Tue Nov 19 01:15:11 UTC 2024: ## Analyst Actions Spark Market Moves: Suncor, AutoCanada, and More

**Toronto, November 18, 2024** – A flurry of analyst upgrades and target price adjustments sent ripples through the Canadian market today, impacting energy giants, auto dealerships, and other sectors.

Suncor Energy Inc. (SU-T) was a major focus, receiving significant bullish attention following its “blockbuster” third-quarter results. Desjardins Securities upgraded Suncor to a “buy,” citing a “sunrise on a new era of operational performance” and raising its target price to $66 from $61. This followed similar upgrades from RBC Capital Markets ($66 target), National Bank Financial ($76 target), and a raised target from Raymond James ($56), although they maintained a “market perform” rating. Analysts praised Suncor’s improved operational efficiency and strengthened balance sheet.

AutoCanada Inc. (ACQ-T) also saw positive revisions. National Bank Financial upgraded the company to “outperform,” believing the worst is behind the company and predicting a potential catch-up to U.S. peers. Their raised target price is $21, exceeding the current average. However, other analysts like BMO and Canaccord Genuity maintained more cautious stances, with “market perform” and “hold” ratings respectively.

In the grocery sector, Loblaw Companies Ltd. (L-T) received mixed reviews despite exceeding earnings expectations. While National Bank Financial maintained an “outperform” rating and increased its target to $195, citing the company’s strong execution and financial plan, the analyst removed Loblaw from its “top pick” list due to recent share price appreciation. Other firms like Desjardins and TD Cowen also adjusted their target prices.

CAE Inc. (CAE-T) experienced a significant surge following the announcement of its CEO’s departure and better-than-expected second-quarter results. RBC Dominion Securities raised its target to $34 from $27, highlighting improved margins in the defense segment. Several other firms also increased their price targets, while others maintained a more cautious stance, citing uncertainty surrounding the CEO succession.

Conversely, Finning International Inc. (FTT-T) saw its shares plummet after reporting weaker-than-anticipated third-quarter results. RBC Dominion Securities lowered its target price to $46 from $50, though maintaining an “outperform” rating, anticipating sequential improvement in the coming quarters. Other analysts also reduced their price targets, citing margin headwinds and a softer Canadian market.

Several other companies also saw analyst adjustments, including Artis REIT, Bitfarms Ltd., Boat Rocker Media Inc., Element Fleet Management Corp., Exchange Income Corp., GDI Integrated Facility Services Inc., Maple Leaf Foods Inc., Martinrea International Inc., Minto Apartment REIT, Power Corp. of Canada, Slate Grocery REIT, Sun Life Financial Inc., and Verticalscope Holdings Inc. These changes reflected a range of factors, from strong financial performance and strategic shifts to concerns about market headwinds and operational challenges.

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