{"id":890578,"date":"2026-09-10T14:30:10","date_gmt":"2026-09-10T14:30:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/890578\/"},"modified":"2026-09-10T14:30:10","modified_gmt":"2026-09-10T14:30:10","slug":"thursdays-analyst-upgrades-and-downgrades-26","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/890578\/","title":{"rendered":"Thursday\u2019s analyst upgrades and downgrades"},"content":{"rendered":"<p class=\"c-article-body__text text-pr-5\">TD Cowen analyst Vince Valentini expects Thomson Reuters Corp. (<a href=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/TRI-T\/\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/TRI-T\/\">TRI-T<\/a>) to be one of the \u201cbeneficiaries of AI, as opposed to SaaSpocalypse casualties.\u201d <\/p>\n<p class=\"c-article-body__text text-pr-5\">In a client report released Thursday analyzing international information services providers that coincided with his initiation of coverage of Dutch multinational Wolters Kluwer N.V. and London-based RELX plc (with \u201cbuy\u201d ratings for both), he emphasized all three possesses \u201cproprietary content and deeply embedded workflows that form the trust layer and\/or system of record for professionals who need to embrace the efficiency benefits of Agentic AI.\u201d <\/p>\n<p class=\"c-article-body__text text-pr-5\">Accordingly, he thinks all three stocks have been \u201cmeaningfully oversold in the past year,.\u201d<\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cThe overselling has occurred in spite of the lack of evidence of disruption to near-term revenue growth or margins,\u201d he explained. \u201cWe view TRI as the highest quality name in this subsector, and our pecking order is TRI, RELX, and WKL. <\/p>\n<p class=\"c-article-body__text text-pr-5\">Mr. Valentini thinks Thomson Reuters\u2019 Westlaw legal research platform and RELX\u2019s LexisNexis have \u201cmaterial competitive advantages that stem from embedded research workflows (high switching costs), unmatched editorial depth, and fiduciary-grade reliability.\u201d <\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cThey own not just legal documents, but decades of human legal reasoning, editorial analysis, citation networks, and validation supported by thousands of courts,\u201d he said. \u201cIn law, accuracy matters, and being correct 95 per cent of the time is insufficient. WL and LN form the trust layer of the legal profession. <\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cAs AI adoption accelerates, customer priorities have converged on accuracy, explainability, and privacy. This favors incumbents with proven content ownership, curation, and the capital to invest in secure, compliant AI systems. Our proprietary survey work shows that legal professionals deem reliability and accuracy to be the most important aspects of AI services. There are major consequences for getting it wrong . Therefore, we have yet to see any evidence of disruption to legal segment revenue growth at either TRI or RELX, despite big claims of both revenue growth and capabilities by AI native players over the past 12-18 months. We remain confident that meaningful TAM growth (as the legal profession embraces the use of more technology) leaves enough room for both high-quality incumbent providers, and some new AI vendors.\u201d<\/p>\n<p class=\"c-article-body__text text-pr-5\">Maintaining his \u201cbuy\u201d rating and $200 target for Thomson Reuters shares, which exceeds the $169.80 average, Mr. Valentini said he sees it at \u201cthe top of the heap\u201d versus peers in the space.<\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cTRI has compounded EBITDA growth that ranks as the best-in-class among the three, while it also maintains the best EBITDA margins in this set,\u201d he added. \u201cRevenue growth at TRI is also at the top or near the top over the next three years. TRI maintains premier quality businesses in its \u2018Big Three\u2019 segments, that account for 85 per cent of its revenues and an even higher proportion of its EBITDA. <\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cWhile all three companies are technologically capable of combatting the AI threat, we believe that TRI is best positioned to do so given the strong talent it maintains at the company. &#8230; TRI currently trades slightly higher than RELX on an EBITDA basis, but we believe that the quality of its assets merits a premium multiple.\u201d<\/p>\n<p class=\"c-article-body__text text-pr-5\">National Bank Financial analyst Vishal Shreedhar said Loblaw Companies Ltd.\u2019s (<a href=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/L-T\/\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/L-T\/\">L-T<\/a>) Investor Day event on Wednesday reinforced his \u201cconfidence in [its] ability to deliver consistent performance.\u201d<\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cOur estimates are unchanged, although we came away more confident in L\u2019s ability to achieve its financial framework against an increasingly unpredictable macro-backdrop,\u201d he said. \u201cL provided additional details on business operations, as well as growth and efficiency initiatives, which we believe were well received by investors.<\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cThe long-term financial framework was reiterated: 2-3-per-cent sales growth (NBCCM models approximately 4-per-cent year-over-year higher retail revenue in 2026E on a 52-week basis), 4-6-per-cent EBIT growth and 8-10-per-cent EPS growth (NBCCM and consensus reflect 9-per-cent EPS growth; 52 weeks).\u201d<\/p>\n<p class=\"c-article-body__text text-pr-5\">In a client note released before the bell, Mr. Shreedhar said he sees \u201cseveral drivers of growth and efficiency\u201d for the grocery giant following the event, which was held at its distribution centre in East Gwillimbury, Ont.<\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cOur biggest takeaway was that L has many drivers to support growth and its adjacent growth initiatives are beginning to contribute meaningfully,\u201d he elaborated. \u201cSpecifically, supply chain-as-a-service, Lifemark, retail media, T&amp;T U.S. and EQB are expected to be 20 per cent of 2030E earnings mix (from 10 per cent in 2026E). In addition, AI deployment was highlighted as driving growth and cost savings\/efficiencies. <\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201c[Shoppers Drug Mart] is the largest growth driver ($150-million of $300-million of annual EBIT growth, with grocery adding $100-million, and other businesses adding $50-million); this is positive as SDM generates higher returns on capital vs. grocery (NBCCM estimates). SDM is supported by secular growth drivers of specialty drugs (GLP-1 is expected to be an $8-billion market in Canada in 2030E from $4-billion; L has 28-per-cent share) and beauty.\u201d<\/p>\n<p class=\"c-article-body__text text-pr-5\">Mr. Shreedhar also emphasized Loblaw\u2019s investment phase is \u201cbeginning to subside, which should support returns.\u201d <\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cLonger-term, acquisitions in adjacent businesses (Lifemark, supply chain, etc.), and acceleration of accretive expansion outside Canada were noted (T&amp;T, etc.),\u201d he added.<\/p>\n<p class=\"c-article-body__text text-pr-5\">He maintained his bullish investment case for Loblaw along with his \u201coutperform\u201d rating and $70 target. The average is $71.40.<\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cL remains our preferred grocer pick. L\u2019s history of predictable earnings growth is increasingly coveted by investors during macroeconomic uncertainty, supporting elevated multiples vs. history,\u201d said Mr. Shreedhar.<\/p>\n<p class=\"c-article-body__text text-pr-5\">Elsewhere, TD Cowen\u2019s Brian Morrison kept a \u201cbuy\u201d rating and $75 target.<\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cLoblaw demonstrated its leadership position in grocery\/drug, its core growth opportunity in hard discount\/pharmacy, and growth engines in ancillary segments differentiating it from peers and providing a competitive advantage. This should support strong FCF generation (more than $2-billion) as capex peaks (F2026), its EPS growth algorithm, and in our view a premium valuation multiple,\u201d said Mr. Morrison.<\/p>\n<p class=\"c-article-body__text text-pr-5\">Seeing Savaria Corp. (<a href=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/SIS-T\/\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/SIS-T\/\">SIS-T<\/a>) \u201ctransitioning from an operational improvement story into a durable capital-compounding story,\u201d Ventum Financial analyst Daniel Lavoie initiated coverage with a \u201cbuy\u201d rating on Thursday.<\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cThe Company is a global leader in specialized accessibility and mobility markets supported by a predictable secular tailwind from an aging population, with core end markets expected to grow roughly 4\u20136 per cent annually.\u201d he said.<\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cSavaria\u2019s growth algorithm is attractive and repeatable: 2\u20133-per-cent volume growth 2\u20133-per-cemt pricing, supplemented by new products, cross-selling, and market-share gains. Savaria One has materially improved the earnings power of the business, with adjusted EBITDA margins expanding 520 basis points since 2022 to 20.4 per cent in 2025. Supporting this margin profile is an increasingly integrated global manufacturing and supply-chain platform, combining lower-cost sourcing and subassembly in China and Mexico with manufacturing closer to customers in North America and Europe. We believe this footprint improves cost competitiveness, lead times, and the ability to integrate future acquisitions.\u201d<\/p>\n<p class=\"c-article-body__text text-pr-5\">In a client report titled A Lift to Long-Term Compounding, Mr. Lavoie said the \u201cnext leg of the story\u201d for the Laval, Que.-based company will focus on capital deploymenyt.<\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cWe expect Savaria to generate approximately $97-million of FCF in 2026, further strengthening the balance sheet and reducing net debt\/EBITDA to just 0.44 times by year-end 2026,\u201d he explained. \u201cWith the transformation largely complete and substantial financial flexibility, management is shifting capital allocation back toward growth, providing significant capacity to fund organic initiatives and disciplined M&amp;A.<\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cThis creates what we view as a compelling compounding model: 4\u20136% organic growth + disciplined M&amp;A + modest margin expansion = high-single- to low-double-digit EBITDA growth, with strong FCF providing the capital to repeat the cycle. Management\u2019s ambition to reach approximately $1.6B of revenue by 2030 while sustaining 20%+ EBITDA margins illustrates the runway ahead. In our view, Savaria combines leading niche positions, structural growth, pricing power, an integrated operating platform, strong FCF conversion, and meaningful reinvestment opportunities \u2014 the core attributes of an attractive long-duration compounder.\u201d<\/p>\n<p class=\"c-article-body__text text-pr-5\">He set a target of $34.50 for Savaia shares. The average target is $35.67.<\/p>\n<p class=\"c-article-body__text text-pr-5\">Following an updated technical report for its gold-copper project in Quebec, Troilus Mining Corp. (<a href=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/TLG-T\/\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/TLG-T\/\">TLG-T<\/a>) now possesses \u201cmore certainty, less risk, longer mine life,\u201d according to Ventum Financial analyst Robin Kozar.<\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cThis story keeps getting better,\u201d he said. \u201cTroilus\u2019 updated Technical Report delivers an enhanced production profile, improved strip ratio and expanded reserve base, all supported by a far more advanced and defensible cost basis than the 2024 Feasibility Study (FS). Initial capex rose to US$1.43-billion but this is not a surprise and came in line with our expectations. Our NAV increases to $5.92 from $5.68, and we are raising our price target to $4.50 from $4.00. Financing, permitting and construction-readiness workstreams continue to advance in parallel, and we expect numerous upcoming catalysts to support positive share price momentum.\u201d<\/p>\n<p class=\"c-article-body__text text-pr-5\">In a client note, Mr. Kozar said the updated NI 43-101 Technical Report, which points to approximately 26-year mine life with an after-tax NPV5-per-cent of $3.2-billion, \u201cfurther de-risks and validates\u201d the project, which is located in northcentral Quebec.<\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cThe updated report is a culmination of close to 100,000 engineering hours and over $20-million in engineering fees,\u201d he explained. \u201cThis is not insignificant. Basic Engineering has been completed across the full Project scope, procurement has advanced materially, and the majority of pricing inputs have been validated against current market quotations. The net result is greater confidence in the Project design, cost basis and execution strategy, and lower project risk.<\/p>\n<p class=\"c-article-body__text text-pr-5\">Seeing its shares price momentum \u201cbuilding\u201d and \u201cmore positive catalysts on the horizon,\u201d Mr. Kozar raised his target to $4.50 from $4, keeping a \u201cbuy\u201d rating. The average is $3.79.<\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cTroilus has released a series of positive updates, and the share price has reacted accordingly,\u201d he said. \u201cWe think this is just the beginning. We expect a number of upcoming catalysts and milestones to propel the shares higher. We expect a fully funded financing package and IBA agreement to be completed before year-end, followed by permits and a construction go-ahead decision in H1\/27.\u201d<\/p>\n<p class=\"c-article-body__text text-pr-5\">Elsewhere, other target revisions include: <\/p>\n<p class=\"c-article-body__text text-pr-5\">* ATB Cormark\u2019s Richard Gray to $4.80 from $4 with a \u201ctop pick\u201d rating.<\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cOur NAV of $8.00 is unchanged, but with another major milestone achieved, Troilus is further de-risking the development of the project and can now look to lock down funding ahead of the expected receipt of the permits in Q1\/27. Trading at just 0.29 times NAV, we believe there is considerable upside as this de-risking continues,\u201d said Mr. Gray.<\/p>\n<p class=\"c-article-body__text text-pr-5\">* Desjardins Securities\u2019 Allison Carson to $5 from $4 with a \u201cbuy\u201d rating.<\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cBeyond this new baseline scenario, we continue to see upside for the project. We have run a scenario analysis on commodity prices and higher throughput rates, which demonstrates a NAVPS of up to C$24.60. We continue to view TLG as a top developer with a long-life asset, continued exploration potential and located in a preferred jurisdiction with several re-rating catalysts ahead,\u201d she said.<\/p>\n<p class=\"c-article-body__text text-pr-5\">RBC\u2019s Head of Global Energy Research Greg Pardy sees \u201clots going on\u201d with Athabasca Oil Corp. (<a href=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/ATH-T\/\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/ATH-T\/\">ATH-T<\/a>) following recent meetings with its President and CEO Robert Broen and CFO Matt Taylor.<\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cOur constructive stance towards Athabasca continues to reflect its capable leadership team, deep resource base, shareholder alignment, solid operating performance, strong balance sheet, organic growth profile and 100-per-cent payout of (thermal) free cash flow to shareholders,\u201d he said.<\/p>\n<p class=\"c-article-body__text text-pr-5\">In a report released before the bell, Mr. Pardy said the Calgary-based company\u2019s Corner greenfield project \u201cremains in sharp focus, with final sanctioning pending details surrounding the tri-lateral MOU amongst the Oil Sands Alliance and the governments of Alberta and Canada.\u201d <\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cAthabasca has allocated $55-million toward Corner this year to advance the project to maintain the development schedule ahead of formal sanctioning anticipated before year end,\u201d he said. \u201cPending sanction, first steam is targeted for early 2029, with production ramping-up to 15,000 bbl\/d by year-end 2029. <\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cLeismer Expansion. Athabasca continues to execute its $300 million (12,000 bbl\/d) expansion at Leismer. The company is largely through the spending cycle, with production slated to ramp-up to peak rates of 40,000 bbl\/d by late 2027. Leismer\u2019s targeted exit rate sits at approximately 31,000 bbl\/d in 2026 with progressive growth up to 40,000 bbl\/d by year-end 2027.\u201d<\/p>\n<p class=\"c-article-body__text text-pr-5\">Seeing a \u201chigh likelihood of Corner sanctioning later this year,\u201d Mr. Pardy increased his 2027 capital investment outlook for Athabasca to $550-million from $300- million previously, which includes $140-million allocated to Leismer and $300-million towards Corner.<\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cAthabasca\u2019s balance sheet remains strong, with a net cash position of $62-million (company definition) as of June 30, including $291.7-million of cash &amp; equivalents. Athabasca continues to return 100 per cent of its thermal free cash flow to shareholders via its NCIB,\u201d he added. \u201cAs of August 30, the company has repurchased roughly $79-million (1.3-per-cent fully diluted) of its shares during 2026.\u201d<\/p>\n<p class=\"c-article-body__text text-pr-5\">Believing a premium valuation is \u201cwarranted,\u201d Mr. Pardy reaffirmed a \u201csector perform\u201d rating and $12 target. The average is $12.83.<\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cUnder futures pricing, Athabasca is trading at a premium 2027E debt-adjusted cash flow multiple of 6.7 times (vs. our North American intermediate peer group avg. of 4.6x) and free cash flow yield (EV) of 6 per cent (vs. our peer group at 9 per cent),\u201d he explained. \u201cIn our minds, Athabasca should trade at a premium valuation vis-\u00e0-vis our peer group given its strong leadership team, net debt free balance sheet, solid operating momentum, organic growth profile, free cash flow generation and shareholder alignment.<\/p>\n<p class=\"c-article-body__text text-pr-5\">Touting its \u201cascendant\u201d royalty portfolio, TD Cowen analyst Derick Ma reaffirmed Royal Gold Inc. (<a href=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/RGLD-Q\/\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/RGLD-Q\/\">RGLD-Q<\/a>) as his pick for the firm\u2019s \u201cCanada Best Ideas\u201d list, seeing it \u201cpositioned to outperform as the company benefits from strong 2027 production growth and a return to the deal market in H2\/26.\u201d <\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cOther key upcoming catalysts include improving grades at Kansanshi starting in H2\/26, exploration and development updates at Fourmile, and a construction decision on Great Bear in 2027\/28,\u201d he added.<\/p>\n<p class=\"c-article-body__text text-pr-5\">In a note released before the bell, Mr. Ma said the Denver-based company offers a \u201crobust\u201dasset portfolio, which includes a 2.7-per-cent net value royalty on the nickel, copper, and cobalt produced at the Voisey\u2019s Bay mine in Labrador, \u201cat a compelling valuation.\u201d<\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cThe company\u2019s top 5 assets are operated by high-quality management teams (Centerra, First Quantum, Teck, and Barrick) with long mine lives (weighted average of 21 years) in good jurisdictions,\u201d he added. \u201cRGLD is estimated to deliver the best production growth outlook in 2027 at 6.1 per cent, driven by higher deliveries from Kansanshi, Platreef, Robertson, and Pueblo Viejo. <\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cWe believe the valuation gap to Wheaton Precious Metals and Franco-Nevada should narrow to approximately 2-3 times on EV\/ EBITDA, as the market recognizes management\u2019s deal track record and the quality of the assembled asset portfolio. RGLD is currently trading at an EV\/2027E EBITDA of 2.5 times, which is a relative valuation discount to its larger peers WPM and FNV of 7.5 times.\u201d<\/p>\n<p class=\"c-article-body__text text-pr-5\">Keeping a \u201cbuy\u201d rating for Royal shares, Mr. Ma increased his target to US$315 from US$289. The average is US$302.67.<\/p>\n<p class=\"c-article-body__text text-pr-5\">\u2018We believe the market underappreciates management\u2019s track record of accretive transactions and the quality of the underlying portfolio,\u201c he concluded. \u201dThe team has demonstrated a keen ability to source and finance accretive deals over the past 5 years. Highlights include: Cortez (2022 deal, back-calculated pre-tax IRR of 12 per cent), Xavantina (2021 deal, back-calculated pre-tax IRR of 26 per cent), and Khoemacau (2019 deal, back-calculated pre-tax IRR of 22 per cent). <\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cWe forecast the asset portfolio will deliver the best 2027 growth outlook among the big 3 royalty companies at 6.1 per cent (vs. relatively flat 2027 GEOs at both FNV and WPM), with a competitive 2030 growth outlook at 17.6 per cent (vs. FNV at 18.5 per cent and WPM at 24.9 per cent). The business also benefits from one of the most diversified portfolios in the sector with five core assets serving as cash flowing pillars rather than relying on one or more cornerstone assets for stability. RGLD\u2019s largest asset Mt. Milligan accounts for 15 per cent of our total asset NAV.\u201d<\/p>\n<p class=\"c-article-body__text text-pr-5\">In separate notes released Thursday, these stocks were also reaffirmed for TD\u2019s \u201cCanada Best Ideas\u201d list: <\/p>\n<p class=\"c-article-body__text text-pr-5\">* Adentra Inc. (<a href=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/ADEN-T\/\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/ADEN-T\/\">ADEN-T<\/a>) with a \u201cbuy\u201d rating and $46 target. Average: $48.75.<\/p>\n<p class=\"c-article-body__text text-pr-5\">Kasia Trzaski Kopyte: \u201cWe see a straightforward equity value creation path through 2027: EBITDA recovery from cyclical lows and FCF-driven deleveraging. There is upside to our thesis from disciplined M&amp;A and valuation expansion (neither is embedded in our estimates). We are constructive on ADENTRA as a lower-risk way to gain exposure to a gradual new housing and repair\/remodel recovery.\u201d<\/p>\n<p class=\"c-article-body__text text-pr-5\">* CCL Industries Inc. (<a href=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/CCL-B-T\/\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/CCL-B-T\/\">CCL.B-T<\/a>) with a \u201cbuy\u201d rating and $115 target. Average: $115.<\/p>\n<p class=\"c-article-body__text text-pr-5\">Sean Steuart: \u201cCCL is our Canada Best Idea pick in the Paper &amp; Forest Products\/Special Situations sector. We expect above-sector average EPS growth driven by market share gains, a diverse platform (across regions and applications), and resilient margins. The company\u2019s strong liquidity position supports varied capital deployment opportunities, including organic investment, acquisitions, and shareholder returns.\u201d<\/p>\n<p class=\"c-article-body__text text-pr-5\">In other analyst actions: <\/p>\n<p class=\"c-article-body__text text-pr-5\">* In response to the results of an updated preliminary economic assessment (PEA) for its Boumadine project in Morocco, Raymond James\u2019 Craig Stanley hiked his Aya Gold &amp; Silver Inc. (<a href=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/AYA-T\/\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/AYA-T\/\">AYA-T<\/a>) target to $45 from $32 with an \u201coutperform\u201d rating. Other changes include: BMO\u2019s Kevin O\u2019Halloran to $46 from $41 with an \u201coutperform\u201d rating and CIBC\u2019s Cosmos Chiu to $48 from $41.50 with an \u201coutperformer\u201d rating. The average target on the Street is $43.50.<\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cThe updated PEA has a higher NPV and IRR, longer mine life, lower grades and production, higher AISC, and similar initial capex compared to the 2025 PEA,\u201d Mr. Stanley said. <\/p>\n<p class=\"c-article-body__text text-pr-5\">* Scotia\u2019s Mario Saric initiated coverage of Dream Unlimited Corp. (<a href=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/DRM-T\/\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/DRM-T\/\">DRM-T<\/a>) with a \u201csector outperform\u201d rating and $25 target. The average is $34.<\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cWe believe DRM has been viewed as a deep-value stock with total returns mostly lagging those of both REITs and the TSX, but growth prospects and corporate simplification can open DRM to a new investor base. DRM is appealing for Value (46-per-cent discount to our NAVPS), Growth (2025A-2027E fee-related earnings [FRE], and funds from operations per share [FFOPS] CAGR of 15-18 per cent), and small-cap investors alike (float of $0.5 billion),\u201d he said.<\/p>\n<p class=\"c-article-body__text text-pr-5\">* ATB Cormark\u2019s Richard Gray raised his Eldorado Gold Corp. (<a href=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/ELD-T\/\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/ELD-T\/\">ELD-T<\/a>) target to $64 from $45 with a \u201csector perform\u201d rating. The average is $62.63.<\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cFirst concentrate production at Skouries represents a meaningful derisking event for Eldorado Gold. By bringing its largest development project close to the finish line, the company has cleared a significant multi-year capex overhang and reduced its executional risk. With the majority of the heavy lifting now complete, focus shifts to the timely connection to the Greek national power grid in September 2026, a smooth ramp-up to commercial production in Q4\/26, and continuing the ramp-up at its other major development project, McIlvenna Bay,\u201d said Mr. Gray. <\/p>\n<p class=\"c-article-body__text text-pr-5\">* CIBC\u2019s Ty Collin increased his target for The North West Company Inc. (<a href=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/NWC-T\/\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/NWC-T\/\">NWC-T<\/a>) to $62 from $58 with an \u201coutperformer\u201d rating. The average is <\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cNWC\u2019s FQ2 results showed a recovery in growth and effective management of volatile supply chain costs. We see a constructive setup for the balance of F2026 as NWC cycles more soft comps and benefits from a recent uptick in settlement payments,\u201d said Mr. Collin.<\/p>\n<p class=\"c-article-body__text text-pr-5\">* National Bank\u2019s Adam Shine trimmed his target for shares of Transcontinental Inc. (<a href=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/TCL-A-T\/ \" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/TCL-A-T\/ \">TCL.A-T<\/a>) to $7 from $8 with an \u201coutperform\u201d rating after its third-quarter results beat expectations on the Street but EBITDA fell short due to shipment delays. The average target is $7.17. <\/p>\n<p class=\"c-article-body__text text-pr-5\">* ATB Cormark\u2019s Zach Matheson initiated coverage of White Gold Corp. (<a href=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/WGO-X\/\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/WGO-X\/\">WGO-X<\/a>) with a \u201cspeculative buy\u201d rating and $4.50 target, matching the average.<\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cWhite Gold is one of Canada\u2019s newest early-stage developers with a focus on advancing its dominant Yukon-focused land position within the prolific Tintina Gold Belt. After recently delivering a robust PEA in August, we see now as an opportune time to look further into the company as it actively executes its largest-ever resource expansion focused drilling campaign. Backed by a newly reshaped management team with a proven history of major industry discoveries and operational expertise, White Gold remains focused on unlocking district-scale growth with numerous key catalysts incoming over the coming quarters,\u201d said Mr. Matheson.<\/p>\n<p class=\"c-article-body__text text-pr-5\">* ATB Cormark\u2019s Nicholas Boychuk initiated coverage of Vancouver-based Zefiro Methane Corp. (<a href=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/ZEFI-NE\/\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/ZEFI-NE\/\">ZEFI-NE<\/a>) with an \u201coutperform\u201d rating and $1 target. The average is $1.25.<\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cZEFI provides environmental services focused on plug-and-abandonment (P&amp;A) operations for end-of-life and orphaned oil and gas wells, alongside carbon credit origination from methane abatement. These services are in high demand, and substantial upside in the share price will be driven by a combination of organic market share gains in corporate and government-run P&amp;A programs, regional field service consolidation, and operating leverage. Prevailing C2027 valuation metrics of 5.4 times EV\/EBITDA, 19.9 times P\/E, and an 8.8-per-cent FCF yield fail to reflect this emerging growth and cash flow profile. Longer-term, ZEFI\u2019s carbon credit monetization is additional free upside optionality for new shareholders,\u201d said Mr. Boychuk.<\/p>\n","protected":false},"excerpt":{"rendered":"TD Cowen analyst Vince Valentini expects Thomson Reuters Corp. (TRI-T) to be one of the \u201cbeneficiaries of AI,&hellip;\n","protected":false},"author":2,"featured_media":890579,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[901,888,902,879,877,903,45,49,48,876,895,896,891,878,875,46,549,295,894,887,914,880,881,893,889,890,884,904,885,909,910,912,907,911,905,908,882,898,899,714,897,906,865,61,900,892,886,883,913],"class_list":["post-890578","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-alberta","tag-arts-news","tag-bc","tag-breaking-news","tag-breaking-news-video","tag-british-columbia","tag-business","tag-ca","tag-canada","tag-canada-news","tag-canada-sports","tag-canada-sports-news","tag-canada-trafficcanada-weather","tag-canadian-breaking-news","tag-canadian-news","tag-economy","tag-education","tag-environment","tag-federal-government","tag-foreign-news","tag-globe-and-mail","tag-globe-and-mail-breaking-news","tag-globe-and-mail-canada-news","tag-government","tag-life-news","tag-lifestyle","tag-local-news","tag-manitoba","tag-national-news","tag-new-brunswick","tag-newfoundland-and-labrador","tag-northwest-territories","tag-nova-scotia","tag-nunavut","tag-ontario","tag-pei","tag-photos","tag-political-news","tag-political-opinion","tag-politics","tag-politics-news","tag-quebec","tag-sports-news","tag-technology","tag-travel","tag-trudeau","tag-us-news","tag-world-news","tag-yukon"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/890578","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=890578"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/890578\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/890579"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=890578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=890578"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=890578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}