| Date | Company Name | Action | Current
Price | Price
Target | Rating |
|---|
| 1/29/2026 | HBM HudBay Minerals | Downgrade | $24.00 | | Outperform ➝ Sector Perform |
| 1/7/2026 | AQN Algonquin Power & Utilities | Upgrade | $7.00 | $7.50 | Sector Perform ➝ Outperform |
| 12/18/2025 | TD Toronto Dominion Bank | Upgrade | $94.00 | | Sector Perform ➝ Outperform |
| 11/24/2025 | RBA RB Global | Upgrade | $114.00 | $124.00 | Sector Perform ➝ Outperform |
| 11/19/2025 | TU TELUS | Upgrade | $14.00 | | Sector Perform ➝ Outperform |
| 10/29/2025 | NG Novagold Resources | Upgrade | $9.00 | | Sector Perform ➝ Outperform |
| 10/8/2025 | TTEK Tetra Tech | Initiated Coverage | $38.00 | $41.00 | Outperform |
| 10/8/2025 | ACM AECOM | Initiated Coverage | $97.00 | $151.00 | Outperform |
| 10/5/2025 | AG First Majestic Silver | Upgrade | $20.00 | | Hold ➝ Strong-Buy |
| 10/5/2025 | AG First Majestic Silver | Upgrade | C$28.00 | | Hold ➝ Strong-Buy |
| 9/26/2025 | MEOH Methanex | Initiated Coverage | $48.00 | $47.00 | Outperform |
| 9/25/2025 | BIP Brookfield Infrastructure Partners | Upgrade | $37.00 | | Hold ➝ Strong-Buy |
| 9/25/2025 | CNSWF Constellation Software | Downgrade | $1,797.00 | | Strong-Buy ➝ Hold |
| 9/25/2025 | MEOH Methanex | Upgrade | $48.00 | | Strong-Buy |
| 9/25/2025 | CSU Constellation Software | Downgrade | C$2,454.00 | | Strong-Buy ➝ Hold |
| 9/25/2025 | MX Methanex | Upgrade | C$65.00 | | Strong-Buy |
| 9/23/2025 | ACDVF Air Canada | Downgrade | $14.00 | | Strong-Buy ➝ Hold |
| 9/23/2025 | AC Air Canada | Downgrade | C$20.00 | | Strong-Buy ➝ Hold |
| 9/22/2025 | B Barrick Mining | Upgrade | $46.00 | | Sector Perform ➝ Outperform |
| 9/19/2025 | ABX Barrick Gold | Upgrade | C$63.00 | | Hold ➝ Strong-Buy |
| 9/15/2025 | OTEX Open Text | Upgrade | $25.00 | $45.00 | Sector Perform ➝ Outperform |
| 9/11/2025 | NMG Nouveau Monde Graphite | Upgrade | $2.00 | | Hold |
| 9/11/2025 | NOU Nouveau Monde Graphite | Upgrade | C$3.00 | | Hold |
| 9/7/2025 | IPOOF Inplay Oil Cp | Upgrade | $11.00 | | Strong-Buy |
| 9/7/2025 | IPO InPlay Oil | Upgrade | C$15.00 | | Strong-Buy |
| 9/5/2025 | NTR Nutrien | Initiated Coverage | $69.00 | | Sector Perform |
| 9/4/2025 | PAAS Pan American Silver | Upgrade | $54.00 | | Strong-Buy |
| 9/4/2025 | NTR Nutrien | Upgrade | C$94.00 | | Hold |
| 9/3/2025 | IE Ivanhoe Electric | Upgrade | $18.00 | | Strong-Buy |
| 9/3/2025 | BDT Bird Construction | Upgrade | C$31.00 | | Hold ➝ Strong-Buy |
| 9/2/2025 | TRZ Transat A.T. | Upgrade | C$3.00 | | Strong Sell ➝ Hold |
| 8/28/2025 | FDR Founders Metals | Upgrade | C$4.00 | | Strong-Buy |
| 8/22/2025 | CVE Cenovus Energy | Upgrade | $19.00 | | Hold ➝ Strong-Buy |
| 8/22/2025 | CVE Cenovus Energy | Upgrade | C$27.00 | | Hold ➝ Strong-Buy |
| 8/13/2025 | ORA Aura Minerals | Upgrade | C$46.00 | | Strong-Buy |
| 8/12/2025 | AIF Altus Group | Upgrade | C$47.00 | | Hold ➝ Strong-Buy |
| 8/11/2025 | LAR Lithium Americas (Argentina) | Upgrade | $7.00 | | Hold ➝ Strong-Buy |
| 8/11/2025 | CCA Cogeco Communications | Downgrade | C$67.00 | | Strong-Buy ➝ Hold |
| 8/11/2025 | LAR Lithium Americas (Argentina) | Upgrade | C$9.00 | | Hold ➝ Strong-Buy |
| 8/7/2025 | SLF Sun Life Financial | Downgrade | $64.00 | | Strong-Buy ➝ Hold |
| 8/7/2025 | SLF Sun Life Financial | Downgrade | C$87.00 | | Strong-Buy ➝ Hold |
| 8/6/2025 | NVA NuVista Energy | Upgrade | C$19.00 | | Hold ➝ Strong-Buy |
| 8/1/2025 | ARE Aecon Group | Upgrade | C$35.00 | | Hold ➝ Strong-Buy |
| 7/30/2025 | CP Canadian Pacific Kansas City | Upgrade | $75.00 | | Hold ➝ Strong-Buy |
| 7/30/2025 | CP Canadian Pacific Kansas City | Upgrade | C$103.00 | | Hold ➝ Strong-Buy |
| 7/29/2025 | BAM Brookfield Asset Management | Initiated Coverage | $51.00 | $71.00 | Outperform |
| 7/29/2025 | BN Brookfield | Initiated Coverage | $47.00 | $54.67 | Outperform |
| 7/28/2025 | BAM Brookfield Asset Management | Upgrade | $51.00 | | Strong-Buy |
| 7/28/2025 | BN Brookfield | Upgrade | $47.00 | | Strong-Buy |
| 7/28/2025 | BAM Brookfield Asset Management | Upgrade | C$69.00 | | Strong-Buy |
| 7/28/2025 | BN Brookfield | Upgrade | C$64.00 | | Strong-Buy |
| 7/25/2025 | NEM Newmont | Upgrade | $113.00 | | Hold ➝ Strong-Buy |
| 7/25/2025 | NGT Newmont | Upgrade | C$116.00 | | Hold ➝ Strong-Buy |
| 7/24/2025 | WPK Winpak | Downgrade | C$44.00 | | Strong-Buy ➝ Hold |
| 7/23/2025 | CNI Canadian National Railway | Downgrade | $96.00 | | Outperform ➝ Sector Perform |
| 7/22/2025 | CNR Canadian National Railway | Downgrade | C$131.00 | | Strong-Buy ➝ Hold |
| 7/16/2025 | EXE Extendicare | Upgrade | C$24.00 | | Strong-Buy |
| 7/14/2025 | ARE Aecon Group | Downgrade | C$35.00 | | Strong-Buy ➝ Hold |
| 7/9/2025 | KNT K92 Mining | Upgrade | C$26.00 | | Strong-Buy |
| 7/9/2025 | ERO Ero Copper | Downgrade | $34.00 | | Outperform ➝ Sector Perform |
| 7/8/2025 | ERO Ero Copper | Downgrade | C$47.00 | | Strong-Buy ➝ Hold |
| 7/2/2025 | CEU CES Energy Solutions | Upgrade | C$15.00 | | Hold ➝ Strong-Buy |
| 6/29/2025 | SCR Strathcona Resources | Upgrade | C$26.00 | | Strong-Buy |
| 6/26/2025 | VZLA Vizsla Silver | Upgrade | $5.00 | | Strong-Buy |
| 6/25/2025 | PBA Pembina Pipeline | Upgrade | $41.00 | | Hold ➝ Strong-Buy |
| 6/25/2025 | PPL Pembina Pipeline | Upgrade | C$56.00 | | Hold ➝ Strong-Buy |
| 6/24/2025 | ISO IsoEnergy | Upgrade | C$16.00 | | Strong-Buy |
| 6/23/2025 | LUG Lundin Gold | Downgrade | C$105.00 | | Strong-Buy ➝ Hold |
| 6/23/2025 | ZDC Zedcor | Upgrade | C$6.00 | | Strong-Buy |
| 6/12/2025 | AG First Majestic Silver | Upgrade | $20.00 | | Hold |
| 6/12/2025 | CDE Coeur Mining | Upgrade | $20.00 | | Strong-Buy |
| 6/12/2025 | EXK Endeavour Silver | Upgrade | $11.00 | | Strong-Buy |
| 6/12/2025 | HL Hecla Mining | Upgrade | $22.00 | | Hold |
| 6/12/2025 | AG First Majestic Silver | Upgrade | C$28.00 | | Hold |
| 6/12/2025 | EDR Endeavour Silver | Upgrade | C$15.00 | | Strong-Buy |
| 6/12/2025 | VNP 5N Plus | Upgrade | C$26.00 | | Strong-Buy |
| 6/11/2025 | ELE Elemental Altus Royalties | Upgrade | C$28.00 | | Hold ➝ Strong-Buy |
| 6/9/2025 | VHI Vitalhub | Upgrade | C$9.00 | | Strong-Buy |
| 6/8/2025 | AQN Algonquin Power & Utilities | Upgrade | $7.00 | | Hold |
| 6/8/2025 | BEP Brookfield Renewable Partners | Upgrade | $30.00 | | Strong-Buy |
| 6/8/2025 | BLDP Ballard Power Systems | Upgrade | $2.00 | | Hold |
| 6/8/2025 | EXROF Exro Technologies | Upgrade | $0.00 | | Strong Sell |
| 6/8/2025 | BLX Boralex | Upgrade | C$26.00 | | Strong-Buy |
| 6/8/2025 | GRA NanoXplore | Upgrade | C$2.00 | | Hold |
| 6/8/2025 | NPI Northland Power | Upgrade | C$19.00 | | Strong-Buy |
| 6/8/2025 | PIF Polaris Renewable Energy | Upgrade | C$12.00 | | Strong-Buy |
| 6/4/2025 | AQN Algonquin Power & Utilities | Downgrade | $7.00 | $6.75 | Outperform ➝ Sector Perform |
| 6/3/2025 | AQN Algonquin Power & Utilities | Downgrade | C$9.00 | C$6.75 | Strong-Buy ➝ Hold |
| 5/30/2025 | LCX Lycos Energy | Upgrade | C$1.00 | | Hold |
| 5/30/2025 | CM Canadian Imperial Bank of Commerce | Downgrade | $95.00 | | Outperform ➝ Sector Perform |
| 5/30/2025 | RY Royal Bank Of Canada | Downgrade | $169.00 | | Outperform ➝ Sector Perform |
| 5/29/2025 | CM Canadian Imperial Bank of Commerce | Downgrade | C$130.00 | | Outperform ➝ Sector Perform |
| 5/29/2025 | RY Royal Bank of Canada | Downgrade | C$231.00 | | Outperform ➝ Sector Perform |
| 5/26/2025 | SES Secure Energy Services | Upgrade | C$17.00 | | Strong-Buy |
| 5/26/2025 | WCN Waste Connections | Upgrade | C$230.00 | | Strong-Buy |
| 5/26/2025 | WCN Waste Connections | Upgrade | $168.00 | | Strong-Buy |
| 5/26/2025 | WM Waste Management | Upgrade | $223.00 | | Hold |
| 5/26/2025 | GFL GFL Environmental | Upgrade | $43.00 | | Strong-Buy |
| 5/26/2025 | RSG Republic Services | Upgrade | $216.00 | | Hold |
| 5/26/2025 | GFL GFL Environmental | Upgrade | C$58.00 | | Strong-Buy |
