Investment analysts made noteworthy adjustments to price targets for several Canadian companies on December 23, 2023, reflecting varied market sentiments. The revisions signal analysts’ confidence in some stocks while indicating caution for others.
AltaGas saw its price target raised by ATB Capital, moving from C$48.00 to C$49.00. With this change, ATB Capital maintains an outperform rating on the stock, underscoring its positive outlook on the company’s performance in the energy sector.
Similarly, Baytex Energy experienced an upward adjustment in its price target. TD Securities increased the target from C$4.75 to C$5.00 and continues to hold a buy rating on the stock. This reflects a growing confidence in Baytex’s operational strategies and market position.
In contrast, the outlook for Enbridge appeared more reserved. The Jefferies Financial Group Inc. reduced its price target from C$73.00 to C$71.00. However, analysts at ATB Capital set a price target of C$72.00, still assigning an outperform rating, indicating some divergence in analyst opinions regarding the company’s future.
Northland Power experienced a slight decrease in its price target. ATB Capital reduced it from C$23.00 to C$22.00, while still maintaining an outperform rating, suggesting analysts remain optimistic despite the adjustment.
Meanwhile, Pembina Pipeline received a target price of C$61.00 from ATB Capital, which also rated the stock as outperform. This reflects ongoing confidence in Pembina’s ability to navigate the energy market effectively.
On the downside, Strathcona Resources faced a significant decrease in its price target. ATB Capital cut the target from C$42.00 to C$32.00, indicating concerns about the company’s current trajectory.
In the realm of smaller firms, Sonoro Gold Corp. was given a target price of C$0.70 by Fundamental Research, which currently has a buy rating on the stock, reflecting potential for growth in the gold sector.
For travel company Transat A.T., Desjardins increased its price target from C$3.00 to C$3.30, though it maintains a hold rating, suggesting cautious optimism as the travel industry continues to recover.
Conversely, WildBrain saw its price target reduced by both the Royal Bank of Canada and National Bankshares, Inc., from C$2.50 to C$2.00 and from C$2.25 to C$2.00, respectively. Both firms currently have a sector perform rating, indicating a more subdued outlook for the company.
Lastly, WSP Global enjoyed a series of positive revisions from multiple analysts. ATB Capital raised its target from C$305.00 to C$330.00, while National Bankshares, Inc. increased theirs from C$301.00 to C$304.00. Scotiabank also raised its target from C$308.00 to C$318.00, and TD Securities adjusted its target from C$330.00 to C$335.00. Notably, Desjardins significantly increased its price target for WSP from C$346.00 to C$375.00, reflecting strong confidence in the company’s growth potential. Raymond James Financial, Inc. echoed this sentiment with a target increase from C$310.00 to C$340.00, assigning a strong-buy rating.
These adjustments illustrate the dynamic landscape of investment analysis in Canada, where market conditions continue to influence the outlook for various sectors. Investors should consider these revised price targets as they assess potential investment opportunities in the Canadian market.
