Wednesday’s analyst upgrades and downgrades
RBC Capital Markets raised its gold forecasts, citing new highs in 2026: $4,600/oz (+17%), $5,100/oz for 2027 (+24%) and long-term $3,000/oz (+15%). It also lifted silver and copper assumptions and adjusted stock targets. SSR Mining was upgraded to “outperform” with a $40 target. Desjardins shifted Canadian banks to “market weight,” raising TD and RBC targets.
Upgrade plus explicit Turkey overhang creates a near-term catalyst for sentiment, but valuation upside depends on sale/review clarity.
SSR Mining was upgraded to “outperform” with a $40 target, while the note flags uncertainty around Turkish assets and pending Turkey outcomes.
Likely positive bias vs. peers on upgrade; follow-through depends on Turkey process headlines.
Background
A single roundup compiles multiple analyst actions: RBC updates precious-metals price decks and upgrades SSR Mining; Desjardins shifts Canadian banks to market weight and revises targets/rankings; TD Cowen reiterates FirstService’s buy thesis; RBC Dominion comments on Plenary’s go-private deal for ISC.
Why it matters
The most tradable items are (1) SSR Mining’s upgrade with explicit Turkey overhang, (2) Canadian bank target/ranking reshuffling under a more cautious sector stance, (3) FirstService’s NCIB/repurchase disclosure supporting valuation, and (4) ISC’s $51/share go-private takeout framing.
Market relevance
This is primarily a sentiment/positioning catalyst set (upgrades/targets) plus one concrete transaction (ISC go-private) and one capital-return datapoint (FirstService NCIB).
Market effects
Higher gold/silver/copper price assumptions and “favourable” gold-equity outlook can lift precious-metals sentiment, while Canadian banks face macro/geopolitical volatility framing.
Canadian bank pecking order changes may shift relative performance within the TSX financials complex.
Commodity price-deck revisions (gold/silver/copper) can influence cross-asset risk sentiment and mining equity beta.
Alternative perspectives
Analyst target/rating changes may be partially priced in; for SSRM and Canadian banks, the dominant driver is still macro/geopolitical risk and commodity path uncertainty.
For SSRM, Turkey outcome timing (Copler sale/strategic review) is the key swing factor; for ISC, deal completion risk and any regulatory/Golden Share mechanics could dominate near-term price action.
Key entities
- public_companySSR Mining
Upgraded to outperform; target set at $40; Turkey assets uncertainty highlighted.
- public_companyToronto-Dominion Bank
Target raised to $167; moved up in the revised bank pecking order.
- public_companyRoyal Bank of Canada
Target raised to $280; remains near the top of the pecking order.
- public_companyFirstService
Buy rating reaffirmed; analyst cites NCIB increase to 10% and ~2% float repurchased.
- public_companyInformation Services Corp.
Go-private deal at $51/share; takeout multiple described as an all-time high.
