Analysts Adjust Targets and Ratings for Canadian Railway, Retailer, and Telecom Companies

National Bank Financial analyst Cameron Doerksen raised his earnings forecasts for Canadian Pacific Kansas City Ltd. (CPKC), projecting double-digit earnings per share growth in 2026 (10.7%) and 2027 (16.1%). He cited new business wins, including an expanded five-year coal contract with Elk Valley Resources, and higher volume trends to Mexico and the southeastern United States. Following CPKC’s third-quarter report of $4.219 billion in revenue, a 15% year-over-year increase, Doerksen lifted his target price to $142 and kept an “outperform” rating.

Other analysts also adjusted CPKC targets: ATB Cormark’s Chris Murray set a $144 target, Desjardins Securities’ Benoit Poirier moved to $141, and Citi’s Ariel Rosa raised his target to US$106, each noting the company’s solid volume growth and the impact of the new coal contract.

In the retail sector, National Bank Financial’s Vishal Shreedhar increased his price target for Aritzia Inc. to $188, citing the company’s ambitious 2032 revenue goals, planned U.S. store expansion, and projected 15-17% compound annual growth. He maintained an “outperform” rating, while Raymond James’ Michael Glen also raised his target to $185, highlighting the retailer’s strong store productivity and inventory control.

Telecom analyst Vince Valentini of TD Cowen upgraded BCE Inc.’s target price to $44 from $40, calling the $2.45 billion sale of a minority stake in its tower assets a clean, attractive deal that should improve the balance sheet and support dividend sustainability. He reaffirmed a “buy” rating, noting BCE’s growth prospects in data centre expansion and fiber infrastructure.

Other notable analyst actions included target reductions for Air Canada and Champion Iron, and upgrades for Kinaxis, Precision Drilling, and Trican Well Service, reflecting sector-specific outlooks on fuel costs, supply-chain demand, and commodity market conditions.