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The year is off to a strong start for stocks. The S&P/TSX Composite Index is up 5.5 per cent with gains across all 11 sectors. Of the 236 stocks in the TSX Index, 204 stocks, or 86 per cent, are in positive territory. Even more impressive is that 56 per cent of stocks in the TSX Index, or 131 stocks, have price returns of 5 per cent or more so far this year.

It has been broad-based rally with both large and small cap stocks gaining momentum. The S&P/TSX 60 Index, comprised of the 60 largest stocks listed on the Toronto Stock Exchange, is up 5.4 per cent. The S&P/TSX SmallCap Index has gained 6.4 per cent and the S&P/TSX Venture Composite Index is up 8.3 per cent.

Investors are bidding up stocks ahead of companies quarterly earnings announcements. While earnings estimates have been coming down, the Street is still calling for earnings growth. Right now, earnings are expected to rise 2.3 per cent in 2023, according to Bloomberg. After companies release their financial results, analysts will make adjustments to their models and may revise their target prices.

This report includes a link to a list of analysts’ current target prices, recommendations, and forecast returns for all 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 reflects an expected share or unit price 12 months from now based on an analyst’s financial modelling, such as a discounted cash flow or sum-of-the-parts model.

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 analyze the company and industry fundamentals.

Click here to download an Excel version of the report.

SecurityBuyHoldSell Jan. 17 Avg. Target Price Price Return
COMMUNICATION SERVIES
CCA-TCOGECO COMMUNICATIONS INC362 $68.95 $85.90 25%
T-TTELUS CORP1330 $28.55 $32.38 13%
RCI-B-TROGERS COMMUNICATIONS INC1231 $65.37 $70.65 8%
QBR-B-TQUEBECOR INC 1021 $31.91 $34.42 8%
SJR-B-TSHAW COMMUNICATIONS INC0100 $38.28 $40.17 5%
BCE-TBCE INC5120 $62.93 $65.48 4%
CONSUMER DISCRETIONARY
TOY-TSPIN MASTER CORP820 $34.00 $48.80 44%
ATZ-TARITZIA INC710 $46.41 $61.53 33%
PLC-TPARK LAWN CORP710 $26.70 $35.06 31%
DOO-TBRP INC1710 $107.24 $135.78 27%
UNS-TUNI-SELECT INC510 $38.15 $47.08 23%
GIL-TGILDAN ACTIVEWEAR INC1020 $41.67 $51.42 23%
LNR-TLINAMAR CORP510 $66.04 $80.00 21%
CTC-A-TCANADIAN TIRE CORP911 $158.18 $186.64 18%
PET-TPET VALU HOLDINGS LTD610 $38.96 $45.17 16%
MTY-TMTY FOOD GROUP INC340 $60.72 $67.00 10%
ZZZ-TSLEEP COUNTRY CANADA HOLDINGS INC420 $24.80 $27.33 10%
MG-TMAGNA INTERNATIONAL INC1161 $87.21 $95.47 9%
DOL-TDOLLARAMA INC1050 $82.65 $90.46 9%
QSR-TRESTAURANT BRANDS INTERNATIONAL INC13151 $88.82 $92.80 4%
GOOS-TCANADA GOOSE HOLDINGS INC842 $29.47 $29.43 0%
CONSUMER STAPLES
PRMW-TPRIMO WATER CORP910 $20.58 $26.27 28%
JWEL-TJAMIESON WELLNESS INC910 $35.91 $45.03 25%
PBH-TPREMIUM BRANDS HOLDINGS CORP720 $91.33 $112.11 23%
MFI-TMAPLE LEAF FOODS INC510 $26.25 $32.17 23%
EMP-A-TEMPIRE CO LTD 621 $36.88 $42.44 15%
L-TLOBLAW COMPANIES LTD741 $118.26 $132.50 12%
WN-TWESTON (GEORGE) LTD440 $172.27 $187.25 9%
ATD-TALIMENTATION COUCHE-TARD INC1520 $63.07 $68.50 9%
SAP-TSAPUTO INC621 $36.82 $38.61 5%
NWC-TNORTH WEST CO INC040 $36.87 $38.50 4%
MRU-TMETRO INC281 $74.26 $76.36 3%
ENERGY
VET-TVERMILION ENERGY INC860 $20.78 $34.93 68%
DML-TDENISON MINES CORP610 $1.73 $2.81 63%
AAV-TADVANTAGE ENERGY LTD1220 $9.11 $14.35 57%
PXT-TPAREX RESOURCES INC1010 $21.89 $34.30 57%
EFR-TENERGY FUELS INC800 $9.04 $13.88 54%
TVE-TTAMARACK VALLEY ENERGY LTD1310 $4.64 $7.05 52%
NXE-TNEXGEN ENERGY LTD1200 $6.23 $9.38 50%
BIR-TBIRCHCLIFF ENERGY LTD1320 $9.13 $13.72 50%
CPG-TCRESCENT POINT ENERGY CORP1120 $9.67 $14.44 49%
HWX-THEADWATER EXPLORATION INC810 $6.27 $9.36 49%
ARX-TARC RESOURCES LTD1500 $17.03 $24.93 46%
BTE-TBAYTEX ENERGY CORP290 $6.03 $8.70 44%
AOI-TAFRICA OIL CORP520 $2.53 $3.59 42%
PD-TPRECISION DRILLING CORP1110 $109.70 $153.11 40%
NVA-TNUVISTA ENERGY LTD850 $12.23 $16.92 38%
SDE-TSPARTAN DELTA CORP1300 $15.54 $21.27 37%
TPZ-TTOPAZ ENERGY CORP1500 $21.94 $29.95 36%
WCP-TWHITECAP RESOURCES INC1410 $10.89 $14.75 35%
TOU-TTOURMALINE OIL CORP1300 $69.69 $94.00 35%
PEY-TPEYTO EXPLORATION & DEV CORP560 $13.57 $18.30 35%
SES-TSECURE ENERGY SERVICES INC1010 $7.71 $10.32 34%
FRU-TFREEHOLD ROYALTIES LTD1330 $15.66 $20.59 32%
ATH-TATHABASCA OIL CORP230 $2.44 $3.20 31%
CVE-TCENOVUS ENERGY INC1621 $25.66 $32.94 28%
CCO-TCAMECO CORP1000 $34.04 $43.50 28%
POU-TPARAMOUNT RESOURCES LTD 730 $31.34 $39.35 26%
PKI-TPARKLAND CORP1410 $31.47 $39.29 25%
PSI-TPASON SYSTEMS INC411 $16.56 $20.58 24%
SU-TSUNCOR ENERGY INC1281 $44.04 $53.08 21%
MEG-TMEG ENERGY CORP860 $20.08 $23.85 19%
IMO-TIMPERIAL OIL LTD5113 $66.50 $78.26 18%
CNQ-TCANADIAN NATURAL RESOURCES LTD1670 $78.25 $91.71 17%
ERF-TENERPLUS CORP1120 $23.54 $27.06 15%
TRP-TTC ENERGY CORP6115 $57.64 $63.89 11%
PSK-TPRAIRIESKY ROYALTY LTD960 $23.08 $25.30 10%
KEY-TKEYERA CORP1040 $31.76 $33.79 6%
ENB-TENBRIDGE INC12110 $55.83 $58.29 4%
PPL-TPEMBINA PIPELINE CORP1151 $48.59 $50.39 4%
GEI-TGIBSON ENERGY INC2111 $24.76 $25.39 3%
FINANCIALS
ECN-TECN CAPITAL CORP520 $2.80 $4.93 76%
GSY-TGOEASY LTD810 $116.73 $198.00 70%
BN-TBROOKFIELD CORP1001 $47.78 $64.82 36%
ONEX-TONEX CORPORATION320 $68.28 $91.80 34%
EQB-TEQB INC700 $59.31 $79.43 34%
TSU-TTRISURA GROUP LTD700 $44.86 $57.50 28%
CIX-TCI FINANCIAL CORP540 $15.40 $18.31 19%
LB-TLAURENTIAN BANK OF CANADA282 $35.09 $40.25 15%
EFN-TELEMENT FLEET MANAGEMENT CORP810 $19.42 $22.08 14%
DFY-TDEFINITY FINANCIAL CORP830 $37.67 $42.68 13%
TD-TTORONTO-DOMINION BANK1051 $89.95 $101.28 13%
FFH-TFAIRFAX FINANCIAL HLDGS LTD611 $817.99 $920.28 13%
X-TTMX GROUP LTD250 $137.37 $154.14 12%
BNS-TBANK OF NOVA SCOTIA4110 $69.65 $77.94 12%
IFC-TINTACT FINANCIAL CORP1111 $198.64 $221.69 12%
CWB-TCANADIAN WESTERN BANK850 $27.29 $30.31 11%
CM-TCAN IMPERIAL BK OF COMMERCE3112 $58.89 $64.68 10%
BAM-TBROOKFIELD ASSET MGMT531 $42.67 $46.42 9%
BMO-TBANK OF MONTREAL1131 $132.01 $142.22 8%
NA-TNATIONAL BANK OF CANADA742 $97.95 $103.89 6%
RY-TROYAL BANK OF CANADA1251 $135.30 $142.96 6%
POW-TPOWER CORP OF CANADA180 $35.22 $36.94 5%
SLF-TSUN LIFE FINANCIAL INC861 $64.99 $67.63 4%
SII-TSPROTT INC120 $53.83 $55.81 4%
MFC-TMANULIFE FINANCIAL CORP791 $25.46 $26.39 4%
IAG-TIA FINANCIAL CORP INC810 $81.12 $83.44 3%
IGM-TIGM FINANCIAL INC441 $41.11 $42.00 2%
HCG-THOME CAPITAL GROUP INC120 $42.37 $42.40 0%
GWO-TGREAT-WEST LIFECO INC0101 $34.27 $33.46 -2%
HEALTH CARE
BLU-TBELLUS HEALTH INC810 $10.59 $25.79 144%
BHC-TBAUSCH HEALTH COS INC261 $10.38 $16.38 58%
CRON-TCRONOS GROUP INC582 $3.38 $4.92 46%
TLRY-TTILRAY BRANDS INC4133 $4.34 $5.79 33%
WEED-TCANOPY GROWTH CORP289 $3.63 $4.69 29%
SIA-TSIENNA SENIOR LIVING INC430 $12.04 $14.43 20%
CSH-UN-TCHARTWELL RETIREMENT RESIDENCES410 $9.56 $11.30 18%
INDUSTRIALS
CJT-TCARGOJET INC920 $120.48 $197.00 64%
BBU-UN-TBROOKFIELD BUSINESS PARTNERS LP501 $25.43 $40.58 60%
RCH-TRICHELIEU HARDWARE LTD210 $37.38 $50.50 35%
SNC-TSNC-LAVALIN GROUP INC1120 $28.08 $35.69 27%
AC-TAIR CANADA1330 $22.04 $27.20 23%
MTL-TMULLEN GROUP LTD550 $14.06 $16.65 18%
BLDP-TBALLARD POWER SYSTEMS INC4183 $8.27 $9.76 18%
CAE-TCAE INC1020 $28.71 $33.75 18%
ATS-TATS CORP800 $51.15 $59.57 16%
GFL-TGFL ENVIRONMENTAL INC1301 $40.96 $47.63 16%
WCN-TWASTE CONNECTIONS INC1522 $176.26 $203.77 16%
RUS-TRUSSEL METALS INC340 $30.89 $35.67 15%
BDGI-TBADGER INFRASTRUCTURE SOLUTIONS LTD241 $29.82 $34.32 15%
EIF-TEXCHANGE INCOME CORP1100 $53.52 $61.27 14%
WTE-TWESTSHORE TERMINALS INVESTMENT CORP140 $23.97 $27.40 14%
STN-TSTANTEC INC1010 $69.23 $77.27 12%
TIH-TTOROMONT INDUSTRIES LTD620 $106.00 $117.38 11%
FTT-TFINNING INTERNATIONAL INC800 $36.97 $40.63 10%
TFII-TTFI INTERNATIONAL INC1840 $141.25 $153.69 9%
BYD-TBOYD GROUP SERVICES INC840 $213.47 $229.25 7%
WSP-TWSP GLOBAL INC1121 $170.30 $181.36 6%
CP-TCANADIAN PACIFIC RAILWAY LTD19101 $107.39 $113.13 5%
CNR-TCANADIAN NATL RAILWAY COMPANY9223 $166.65 $171.60 3%
BBD-B-TBOMBARDIER INC1322 $62.29 $63.03 1%
RBA-TRITCHIE BROS AUCTIONEERS INC531 $79.97 $80.90 1%
TRI-TTHOMSON REUTERS CORP962 $158.32 $160.15 1%
INFORMATION TECHNOLOGY
CTS-TCONVERGE TECHNOLOGY SOLUTIONS CORP1310 $5.13 $8.77 71%
LSPD-TLIGHTSPEED COMMERCE INC1731 $22.20 $35.36 59%
KXS-TKINAXIS INC1100 $140.24 $212.54 52%
NVEI-TNUVEI CORP940 $43.31 $57.33 32%
TIXT-TTELUS INTERNATIONAL CDA INC1150 $29.84 $38.44 29%
OTEX-TOPEN TEXT CORP720 $43.91 $55.84 27%
DND-TDYE & DURHAM LTD500 $19.72 $23.90 21%
BB-TBLACKBERRY LTD143 $5.47 $6.57 20%
GIB-A-TCGI INC1121 $116.42 $131.23 13%
DSG-TDESCARTES SYSTEMS GROUP INC751 $95.66 $102.76 7%
CSU-TCONSTELLATION SOFTWARE INC610 $2,275.10 $2,360.00 4%
CLS-TCELESTICA INC350 $17.49 $18.05 3%
SHOP-TSHOPIFY INC 18254 $53.53 $54.56 2%
ENGH-TENGHOUSE SYSTEMS LTD220 $39.05 $39.13 0%
MATERIALS
SEA-TSEABRIDGE GOLD INC400 $18.09 $57.63 219%
LAC-TLITHIUM AMERICAS CORP1310 $27.72 $52.00 88%
IFP-TINTERFOR CORP510 $20.75 $35.33 70%
OSK-TOSISKO MINING INC1200 $3.38 $5.21 54%
SSL-TSANDSTORM GOLD LTD1020 $7.62 $11.52 51%
SIL-TSILVERCREST METALS INC800 $8.69 $13.14 51%
CFP-TCANFOR CORP610 $21.63 $32.00 48%
WDO-TWESDOME GOLD MINES LTD750 $7.77 $11.44 47%
DPM-TDUNDEE PRECIOUS METALS INC900 $7.90 $11.33 43%
WFG-TWEST FRASER TIMBER CO LTD620 $97.97 $140.04 43%
KNT-TK92 MINING1210 $8.00 $11.25 41%
TCL-A-TTRANSCONTINENTAL INC330 $15.40 $21.50 40%
EDR-TENDEAVOUR SILVER CORP360 $4.75 $6.36 34%
ASTL-TALGOMA STEEL GROUP INC320 $8.70 $11.55 33%
BTO-TB2GOLD CORP1410 $5.40 $7.10 31%
WPK-TWINPAK LTD310 $42.24 $54.67 29%
NG-TNOVAGOLD RESOURCES INC220 $8.66 $11.15 29%
SSRM-TSSR MINING INC1010 $22.87 $28.94 27%
OR-TOSISKO GOLD ROYALTIES LTD1210 $17.38 $21.94 26%
FVI-TFORTUNA SILVER MINES INC430 $4.75 $5.98 26%
CCL-B-TCCL INDUSTRIES INC 1010 $59.91 $75.30 26%
NTR-TNUTRIEN LTD1761 $102.13 $128.32 26%
OGC-TOCEANAGOLD CORP820 $2.81 $3.47 24%
IVN-TIVANHOE MINES LTD1000 $11.69 $14.37 23%
TXG-TTOREX GOLD RESOURCES INC540 $17.65 $21.56 22%
PAAS-TPAN AMERICAN SILVER CORP600 $24.62 $29.86 21%
K-TKINROSS GOLD CORP1050 $6.17 $7.44 21%
MAG-TMAG SILVER CORP840 $20.86 $24.78 19%
ELD-TELDORADO GOLD CORP551 $11.69 $13.86 19%
HBM-THUDBAY MINERALS INC1430 $8.08 $9.56 18%
SJ-TSTELLA-JONES INC610 $47.94 $56.57 18%
FR-TFIRST MAJESTIC SILVER CORP240 $11.44 $13.28 16%
AEM-TAGNICO EAGLE MINES LTD1500 $73.06 $84.49 16%
FIL-TFILO MINING CORP1210 $24.81 $28.66 16%
WPM-TWHEATON PRECIOUS METALS CORP1320 $59.00 $67.36 14%
CG-TCENTERRA GOLD INC361 $7.77 $8.77 13%
EQX-TEQUINOX GOLD CORP542 $5.39 $6.06 13%
ABX-TBARRICK GOLD CORP1960 $25.12 $28.25 12%
FNV-TFRANCO-NEVADA CORP961 $190.27 $208.87 10%
CS-TCAPSTONE COPPER CORP1200 $6.13 $6.59 8%
FM-TFIRST QUANTUM MINERALS LTD994 $29.57 $31.69 7%
ERO-TERO COPPER CORP840 $20.27 $21.63 7%
AGI-TALAMOS GOLD INC940 $14.42 $15.35 6%
TECK-B-TTECK RESOURCES LTD1851 $54.69 $57.35 5%
LUN-TLUNDIN MINING CORP5152 $8.99 $9.10 1%
MX-TMETHANEX CORP452 $59.69 $60.30 1%
YRI-TYAMANA GOLD INC540 $8.01 $8.09 1%
STLC-TSTELCO HOLDINGS INC341 $49.60 $48.18 -3%
IMG-TIAMGOLD CORP362 $3.64 $3.49 -4%
LIF-TLABRADOR IRON ORE ROYALTY CORP160 $38.44 $35.00 -9%
REAL ESTATE
TCN-TTRICON RESIDENTIAL INC1040 $11.44 $14.75 29%
CIGI-TCOLLIERS INTERNATIONAL GROUP INC620 $134.64 $172.01 28%
NWH-UN-TNORTHWEST HEALTHCARE PROPERTIES REIT430 $9.99 $12.50 25%
AP-UN-TALLIED PROPERTIES REIT1000 $29.82 $36.03 21%
GRT-UN-TGRANITE REIT1000 $77.01 $92.00 19%
SVI-TSTORAGEVAULT CANADA INC700 $6.38 $7.61 19%
HR-UN-TH&R REIT420 $12.99 $15.25 17%
BEI-UN-TBOARDWALK REIT720 $52.52 $60.89 16%
AIF-TALTUS GROUP LTD620 $55.75 $63.13 13%
AX-UN-TARTIS REIT140 $9.71 $10.95 13%
DIR-UN-TDREAM INDUSTRIAL REIT800 $13.48 $15.18 13%
PMZ-UN-TPRIMARIS REIT400 $15.13 $17.00 12%
CAR-UN-TCANADIAN APARTMENT PROPERTIES REIT1111 $47.90 $53.42 12%
KMP-UN-TKILLAM APARTMENT REIT1120 $18.30 $20.36 11%
SRU-UN-TSMARTCENTRES REIT230 $28.70 $31.10 8%
REI-UN-TRIOCAN REIT700 $22.73 $24.39 7%
CRR-UN-TCROMBIE REIT430 $16.90 $18.00 7%
FSV-TFIRSTSERVICE CORP230 $185.47 $194.63 5%
CRT-UN-TCT REIT240 $16.52 $17.25 4%
FCR-UN-TFIRST CAPITAL REIT420 $18.32 $19.10 4%
IIP-UN-TINTERRENT REIT911 $14.10 $14.57 3%
SMU-UN-TSUMMIT INDUSTRIAL INCOME REIT030 $22.76 $23.50 3%
CHP-UN-TCHOICE PROPERTIES REIT250 $15.75 $15.25 -3%
UTILITIES
ALA-TALTAGAS LTD1500 $24.21 $31.60 31%
TA-TTRANSALTA CORP930 $12.81 $16.55 29%
BEP-UN-TBROOKFIELD RENEWABLE PARTNERS LP1140 $38.98 $49.96 28%
INE-TINNERGEX RENEWABLE ENERGY INC741 $16.45 $20.48 24%
NPI-TNORTHLAND POWER INC1420 $38.75 $47.94 24%
BIP-UN-TBROOKFIELD INFRASTRUCTURE PARTNERS LP931 $46.70 $57.27 23%
AQN-TALGONQUIN POWER & UTILITIES CORP383 $9.60 $11.48 20%
RNW-TTRANSALTA RENEWABLES INC390 $12.34 $14.36 16%
BLX-TBORALEX INC 950 $40.67 $47.21 16%
SPB-TSUPERIOR PLUS CORP740 $11.36 $13.14 16%
CPX-TCAPITAL POWER CORP580 $46.70 $52.46 12%
ACO-X-TATCO LTD 331 $44.04 $48.64 10%
EMA-TEMERA INC971 $54.31 $58.13 7%
FTS-TFORTIS INC5103 $56.38 $57.19 1%
CU-TCANADIAN UTILITIES LTD071 $38.10 $37.56 -1%
H-THYDRO ONE LTD591 $37.83 $36.57 -3%

Source: Bloomberg

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