Canadian Stocks: Analyst Updates & Top Picks for 2026

Canadian financial markets are navigating an uncertain macroeconomic landscape, but several companies are drawing positive attention from analysts. Despite expectations of an uneven economic backdrop, with a low probability of recession, strong strategic execution and value creation are expected to drive performance in 2026.

IGM Financial and Trisura Group Highlighted by National Bank Financial

National Bank Financial analyst Jaeme Gloyn has identified IGM Financial Inc. (IGM-T) and Trisura Group Ltd. (TSU-T) as his top picks for investors. Gloyn reiterated an “outperform” rating for IGM, raising the price target to $82 from $68, exceeding the Street consensus of $67.50, according to LSEG data. This optimism stems from expectations of growth outperforming consensus due to consistent inflows in core businesses, positive earnings from Rockefeller, and favorable comparisons for ChinaAMC.

Gloyn also pointed to IGM’s increased capital return plans, announcing a 5-per-cent normal course issuer bid (NCIB) for 2026, exceeding the 2.5-per-cent bid in 2025 and surpassing consensus forecasts. With $700 million of unallocated capital and substantial free cash flow, IGM has capacity to accelerate share repurchases and potentially increase its dividend for the first time in a decade. Gloyn noted that stripping out the value of strategic investments, the core platforms trade at a discount compared to peers.

For Trisura Group, Gloyn maintained an “outperform” rating with a raised price target of $59, up from $57, above the $54.50 average. He anticipates continued double-digit top-line growth, a combined ratio in the mid-80s, and a return on equity in the mid-to-high teens, supported by strong specialty insurance operations and a scaling U.S. Primary insurance platform.

Core Holdings and Rating Changes

Gloyn also designated Fairfax Financial Holdings Ltd. (FFH-T), Element Fleet Management Corp. (EFN-T), and Brookfield Corp. (BN-N/BN-T) as “core holdings” for investors. He maintained an “outperform” rating on all three, with price targets of $3,200 for Fairfax, $50 for Element Fleet (up from $48), and US$58 for Brookfield (up from US$56).

One rating revision was made: ECN Capital Corp. (ECN-T) was moved to “tender” from “outperform” with a $3.10 target, reflecting the expectation that its acquisition by a group led by Warburg Pincus will proceed.

Other target price adjustments included Fiera Capital Corp. (FSZ-T) to $7 from $7.50, Goeasy Ltd. (GSY-T) to $210 from $245, and Power Corp. Of Canada (POW-T) to $77 from $69.

Positive Outlook for Heavy Equipment Dealers

TD Cowen analyst Cherilyn Radbourne expressed cautious optimism regarding Canadian heavy equipment dealers, noting a dynamic short-term environment. However, she believes medium- to long-term earnings prospects are improving, citing Caterpillar Inc.’s (CAT-N) record sales and backlog of US$51 billion, up over 70 per cent year-over-year.

Radbourne raised her targets for Finning International Inc. (FTT-T) to $100 from $88, Toromont Industries Ltd. (TIH-T) to $195 from $180, and Wajax Corp. (WJX-T) to $28 from $25.

Precious Metals Analysts Raise Price Decks

Analysts at National Bank Financial have increased their commodity price forecasts for gold and silver, anticipating a favorable market backdrop through 2026. The 2025 and 2026 gold price forecast was raised to US$5,200 per ounce from US$4,500, while the silver projection moved to US$100 per ounce from US$60. Long-term prices were also increased to US$3,200 for gold and US$42 for silver.

Allied Gold Corp. (AAUC-T) was moved to “tender” from “outperform” following its acquisition by Zijin Gold International Co. Wesdome Gold Mines Ltd. (WDO-T) was downgraded to “sector perform” from “outperform”.

Enerflex Downgraded by Raymond James

Raymond James analyst Michael Barth downgraded Enerflex Ltd. (EFX-T) to “outperform” from “strong buy” following a significant rally, while maintaining a $26 target. He believes the stock is no longer a “pound the table” buy, but still offers upside potential.

Superior Plus Outlook and Transat Labour Resolution

Desjardins Securities analyst Gary Ho lowered his target for Superior Plus Corp. (SPB-T) to $8.75 from $9, while reiterating a “buy” rating, citing increased uncertainty. TD Cowen analyst Tim James believes Transat AT Inc.’s (TRZ-T) recent labour dispute resolution will have a minimal impact on its first-quarter results.

Colliers International Upgrade

Raymond James analyst Frederic Bastien upgraded Colliers International Group Inc. (CIGI-Q, CIGI-T) to “strong buy” from “outperform” following its US$700-million acquisition of Ayesa Engineering, raising the target to US$200 from US$195.