up costs that are being assumed by CAR. In the end, this concludes a lengthy process and will return capital to investors to be re-allocated,\u201d said Mr. Stanley.<\/p>\n In a client note titled Like taking candy from a baby, Desjardins Securities analyst Lorne Kalmar said he\u2019s now projecting funds from operations per unit growth for Plaza Retail REIT (PLZ.UN-T<\/a>) of 7 per cent in 2026 and 4 per cent in 7 per cent, sitting at the upper end of levels of its comparable peers and emphasizing the expansion is not \u201cappropriately reflected\u201d in its current valuation.<\/p>\n \u201cWe expect solid operating fundamentals to be positively augmented by PLZ\u2019s development and acquisition programs,\u201d he added.<\/p>\n After the bell on Monday, the Fredericton-based REIT reported largely in-line fourth-quarter 2025 financial results, including a 4-per-cent gain in FFOPU year-over-year and same-property net operating income, adjusted for the bankruptcy of Toys \u201cR\u201d Us, of 2.9 per cent. <\/p>\n https:\/\/www.newswire.ca\/news-releases\/plaza-retail-reit-announces-2025-results-832372572.html<\/p>\n \u201c4Q was impacted by higher snow removal and repair costs, as well as the Toys \u201cR\u201d Us insolvency,\u201d the analyst said. \u201cPLZ expects to backfill the former Toys space by year-end. In 2026, management anticipates achieving 2\u20132.5-per-cent SP NOI growth (we are modelling 2.0 per cent). Same-asset occupancy and occupancy including non-consolidated investments<\/p>\n declined 40 basis points and 30 basis points quarter-over-quarter to 97.1 per cent (10 basis points year-over-year) and 97.6 per cent (flat year-over-year), respectively. There is an active lease pending that will increase committed occupancy to 98 per cent.\u201d<\/p>\n Maintaining a \u201cbuy\u201d rating for Plaza units, Mr. Kalmar increased his target to $5, matching the average on the Street, from $4.75.<\/p>\n Elsewhere, RBC\u2019s Pammi Bir increased his target to $4.75 from $4.50 with a \u201csector perform\u201d rating.<\/p>\n \u201cQ4 results were a little short of our call, partly from a hiccup in bad debts. That said, we see PLZ as well-equipped to navigate broader macro turbulence. Supported by resilient demand, we expect occupancy in its defensive essential needs and value-focused retail portfolio to remain resilient, with stronger organic growth taking shape in 2026. As well, its ongoing capital recycling and development programs are moving portfolio quality up the curve and driving incremental earnings and NAV upside. Net-net, valuation seems well-supported,\u201d said Mr. Bir.<\/p>\n National Bank Financial analyst Ahmed Abdullah sees \u201ca multi-catalyst setup\u201d for Blue Ant Media Corp. (BAMI-T<\/a>) \u201cwhere balance sheet strength enables M&A, M&A drives earnings inflection, and earnings growth supports multiple expansion.\u201d<\/p>\n In a client report released Wednesday titled Lights, Camera, Re-Rate: A Roll-Up Story Takes the Stage, he initiated coverage of the Vancouver-based television producer-turned global content distributor, , which went public last year<\/a>, with an \u201coutperform\u201d rating, emphasizing M&A activity is \u201ca core re-rate lever for the story, backed by a clean balance sheet\u201d<\/p>\n \u201cWe view the re-rate pathway as: balance sheet flexibility fuels M&A, M&A unlocks an earnings inflection, and that earnings momentum underpins multiple expansion,\u201d explained Mr. Abdullah. \u201cEarly execution is encouraging following the reverse takeover (RTO) that took Blue Ant public on Aug. 1, 2025. The company demonstrated early traction as it acquired MagellanTV (Oct. 2025, US$12-million purchase) and Thunderbird Entertainment (Jan. 2026, $89-million purchase). BAMI aims to expand production scale and increase its owned IP library (now more than 9,000 hours) to drive its content monetization IP strategy via licensing, subscriptions and advertising. We believe the playbook is repeatable as Blue Ant sits with a proforma net cash position and key shareholder support.\u201d<\/p>\n The analyst also pointed to the importance of \u201ccornerstone\u201d support from Fairfax Financial Holdings Ltd (FFH-T<\/a>), which he thinks \u201cstrengthens execution and downside protection.\u201d<\/p>\n \u201cFairfax\u2019s long-term backing is a key part of our thesis, lowering financing and execution risk as BAMI scales through M&A,\u201d he added. \u201cIts support around the RTO included balance-sheet protection, an unconditional guarantee that enabled monetization of a $13.6-million vendor take-back note, the $34.7-million value assurance payment tied to the retained production businesses, and a commitment to backstop a potential equity financing in the year post RTO (up to $20 million). <\/p>\n \u201cThe Global Channels & Streaming segment adds a scalable, recurring component. Blue Ant monetizes its owned channels through subscriptions, advertising and licensing. Incremental FAST distribution expansion carries limited marginal cost, supporting attractive operating leverage as scale builds. This strategy is supported by a structural tailwind as viewing time continues to shift from linear TV to streaming, and ad budgets follow audiences toward connected TV and ad-supported platforms. As connected TV monetization expands and digital advertising conditions improve, we expect this segment to contribute more consistently to growth and reinforce the rerate narrative beyond production alone.\u201d<\/p>\n Viewing a May 1 lock-up expiry as \u201ca near-term technical overhang on shares,\u201d the analyst, who is the first to initiate coverage, set a target of $11 for Blue Ant shares, pointing to an estimated total return of 69.5 per cent. <\/p>\n \u201cFollowing the RTO, 19.9 million subordinate voting shares were subject to staged lock-ups, with 50 per cent released on Feb. 1, 2026 and the remaining 50-per-cent scheduled for release on May 1, 2026,\u201d he said. \u201cWhile improving liquidity is constructive longer term, the May 1 unlock may weigh on shares near term as additional stock becomes tradeable and the shareholder base potentially rotates.\u201d<\/p>\n \u201cBlue Ant currently trades at approximately 3.0 times PF2026E EV\/EBITDA and 2.8 times F2027E (a 50-per-cent discount to Canadian peers). We believe this valuation overly discounts execution risk relative to the company\u2019s improved pro forma scale ($500-million PF revenue), diversified revenue streams and strengthened balance sheet.\u201d<\/p>\n In other analyst actions:<\/p>\n * Stifel\u2019s Ian Gillies reduced his target for AtkinsR\u00e9alis Group Inc. (ATRL-T<\/a>) to $113 from $121 with a \u201cbuy\u201d rating. The average is $120.38.<\/p>\n \u201cWe have updated our ATRL model to reflect the new \u2018All Other Segments,\u201d 2026E guidance and updated 2025-2027E guidance. Our 2026E and 2027E model updates are largely negative revisions resulting from: (1) lower Nuclear EBIT margin and (2) higher LSTK losses in 2026E. As we think about the path for the stock in 2026E, we ultimately believe it will be driven by (1) M&A and (2) CANDU technology being selected for potential new reactors. Larger M&A and CANDU technology selection seem more like 2H26E events, which could lead to the stock being sideways for a brief period of time. Potential downside risks could emerge from weaker-than-expected ES organic growth. Taking a 12-month view, we remain constructive as we believe their previously mentioned positive catalysts more-than-offset near-term risks,” said Mr. Gillies.<\/p>\n * BMO\u2019s \u00c9tienne Ricard reduced his Goeasy Ltd. (GSY-T<\/a>) target to $170, below the $182.93 average, from $225 with an \u201coutperform\u201d rating.<\/p>\n \u201cHeading into Q4\/25 reporting, our attention remains focused on goeasy\u2019s delinquency trends. Interestingly, peer and industry data offer mixed readthroughs, which likely suggests another sequential build to GSY\u2019s allowance rate. That being said, with the stock pricing in a material increase to credit losses (200+bps above our base case, in our view), we believe significant pessimism is reflected in the stock,\u201d said Mr. Ricard.<\/p>\n * In a client note titled Simplifying the story, one deal at a time, RBC\u2019s Pammi Bir raised his NorthWest Healthcare Properties REIT (NWH.UN-T) target to $6 from $5.50, keeping a \u201csector perform\u201d rating, following the release of in-line fourth-quarter 2025 results. The average target is $6.25.<\/p>\n \u201cNWH continues to make encouraging strategic progress,\u201d said Mr. Bir. \u201cWhile our earnings estimates are dialed back, the process of simplifying the business took another step forward with the sale of a substantial portion of its European portfolio. As capital is redeployed into North America, we expect its narrower geographic exposure, reduced leverage, and focus on defensive healthcare real estate to expand its institutional investor draw. In the meantime, with work to do on addressing Healthscope (HSO) exposure, valuation seems about right.\u201d<\/p>\n * RBC\u2019s Michael Harvey increased his Paramount Resources Ltd. (POU-T<\/a>) to $30 from $26 with a \u201csector perform\u201d rating. Other changes include: BMO\u2019s Jeremy McCrea to $32 from $24 with an \u201coutperform\u201d rating, ATB Cormark Capital Markets\u2019 Patrick O\u2019Rourke to $33 from $28 with an \u201coutperform\u201d rating, Raymond James\u2019 Luke Davis to $31 from $29 with an \u201coutperform\u201d rating and National Bank\u2019s Dan Payne to $32.50 from $30 with a \u201csector perform\u201d rating. The average is $28.<\/p>\n \u201cPOU reported a strong quarter with increased outlook, paired with meaningful reserves growth as a portion of Sinclair was included within the probable category,\u201d said Mr. Harvey. \u201cRates at Willesden continue to be favourable, with POU (as supported by public data) highlighting shallowing declines out of the Duvernay. We shift our PT to $30 on the back of strong execution and the potential for further multiple expansion.\u201d<\/p>\n