Inside the Market\u2019s roundup of some of today\u2019s key analyst actions<\/p>\n
RBC Capital Markets\u2019 global mining equities analysts updated their precious metals price forecasts on Wednesday, expecting new highs will be achieved again for gold in 2026.<\/p>\n
\u201cWe increase our gold forecasts in 2026 to $4,600\/oz (up 17 per cent vs. prior), our 2027 to $5,100\/oz (up 24 per cent vs. prior), and long-term to $3,000\/oz (up 15 per cent vs. prior). We maintain a positive outlook for gold equities; however, we see some upcoming interim headwinds into 1Q guidance season,\u201d they said.<\/p>\n
\u201cOur preferred precious metals equities include; Large caps: AngloGold, Gold Fields . Royalties: Royal Gold, OR Royalties. Mid-caps: G Mining, Torex, Iamgold, Equinox , Eldorado, Artemis.\u201d<\/p>\n
The analysts said they view the outlook for gold equities \u201cas being favourable and independent of our higher gold price views.\u201d<\/p>\n
\u201cGold prices year-to-date have increased by 60 per cent, while gold equities have outperformed sharply, increasing 139 per cent,\u201d they added. :At spot, large cap producer 2026 valuations remain attractive, representing 1.12 times NAV and in 2026 7.3-per-cent FCF\/EV, 6.2 times EV\/EBITDA, and 12.2 P\/E. <\/p>\n
\u201cPositively in the current cycle, producers have focused on deleveraging, limiting cost inflation, and returning cash to shareholders. Although the risk of lower future gold prices could represent a concern from current high price levels, financial leverage has been eliminated and margins are high, providing a larger-than-normal cushion for downside protection to gold. Today, producers are operating with a prudent approach to capital allocation and discretionary spending. Notwithstanding greater prudence, we still expect rising capital spending for the year ahead as producers with excess cash seek to accelerate returns available from existing projects. In 2026, RBC forecasts large cap capex will increase by 25 per cent year-over-year and we forecast AISC will increase by 10 per cent; however, consensus estimates do not reflect this outlook and RBC forecasts downside risks with year-end results in Feb- March. <\/p>\n
In a client report, the analysts also increased their silver price assumptions by an average 43 per cent over 2026 and 27 with their long-term price rising to US$37.50 per ounce, which is a 25-per-cent jump from their previous estimate. Their copper projections increased by an average 9 per cent over 2026\/27 with a long-term price of US$5.00 per pound (up 25 per cent).<\/p>\n
With their commodity price deck changes, the analysts adjusted their target prices for stocks in their coverage universe along with one rating revision:<\/p>\n
Josh Wolfson upgraded SSR Mining Inc. (SSRM-Q<\/a>, SSRM-T<\/a>) to \u201coutperform\u201d from \u201csector perform\u201d with a US$40 target, down from US$45. The average target on the Street is US$43.03, according to LSEG data. <\/p>\n \u201cRising prices and cash flow from the portfolio limit downside even as we continue to model no value\/production for SSRM\u2019s Turkish assets,\u201d he said. \u201cDespite the higher cash flow and potential upside from the rest of the portfolio, however, we think investors need more clarity on the outcome in Turkey pending the potential sale of Copler in 3Q and strategic review of Hod Maden.\u201d<\/p>\n While it was \u201canother good quarter\u201d for Canadian banks, Desjardins Securities analyst Doug Young continues to warn \u201cmacro, geopolitical and trade risks are looming and could cause results and share price volatility throughout FY26.\u201d<\/p>\n \u201cGiven the outperformance last year, and so far this year (relative to the S&P\/TSX) we\u2019re not surprised to see the sector take a breather,\u201d he said in a report wrapping up second-quarter earnings season<\/a>. <\/p>\n \u201cWe are moving our call on the Canadian banks to market weight (from overweight) given the aforementioned outperformance and near-term risks, specifically in Canada.\u201d<\/p>\n Mr. Young made a pair of target price changes:<\/p>\n Toronto-Dominion Bank (TD-T<\/a>) to $167 from $160. The average is $163.52.Royal Bank of Canada (RY-T<\/a>) to $280 from $275. Average: $277.47.<\/p>\n The analyst also revised his pecking order for stocks in the sector. It is now:<\/p>\n (from #2) Toronto-Dominion Bank(from #3) Royal Bank of Canada (from #4) National Bank of Canada (NA-T<\/a>, \u201cbuy\u201d) with a $217 target. Average: $205.75.(from #1) Canadian Imperial Bank of Commerce (CM-T<\/a>, \u201cbuy\u201d) with a $160 target. Average: $162.88.EQB Inc. (EQB-T<\/a>, \u201cbuy\u201d) with a $132 target. Average: $121.62.(from #7) Bank of Montreal (BMO-T<\/a>, \u201chold\u201d) with a $230 target. Average: $229.(from #6) Bank of Nova Scotia (BNS-T<\/a>, \u201chold\u201d) with a $115 target. Average: $113.70.Laurentian Bank of Canada (LB-T<\/a>, \u201ctender\u201d) with a $40.50 target. Average: $48.05<\/p>\n TD Cowen analyst Tim James thinks the first-quarter results from FirstService Corp. (FSV-Q<\/a>, FSV-T<\/a>) reaffirmed his view of an attractive entry point for investors \u201ccreated by 1) multiple compression, 2) accelerating organic growth, and 3) risk profile, balance sheet and mediumto-long term positive outlook.\u201d <\/p>\n \u201cRecent NCIB increase and repurchase activity suggests our view of undervaluation is shared by company,\u201d he added. <\/p>\n In a client note, Mr. James predicted the Toronto-based residential property management company will see consolidated organic growth continue to accelerate, forecasting 2026 and 2027 gains of 3.5 per cent and 5.7 per cent versus its three-year average of 4.7 per cent. He\u2019s also projecting 6-per-cent and 8-per-cent adjusted EBITDA and earnings per share compound annual growth rates, respectively, through 2027 (versus 2025).<\/p>\n \u201cIn our view, current valuation fails to reflect the earnings resiliency and predictability of the business model, M&A driven growth opportunity and other attractive risk characteristics such as its lack of exposure to potential trade\/tariff impacts,\u201d he said. \u201cOn June 2nd, company announced an increase to its NCIB to 10 per cent from 3.9 per cent and disclosed the repurchase of approximate 2% of its public float since the end of Q1\/26. Given the M&A driven business model, we view the decision to repurchase shares as a testament to how undervalued we believe management and the Board view the current share price. <\/p>\n \u201cFirstService is trading at 12.3 times\/21.7 times forward EBITDA\/EPS, a 1.7-times\/0.1-times discount to comps vs. the trailing 4-year average premium of 2.8 times\/6.4 times. Our target assumes modest multiple expansion (17 times\/27 times target EBITDA\/EPS) and 6-per-cent\/12-per-cent EBITDA\/EPS growth in our target period (Q2\/27-Q1\/28) relative to current forward 4-quarters. Expansion anticipated based on future resumption of y\/y growth in Roofing, accelerating organic growth, forecast adj. EBITDA\/adj. EPS CAGR (2025-2027 before accounting for incremental M&A and weather-related upside), and mean reversion towards historical multiple relationship with comps.\u201d<\/p>\n With the recent sell off in his shares coupled with his growth forecast, Mr. James thinks FirstService\u2019s \u201ccurrent valuation relative to historical precedents and comparables represents attractive value\u201d and reaffirmed his \u201cbuy\u201d rating and US$204 target. The average is US$190.75.<\/p>\n Coming off research restriction, RBC Dominion Securities analyst Paul Treiber thinks infrastructure fund manager Plenary Americas\u2019 $1.2-billion deal to acquire Information Services Corp. (ISC-T<\/a>) \u201cfairly values\u201d the digital services company in a go private scenario. <\/p>\n Plenary, which is a unit of Caisse de d\u00e9p\u00f4t et placement du Qu\u00e9bec, announced the deal on May 19<\/a>, which sees it pay $51 per share. It plans to keep ISC\u2019s Regina headquarters with it operating independently of other portfolio investments.<\/p>\n \u201cThe takeout price equates to 11.0 times NTM [next 12-month] EV\/EBITDA, which represents an all-time high valuation multiple for the stock and at a premium to peers at 8.2 times,\u201d he said. \u201cThe takeout multiple is slightly above precedents, including OMERS\u2019s 2008 acquisition of Ontario registry Teranet at 10.5 times EV\/EBITDA. The takeout price takes into account CIC\u2019s Golden Share and the ISC Act, the pricing structure in the MSA that runs to 2053, registry data that remains the property of the Government of Saskatchewan, and commitments to strengthen ISC\u2019s brand, preserve jobs and generate economic activity in Saskatchewan.<\/p>\n \u201cAnother bidder is unlikely. We believe another bidder is unlikely, given: 1) the takeout follows ISC\u2019s extensive strategic review, which commenced in September 2025; 2) multiple interested buyers were involved in the strategic review, according to unconfirmed media reports; 3) the purchase multiple is slightly above precedents; 4) the transaction has the support of CIC and all of ISC\u2019s directors and officers; and 5) CIC will continue to hold a Golden Share, with additional benefits.\u201d<\/p>\n Also noting Information Services\u2019 first-quarter results and updated guidance display \u201cstable operations,\u201d Mr. Treiber raised his target for its shares to $51 from $39 to reflect the deal, keeping a \u201csector perform\u201d rating. The average is $45.<\/p>\n \u201cTakeouts may be catalysts for the Canadian small cap tech ecosystem. With the valuations of some Canadian small cap tech stocks near multi-year lows, we believe more companies may consider going private or selling to acquirers to maximize near-term shareholder value,\u201d he noted.<\/p>\n Stifel analyst Justin Keywood sees Well Health Technologies Corp.’s (WELL-T<\/a>) $160-million acquisition<\/a> of two complementary, immediately accretive clinical platform acquisitions as \u201cmaterial\u201d additions at the same time the Vancouver-based company reached its goal of $100 million in annualized Adjusted EBITDA for its Canadian segment three quarters earlier than previously expected.<\/p>\n \u201cWe view the transaction as significant and positive as diagnostics assets are Healthcare infrastructure and difficult to procure, provided the high-margin nature, limited licenses available and secular tailwinds, including from system strain and substantial wait-lists,\u201d he said. <\/p>\n \u201cThe purchase multiple is favorable with potential wide synergy benefits. As indicated, WELL\u2019s 2021 MyHealth acquisition (Diagnostics\/Specialty-Care) showed 500 basis points margin expansion within three years as WELL Primary Care Doctors refer patients for diagnostics, retaining the associated billings.<\/p>\n Keeping a \u201cbuy\u201d rating for Well shares, Mr. Keywood bumped his target to $8.25 from $8 to reflect the high-end of its guidance as well as synergies. The average is $6.72.<\/p>\n \u201cFor simplicity, we outline four key areas of our investment thesis: <\/p>\n \u201c\u2022 Add scale: we anticipate WELL will acquire or build several more clinics to strengthen the foundational platform for higher-growth pursuits. <\/p>\n \u201c\u2022 Acquire tech assets: we see recent transactions as adding valuable SaaS revenue, leading to a platform offering and higher stock multiple. The M&A pursuit has also become much more valuable with changes in telehealth billing codes, now bridging virtual care technology. <\/p>\n \u201c\u2022 Develop and test: WELL has exceeded one million patient visits on an annualized run-rate basis, either virtually or in person, which provides a unique situation where new technologies can be developed with rich test data before further expansion. <\/p>\n \u201c\u2022 Organic expansion: WELL can roll out its acquired and developed technologies across Canada and into the U.S., leading to possible accelerated organic growth. The company can also increase organic growth at its clinics by adding additional doctors to fill extra available capacity that now includes virtual visits,\u201d he said.<\/p>\n Elsewhere, CIBC\u2019s Erin Kyle increased her target to $6 from $5.50, keeping an \u201coutperformer\u201d rating.<\/p>\n In other analyst actions: <\/p>\n * Seeing its risk-reward proposition turn more favourable ahead of an expected decision on the restart of its Cobre Panam\u00e1 mine, Deutsche Bank\u2019s Liam Fitzpatrick upgraded First Quantum Minerals Ltd. (FM-T<\/a>) to \u201cbuy\u201d from \u201chold\u201d and raised his target to $50 from $40. The average on the Street is $45.10.<\/p>\n