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Despite concerns over rising coronavirus cases as the Delta variant spreads, along with falling bond yields, stocks are still marching higher. Last week, the S&P/TSX Composite Index inched up 99 points or 0.5 per cent. Year-to-date, the S&P/TSX Composite Index is now up 16.4 per cent with all 11 sectors reporting positive price returns.

This week, the earnings season heats up. So far, 70 companies have confirmed that they will be releasing their quarterly financial results. In order to keep the positive price momentum going for stocks, investors will be looking for strong earnings results and guidance when companies report their quarterly results. Once companies report their financial results, earnings expectations, multiples, and target prices could be adjusted meaningfully depending on the reported earnings and management’s outlook (if provided).

Last week, 51 out of the 230 stocks in the S&P/TSX Composite Index reported their earnings results. Consequently, numerous stocks experienced material changes to their target prices over the past week. Worth mentioning are four stocks, three stocks with significant increases to their target prices and one stock whose average target price was slashed after reporting disappointing earnings results.

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Notable positive revisions

Loblaw Companies Ltd. (L-T).

The average target price increased 11 per cent to $88.67 from $80. The company reported second-quarter earnings results that topped the Street’s expectations. Adjusted earnings per share came in at $1.35, well above the consensus estimate of $1.21. Analysts bumped their target prices. Here are a few major changes in expectations were made:

  • BMO’s Peter Sklar increased his target price to $85 from $71.
  • CIBC’s Mark Petrie hiked his target price to $96 from $87.
  • National Bank’s Vishal Shreedhar raised his target price to $91 from $84.
  • TD Securities’ Mike Van Aelst lifted his target price to $95 from $80.

TFI International Inc. (TFII-T)

The average target price increased 17 per cent to $146.41 from $125.47. On July 26, the company reported second quarter earnings results that exceeded expectations. Adjusted earnings per share came in at US$1.44, well above the consensus estimate of US$1. Here are a few of the revised forecasts:

  • BMO’s Fadi Chamoun raised his target price to US$110 from US$100.
  • Morgan Stanley’s Ravi Shanker increased his target price to US$120 from US$110.
  • RBC’s Walter Spracklin lifted his target price to US$126 from US$107.
  • Scotiabank’s Konark Gupta took his target price up to $150 from $120.
  • TD’s Tim James raised his target price by $10 to $150.

Westshore Terminals Investment Corp. (WTE-T)

The average target price increased 24 per cent to $25.60 from $20.70. What prompted the higher valuation was a news announcement. On July 22, management announced that it had entered into an agreement with BHP Group to provide port services for its proposed Jansen potash project. RBC’s Walter Spracklin took his target price up to $44 from $27 and is an outlier. The four other analysts covering the company have target prices of $19, $19.50, $22 and $23.50.

Notable negative revisions

Real Matters Inc. (REAL-T)

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The average target price decline 23 per cent to $18.94 from $24.75. The company missed the Street’s expectations, reporting adjusted earnings per share of 9 US cents, falling short of the consensus estimate of 13 US cents. Here are a few changes analysts made to their forecasts.

  • BMO’s Thanos Moschopoulos cut his target price to $15 from $18.
  • Canaccord’s Robert Young trimmed his target price by $3 to $22.
  • Scotiabank’s Paul Steep reduced his target price to $17 from $22.
  • TD’s Daniel Chan lowered his target price to $15 from $22.

Listed below are analysts’ target prices, recommendations, and forecast returns for all 230 securities in the S&P/TSX Composite Index grouped by sector and ranked according to their expected price returns, excluding dividend and distribution income. The posted target price for each security is an average of all available target prices from analysts. A target price typically reflect an expected share or unit price 12 months from now based on an analyst’s financial modelling such as a discounted cash flow model or sum-of-the-parts model. All data is as of Fri. July 30.

It’s important to note that high target prices which imply stellar returns that seem unbelievable may be just that - unrealistic. At times, when a stock price falls analysts may maintain their bullish expectations, inflating the forecast return. In addition, an outlier (extreme target price) can skew the average target price, to the upside or downside, particularly when the number of analysts covering a stock is low. Don’t let a huge projected gain lure you into a position – it is critical to look at the company and industry fundamentals.

If you wish to compare the target prices and recommendations to the previous week, here is last week’s report.

PriceBuysHoldsSellsTarget PriceForecast Return
Communication Services
CJR-B-TCORUS ENTERTAINMENT INC $5.79 710 $8.08 40%
QBR-B-TQUEBECOR INC $32.64 1020 $38.96 19%
RCI-B-TROGERS COMMUNICATIONS INC $63.68 1230 $71.92 13%
CCA-TCOGECO COMMUNICATIONS INC $118.00 631 $130.70 11%
SJR-B-TSHAW COMMUNICATIONS INC $36.44 760 $39.18 8%
T-TTELUS CORP $27.71 1330 $29.04 5%
BCE-TBCE INC $62.27 6101 $61.63 -1%
Consumer Discretionary
MRE-TMARTINREA INTERNATIONAL INC $12.66 620 $18.79 48%
LNR-TLINAMAR CORP $73.82 500 $99.00 34%
ZZZ-TSLEEP COUNTRY CANADA HOLDINGS INC $29.41 520 $38.43 31%
MG-TMAGNA INTERNATIONAL INC $104.60 1340 $134.20 28%
DOO-TBRP INC $104.53 1240 $120.64 15%
ATZ-TARITZIA INC $36.59 900 $42.13 15%
CTC-A-TCANADIAN TIRE CORP $191.94 741 $219.75 14%
GIL-TGILDAN ACTIVEWEAR INC $43.01 1022 $47.32 10%
QSR-TRESTAURANT BRANDS INTERNATIONAL INC $85.12 19101 $93.19 9%
GOOS-TCANADA GOOSE HOLDINGS INC $52.96 1133 $56.73 7%
DOL-TDOLLARAMA INC $58.75 950 $61.50 5%
TOY-TSPIN MASTER CORP $47.83 741 $49.35 3%
GC-TGREAT CANADIAN GAMING CORP $44.30 110 n.a. n.a.
Consumer Staples
VFF-TVILLAGE FARMS INTERNATIONAL INC $12.02 610 $23.05 92%
SOY-TSUNOPTA INC $13.14 500 $23.77 81%
MFI-TMAPLE LEAF FOODS INC $24.71 610 $35.50 44%
JWEL-TJAMIESON WELLNESS INC $34.97 730 $42.78 22%
PRMW-TPRIMO WATER CORP $20.59 1120 $24.00 17%
SAP-TSAPUTO INC $36.00 612 $40.56 13%
EMP-A-TEMPIRE CO LTD $40.97 820 $45.20 10%
ATD-B-TALIMENTATION COUCHE-TARD $50.29 1330 $54.13 8%
NWC-TNORTH WEST CO INC $36.36 140 $38.40 6%
L-TLOBLAW COMPANIES LTD $84.46 741 $88.67 5%
PBH-TPREMIUM BRANDS HOLDINGS CORP $127.58 821 $133.90 5%
WN-TWESTON (GEORGE) LTD $129.38 520 $135.57 5%
MRU-TMETRO INC $64.70 372 $63.67 -2%
Energy
CPG-TCRESCENT POINT ENERGY CORP $4.56 1131 $7.82 71%
PXT-TPAREX RESOURCES INC $20.50 1010 $33.21 62%
WCP-TWHITECAP RESOURCES INC $5.71 1510 $8.98 57%
MEG-TMEG ENERGY CORP $7.96 770 $12.39 56%
ARX-TARC RESOURCES LTD $9.44 1800 $14.44 53%
ERF-TENERPLUS CORP $7.77 1220 $11.85 53%
CVE-TCENOVUS ENERGY INC $10.41 1720 $15.74 51%
DML-TDENISON MINES CORP $1.38 430 $2.08 50%
SU-TSUNCOR ENERGY INC $24.98 1660 $37.25 49%
TOU-TTOURMALINE OIL CORP $34.06 1500 $47.23 39%
VET-TVERMILION ENERGY INC $8.97 592 $12.44 39%
CNQ-TCANADIAN NATURAL RESOURCES $41.17 1930 $54.91 33%
BBU-UN-TBROOKFIELD BUSINESS PARTNERS LP $55.10 800 $69.77 27%
NXE-TNEXGEN ENERGY LTD $5.27 910 $6.66 26%
IMO-TIMPERIAL OIL LTD $34.18 3141 $43.17 26%
PKI-TPARKLAND CORP $39.71 1500 $49.64 25%
PSK-TPRAIRIESKY ROYALTY LTD $13.98 870 $16.93 21%
TRP-TTC ENERGY CORP $60.82 1670 $69.29 14%
GEI-TGIBSON ENERGY INC $22.86 772 $25.22 10%
ENB-TENBRIDGE INC $49.11 1950 $54.07 10%
CCO-TCAMECO CORP $22.19 571 $23.50 6%
KEY-TKEYERA CORP $33.40 1150 $34.38 3%
PPL-TPEMBINA PIPELINE CORP $41.24 1040 $41.93 2%
IPL-TINTER PIPELINE LTD $19.98 0110 $19.75 -1%
Financials
CF-TCANACCORD GENUITY GROUP INC $13.60 300 $18.83 38%
FFH-TFAIRFAX FINANCIAL HLDGS LTD $525.54 420 $711.25 35%
EFN-TELEMENT FLEET MANAGEMENT CORP $14.28 810 $17.28 21%
MFC-TMANULIFE FINANCIAL CORP $24.12 1070 $29.16 21%
IAG-TIA FINANCIAL CORP INC $69.02 900 $83.06 20%
SII-TSPROTT INC $45.98 030 $54.30 18%
CWB-TCANADIAN WESTERN BANK $34.01 841 $40.12 18%
CIX-TCI FINANCIAL CORP $22.75 730 $26.15 15%
IFC-TINTACT FINANCIAL CORP $170.00 1100 $194.64 14%
EQB-TEQUITABLE GROUP INC $150.00 710 $169.75 13%
HCG-THOME CAPITAL GROUP INC $38.85 530 $43.88 13%
ONEX-TONEX CORPORATION $95.10 500 $106.52 12%
TD-TTORONTO-DOMINION BANK $82.95 672 $92.68 12%
IGM-TIGM FINANCIAL INC $44.03 442 $49.00 11%
BNS-TBANK OF NOVA SCOTIA $77.87 851 $86.38 11%
SLF-TSUN LIFE FINANCIAL INC $64.98 1051 $71.72 10%
X-TTMX GROUP LTD $137.01 340 $150.86 10%
LB-TLAURENTIAN BANK OF CANADA $42.40 172 $46.50 10%
BMO-TBANK OF MONTREAL $123.53 842 $133.10 8%
RY-TROYAL BANK OF CANADA $126.18 1240 $135.71 8%
POW-TPOWER CORP OF CANADA $39.82 360 $42.44 7%
NA-TNATIONAL BANK OF CANADA $95.49 561 $99.75 4%
GWO-TGREAT-WEST LIFECO INC $37.54 290 $39.18 4%
TSU-TTRISURA GROUP LTD $46.60 800 $48.50 4%
GSY-TGOEASY LTD $171.00 601 $177.33 4%
CM-TCAN IMPERIAL BK OF COMMERCE $145.07 1131 $150.18 4%
BAM-A-TBROOKFIELD ASSET MANAGEMENT INC $67.35 930 $69.36 3%
ECN-TECN CAPITAL CORP $10.49 1000 $10.75 2%
Health Care
TRIL-TTRILLIUM THERAPEUTICS INC $8.16 900 $27.19 233%
AUP-TAURINIA PHARMACEUTICALS INC $16.87 810 $34.91 107%
WEED-TCANOPY GROWTH CORP $23.63 4105 $33.36 41%
BHC-TBAUSCH HEALTH COS INC $36.50 951 $45.72 25%
OGI-TORGANIGRAM HOLDINGS INC $3.25 3110 $3.91 20%
CSH-UN-TCHARTWELL RETIREMENT RESIDENCES $13.11 510 $14.00 7%
CRON-TCRONOS GROUP INC $9.21 283 $9.66 5%
SIA-TSIENNA SENIOR LIVING INC $15.91 360 $16.19 2%
ACB-TAURORA CANNABIS INC $8.76 089 $8.76 0%
TLRY-TTILRAY INC $18.22 5142 $22.90 26%
Industrials
WPRT-TWESTPORT FUEL SYSTEMS INC $5.04 410 $17.77 253%
BLDP-TBALLARD POWER SYSTEMS INC $20.20 1271 $28.09 39%
CJT-TCARGOJET INC $194.20 1200 $251.75 30%
FTT-TFINNING INTERNATIONAL INC $32.26 810 $40.50 26%
SNC-TSNC-LAVALIN GROUP INC $33.20 1220 $40.71 23%
AC-TAIR CANADA $24.98 1340 $30.38 22%
NFI-TNFI GROUP INC $27.09 710 $32.94 22%
MTL-TMULLEN GROUP LTD $13.55 820 $16.45 21%
WTE-TWESTSHORE TERMINALS INVESTMENT CORP $21.54 140 $25.60 19%
BDGI-TBADGER INFRASTRUCTURE SOLUTIONS LTD $34.85 250 $40.79 17%
ARE-TAECON GROUP INC $20.35 1120 $23.54 16%
EIF-TEXCHANGE INCOME CORP $41.19 810 $46.72 13%
CAE-TCAE INC $38.07 720 $43.13 13%
ATA-TATS AUTOMATION TOOLING SYSTEMS INC $37.56 500 $42.10 12%
LWRK-TLIFEWORKS INC $35.49 500 $39.60 12%
TIH-TTOROMONT INDUSTRIES LTD $105.43 720 $117.22 11%
GFL-TGFL ENVIRONMENTAL INC $43.46 1031 $47.65 10%
TCL-A-TTRANSCONTINENTAL INC $24.69 520 $27.00 9%
CNR-TCANADIAN NATL RAILWAY CO $135.56 12131 $146.72 8%
STN-TSTANTEC INC $58.08 1020 $62.83 8%
CP-TCANADIAN PACIFIC RAILWAY LTD $92.64 1791 $98.97 7%
RBA-TRITCHIE BROS AUCTIONEERS $74.48 261 $79.04 6%
TFII-TTFI INTERNATIONAL INC $139.66 1820 $146.41 5%
RCH-TRICHELIEU HARDWARE LTD $43.51 030 $45.50 5%
BYD-TBOYD GROUP SERVICES INC $244.37 1120 $252.38 3%
WCN-TWASTE CONNECTIONS INC $158.05 1611 $162.81 3%
WSP-TWSP GLOBAL INC $148.09 1040 $149.86 1%
RUS-TRUSSEL METALS INC $35.20 430 $35.04 0%
TRI-TTHOMSON REUTERS CORP $132.20 782 $124.37 -6%
Information Technology
DND-TDYE & DURHAM LTD $47.17 410 $57.90 23%
KXS-TKINAXIS INC $161.86 1000 $194.50 20%
ENGH-TENGHOUSE SYSTEMS LTD $56.31 310 $67.25 19%
SHOP-TSHOPIFY INC $1,873.00 26142 $2,170.52 16%
LSPD-TLIGHTSPEED POS INC $106.83 1320 $119.92 12%
CLS-TCELESTICA INC $11.03 171 $12.26 11%
NVEI-TNUVEI CORP $102.49 1120 $112.90 10%
OTEX-TOPEN TEXT CORP $64.80 820 $70.59 9%
GIB-A-TCGI INC $113.49 1320 $123.52 9%
CSU-TCONSTELLATION SOFTWARE INC $1,998.43 620 $1,997.50 0%
DSG-TDESCARTES SYSTEMS GROUP INC $90.49 941 $86.99 -4%
BB-TBLACKBERRY LTD $12.70 018 $10.48 -18%
Materials
SEA-TSEABRIDGE GOLD INC $22.59 400 $79.29 251%
NG-TNOVAGOLD RESOURCES INC $9.78 110 $24.31 149%
OSK-TOSISKO MINING INC $3.18 1100 $6.28 97%
TXG-TTOREX GOLD RESOURCES INC $14.03 720 $27.08 93%
IFP-TINTERFOR CORP $25.59 600 $46.67 82%
EQX-TEQUINOX GOLD CORP $8.68 830 $15.05 73%
BTO-TB2GOLD CORP $5.23 1420 $8.97 71%
CFP-TCANFOR CORP $24.09 600 $41.00 70%
DPM-TDUNDEE PRECIOUS METALS INC $7.55 900 $12.72 69%
ELD-TELDORADO GOLD CORP $11.66 651 $18.44 58%
WFG-TWEST FRASER TIMBER CO LTD $89.49 600 $141.16 58%
SSRM-TSSR MINING INC $20.31 1100 $31.86 57%
SVM-TSILVERCORP METALS INC $6.20 420 $9.64 55%
YRI-TYAMANA GOLD INC $5.59 1260 $8.63 54%
K-TKINROSS GOLD CORP $8.17 1430 $12.53 53%
HBM-THUDBAY MINERALS INC $8.91 1620 $13.44 51%
PAAS-TPAN AMERICAN SILVER CORP $35.03 820 $52.29 49%
SIL-TSILVERCREST METALS INC $10.80 900 $15.74 46%
NGD-TNEW GOLD INC $2.04 472 $2.91 43%
LAC-TLITHIUM AMERICAS CORP $18.22 820 $25.79 42%
OGC-TOCEANAGOLD CORP $2.43 631 $3.37 39%
ITP-TINTERTAPE POLYMER GROUP INC $27.77 900 $38.50 39%
AGI-TALAMOS GOLD INC $10.14 941 $13.94 37%
PVG-TPRETIUM RESOURCES INC $11.63 460 $15.94 37%
OR-TOSISKO GOLD ROYALTIES LTD $17.01 1410 $22.86 34%
FVI-TFORTUNA SILVER MINES INC $5.93 250 $7.97 34%
SSL-TSANDSTORM GOLD LTD $9.82 741 $13.14 34%
MX-TMETHANEX CORP $42.04 652 $55.10 31%
FM-TFIRST QUANTUM MINERALS LTD $26.72 1841 $34.63 30%
ABX-TBARRICK GOLD CORP $27.16 1941 $35.14 29%
LUN-TLUNDIN MINING CORP $11.37 12130 $14.69 29%
SJ-TSTELLA-JONES INC $45.27 620 $57.94 28%
WPM-TWHEATON PRECIOUS METALS CORP $57.63 1620 $73.42 27%
FR-TFIRST MAJESTIC SILVER CORP $17.06 240 $21.71 27%
IVN-TIVANHOE MINES LTD $9.26 810 $11.69 26%
CAS-TCASCADES INC $15.99 700 $20.07 26%
CS-TCAPSTONE MINING CORP $5.59 1000 $7.00 25%
IMG-TIAMGOLD CORP $3.41 391 $4.24 24%
AEM-TAGNICO EAGLE MINES LTD $80.71 1451 $100.19 24%
KL-TKIRKLAND LAKE GOLD LTD $53.35 1021 $66.03 24%
STLC-TSTELCO HOLDINGS INC $41.20 1000 $50.78 23%
TECK-B-TTECK RESOURCES LTD $28.48 1380 $34.84 22%
MAG-TMAG SILVER CORP $24.77 840 $29.79 20%
TRQ-TTURQUOISE HILL RESOURCES LTD $20.82 350 $25.00 20%
ERO-TERO COPPER CORP $25.11 650 $29.95 19%
NTR-TNUTRIEN LTD $74.18 2031 $86.79 17%
EDR-TENDEAVOUR SILVER CORP $6.58 450 $7.66 16%
WPK-TWINPAK LTD $40.77 230 $47.00 15%
WDO-TWESDOME GOLD MINES LTD $12.62 920 $14.36 14%
CCL-B-TCCL INDUSTRIES INC $71.55 910 $79.33 11%
CG-TCENTERRA GOLD INC $10.03 361 $10.82 8%
FNV-TFRANCO-NEVADA CORP $199.55 772 $201.60 1%
LIF-TLABRADOR IRON ORE ROYALTY CORP $49.61 250 $47.43 -4%
Real Estate
REAL-TREAL MATTERS INC $12.77 440 $18.94 48%
FCR-UN-TFIRST CAPITAL REIT $18.10 510 $20.33 12%
D-UN-TDREAM OFFICE REIT $22.32 530 $24.88 11%
AIF-TALTUS GROUP LTD $58.72 620 $65.38 11%
AP-UN-TALLIED PROPERTIES REIT $45.71 1020 $50.23 10%
NWH-UN-TNORTHWEST HEALTHCARE PROPERTIES REIT $13.05 230 $14.20 9%
TCN-TTRICON RESIDENTIAL INC $14.95 900 $16.06 7%
KMP-UN-TKILLAM APARTMENT REIT $20.70 1030 $21.98 6%
GRT-UN-TGRANITE REIT $86.38 1100 $91.70 6%
HR-UN-TH&R REIT $16.83 520 $17.86 6%
AX-UN-TARTIS REIT $11.74 260 $12.34 5%
CHP-UN-TCHOICE PROPERTIES REIT $14.70 170 $15.44 5%
FSV-TFIRSTSERVICE CORP $232.38 150 $240.79 4%
REI-UN-TRIOCAN REIT $22.59 620 $23.28 3%
CRT-UN-TCT REIT $17.08 340 $17.54 3%
CAR-UN-TCANADIAN APARTMENT PROPERTIES REIT $62.35 1021 $64.00 3%
DIR-UN-TDREAM INDUSTRIAL REIT $16.05 900 $16.47 3%
SRU-UN-TSMARTCENTRES REIT $30.16 350 $30.94 3%
WIR-UN-TWPT INDUSTRIAL REIT $23.67 810 $24.08 2%
SMU-UN-TSUMMIT INDUSTRIAL INCOME REIT $18.97 640 $19.08 1%
CIGI-TCOLLIERS INTERNATIONAL GROUP $160.08 510 $160.77 0%
CRR-UN-TCROMBIE REIT $18.35 450 $18.25 -1%
BEI-UN-TBOARDWALK REIT $45.68 830 $45.25 -1%
CUF-UN-TCOMINAR REIT $11.44 060 $11.21 -2%
IIP-UN-TINTERRENT REIT $17.98 921 $17.55 -2%
Utilities
BLX-TBORALEX INC $39.27 840 $48.25 23%
NPI-TNORTHLAND POWER INC $43.78 1220 $49.73 14%
INE-TINNERGEX RENEWABLE ENERGY INC $21.75 551 $24.02 10%
ALA-TALTAGAS LTD $26.41 1410 $29.10 10%
BIP-UN-TBROOKFIELD INFRASTRUCTURE PARTNERS LP $67.50 811 $73.71 9%
BEP-UN-TBROOKFIELD RENEWABLE PARTNERS LP $49.12 5131 $53.27 8%
AQN-TALGONQUIN POWER & UTILITIES CORP $19.93 781 $21.40 7%
TA-TTRANSALTA CORP $13.01 1011 $13.91 7%
EMA-TEMERA INC $58.19 881 $60.90 5%
SPB-TSUPERIOR PLUS CORP $15.68 480 $16.31 4%
ACO-X-TATCO LTD $45.08 341 $46.75 4%
FTS-TFORTIS INC $56.58 881 $58.55 3%
H-THYDRO ONE LTD $30.82 5101 $31.60 3%
CPX-TCAPITAL POWER CORP $42.30 760 $43.00 2%
CU-TCANADIAN UTILITIES LTD $36.55 360 $37.08 1%
RNW-TTRANSALTA RENEWABLES INC $21.97 0121 $20.75 -6%

Source: Bloomberg

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