Investment analysts have issued several significant changes to price targets for notable Canadian stocks as of December 23, 2023. These adjustments reflect the analysts’ updated assessments of the companies’ market positions and potential for future growth.
AltaGas (TSE:ALA) received a price target increase from ATB Capital, moving from C$48.00 to C$49.00. ATB Capital maintains an outperform rating for the stock, indicating confidence in its future performance.
In a similar move, Baytex Energy (TSE:BTE) (NYSE:BTE) saw its target price raised from C$4.75 to C$5.00 by TD Securities, which currently holds a buy rating on the stock. This reflects an optimistic outlook as the company navigates the energy market.
Analysts at ATB Capital set a price target of C$75.00 for Capital Power (TSE:CPX), also assigning an outperform rating, which suggests a positive view of the company’s prospects in the power generation sector.
Meanwhile, Enbridge (TSE:ENB) (NYSE:ENB) experienced a slight price target decrease. Jefferies Financial Group Inc. lowered its target from C$73.00 to C$71.00. Conversely, ATB Capital has given Enbridge a target of C$72.00, supporting a consistent outperform rating on the stock.
In the renewable energy segment, Northland Power (TSE:NPI) had its target price cut from C$23.00 to C$22.00 by ATB Capital, which maintains an outperform rating. This adjustment reflects a cautious stance amid changing market dynamics.
Pembina Pipeline (TSE:PPL) (NYSE:PBA) was assigned a price target of C$61.00 by analysts at ATB Capital, which continues to advocate an outperform rating for the stock. This reflects confidence in Pembina’s operations within the energy sector.
In a more drastic adjustment, Strathcona Resources (TSE:SCR) saw its price target reduced significantly from C$42.00 to C$32.00 by ATB Capital. This shift indicates potential challenges ahead for the company.
Additionally, Sonoro Gold Corp. (SMO.V) (CVE:SGO) has been given a target price of C$0.70 by Fundamental Research, which currently rates the stock as a buy, emphasizing the firm’s positive outlook on Sonoro’s operations.
A slight increase was noted for Transat A.T. (TSE:TRZ), with Desjardins raising its target from C$3.00 to C$3.30 while maintaining a hold rating, suggesting a stable but cautious investment approach.
In contrast, WildBrain (TSE:WILD) faced price target reductions from both Royal Bank of Canada and National Bankshares, Inc., with targets adjusted from C$2.50 to C$2.00 and from C$2.25 to C$2.00, respectively. Both firms currently hold sector perform ratings on the stock.
A highlight among the adjustments is WSP Global (TSE:WSP), which saw its price target raised multiple times. ATB Capital increased its target from C$305.00 to C$330.00, while National Bankshares, Inc. raised its target from C$301.00 to C$304.00. Additionally, Scotiabank boosted its target from C$308.00 to C$318.00. With a target now set at C$335.00 by TD Securities and C$375.00 by Desjardins, WSP Global is receiving strong buy recommendations across the board.
These adjustments reflect a dynamic and responsive approach by analysts to the changing landscapes of the respective industries. Investors should consider these price targets when making informed decisions about their portfolios.
