Analysts adjust ratings and targets for Superior Plus, Canadian banks and CGI amid mixed earnings

TD Cowen analyst Aaron MacNeil upgraded Superior Plus Corp. (SPB-T) to "hold" from "sell" after the energy and specialty chemical distributor posted adjusted EBITDA of $8.8 million for the quarter, just above his $8.7 million estimate. He said the lower earnings outlook still raises execution concerns, but the shares are now near his price target and the risk/reward balance is improved. MacNeil trimmed his 2026 and 2027 adjusted EBITDA forecasts by 2 % and 5 % respectively, citing weaker propane margins, but kept a $5.50 target price, compared with an average street target of $8.58.

Other analysts also revised Superior Plus ratings. Raymond James lowered its target to $7 with a "market perform" rating, noting missed consensus figures and continued execution challenges in propane. National Bank cut its target to $6.50 and a "sector perform" rating, citing higher cost-of-capital assumptions and El Niño risks. Desjardins Securities set a $6.50 target with a "hold" rating, calling the stock fairly valued despite costly data-centre contracts. ATB Cormark moved its target to $7 with a "sector perform" rating.

In the banking sector, TD Cowen’s Mario Mendonca projected 11 % year-over-year earnings per share growth for Canadian banks, expecting revenue growth of about 8 % in Q4 2026. He adjusted price targets for major banks, including a slight reduction for Bank of Montreal to $261 and for Bank of Nova Scotia to $140, while noting that valuations are near peak levels and equity risk premiums remain low.

National Bank Financial analyst Doug Taylor upgraded CGI Inc. (GIB.A-T) to "outperform" and raised the target price to $145 from $135 after the firm reported revenue of $4.146 billion and adjusted EPS of $2.31, both beating expectations. He highlighted a modest shift to positive organic growth driven by U.S. Federal contracts and a rebound in bookings.

Other notable changes included TD Cowen’s David Kwan lowering his target for CGI to $125, Stifel’s Suthan Sukumar raising his to $130, and RBC’s Paul Treiber maintaining a "sector perform" rating at $115. Analysts also cut targets for Boyd Group Services, Bird Construction, BTB REIT and several other companies, reflecting a mix of earnings misses, cost-saving initiatives and sector-specific challenges.

Overall, the analyst round-up shows a cautious stance on energy distributor Superior Plus, modest optimism for Canadian banks despite high multiples, and renewed confidence in CGI’s growth trajectory.