Inside the Market\u2019s roundup of some of today\u2019s key analyst actions<\/p>\n
RBC Dominion Securities analyst Nelson Ng lowered his rating for Superior Plus Corp. (SPB-T<\/a>) to \u201csector perform\u201d from \u201coutperform\u201d on Monday, expecting its shares to remain range-bound over the next 12 months due to \u201ci) Super El Ni\u00f1o weather risk, ii) a pause in share buybacks potentially through 2027, and iii) elevated capex constraining the balance sheet.\u201d<\/p>\n \u201cCertarus delivered record Q2\/26 EBITDA of US$33.6-million (up 23 per cent year-over-year) with industrial volumes up 50 per cent from datacenters and power generation, and wellsite pricing stabilized since mid-2025,\u201d he said. \u201cThe launch of Mobile CNG Fleet Fueling opens a new permanent revenue vertical with attractive margins and a large addressable market. On propane, Superior Delivers contributed US$17 million year-to-date with improvements management characterizes as \u2018real and permanent\u2019 though execution remains slower than initially expected. We note that benefits from Superior Delivers has not directly translated to realized EBITDA improvement (year-to-date EBITDA has been flat year-over-year) due to net customer attrition, execution and other factors. <\/p>\n \u201cSuper El Ni\u00f1o could dampen cashflows in the 2026\/27 winter. NOAA indicated that El Ni\u00f1o conditions are present (July 2026) and expects strengthening through 2026, with a 97-per-cent chance it persists through early spring 2027 and an 81-per-cent chance of a \u2018very strong\u2019 El Ni\u00f1o in Q4\/26. Given that more than 95 per cent of propane EBITDA is generated in Q4\/Q1, a warmer-than-normal winter poses potential downside risk to our estimates and management\u2019s 2026\/27 guidance, which assumes 5-year average weather.\u201d<\/p>\n Mr. Ng emphasized Superior Plus is likely to possess \u201climited excess cash flows to spare\u201d in the near term with capital allocation \u201cdominated by i) growth capex for Certarus (US$230 million of total corporate capex and leases in 2026, and a similar level in 2027), and ii) redeeming US$260 million of convertible preferred shares (mid-2027).\u201d<\/p>\n His target for the Toronto-based company\u2019s shares fell by $1 to $9. The average target on the Street is $8.90.<\/p>\n \u201cWe are maintaining our 2026 and 2027 Adjusted EBITDA estimates of US$469 million and US$506 million, respectively,\u201d said Mr. Ng. \u201cOur estimates reflect expected weaker propane contribution from El Ni\u00f1o weather headwinds, offset by stronger Certarus performance from datacenter and fleet fueling growth.\u201d<\/p>\n Elsewhere, others making changes include: <\/p>\n * Scotia\u2019s Ben Isaacson to $9 from $8.50 with a \u201csector perform\u201d rating.<\/p>\n \u201cWe have raised our PT to $9\/sh, as Certarus growth levers could push \u201827 EBITDA toward $500-million. First, SPB\u2019s value proposition continues to shift toward Certarus as a growth infrastructure business, particularly around AI\/data centres, power reliability, and now, transportation fueling. A strong operational Q2 (high utilization rates + healthy margins) certainly didn\u2019t hurt the Certarus narrative. Second, the legacy propane business remains mixed, with Canadian propane showing strength, the U.S. business underperforming on higher customer inventory + fewer active locations, and no material Superior Delivers results until Q4. Third, while B\/S leverage improved to 3.6 times, funding Certarus\u2019 expansion will push this back toward 4.0 times by the end of the year. Fourth, on valuation, our PT moves to $9, based on 6.5 times \u201827E EBITDA of $500-million, give or take. Our multiple for this type of business could\/should be higher than 6.5 times, particularly given Certarus\u2019 possible growth trajectory. However, first we will need to see: (1) debt reduction toward 2.5 times on a through-cycle basis; (2) evidence of accretive and sustainable Superior Delivers results; and (3) a growing back-log of Certarus contracts,\u201d said Mr. Isaacson.<\/p>\n * Desjardins Securities\u2019 Gary Ho to $8.75 from $8 with a \u201chold\u201d rating.<\/p>\n \u201c2Q results came in ahead of our expectations, driven by a record Certarus quarter. Certarus launched Mobile CNG Fleet Fueling, signing its first contract, and added another datacentre contract to a growing funnel. Management reaffirmed 2-per-cent EBITDA growth guidance for 2026 and 5 per cent for 2027. With wellsite stabilizing, datacentre momentum and fleet fueling optionality, Certarus has reached an inflection point, in our view,\u201d said Mr. Ho.<\/p>\n Despite Russel Metals Inc. (RUS-T<\/a>) enjoying a \u201cbarn burner\u201d of a second quarter, Raymond James analyst Frederic Bastien remains concerned about its valuation, prompting him to downgrade his recommendation to \u201cmarket perform\u201d from \u201coutperform\u201d previously.<\/p>\n \u201cRussel Metals demonstrated last week it has all the right pieces needed to translate a strengthening steel market into meaningful earnings growth, blowing the doors off 2Q26 consensus expectations,\u201d said Mr. Bastien. \u201cEven so, it is difficult to overlook the stock\u2019s impressive 85-per-cent run year-to-date, versus a 15-per-cent gain for the TSX Composite. As much as we hold RUS\u2019 management in high regard, we are taking chips off the table and lowering our recommendation to Market Perform.\u201d<\/p>\n He added: \u201cOur favorite kind of downgrade. We know Russel will benefit from a rising tide of steel demand and prices in the short term, and from a well honed capital deployment playbook in the long-term. That said, valuation has become harder to overlook following the stock\u2019s explosive run. RUS now trades at a three-point premium to its 10-year forward EV\/EBITDA average, a level last reached in 2017. We are the first to acknowledge that the firm is much better positioned today than it was then; we are simply recognizing that the risk-reward profile is no longer skewed positively.\u201d<\/p>\n Russel shares soared 15.3 per cent on Friday after it reported earnings per share of $1.43, topping Mr. Bastien\u2019s Street-high $1.15 forecast and the $1.10 consensus. <\/p>\n \u201cAdjusting for the mark-to-market impact of stock-based compensation, Russel\u2019s bottom-line was even stronger at $1.63,\u201d he added. \u201cResults were strong across the board, with sales coming in 12 per cent ahead of our estimate and gross margins 50 bps better than expected. The upside more than offset $13-million of higher-than-expected employee and operating costs, reflecting increased expenses associated with the Kloeckner branches and higher variable compensation.\u201d<\/p>\n Mr. Bastien raised his target for Russel shares to $82 from $70. The average is $66.57.<\/p>\n \u201cWith customer and mill lead times now stretching beyond 120 days on strong demand across the market, management\u2019s visibility has increased to levels not enjoyed in years. Activity levels are such that RUS may bypass the seasonal lull typical of summer. Prices for plate and hot rolled coil have continued to appreciate exiting 2Q26, after both gaining 13 per cent sequentially during the quarter. Meanwhile, multiple mills are reportedly planning maintenance this summer, adding further support to an already tight market. With the next 18 months shaping up stronger than before, we are raising our 2026 and 2027 adjusted EBITDA estimates, by 19 per cent and 11 per cent, respectively.\u201d<\/p>\n Other changes include:<\/p>\n * National Bank\u2019s Maxim Sytchev to $75 from $57 with a \u201csector perform\u201d rating. <\/p>\n \u201cSame-store volume growth of up 6 per cent year-over-year hit a five-year high as strong end-market demand (including a Canadian recovery) was complemented by very strong operational and strategic execution on management\u2019s part,\u201d said Mr. Sytchev. \u201cContinued optimization of the asset base \u2013 including the pending divestment of non-core Color Steel ops, the ongoing integration of Kloeckner assets, and likely more U.S. M&A in the next 12 months \u2013 no doubt provides a consistent if gradual uplift in underlying earnings generation. We downgraded shares too early in February on concerns around metals pricing sustainability as shares are now up 77 per cent year-to-date vs. up 14 per cent for the TSX, and remain cognizant of that dynamic, especially in light of weak U.S. job numbers in recent months and AI\/data centre skewed nature of economic growth given that well more than half of RUS\u2019s top line now comes south of the border. Despite the strong execution and self-improvement levers being actualized by management, we are hesitant to chase the stock at these levels but remain on the lookout for a better entry point.\u201d <\/p>\n * Stifel\u2019s Ian Gillies to $85 from $64 with a \u201chold\u201d rating.<\/p>\n \u201cPut simply, we downgraded RUS too early in February 2026 and the stock has increased 64 per cent since that time. We think it is more thoughtful to acknowledge the changes occurring at RUS (and in the equity markets) rather than be dogmatic in our approach that P\/Book should be a very important indicator of value. With this in mind, we are moving our TP methodology to P\/E from a 50\/50 split of P\/E and P\/Book,\u201d said Mr. Gillies.<\/p>\n * RBC\u2019s James McGarragle to $92 from $68 with an \u201coutperform\u201d rating.<\/p>\n \u201cRussel Metals reported a very strong Q2 result and provided an arguably even more constructive near-term outlook. The quarter clearly demonstrated the success of value-add capex and M&A during the downturn as well as the meaningful operating leverage these investments have resulted in. Key for us is that we believe the industrial recovery is just getting going (as evidenced by commentary from the transports during Q2 reporting), and when coupled with favourable pricing trends we see significant upside to 2027 numbers. Continue to like the shares here despite the 100-per-cent share price move off late-2025 levels,\u201d said Mr. McGarragle.<\/p>\n National Bank Financial analyst Jaeme Gloyn thinks the \u201cdoomsday scenario\u201d for Goeasy Ltd. (GSY-T<\/a>) is \u201cclearly off the table as Q2 results demonstrate GSY is now more firmly on a path to normalization.\u201d <\/p>\n \u201cWe now hold a more bullish outlook as i) charge-offs perform in line with guidance, and ii) access to funding is reopening,\u201d he added. \u201cHowever, rising easyfinancial charge-offs and still elevated leverage give us some pause.\u201d<\/p>\n Shares of the Mississauga-based consumer lending company jumped 6.3 per cent after it reported adjusted earnings per share of $1.02, beating the street\u2019s expectation for loss of $1.12 as well as Mr. Gloyn\u2019s projection of a 32-cent loss. He attributed the beat to \u201cstronger credit performance, including lower charge-offs and a decline in the provisioning rate. Opex also beat, while revenues were in line.\u201d<\/p>\n On March 10, the personal lender for subprime borrowers tumbled 57 per cent after announcing<\/a> surging loan losses and suspending its dividend on Tuesday.<\/p>\n Mr. Gloyn thinks credit metrics have \u201cmostly improved,\u201d while he did emphasize ” the deterioration in charge-off performance of the easyfinancial unsecured portfolio gives us some pause.” He also sees the firm\u2019s balance sheet possessing \u201csome breathing room for now.\u201d<\/p>\n \u201cIn terms of our more bullish stance, recall we were looking for three key developments, which have shown meaningful improvement in our view,\u201d said Mr. Gloyn.<\/p>\n \u201c* Credit performs in line or better than management\u2019s guidance – Q2 results and Q3 mini-guide suggest GSY is on the right track despite some risk in easyfinancial unsecured loans. * Access to funding reopens July 1, 2026 – revolver opened July 1, warehouse progressing to September reopening, and potentially ending with an extension, though terms still unknown. * Equity raise with cornerstone investor executed quickly, or delayed several quarters to allow for some normalization in performance to take hold – leverage is declining (6.4 times vs. 6.95 times last quarter) but still significantly above pre-crisis levels (less than 5.0 times). Performance is improving, easing execution risk of an equity raise.<\/p>\n Maintaining a \u201csector perform\u201d rating for Goeasy shares, Mr. Gloyn hiked his target to $53 from $43. The average target on the Street is $35.75.<\/p>\n \u201cWe are shifting to a more simplified P\/B as we no longer forecast book value erosion in the quarters to come,\u201d he said. \u201cWhile we still see risk to intangible assets, of which 70 per cent relates to merchant relationships that management continues to review, management is maintaining a presence with select merchants where performance is strong and the company sees future opportunities. In addition, LendCare charge-offs are performing in-line with expectations and increased collections efforts are driving upside.\u201d<\/p>\n Elsewhere, other changes include:<\/p>\n * Desjardins Securities\u2019 Gary Ho to $56 from $38 with a \u201cbuy\u201d rating.<\/p>\n \u201c2Q beat on an ACL release, with loan book, rev yield and NCO meeting guidance. Funding milestones\u2014revolver access restored, securitization audit accepted, backup servicer on track for September\u2014de-risk the liquidity story,\u201d said Mr. Ho. \u201cCredit was mixed: LendCare NCO fell 580 basis points to 20.6 per cent, but EF unsecured rose to 17.0 per cent on a spike in non-prime insolvencies, prompting a more cautious 2H growth restart (FY loan book now flat at 2Q levels). We raised our estimates (2028 introduced) and target.\u201d<\/p>\n * TD Cowen\u2019s Graham Ryding to $50 from $32 with a \u201chold\u201d rating.<\/p>\n \u201cQ2\/26 earnings were better than expected (PCL releases helped), and the company made good progress on stabilizing liquidity and regaining access to funding. We see potential for operating losses in 2H\/26, but visibility towards low teens ROE in 2027 (high teens in 2H\/27). We are moving our target price to $50 (from $32) given the improving visibility towards profitability in 2027,\u201d said Mr. Ryding.<\/p>\n Following Saputo Inc.\u2019s (SAP-T<\/a>) release of \u201csolid\u201d second-quarter results last week, Ventum Financial analyst George Doumet says the two themes that lead to his \u201cconstructive\u201d view on the dairy giant \u201cremain intact: continued momentum in high-protein ingredients and margin expansion driven by network optimization and mix.\u201d<\/p>\n \u201cU.S. led the quarter, with EBITDA outperforming by 9 pe rcenton stronger volumes, favourable mix and elevated whey pricing,\u201d he added. \u201cWe continue to view U.S. as SAP\u2019s largest source of upside, with a credible path from mid-8-per-cent EBITDA margins today to 10\u201311 per cent over time. The key catalyst for a step change is a normalization in cheese block prices while demand for high-protein ingredients remains healthy. Canada was largely in line, although a second consecutive quarter of margin compression reinforces our view that it is becoming more of an EBITDA dollar growth story than a margin expansion story.\u201d<\/p>\n In a client report titled Paving the Whey Forward, Mr. Doumet said the demand for high-protein products represent \u201ca structural growth opportunity rather than a passing trend, supported by health and wellness preferences and dairy\u2019s attractive protein value proposition.\u201d<\/p>\n \u201cSAP is investing behind that demand,\u201d he said. \u201cThe upgraded Waupun facility is now producing WPC80, WPC34 and lactose, increasing WPC80 capacity by approximately 35 [er cent, while the Friendship, NY expansion adds cottage cheese capacity to facilities already operating near full utilization. We also expect further investment in Canadian cultured products, reinforcing management\u2019s focus on higher-margin, protein-focused categories.\u201d<\/p>\n In justifying his bullish view, Mr. Doumet also emphasized the growing opportunities south of the border.<\/p>\n \u201cWaupun [Wisconsin cheese factory] continues to ramp efficiently, with upside from higher whey solids, network optimization and innovation,\u201c he said. \u201dManagement reaffirmed its 10\u201312-per-cent medium-term U.S. margin target, with further expansion dependent on higher utilization, productivity gains and a more favourable block-to-milk relationship. Similar protein opportunities are emerging in Australia, with longer term upside in the UK.<\/p>\n \u201c… while making mozzarella stretch further.\u00a0U.S. mozzarella performance remained healthy despite a challenging backdrop, supported by strong export demand, new listings with a major national retailer and continued share gains in QSR. SAP noted the Company is skewed toward the pizza banners gaining share, while competitive intensity remains elevated but rational. We remain somewhat cautious for the category in the short to medium term.\u201d<\/p>\n After making \u201cmodest\u201d upward revisions to our estimates, \u201clargely reflecting an improved pace of margin recovery in the U.S., partially offset by more modest growth in Canada,\u201d Mr. Doumet bumped his target for Saputo shares to $49 from $48, keeping a \u201cbuy\u201d rating. The average on the Street is $47.57.<\/p>\n Others making changes include: <\/p>\n * National Bank\u2019s Vishal Shreedhar to $45 from $44 with a \u201csector perform\u201d rating.<\/p>\n \u201cWe consider consolidated results to be solid, supported by EBITDA growth in all segments; the beat vs. NBCCM was mainly in the USA segment. SAP largely maintained its F2027 outlook, while highlighting strength in high-protein, and cautioning that U.S. cheese will see volatility; investments in technology\/digital were also introduced,\u201d said Mr. Shreedhar.<\/p>\n Citing its \u201cstrong\u201d share price performance, which has narrowed upside to his price target, \u201calongside expectations for normalization in Capital Markets activity through FY27,\u201d Raymond James analyst Stephen Boland lowered Canaccord Genuity Group Inc. (CF-T<\/a>) to an \u201coutperform\u201d rating from \u201cstrong buy\u201d previously.<\/p>\n The downgrade comes in the wake of a \u201cvery strong\u201d second quarter with adjusted diluted earnings per share of 36 cents, which topped both Mr. Boland\u2019s 32-cent estimate and the Street\u2019s expectation of 29 cents. Adjusted revenue jumped 28.8 per cent year-over-year to $577.4-million, which Mr. Boland emphasized is the company\u2019s third-highest quarterly revenue on record.<\/p>\n \u201cCapital Markets delivered another strong quarter, with adjusted pre-tax income increasing to\u00a0$37.1-million from\u00a0$5.5-million a year ago, driven by higher investment banking and advisory revenue,\u201d he said. \u201cInvestment banking continued to benefit from strength in Metals & Mining, while advisory revenue was supported by strong U.S. activity, including contributions from CRC, and an unusually strong contribution from Australia.<\/p>\n \u201cNotably, Capital Markets revenue declined 11 per cent quarter-over-quarter as activity moderated from a strong 4Q26, including a 35-per-cent decline in Canada, partially offset by strength in Australia (up 26 per cent) and the U.S. (up 8 per cent). We expect Capital Markets results to remain healthy but normalize through FY27 following several quarters of elevated activity. Management also struck a more cautious tone, noting that macroeconomic and geopolitical uncertainty continues to limit visibility into the pace and timing of future financing activity.\u201d<\/p>\n With adjustments to his forecast, Mr. Boland raised his target for Canaccord shares to $16 from $15.50. The average is $16.92.<\/p>\n \u201cWe continue to view a potential monetization of UK Wealth as a key catalyst. With HPS-related rights now approaching the August 29 deadline (Exhibit 1), management reiterated that it continues to evaluate strategic alternatives for CGWM UK. On the call, management noted that discussions with HPS remain ongoing, with the parties meeting weekly ahead of the deadline, but cautioned that a change in structure may not be imminent.<\/p>\n \u201cOverall, while we expect Capital Markets activity may normalize from recent levels over the next several quarters, the increased contribution from Wealth Management and advisory should support a more resilient earnings profile and continued operating leverage through FY27.\u201d<\/p>\n Elsewhere, ATB Cormark\u2019s Jeff Fenwick raised his target to $19.50 from $18.25 with an \u201coutperform\u201d rating.<\/p>\n National Bank Financial analyst Maxim Sytchev thinks Wajax Corp. (WJX-T<\/a>) now possesses a \u201ca leaner and more efficient platform [that] deserves credit.\u201d<\/p>\n \u201cWajax\u2019s margin improvements in recent quarters continue to impress, and we believe they are largely sustainable going forward given their structural nature,\u201d he said. \u201cCombined with [new CEO and President George McClean\u2019s] extensive experience in industrial distribution and focus on operating efficiency, we believe WJX can begin to gradually narrow the ROIC gap to larger North American peers (including FTT and TIH), especially when considering the funding momentum in the Canadian mining and construction\/ infrastructure space. <\/p>\n \u201cThis should also eventually have positive knock-on effects for the manufacturing sector given the government\u2019s focus on domestic supply chains and reducing inter-provincial trade frictions. We look forward to seeing the initiatives of, and results from, the current strategic planning cycle and continue to see significant value in the story (especially after today\u2019s sell-off) as the punitive valuation remains at odds with a markedly improved earnings profile.\u201d<\/p>\n Investors took a cautious stance on the Toronto-based industrial products and services provider, dropping its shares 8.5 per cent on Friday, after it reported revenue for its second quarter of $515-million, missing both Mr. Sytchev\u2019s $545-million estimate and the Street\u2019s expectation of $550-million. The drop of 22 per cent year-over-year was driven largely by new equipment deliveries and lower material handling sales in Eastern and Western Canada as well as lower construction sales in the Central region. Adjusted EBITDA of $45.9-million topped the analyst\u2019s $43.6-million forecast but missed the consensus of $47.4-million.<\/p>\n Mr. Sytchev said operational discipline \u201cremains the foundation while internal focus\/ investments shifts toward commercial and technical capacity.\u201d<\/p>\n \u201cTechnician and sales force investments are intended to unlock growth,\u201d he explained. \u201cERP [enterprise resource planning] improvements are supporting better quoting, procurement, inventory management and profitability data. Management has kicked off a strategic planning process to evaluate opportunities across all businesses and end markets to better inform 2027E priorities: the company is expanding sales force and marketing capabilities while also focusing on technician retention and training. The rationale is to raise sales force effectiveness, sharpen account coverage, replicate regional strengths, improve role clarity and expand recurring PS\/ERS capacity. Investment amounts, timing and paybacks remain under review for the 2027 strategy. Inventory is now within a normal range following the Q1\/26 seasonal build; future investment will focus on stocking high-velocity items in the right locations, supported by monthly unit-level reviews rather than broad-based inventory growth.<\/p>\n \u201cERS [Engineered Repair Services] and Product Support momentum should continue as customers prioritize maintenance, asset reliability and life extension.\u00a0ERS activity is being supported by turnarounds\/power generation\/hydro\/mining and oil and gas maintenance; PS is benefiting from stronger service activity across most regions. End-market conditions remain somewhat mixed: mining activity and quoting remain strong in oil sands and base \/ precious metals, with softness in coal and iron ore; construction equipment demand remains more competitive while customer approvals are taking longer. Management nevertheless noted robust engagement across most regions and pockets of improving sentiment heading into H2\/26E.\u201d<\/p>\n Maintaining his \u201coutperform\u201d rating for Wajax shares, Mr. Sytchev moved his target to #36 from $34. The average target is $34.25<\/p>\n \u201cDespite the softer Q2\/26 top line and somewhat tougher comps in the back half of the year, we now model a 3-per-cent year-over-year revenue rebound for next year on easier comps and slightly higher estimates for new equipment and PS revenues,\u201d said Mr. Sytchev. \u201cMore impactful, however, is the degree of cost reductions flowing through to higher margins (which we believe to be structural in nature). In addition, accelerating deleveraging helps reduce pro forma interest expenses, further helping EPS \/ FCF generation.\u201d<\/p>\n In a report released before the bell titled A Montney Growth Story, RBC Dominion Securities analyst Michael Harvey initiated coverage of Logan Energy Corp. (LGN-X<\/a>) with an \u201coutperform\u201d rating, pointing to an \u201cabove-average organic per-share growth underpinned by a large and high-quality Montney asset base and \u201dan experienced management team with a demonstrated track record of surfacing strategic value.”<\/p>\n \u201cLogan\u2019s portfolio encompasses current production of ~17,000 boe\/d [barrels of oil equivalent per day] with a clear growth runway anchored by its Montney (Simonette, Pouce Coupe, Flatrock) and Duvernay assets,\u201d he said. \u201cNear-term development is concentrated at Simonette and Pouce Coupe, with management targeting more than 30,000 boe\/d by 2029. The production mix skews toward natural gas (59 per cent; 2026E), though liquids account for 35-40 per cent of output and drive the majority of revenue. Half-cycle breakevens below US$50\/bbl WTI provide a durable margin of safety. With roughly 460 identified drilling locations at Simonette alone (incorporated into our NAV analysis), inventory depth is more than sufficient to support the growth trajectory through the decade.\u201d<\/p>\n Mr. Harvey is estimated the Calgary-based company will record 2026 volumes of 17,600 boe\/d, a gain of 34 per cent year-over-year and 22,200 boe\/d in 2027 (up 26 per cent). <\/p>\n \u201cThe capital budget ($235-million; 2026 estimate) remains commodity price sensitive, but the overarching philosophy is to reinvest substantially all cash flow into the organic development program while maintaining a manageable debt profile,\u201d he noted \u201cWhile liquids remain the primary cash flow driver, an improving AECO environment could provide meaningful optionality, both as a source of incremental funds flow and as a potential catalyst to sanction gas-weighted development areas that were previously uneconomic. <\/p>\n Touting its \u201cstrategic value, attractive valuation,\u201d Mr. Harvey set a target for Logan shares of $1.50. The average is $1.37.<\/p>\n \u201cWe view LGN as attractively valued, trading at a discount to our estimated 2P NAV of $1.20\/share, derived from delineated Montney inventory and the existing production base (but no further exploration upside),\u201d he said. \u201cOur target multiples of 1.3 times NAV and 6.1 times 2027E DACF are broadly aligned with peers (1.3 times\/6.3 times), suggesting limited valuation stretch is required. Share price volatility is expected given Logan\u2019s smaller market capitalization; nonetheless, we believe inventory quality, management credibility, and NAV discount more than compensate for these risks, underpinning our Outperform rating.\u201d<\/p>\n In other analyst actions: <\/p>\n * TD Cowen\u2019s Cherilyn Radbourne downgraded ATS Corp. (ATS-T<\/a>) to \u201chold\u201d from \u201cbuy\u201d and dropped her target to $33 from $49. The average on the Street is $42.76.<\/p>\n \u201cATS\u2019 near-term earnings outlook is pressured by soft Q1\/F27 bookings and a lower backlog. The company\u2019s end-market fundamentals are sound, and a large booking could rapidly shift sentiment; however, Q2\/F27 bookings might not generate much revenue until F2028. We find the new CEO credible\/well-tenured but expect investor caution pending stronger bookings\/ progress on the fixed cost reduction plan,\u201d said Ms. Radbourne. <\/p>\n * Several analysts upgraded B2Gold Corp. (BTO-T<\/a>) in response to the announcement the Government of Mali has granted the Menankoto Exploitation Permit, clearing the company to begin mining-related activities within the permit area and advance the Fekola Regional deposit. Those raising their ratings include: Scotia\u2019s Ovais Habib to \u201csector outperform\u201d from \u201csector perform\u201d with a $10 target, TD Cowen\u2019s Wayne Lam to \u201cbuy\u201d from \u201chold\u201d with a $8.50 target, up from $6, and ATB Cormark\u2019s Richard Grayto \u201coutperform\u201d from \u201csector perform\u201d with a $11 target, up from $6.50.. The average is $5.93.<\/p>\n \u201cWe upgrade BTO shares …. with receipt of the Fekola Regional permit removing a substantial overhang given prolonged delay since announced economic agreement in Sept 2024. This comes alongside a FCF inflection with completion of the prepay in Q2. Coupled with ramp up of Goose, we view BTO having turned a corner with potential catch up in performance ahead,\u201d said Mr. Lam.<\/p>\n * In response to its definitive agreement to be acquired<\/a> by Kirin for $45.75 per share in all-cash deal, RBC\u2019s Ryland Conrad moved Jamieson Wellness Inc. (JWEL-T<\/a>) to \u201csector perform\u201d from \u201coutperform\u201d with a $45.75 target, down from $46. Other rating changes include: TD Cowen\u2019s Cheryl Zhang to \u201chold\u201d from \u201cbuy\u201d with a $49 target, up from $48, and Canaccord Genuity\u2019s Tania Armstrong-Whitworth to \u201chold\u201d from \u201cbuy\u201d with a $45.75 target, up from $44.50. The average is $46.21.<\/p>\n \u201cAs we have previously written, JWEL has long been discussed as a potential takeout candidate. Management indicated that following the receipt of an unsolicited inbound acquisition proposal from another interested third party in March 2026, the company conducted a sale process that resulted in the announced transaction with Kirin (no alternative proposals offering superior value, terms or certainty of completion were identified). Kirin is a Japan-based global strategic in the CPG sector, with a focus on the health science and beverage industries, but with almost no presence in North America. JWEL will become the foundation for Kirin\u2019s Health Science business in North America, which is the world\u2019s largest market for vitamins and dietary supplements,\u201d said Mr. Conrad.<\/p>\n * Canaccord Genuity\u2019s Matthew Lee downgraded Dominion Lending Centres Inc. (DLCG-T<\/a>) to \u201chold\u201d from \u201cbuy\u201d with a $10.25 target, down from $11.50, while National Bank\u2019s Jaeme Gloyn increased his target to $13 from $11 with an \u201coutperform\u201d rating. The average is $11.65.<\/p>\n \u201cDominion Lending Centres (DLCG) reported Q2\/26 results that came in below our estimates but in line with their pre-released results earlier this week. We believe the weakening Canadian mortgage market is becoming a significant near-term headwind for DLCG, affecting both FMV and revenue growth. On the technology side, we see meaningful long-term synergies from the combined Newton-Filogix platform but believe that Newton\u2019s already high penetration rate limits its ability to drive meaningful growth in F26 and F27.We are downgrading DLCG to a HOLD from a Buy on the back of a more challenging macroeconomic backdrop but continue to appreciate that the company should benefit from long-term demographic shifts and an eventual recovery in real estate activity. We have reduced our target to $10.25 from $11.50, which reflects a reduction in core estimates, partly offset by the accretive impact of the Filogix acquisition,\u201d said Mr. Lee.<\/p>\n * Scotia\u2019s Jonathan Goldman increased his target for Adentra Inc. (ADEN-T<\/a>) to $49 from $47 with a \u201csector outperform\u201d rating. The average is $48.25.<\/p>\n \u201cADEN reported a large beat that had positive connotations beyond the quarter and not reflected in the valuation, in our view,\u201d said Mr. Goldman. \u201cAdjusted EBITDA margin of 9.5 per cent was close to the old Destination 2028 targets of 10-per-cent-plus despite a down housing market. That old target was based on a top-line of $3.5 billion vs. 2Q run-rate of $2.4 billion. While the market is overly focused on the macro, it is ignoring how management has improved through cycle earnings power.\u201d<\/p>\n \u201cADEN shares trade at 6.8 times EV\/EBITDA on our 2026E\/2027E \u2013 which in-line with the company\u2019s 10-year average despite EBITDA at trough and structurally improved earnings power. ADEN shares are also the cheapest of all the companies within our peer set. A housing recovery would lead to significant upside to estimates and valuation. We see M&A as a near-term catalyst. With net debt to EBITDA ex leases at 2.5 times (leverage neutral ex NWC), within the target range of 2-3 times, the company is well positioned to act on a Woolf-sized acquisition (c. $130 million).\u201d<\/p>\n * National Bank\u2019s Ahmed Abdullah increased his target for AirBoss of America Corp. (BOS-T<\/a>) to $8 from $7 with a \u201csector perform\u201d rating. The average on the Street is $10.<\/p>\n * National Bank\u2019s Nathan Po raised his Alaris Equity Partners Income Trust (AD.UN-T<\/a>) target to $30.50 from $30, remaining above the $27 average, with an \u201coutperform\u201d rating. Other changes include: Canaccord Genuity\u2019s Matthew Lee to $30 from $27.50 with a \u201cbuy\u201d rating, Raymond James\u2019 Stephen Boland to $28.50 from $27.25 with an \u201coutperform\u201d rating and RBC\u2019s Bart Dziarski to $27 from $24 with an \u201coutperform\u201d rating.<\/p>\n \u201cAlaris expects to beat its five-year average of $300-million, and with $126-million deployed year-to-date, this implies more than $174-million in H2. Most of the opportunities in the pipeline are with new partners, and while management noted that 4\u20135 existing partners are currently pursuing M&A, most can fund those acquisitions themselves, with only 2 expected to require additional capital from Alaris through follow-on investments. With multiple redemptions imminent and US$127.2-million available on the credit facility (with supportive lenders if more is needed), management sees no bottleneck in financing,\u201d said Mr. Po. <\/p>\n * RBC\u2019s Sabahat Khan moved his AtkinsRealis Group Inc. (ATRL-T<\/a>) to $121 from $120 with an \u201coutperform\u201d rating. Other changes include: TD Cowen\u2019s Michael Tupholme to $118 from $117 with a \u201cbuy\u201d rating and Stifel\u2019s Ian Gillies to $102 from $105 with a \u201cbuy\u201d rating. The average is $114.20.<\/p>\n \u201cConsolidated Q2 results were ahead of consensus with Nuclear segment top-line strength offsetting a modest shortfall in the Engineering segment (due to the Middle East given ongoing conflict). Overall, with record ESR backlog exiting Q2, runway for margin expansion, ongoing return of capital + M&A, and continued strength in Nuclear, we believe AtkinsR\u00e9alis is well-positioned for H2 and beyond,\u201d said Mr. Khan<\/p>\n * Ahead of its second-quarter earnings release on Thursday, RBC\u2019s Irene Nattel increased her Canadian Tire Corp. Ltd. (CTC.A-T<\/a>) target to $218 from $216 with an \u201coutperform\u201d rating. The average is $211.25.<\/p>\n \u201cFine-tuning underlying Q2 assumptions to reflect resilient consumer demand overall but a late start to seasonal spring weather, and for SportChek, tailwind from the World Cup and hockey playoffs. While we reiterate our view that CTC valuation understates CTR\u2019s strong positioning and solid profitability, we maintain our conservative bias for 2026, which is reflected in our unchanged Retail segment target multiple of 6.0 times EBITDA,\u201d said Ms. Nattel.<\/p>\n * RBC\u2019s Matthew McKellar moved his target for Cascades Inc. (CAS-T<\/a>) to $18 from $15 with an \u201coutperform\u201d rating. Other changes include: Desjardins Securities\u2019 Frederic Tremblay to $19 from $13 with a \u201chold\u201d rating and National Bank\u2019s Ahmed Abdullah to $17 from $13 with a \u201csector perform\u201d rating. The average is $17.<\/p>\n \u201cWe continue to expect tight conditions and good momentum in the North American containerboard space, and view Cascades as executing well against its objectives around operations, costs, and asset dispositions. We continue to think the stock is undervalued (EV\/Trend EBITDA remains below the company\u2019s historical average) in a NAM containerboard market that has tightened considerably,\u201d said Mr. McKellar.<\/p>\n * In a report titled Can We Start Calling CEU a Compounder Now?, Scotia\u2019s Jonathan Goldman moved his CES Energy Solutions Corp. (CEU-T<\/a>) target to $22 from $21 with a \u201csector outperform\u201d rating, while Raymond James\u2019 Michael Barth raised his target to $25 from $23 with an \u201coutperform\u201d rating. The average is $21.75.<\/p>\n \u201cCES has consistently demonstrated that it can grow earnings at a double-digits pace irrespective of industry activity levels or commodity prices,\u201d said Mr. Goldman. \u201cBetween 2019 and the LTM [last 12 months], CEU grew per share revenue\/EBITDA\/FCF (before working capital) at 16 per cent\/21 per cent\/20 per cent CAGR [compound annual growth rate]. Between 2022-2025, which excludes the recovery\/easy comps in 2021 and recent RFP wins, and we still get 11 per cent\/17 per cent\/15 per cent CAGR. This happened in an environment where U.S. rig count declined by 40 per cent and production grew at 1.5 per cent CAGR. Growth has been supported by structural factors: increased fluids intensity (longer and deeper laterals, more challenging rock formations); share gains (U.S. DF share 27.9 per cent in 2Q vs. 12.8 per cent in 2019); operating leverage and strong execution (LTM adjusted EBITDA margins up 360 basis points since 2019); improved working capital efficiency (w\/c investment rate 26.7 per cent in 2Q vs. 29 per cent in 2019); and good capital allocation directed to shareholder returns (s\/o decreased 22 per cent since 2019).<\/p>\n \u201cThese trends are sustainable \u2013 and if anything, accelerating, in our view, given new opportunities including U.S. offshore, Haynesviille, SAGD, international, and share gains in legacy business lines. In that context, we find valuation undemanding at 9.1 times EV\/EBITDA, below CHX takeout multiple of 10.3 times. We also believe CEU deserves a premium for what we view as a top quantile management team who consistently delivers on quarterly expectations with 2Q representing the 21\/22 beat since 2021 (by an average margin 10 per cent).\u201d<\/p>\n * Seeing Constellation Software Inc. (CSU-T<\/a>) \u201con track for a record capital deployment year,\u201d Desjardins Securities\u2019 Jerome Dubreuil raised his target for its shares to $3,900 from $3,800, keeping a \u201cbuy\u201d rating, ahead of the release of its second-quarter financial report. The average is $3,989.93.<\/p>\n \u201cBased on our tracking of its M&A, CSU is delivering higher-than-expected capital deployment in 2026, with modest style drift, in our view, a positive development for investors worried about the company\u2019s ability to further scale its M&A strategy. We have increased our capital deployment assumption for the remainder of the year,\u201d said Mr. Dubretuil.<\/p>\n * National Bank\u2019s Doug Taylor moved his Docebo Inc. (DCBO-Q<\/a>, DCBO-T<\/a>) target to US$24 from US$22 with a \u201csector perform\u201d rating, while ATB Cormark\u2019s Gavin Fairweather raised his target to $44 (Canadian) from $35 with an \u201coutperform\u201d rating. The average is US$27.67.<\/p>\n \u201cThough the results were expected, the quarter added evidence that Enterprise execution, platform adoption and Government are improving the underlying profile and positioning the Company for upside in the upcoming quarters,\u201d said Mr. Taylor.<\/p>\n * National Bank\u2019s Matt Kornack bumped his Dream Office REIT (D.UN-T<\/a>) target to $20.50 from $20 with a \u201csector perform\u201d rating. The average is $21.19.<\/p>\n \u201cOn face value the earnings print looked strong for Dream Office this quarter with a sizable positive variance on accounting NOI. While the results point to incremental improvement in leasing and occupancy, we expect some normalization in Q3 accounting for lumpy items including percentage of rent received after breaching a performance threshold for a co-working tenant), early recognition of occupancy gains through straight-line rent and seasonality on the margin front (which is exacerbated given lower occupancy levels). The end result was a positive albeit more muted adjustment to 2026 and 2026 estimates,\u201d said Mr. Kornack. <\/p>\n * RBC\u2019s Maurice Choy increased his Emera Inc. (EMA-T<\/a>) target to $84 from $76 with an \u201coutperform\u201d rating. Other changes include: TD Cowen\u2019s John Mould to $79 from $77 with a \u201cbuy\u201d rating and Raymond James\u2019 Theo Genzebu raised his target to $77 from $75.25 with an \u201coutperform\u201d rating. The average is $77.<\/p>\n \u201cAs we look beyond the upcoming completion of the NMGC sale that meaningfully improves Emera\u2019s balance sheet health, the company\u2019s stock investment thesis emerges stronger and simpler. The resulting improvement in the market\u2019s perception of Emera should see its stock being better positioned as a go-to defensive option for investors moving forward. Ahead, we anticipate the market can more sharply focus on the sustainability of Emera\u2019s 7-8-per-cent rate base CAGR beyond 2030, underpinned by economic growth and energy resilience in Florida and Nova Scotia,\u201d said Mr. Choy. <\/p>\n * Desjardins Securities\u2019 Lorne Kalmar trimmed his Extendicare Inc. (EXE-T<\/a>) target to $39 from $40 with a \u201cbuy\u201d rating, while Canaccord Genuity\u2019s Tania Armstrong-Whitworth raised her target to $44 from $37 with a \u201cbuy\u201d rating. The average is $39.61.<\/p>\n \u201cWe were surprised by the magnitude of the stock\u2019s reaction on the back of 2Q results [down 5.1 per cent on Friday]. While home health margins were down year-over-year, we do not believe the outlook for the business has changed. Additionally, EBITDA came in 8 per cent ahead of consensus and up 68 per cent vs 2Q25. The stock is now down 17 per cent from its July high. We view the pullback as an attractive entry point for investors looking to gain access to a name with exposure to demographic-driven demand and a forecast 13-per-cent EBITDA CAGR (2026\u201328),\u201d said Mr. Kalmar.<\/p>\n * National Bank\u2019s Jaeme Gloyn reduced his Fiera Capital Corp. (FSZ-T<\/a>) target to $5 from $5.50 with a \u201csector perform\u201d rating. Other changes include: Desjardins Securities\u2019 Gary Ho to $5 from $5.50 with a \u201chold\u201d rating and RBC\u2019s Bart Dziarski to $5 from $6 with an \u201coutperform\u201d rating. The average is $5.94.<\/p>\n ” Given the EBITDA miss and ongoing net outflows, we do not expect Q2 results will shift investor sentiment. While Private Markets continues its positive trajectory (though net organic growth has stalled in H1-26), and overall costs appear well contained, we need to see the Public Markets business show consistent inflows to become more bullish,” said Mr. Gloyn. <\/p>\n * RBC\u2019s Sabahat Khan trimmed his Finning International Inc. (FTT-T<\/a>) target to $129 from $130 with an \u201coutperform\u201d rating. The average is $122.25.<\/p>\n \u201cFinning delivered better-than-expected Q2 results, with revenue\/EBIT\/ EPS all coming in ahead of consensus estimates. While there were investor questions re. the margin shortfall relative to consensus expectations, this was primarily driven by new equipment sales at up 34 per cent year-over-year (which is dilutive to margins in the immediate quarter, but a positive for the installed base and future PS opportunities). All in, the backdrop remains supportive, with the $3.8-billion backlog (flat quarter-over-quarter; strong order intake offsetting higher deliveries) supporting the near- to medium-term outlook,\u201d said Mr. Khan.<\/p>\n * Ventum\u2019s Rob Goff reduced his Healwell AI Inc. (AIDX-T<\/a>) target to $1.75, below the $2.38 average, from $2.50 with a \u201cbuy\u201d rating, while Stifel\u2019s Justin Keywood cut his target to $2.25 from $2.50 with a \u201cbuy\u201d rating.<\/p>\n \u201cQ2\/26 results were largely in line with the narrow consensus,\u201d said Mr. Goff. \u201cWe expect only modest finessing to the similarly narrow 2026 consensus although there is likely to be a modest shift from Q3\/26 to Q4\/26 with the current sales pipeline. We are encouraged by the Company\u2019s moves to integrate the platform and the heightened focus on higher quality and lumpy enterprise sales. We are bullish on the acceleration of WELLTRUST as win-win, enabling superior patient care while strengthening the platform.<\/p>\n \u201cWe look for Q4\/26 revenues\/EBITDA of $36.8-million\/$3.7-million (EBITDA margin – 10.2 per cent) to represent a positive catalyst highlighting new contract revenues together with margin expansion. We believe the shares are significantly undervalued using both EV\/gross profit and DCF valuations.\u201d<\/p>\n * National Bank\u2019s Mohamed Sidib\u00e9 increased his Iamgold Corp. (IMG-T<\/a>) target to $32 from $31 with an \u201coutperform\u201d rating. The average is $31.27.<\/p>\n \u201cThe quarter reinforces our view around C\u00f4t\u00e9\u2019s future improving operating performance and continued Essakane cash repatriation that should support strong buybacks. We reiterate our Outperform rating and Top Pick designation,\u201d said Mr. Sidib\u00e9. <\/p>\n * RBC\u2019s Maurice Choy moved his Keyera Corp. (KEY-T<\/a>) to $66 from $62 with an \u201coutperform\u201d rating. The average is $63.09.<\/p>\n \u201cFollowing a busy June, from the Strategic Growth Outlook to acquiring the rest of KAPS, the Q2\/26 results event focused on Keyera\u2019s solid performance in its core businesses and ongoing project developments, with the new Plains assets performing better than it had originally envisioned. Ahead, alongside the Competition Tribunal process and additional synergies to be introduced later, we anticipate that investors will continue looking for indications of potential Marketing outperformance in 2026 (despite Keyera being 90-per-cent hedged on frac spread margins) and new project sanctionings in the near-term amid a potentially meaningful rise in WCSB energy production ahead,\u201d said Mr. Choy.<\/p>\n * Stifel\u2019s Martin Landry hiked his target for Lassonde Industries Inc. (LAS.A-T<\/a>) to $300 from $280 with a \u201cbuy\u201d rating. Other changes include: Canaccord Genuity\u2019s Luke Hannan to $280 from $290 with a \u201cbuy\u201d rating and National Bank\u2019s Ahmed Abdullah to $257 from $260 with a \u201csector perform\u201d rating. The average is $280.<\/p>\n \u201cLassonde reported another strong quarter, beating consensus EPS estimates for the 10th consecutive quarter. Q2\/26 EPS reached $7.45, up 36 per cent year-over-year, and higher than our expectation of $6.22 and consensus of $6.10. Earnings were boosted by low commodity costs, price increases and favorable product mix. Futures prices of frozen orange juice concentrate are at four-year lows providing a good tailwind for the company in the coming quarters. However, Lassonde is contending with rising supply-chain and logistics costs, including a recent increase in transportation costs. This could offset some of the benefits of lower prices of orange and apple concentrate. In our view, investors should revisit Lassonde given (1) the near completion of the New Jersey facility, which should support earnings growth over the next three years, (2) Lassonde\u2019s low financial leverage, which provides management with flexibility, and (3) Lassonde\u2019s depressed valuation, with shares trading at 8x forward earnings,\u201d said Mr. Landry.<\/p>\n * Stifel\u2019s Martin Landry moved his target for Leon\u2019s Furniture Ltd. (LNF-T<\/a>) to $25.50 from $27 with a \u201chold\u201d rating. Other changes include: RBC\u2019s Ryland Conrad to $32 from $33 with an \u201coutperform\u201d rating and National Bank\u2019s Ahmed Abdullah to $34 from $35 with an \u201coutperform\u201d rating. The average is $33.86.<\/p>\n \u201cLNF reported Q2\/26 results which missed consensus estimates causing its shares to decline 3 per cent. Same-store-sales decreased 2.2 per cent year-over-year, worse than our forecast of down 1.0 per cent and consensus of negative 1.3 per cent. This was partially due to a difficult comparable year-over-year. While the company said July was beginning to show positive signs, management seemed hesitant to forecast a rosier picture. Leon\u2019s is facing headwinds including (1) a tough furniture comparable; furniture was up 11 per cent year-over-year in Q3\/25, (2) higher fuel costs amid the ongoing conflict in the Middle East, (3) inventory availability causing longer lead times as Asia shipping lanes face delays. Hence, to reflect these headwinds, we are decreasing our revenue estimate by 1 per cent and 2 per cent in 2026 & 2027, respectively. We are also decreasing our EBITDA estimate by 3 per cent in both 2026 & 2027,\u201d said Mr. Landry.<\/p>\n * RBC\u2019s Ken Hebert increased his MDA Space Ltd. (MDA-T<\/a>) to $60 from $58 with an \u201coutperform\u201d rating. Other changes include: Canaccord Genuity\u2019s Aravinda Galappatthige to $64 from $65 with a \u201cbuy\u201d rating and ATB Cormark\u2019s David McFadgen to $48 from $51 with a \u201csector perform\u201d rating. The average is $68.67.<\/p>\n \u201cMDA Space (MDA) reported strong 2Q26 growth up 34 per cent, 11 per cent ahead of consensus. Adj. EBITDA in the quarter was $96M (19.3-per-cent margins), also ahead of consensus by 13 per cent. The 2Q26 bookings were $809-million (book-to-bill of 1.6 times). The recent contract announcements (Radarsat and Telesat follow-ons) and the pending acquisitions (BCT and CLS) were the key focus items in the quarter. We believe sentiment is shifting towards 2027-2028 (incl. of the acquisitions) despite the implied decel in 2H26 with the guide change and strong 1H26 results,\u201d said Mr. Herbert.<\/p>\n * National Bank\u2019s Cameron Doerksen bumped his target for NFI Group Inc. (NFI-T<\/a>) to $30 from $29 with an \u201coutperform\u201d rating. Other changes include: Canaccord Genuity\u2019s Mark Neville to $36 from $35 with a \u201cbuy\u201d rating, ATB Cormark\u2019s Chris Murray to $32 from $531 with an \u201coutperform\u201d rating, TD Cowen\u2019s Tim James to $33 from $26 with a \u201cbuy\u201d rating and Stifel\u2019s Daryl Young to $31 from $26 with a \u201cbuy\u201d rating. The average is $27.88.<\/p>\n \u201cOur positive view on the stock is based on the following: (1) NFI has a solid $12.5 billion backlog that should facilitate bus deliveries into 2028; (2) the company\u2019s margins should benefit from ongoing tailwinds from better pricing in backlog as well as higher throughput; (3) supply chain issues, particularly around seats, look to be behind the company; (4) higher EBITDA and cash flows will bring leverage down, leading to lower interest expense,\u201d said Mr. Doerksen.<\/p>\n * National Bank\u2019s Ahmed Abdullah cut his Nutrien Ltd. (NTR-N<\/a>, NTR-T<\/a>) target to US$74 from US$76 with an \u201coutperform\u201d rating. The average is US$78.14.<\/p>\n * RBC\u2019s Maurice Choy increased his South Bow Corp. (SOBO-T<\/a>) to $54 from $49 with an \u201coutperform\u201d rating. The average is $49.59.<\/p>\n \u201cWhile we favourably view the Q2\/26 beat and raise that was driven by South Bow\u2019s positive torque to Marketlink throughput, we see investor focus remaining squarely on the company\u2019s pre-FID growth pipeline projects, notably on permitting and construction timelines. As was the case this quarter, we don\u2019t anticipate much by way of new material news in the coming months\/quarters on these topics. In between now and the potential FID in mid-2027, we anchor our confidence in management\u2019s disciplined investment approach, and South Bow\u2019s commercial success in securing long-term customer support, particularly amid many recently-proposed WCSB egress alternatives,\u201d said Mr. Choy. <\/p>\n * RBC\u2019s Darko Mihelic raised his Sun Life Financial Inc. (SLF-T<\/a>) to $119 from $98, keeping a \u201csector perform\u201d rating. Other changes include: Scotia\u2019s Mike Rizvanovic to $118 from $110 with a \u201csector perform\u201d rating and Desjardins Securities\u2019 Doug Young to $122 from $120 with a \u201cbuy\u201d rating. The average is $110.93.<\/p>\n \u201cSLF\u2019s results were above our estimate, mainly driven by stronger than anticipated SLF Canada and SLF U.S. results, and included better than expected overall underlying insurance experience and credit experience. SLF suggested that much of Canada\u2019s favourable underlying insurance experience is sustainable; we increase our insurance experience estimates in Canada (though below the 8- quarter average). Modest upward underlying EPS adjustments, PT increased to $119. SP rated. We see a high underlying ROE as stable to modestly higher with solid underlying EPS growth as reflected in its valuation (can be said of the large lifeco group),\u201d said Mr. Mihelic.<\/p>\n * National Bank\u2019s Don DeMarco cut his Torex Gold Resources Inc. (TXG-T<\/a>) target to $85 from $89 with an \u201coutperform\u201d rating. The average is $89.20.<\/p>\n \u201cProduction guidance maintained, but FY26 cost guidance was increased, reflecting higher royalties and profit sharing, alongside operational pressures including elevated cyanide consumption, reagent pricing, lower recoveries and a stronger Mexican peso. Despite cost headwinds, TXG continued to generate meaningful FCF and return capital to shareholders with a back-end weighted H2\/26 on deck as higher-grade stopes are accessed across the mining complex,\u201d said Mr. DeMarco. <\/p>\n * National Bank\u2019s Shane Nagle raised his Wheaton Precious Metals Corp. (WPM-N<\/a>, WPM-T<\/a>) target to $210 from $205 with an \u201coutperform\u201d rating.<\/p>\n \u201cWe have incorporated Q2 financials and lowered the discount rate on several growth assets where development continues to advance resulting in an increased target price. Our Outperform rating remains predicated on WPM\u2019s stable financial position and high-quality, low-cost, long-life asset portfolio,\u201d said Mr. Nagle. <\/p>\n * In a report titled Best House on the Block (At the Cheapest Price), Scotia\u2019s Jonathan Goldman trimmed his WSP Global Inc. (WSP-T<\/a>) target to $279 from $281 with a \u201csector outperform\u201d rating, while RBC\u2019s Sabahat Khan moved his target to $304 from $300 with an \u201coutperform\u201d rating. The average is $275.38.<\/p>\n \u201cWSP has the highest earnings growth of the Canadian E&Cs, but trades at the lowest valuation, which is unjustified, in our view,\u201d said Mr. Goldman. \u201cRegardless of your view AI \u2013 although we have made our position clear \u2013 we see room for a catch-up trade. If shares were to re-rate in-line with ATRL\/STN, we see more than 15-per-cent upside from current levels or more than 40 per cent if shares re-rate in-line with Jacobs . Compared to J-US specifically, the largest peer with a similar market cap, WSP has superior EPS growth, better return metrics, and similar leverage. We reduced our valuation multiple in-line with lower E&C sector valuations, which reduces our target price.\u201d<\/p>\n