Friday’s analyst upgrades and downgrades
Inside the Market’s roundup of some of today’s key analyst actions While acknowledging the market “continues to highlight the elevated stock valuations in the Canadian Midstream sector,” RBC Dominion Securities Inc.
How this was made
The 30-second read
Why it matters
For TC Energy, the bullish case is anchored to Q2/26 normalized EBITDA and EPS beats plus a higher 2035 natural gas demand outlook and a growing secured growth program. For Gildan, the bullish case is anchored to a Q2 earnings beat and raised 2026 EPS guidance, with tariff and capacity dynamics discussed as drivers.
Market read
This is primarily sentiment and valuation support via analyst actions, with some concrete earnings and forecast figures referenced for TRP and GIL.
What to watch
For TRP, the Crossroads sanction timing and FX assumptions could diverge from analyst models. For GIL, tariff-related tailwinds and market softness near quarter-end may make guidance durability less certain.
Background
The article is a roundup of analyst upgrades and downgrades, highlighting TC Energy and Gildan as key examples with target and forecast revisions.
Ticker impact
RBC Dominion raised its TC Energy target to $106 after Q2/26 EBITDA and EPS beat estimates and it revised 2035 gas demand outlook higher.
Near-term upside bias versus peers, but magnitude likely limited because this is an analyst roundup rather than a new company disclosure.
The article cites specific Q2/26 beat metrics and updated demand and project pipeline assumptions, but the primary new information is analyst revisions, not fresh filings or guidance from TC Energy.
Stifel reiterated a buy on Gildan after a Q2 earnings beat and a 10% raise to full-year guidance, including higher 2026 EPS and FCF outlook.
Moderate positive bias, with follow-through dependent on whether investors treat the guidance raise as durable beyond tariff effects.
The text includes concrete guidance and valuation claims tied to the earnings beat, but it remains an analyst-driven roundup rather than a new primary company release in this article.
Market effects
Canadian midstream and energy infrastructure sentiment is supported by higher natural gas demand and growth-project approval expectations.
Potential incremental bid for Canadian-listed energy and consumer apparel names tied to analyst target revisions.
Limited global spillover; mostly affects North American sector sentiment and valuation expectations.
Counterpoint
Analyst target hikes may over-weight near-term earnings beats and demand forecasts while underestimating macro/commodity and regulatory risks that can compress midstream multiples.
Key entities
- companyTC Energy Corp.
Discussed as the subject of multiple analyst target increases after Q2/26 earnings and updated natural gas demand and project pipeline assumptions.
- companyGildan Activewear Inc.
Discussed as the subject of a Stifel buy call after a Q2 earnings beat and a 10% raise to full-year guidance.
- analyst_firmRBC Dominion Securities
Cited as issuing a TC Energy target increase and modest EBITDA forecast revisions.
- analyst_firmStifel
Cited as issuing a Gildan buy call with a higher target after earnings and guidance updates.
