Canadian Analyst Updates: Sept 22nd, 2026
Analysts updated ratings and price targets for several Canadian companies. CIBC lowered targets for AQN, ACO.X, CU, CPX, EMA, FTS, H, TA. TD maintained ratings for ATZ, BB, CF, SHOP. Eldorado Gold (ELD) was upgraded to Buy by BofA and Canaccord raised its target.
How this was made
The 30-second read
Why it matters
These updates reflect analysts' revised expectations but contain no new corporate events; overall market impact is modest.
Market read
Analyst revisions are routine; only Eldorado Gold upgrades stand out as potentially actionable.
What to watch
Recent commodity price trends and macro‑economic data could offset analyst revisions.
Background
The article compiles recent analyst rating and price‑target updates for a range of Canadian listed companies.
Ticker impact
CIBC lowered Algonquin Power and Utilities price target to C$6.00 from C$6.25.
Potential short‑term decline or sell pressure.
Target reduction reflects weaker outlook; no new fundamental event disclosed.
TD Securities kept Hold rating on BlackBerry with a C$11 target.
Minimal effect.
Pure reaffirmation.
TD Securities kept Buy rating on Canaccord Genuity Group with a C$18 target.
Limited impact.
Reaffirmation only.
Scotiabank kept Outperform rating on Collective Mining with a C$35 target.
Limited effect.
Reaffirmation.
CIBC lowered Emera price target to C$72 from C$76.
Potential slight decline.
Analyst downgrade without new catalyst.
CIBC lowered Fortis price target to C$78 from C$82.
Possible short‑term sell pressure.
Analyst adjustment only.
TD Securities kept Buy rating on Shopify with a C$246 target.
Limited effect.
Reaffirmation.
CIBC kept Outperform rating on TC Energy with a C$103 target; Scotiabank kept Sector Outperform with a C$105 target; TD kept Buy with a C$102 target.
Minimal effect.
Pure reaffirmation.
Market effects
Analyst target revisions across Canadian utilities, energy and mining may slightly shift sector sentiment.
Primarily affects Canadian equity market participants.
Limited; no direct impact on broader global markets.
Counterpoint
Target cuts may be over‑reactive; underlying fundamentals could remain stable.
Key entities
- AnalystCIBC World Markets
Provided multiple price‑target reductions.
- AnalystTD Securities
Maintained ratings and targets for several firms.
- AnalystNational Bank
Raised target for DRI Healthcare Trust.
- AnalystBank of America Securities
Upgraded Eldorado Gold to Buy.
