Analysts Adjust Ratings for Pet Valu, Canadian Tire, TFI, Magna and Aecon Amid Q3 Results

National Bank Financial analyst Vishal Shreedhar upgraded Pet Valu Holdings Ltd. to "outperform" ahead of its November 10 earnings release, citing an "attractive" valuation, solid margins and a high return on invested capital. He projected Q3 revenue of $298 million, a modest same-store sales increase of 0.5 % and earnings per share of 40 cents, and lifted the 12-month price target to $24.

For Canadian Tire Corp., Shreedhar maintained a "sector perform" rating but raised the target price to $214, noting that third-quarter revenue growth may be offset by investments in its financial services unit and that retail EBITDA margins are expected to contract modestly year-over-year.

RBC Dominion Securities analyst Walter Spracklin lowered his target for TFI International Inc. to US$117 from US$144 but kept an "outperform" rating, emphasizing that the company’s recent earnings miss was driven by higher fuel and labour costs and challenges in its U.S. less-than-truckload business. He highlighted that the firm’s long-term freight outlook remains positive and that cost pressures are expected to normalize.

RBC Capital Markets analyst Tom Narayan noted Magna International Inc.'s strong third-quarter results and upcoming investor-day on November 11, keeping a "sector perform" rating while cutting the target to US$66. He pointed to solid operational performance, modest commodity cost headwinds and a robust balance sheet as supporting factors.

National Bank analyst Maxim Sychev raised his target for Aecon Group Inc. to $70 from $66, maintaining an "outperform" stance after the company reported record Q3 revenue of $1.921 billion and earnings per share of 86 cents, both above consensus estimates. He highlighted organic top-line growth, a strong backlog and favorable utility sector exposure.

Other analysts made minor adjustments across the market, including target changes for Air Canada, Allied Properties REIT, Black Diamond Group, Cameco, Canadian National Railway, Capstone Copper, Eldorado Gold, Hammond Power Solutions, Methanex, Pembina Pipeline, Morguard REIT, Telesat and TMX Group, reflecting a mix of earnings beats, sector trends and macro-economic considerations.