Five things to watch for in Canadian business this week - Investment Executive

National Bank analyst Gabriel Dechaine raised Q3 forecasts and fiscal 2028 estimates for Canadian banks, lifting average target prices by 18% and citing stable credit and NIM guidance, with TD as top pick. He upgraded targets for BMO, BNS, CM, EQB, RY and TD. Separately, National Bank Financial analyst Matt Kornack cut GO Residential and H&R ratings after GO’s $3.4B acquisition deal.

TD Cowen analyst Mario Mendonca (TD Cowen) warns Canadian bank multiples could compress as operating leverage and revenue growth moderate, citing CMRR growth slowing and flat NIMs in 2028. He raised targets for BMO, CIBC, and RBC, and adjusted BNS and NB. Raymond James analyst Stephen Boland also updated Big 6 targets. Desjardins analyst Benoit Poirier said Cargojet shares rose after results.

Altius Minerals (TSX:ALS) increased its effective ownership of Great Bay Renewables (GBR) to 50% via a US$168 million ($239.05 million) transaction announced July 10, 2026. Apollo-managed funds exited GBR after selling to Northampton for about US$390 million. Altius will report 50% of GBR revenue and expenses from Q3 2026, and raised its credit facility to C$225 million–350 million, extending maturity to July 2030.

Bank of Nova Scotia (BNS) filed an F-4 to register shares to acquire Maple Financial Holdings in an all-stock merger. Each Maple share converts into BNS shares based on a US$25 million base plus Maple equity divided by fully diluted Maple shares, using a 10-day VWAP BNS price. BNS expects to issue up to 1,474,030 shares, about US$11.37 per Maple share. The deal needs Maple shareholder and regulatory approvals and includes dissenters’ rights.

Scotiabank said it will buy the remaining 28.22% of Scotia Group Jamaica it does not own, paying minority shareholders about J$54 billion (about C$500 million/US$340 million) in cash and taking the company private by delisting from the Jamaica Stock Exchange. Scotiabank Caribbean Holdings will offer J$61.50 per share. The deal needs minority approval and court sanction, with expected close in Q4 2026.

Several Canadian stocks hit 52-week highs. Andrew Peller rose to $7.95 after agreeing to be acquired via a deal with a Fairfax subsidiary. Altius reached $60.37 after Great Bay Royalties closed a ~$73m royalty investment tied to the 311 MW Coles Wind project. Arras hit $1.45 on drill results; Aritzia $171.17 (+3.3%); Canadian Banc $15.39 after a $103.3m preferred offering; and other names reported dividend hikes, NCIB share buybacks, or operational updates.