Analysts' Insights: Upgrades and Downgrades for Top Canadian Companies (2026)

Monday's analyst upgrades and downgrades

Here's a breakdown of some key analyst actions from Monday, with a focus on the energy and resources sector.

TC Energy Corp. (TRP-T)

• Upgrade: TD Cowen's Aaron MacNeil raises his target to $90 from $88, maintaining a "hold" rating.
• Commentary: MacNeil highlights TC Energy's "U.S.-centric growth opportunity" in Appalachia, with a scalable platform and oversubscribed Crossroads/Columbus open seasons. He expects accelerating, capital-efficient growth through 2030.

Aritzia Inc. (ATZ-T)

• Upgrade: National Bank's Patrick Kenny raises his target to $175 from $150, maintaining an "outperform" rating.
• Commentary: Kenny notes Aritzia's strong performance in Q4, driven by same-store sales growth, unit expansion, and digital initiatives. He predicts continued growth in 2027, with a focus on F27 outlook and underlying assumptions.

Badger Infrastructure Solutions Ltd. (BDGI-T)

• Upgrade: Raymond James' Frederic Bastien raises his target to $77 from $73, maintaining an "outperform" rating.
• Commentary: Bastien highlights Badger's strong Q1 results, driven by top-line growth and margin expansion. He expects continued growth in 2026, with a focus on new-build forecasts and operating leverage.

TerraVest Industries Inc. (TVK-T)

• Downgrade: Scotia Capital's Jonathan Goldman lowers his target to $178 from $187, maintaining a "sector outperform" rating.
• Commentary: Goldman revises his estimates due to potential lags in pass-through of higher steel costs and a slightly lower quarter-over-quarter trailer market. He expects TVK to generate more than $400 million of EBITDA next year, with a focus on data center backlog and M&A potential.

International Petroleum Corp. (IPCO-T)

• Initiation: National Bank Financial's Dan Payne initiates coverage with a "sector perform" rating and a $45 target.
• Commentary: Payne highlights IPCO's multi-jurisdictional asset base and its focus on counter-cyclical investments. He expects the Blackrod thermal oil project to be transformational, with a sustainable free cash flow profile and a potential value opportunity.

CAE Inc. (CAE-T)

• Downgrade: Desjardins Securities' Benoit Poirier lowers his target to $50 from $52, maintaining a "buy" rating.
• Commentary: Poirier notes CAE's shares have been hit by external factors, including network restructuring uncertainty, fuel-led airline sell-off, and blue-wave defense fears. He expects these uncertainties to ease with upcoming earnings releases and remains optimistic about the company's long-term prospects.

Agnico Eagle Mines Ltd. (AEM-T)

• Upgrade: National Bank's Shane Nagle raises his target to $350 from $345, maintaining a "sector outperform" rating.
• Commentary: Nagle highlights Agnico Eagle's production growth plans and its strong financial position. He expects the company to focus on returning cash to shareholders while accelerating organic growth.

Arizona Metals Corp. (AMC-T)

• Downgrade: Stifel's Cole McGill downgrades to "hold" from "buy" with a $35 target.
• Commentary: McGill revises his target due to marginal PEA economics and profitability ratios. He expects the EXPO permit to be a gating item, with a longer-dated story and potential exploration upside.

Real Matters Inc. (REAL-T)

• Target Adjustments: National Bank's Richard Tse and Raymond James' Steven Li adjust their targets, with Tse raising his to $7.50 and Li reducing his to $8.25.
• Commentary: Tse highlights Real Matters' solid Q2 results and execution in scaling its U.S. title business. Li notes the company's focus on market share and operating leverage.