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After a rough start to the year, the first quarter is ending off on a positive note with strength across most sectors.

Month-to-date, the S&P/TSX Composite Index is up 4.2 per cent with nine of the 11 sectors seeing gains. Leading the rally are the Materials, Energy, Health Care, Industrials and Consumer Staples sectors. Each have returns of 7 per cent or more.

Given the strength in the back half of the quarter, the S&P/TSX Composite Index is now in positive territory for the year with a price return of 3.7 per cent. Year-to-date, 62 per cent of the stocks in the TSX Index have positive price returns and 34 per cent of stocks in the Index have double-digit gains.

Ahead of the first quarter earnings season, which kicks off in a few weeks, here is a list of analysts’ 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 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 the close on Fri. March 25.

Once all companies have reported their financial results in the weeks ahead, earnings expectations, multiples and targets could be adjusted meaningfully depending on the reported earnings and management’s outlook, if provided.

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.

Click here to download an Excel version of the guide.

SecurityPrice - March 25BuysHoldsSellsAvg. Target PriceForecast Price Return
COMMUNICATION SERVICES
CJR-B-TCORUS ENTERTAINMENT INC $4.92 710 $8.06 64%
CCA-TCOGECO COMMUNICATIONS INC $102.60 631 $127.22 24%
QBR-B-TQUEBECOR INC $29.25 1111 $35.38 21%
T-TTELUS CORP $32.12 1250 $33.86 5%
RCI-B-TROGERS COMMUNICATIONS INC $68.09 1150 $71.67 5%
SJR-B-TSHAW COMMUNICATIONS INC $39.15 750 $40.14 3%
BCE-TBCE INC $67.92 5111 $67.18 -1%
CONSUMER DISCRETIONARY
MRE-TMARTINREA INTERNATIONAL INC $8.98 630 $14.58 62%
LNR-TLINAMAR CORP $55.29 410 $82.40 49%
MG-TMAGNA INTERNATIONAL INC $79.21 1540 $113.17 43%
GOOS-TCANADA GOOSE HOLDINGS INC $32.84 943 $46.71 42%
ZZZ-TSLEEP COUNTRY CANADA HOLDINGS INC $29.45 430 $40.43 37%
DOO-TBRP INC $96.84 1700 $132.92 37%
ATZ-TARITZIA INC $47.80 710 $65.57 37%
PLC-TPARK LAWN CORP $34.23 900 $46.31 35%
TOY-TSPIN MASTER CORP $43.93 830 $58.96 34%
MTY-TMTY FOOD GROUP INC $54.03 340 $68.50 27%
GIL-TGILDAN ACTIVEWEAR INC $47.91 1111 $60.15 26%
CTC-A-TCANADIAN TIRE CORP $186.41 731 $231.18 24%
QSR-TRESTAURANT BRANDS INTERNATIONAL INC $71.36 16113 $85.96 20%
DOL-TDOLLARAMA INC $67.53 1040 $70.10 4%
CONSUMER STAPLES
PRMW-TPRIMO WATER CORP $17.59 1110 $24.93 42%
MFI-TMAPLE LEAF FOODS INC $29.28 600 $40.67 39%
PBH-TPREMIUM BRANDS HOLDINGS CORP $105.66 820 $145.30 38%
JWEL-TJAMIESON WELLNESS INC $34.41 820 $42.55 24%
SAP-TSAPUTO INC $29.31 711 $35.11 20%
EMP-A-TEMPIRE CO LTD $43.13 720 $48.67 13%
WN-TWESTON (GEORGE) LTD $152.67 620 $170.86 12%
ATD-TALIMENTATION COUCHE-TARD INC $54.30 1230 $60.17 11%
NWC-TNORTH WEST CO INC $37.46 140 $39.50 5%
L-TLOBLAW COMPANIES LTD $109.47 741 $114.00 4%
MRU-TMETRO INC $70.32 371 $69.73 -1%
ENERGY
SES-TSECURE ENERGY SERVICES INC $5.35 1200 $8.11 52%
DML-TDENISON MINES CORP $2.08 620 $3.12 50%
HWX-THEADWATER EXPLORATION INC $6.90 900 $9.67 40%
PXT-TPAREX RESOURCES INC $27.87 1000 $38.90 40%
PKI-TPARKLAND CORP $35.34 1320 $48.86 38%
NXE-TNEXGEN ENERGY LTD $7.21 1110 $9.76 35%
TVE-TTAMARACK VALLEY ENERGY LTD $5.25 1210 $7.10 35%
CPG-TCRESCENT POINT ENERGY CORP $9.76 1030 $12.83 31%
ERF-TENERPLUS CORP $17.25 1120 $21.55 25%
CVE-TCENOVUS ENERGY INC $20.95 1400 $26.13 25%
NVA-TNUVISTA ENERGY LTD $10.89 850 $13.56 24%
TPZ-TTOPAZ ENERGY CORP $20.52 1400 $25.46 24%
WCP-TWHITECAP RESOURCES INC $10.84 1310 $13.43 24%
AAV-TADVANTAGE ENERGY LTD $8.44 1220 $10.25 21%
ARX-TARC RESOURCES LTD $17.48 1500 $21.12 21%
TOU-TTOURMALINE OIL CORP $57.76 1300 $69.69 21%
FRU-TFREEHOLD ROYALTIES LTD $15.56 1220 $18.46 19%
BIR-TBIRCHCLIFF ENERGY LTD $8.46 1220 $10.04 19%
PSK-TPRAIRIESKY ROYALTY LTD $17.82 680 $21.09 18%
PEY-TPEYTO EXPLORATION & DEV CORP $12.94 640 $15.05 16%
BTE-TBAYTEX ENERGY CORP $5.88 290 $6.80 16%
MEG-TMEG ENERGY CORP $18.44 960 $21.13 15%
POU-TPARAMOUNT RESOURCES LTD $31.80 730 $35.75 12%
SU-TSUNCOR ENERGY INC $42.41 1490 $47.02 11%
KEY-TKEYERA CORP $30.79 1060 $34.07 11%
IMO-TIMPERIAL OIL LTD $58.91 5131 $64.11 9%
CNQ-TCANADIAN NATURAL RESOURCES LTD $79.36 1670 $84.59 7%
CCO-TCAMECO CORP $35.84 1120 $37.43 4%
VET-TVERMILION ENERGY INC $29.20 671 $29.96 3%
ENB-TENBRIDGE INC $57.79 14110 $57.93 0%
PPL-TPEMBINA PIPELINE CORP $47.41 991 $46.57 -2%
GEI-TGIBSON ENERGY INC $25.94 592 $25.27 -3%
EFR-TENERGY FUELS INC $12.02 700 $11.53 -4%
TRP-TTC ENERGY CORP $72.37 6162 $69.07 -5%
FINANCIALS
TSU-TTRISURA GROUP LTD $33.10 700 $59.21 79%
CF-TCANACCORD GENUITY GROUP INC $12.25 300 $21.33 74%
GSY-TGOEASY LTD $133.81 710 $228.13 70%
CIX-TCI FINANCIAL CORP $20.41 720 $29.33 44%
ONEX-TONEX CORPORATION $84.10 410 $117.40 40%
EQB-TEQUITABLE GROUP INC $72.46 800 $99.17 37%
HCG-THOME CAPITAL GROUP INC $38.05 620 $51.57 36%
EFN-TELEMENT FLEET MANAGEMENT CORP $12.09 540 $15.69 30%
BAM-A-TBROOKFIELD ASSET MANAGEMENT INC $70.86 940 $88.96 26%
FFH-TFAIRFAX FINANCIAL HLDGS LTD $650.98 520 $801.48 23%
IGM-TIGM FINANCIAL INC $45.13 431 $55.50 23%
IAG-TIA FINANCIAL CORP INC $75.60 900 $92.00 22%
MFC-TMANULIFE FINANCIAL CORP $26.34 961 $31.67 20%
POW-TPOWER CORP OF CANADA $39.14 360 $46.78 20%
CWB-TCANADIAN WESTERN BANK $37.04 930 $44.13 19%
GWO-TGREAT-WEST LIFECO INC $36.31 280 $42.40 17%
X-TTMX GROUP LTD $128.42 250 $146.86 14%
NA-TNATIONAL BANK OF CANADA $97.43 462 $110.58 13%
IFC-TINTACT FINANCIAL CORP $184.94 1200 $208.33 13%
LB-TLAURENTIAN BANK OF CANADA $42.97 191 $48.09 12%
ECN-TECN CAPITAL CORP $6.56 810 $7.31 11%
BMO-TBANK OF MONTREAL $149.15 820 $165.46 11%
CM-TCAN IMPERIAL BK OF COMMERCE $157.88 1041 $174.79 11%
SLF-TSUN LIFE FINANCIAL INC $70.09 860 $76.96 10%
TD-TTORONTO-DOMINION BANK $101.81 681 $108.83 7%
RY-TROYAL BANK OF CANADA $141.28 1052 $150.80 7%
BNS-TBANK OF NOVA SCOTIA $91.97 941 $95.42 4%
SII-TSPROTT INC $63.25 020 $58.00 -8%
HEALTH CARE
WELL-TWELL HEALTH TECHNOLOGIES CORP $4.62 1300 $10.81 134%
BHC-TBAUSCH HEALTH COS INC $28.44 841 $40.33 42%
TLRY-TTILRAY BRANDS INC $10.72 4143 $12.15 13%
ACB-TAURORA CANNABIS INC $5.49 185 $6.22 13%
CSH-UN-TCHARTWELL RETIREMENT RESIDENCES $12.56 610 $14.07 12%
CRON-TCRONOS GROUP INC $5.31 392 $5.89 11%
SIA-TSIENNA SENIOR LIVING INC $15.47 450 $16.92 9%
WEED-TCANOPY GROWTH CORP $10.83 299 $11.38 5%
INDUSTRIALS
BBD-B-TBOMBARDIER INC $1.50 1052 $2.46 64%
ATA-TATS AUTOMATION TOOLING SYSTEMS INC $43.34 500 $65.40 51%
CJT-TCARGOJET INC $162.92 1020 $234.50 44%
GFL-TGFL ENVIRONMENTAL INC $38.63 1111 $53.72 39%
LEV-TLION ELECTRIC COMPANY $11.16 631 $15.30 37%
SNC-TSNC-LAVALIN GROUP INC $29.87 1220 $40.43 35%
BLDP-TBALLARD POWER SYSTEMS INC $14.67 9132 $19.06 30%
BYD-TBOYD GROUP SERVICES INC $161.70 760 $208.54 29%
LWRK-TLIFEWORKS INC $21.26 320 $27.20 28%
BBU-UN-TBROOKFIELD BUSINESS PARTNERS LP $38.28 800 $48.86 28%
CAE-TCAE INC $31.72 821 $40.30 27%
AC-TAIR CANADA $23.80 1250 $29.84 25%
STN-TSTANTEC INC $63.00 1020 $78.46 25%
ARE-TAECON GROUP INC $16.34 940 $19.81 21%
WSP-TWSP GLOBAL INC $162.40 1220 $195.43 20%
TFII-TTFI INTERNATIONAL INC $131.43 1720 $157.76 20%
EIF-TEXCHANGE INCOME CORP $43.40 920 $51.82 19%
FTT-TFINNING INTERNATIONAL INC $38.09 810 $44.88 18%
RCH-TRICHELIEU HARDWARE LTD $46.74 220 $54.50 17%
MTL-TMULLEN GROUP LTD $13.44 820 $15.60 16%
RUS-TRUSSEL METALS INC $33.73 430 $38.57 14%
TRI-TTHOMSON REUTERS CORP $132.03 881 $150.43 14%
BDGI-TBADGER INFRASTRUCTURE SOLUTIONS LTD $29.87 441 $33.94 14%
NFI-TNFI GROUP INC $16.72 521 $18.94 13%
TIH-TTOROMONT INDUSTRIES LTD $114.58 720 $124.22 8%
WCN-TWASTE CONNECTIONS INC $168.11 1611 $180.17 7%
CP-TCANADIAN PACIFIC RAILWAY LTD $103.32 18101 $105.78 2%
CNR-TCANADIAN NATIONAL RAILWAY COMPANY $169.73 9212 $173.66 2%
RBA-TRITCHIE BROS AUCTIONEERS $73.43 271 $72.06 -2%
WTE-TWESTSHORE TERMINALS INVESTMENT CORP $33.30 140 $31.20 -6%
INFORMATION TECHNOLOGY
DND-TDYE & DURHAM LTD $27.47 410 $60.80 121%
HUT-THUT 8 MINING CORP $7.35 500 $15.54 111%
LSPD-TLIGHTSPEED COMMERCE INC $36.18 1611 $69.45 92%
TIXT-TTELUS INTERNATIONAL CDA INC $31.20 1131 $47.71 53%
DCBO-TDOCEBO INC $61.04 1010 $91.45 50%
SHOP-TSHOPIFY INC $846.65 27192 $1,251.90 48%
CTS-TCONVERGE TECHNOLOGY SOLUTIONS CORP $9.52 1020 $13.75 44%
OTEX-TOPEN TEXT CORP $53.35 910 $74.28 39%
KXS-TKINAXIS INC $164.32 1100 $213.00 30%
NVEI-TNUVEI CORP $89.28 1320 $114.26 28%
ENGH-TENGHOUSE SYSTEMS LTD $39.71 310 $50.75 28%
GIB-A-TCGI INC $100.27 1222 $127.43 27%
CSU-TCONSTELLATION SOFTWARE INC $2,090.20 620 $2,545.00 22%
DSG-TDESCARTES SYSTEMS GROUP INC $92.20 1040 $110.78 20%
CLS-TCELESTICA INC $15.27 181 $16.30 7%
BB-TBLACKBERRY LTD $9.23 044 $8.78 -5%
MATERIALS
SEA-TSEABRIDGE GOLD INC $23.80 400 $64.53 171%
NG-TNOVAGOLD RESOURCES INC $9.64 120 $19.50 102%
CFP-TCANFOR CORP $26.77 600 $44.33 66%
OSK-TOSISKO MINING INC $3.93 1200 $6.16 57%
DPM-TDUNDEE PRECIOUS METALS INC $7.82 810 $11.88 52%
TXG-TTOREX GOLD RESOURCES INC $16.40 630 $24.11 47%
WFG-TWEST FRASER TIMBER CO LTD $107.84 600 $156.11 45%
IFP-TINTERFOR CORP $36.37 600 $51.17 41%
CCL-B-TCCL INDUSTRIES INC $56.08 910 $78.67 40%
OR-TOSISKO GOLD ROYALTIES LTD $16.49 900 $23.05 40%
K-TKINROSS GOLD CORP $7.05 1330 $9.83 39%
TCL-A-TTRANSCONTINENTAL INC $17.59 420 $24.50 39%
ERO-TERO COPPER CORP $18.12 920 $25.14 39%
SJ-TSTELLA-JONES INC $37.95 710 $52.31 38%
KNT-TK92 MINING $8.37 1300 $11.29 35%
HBM-THUDBAY MINERALS INC $9.98 1710 $13.37 34%
BTO-TB2GOLD CORP $5.82 1411 $7.65 31%
IVN-TIVANHOE MINES LTD $11.65 1000 $14.76 27%
SIL-TSILVERCREST METALS INC $11.85 700 $14.77 25%
MAG-TMAG SILVER CORP $21.25 840 $26.40 24%
CAS-TCASCADES INC $13.33 430 $16.36 23%
ELD-TELDORADO GOLD CORP $14.43 641 $17.46 21%
YRI-TYAMANA GOLD INC $7.06 1440 $8.50 20%
FVI-TFORTUNA SILVER MINES INC $4.80 250 $5.76 20%
SSRM-TSSR MINING INC $27.47 1010 $32.69 19%
SSL-TSANDSTORM GOLD LTD $10.28 930 $12.23 19%
EDR-TENDEAVOUR SILVER CORP $6.15 450 $7.30 19%
CS-TCAPSTONE COPPER CORP $7.33 1200 $8.63 18%
WPM-TWHEATON PRECIOUS METALS CORP $60.16 1620 $70.05 16%
WPK-TWINPAK LTD $40.49 220 $47.13 16%
AGI-TALAMOS GOLD INC $10.42 761 $12.03 15%
OGC-TOCEANAGOLD CORP $2.83 720 $3.26 15%
LAC-TLITHIUM AMERICAS CORP $42.96 1320 $48.69 13%
AEM-TAGNICO EAGLE MINES LTD $77.30 1730 $86.54 12%
FR-TFIRST MAJESTIC SILVER CORP $17.26 240 $18.77 9%
ABX-TBARRICK GOLD CORP $30.59 1960 $33.21 9%
TECK-B-TTECK RESOURCES LTD $50.32 1941 $54.59 8%
FNV-TFRANCO-NEVADA CORP $196.98 1371 $211.51 7%
EQX-TEQUINOX GOLD CORP $10.88 830 $11.55 6%
WDO-TWESDOME GOLD MINES LTD $15.71 650 $16.46 5%
PAAS-TPAN AMERICAN SILVER CORP $35.23 820 $36.87 5%
CG-TCENTERRA GOLD INC $12.28 451 $12.80 4%
ITP-TINTERTAPE POLYMER GROUP INC $39.48 040 $40.50 3%
STLC-TSTELCO HOLDINGS INC $55.78 620 $57.19 3%
NGD-TNEW GOLD INC $2.32 2101 $2.37 2%
LUN-TLUNDIN MINING CORP $12.97 7121 $13.22 2%
LIF-TLABRADOR IRON ORE ROYALTY CORP $42.30 160 $42.43 0%
IMG-TIAMGOLD CORP $4.37 472 $4.26 -2%
TRQ-TTURQUOISE HILL RESOURCES LTD $37.68 340 $36.71 -3%
MX-TMETHANEX CORP $70.33 752 $67.29 -4%
FM-TFIRST QUANTUM MINERALS LTD $42.50 1851 $40.34 -5%
NTR-TNUTRIEN LTD $135.20 1841 $126.83 -6%
REAL ESTATE
CIGI-TCOLLIERS INTERNATIONAL GROUP INC $160.62 510 $226.32 41%
AIF-TALTUS GROUP LTD $48.05 620 $67.50 40%
FSV-TFIRSTSERVICE CORP $176.79 230 $228.24 29%
CAR-UN-TCAN APARTMENT PROPERTIES REIT $54.17 1120 $67.63 25%
DIR-UN-TDREAM INDUSTRIAL REIT $15.97 900 $19.64 23%
IIP-UN-TINTERRENT REIT $16.20 911 $19.70 22%
KMP-UN-TKILLAM APARTMENT REIT $21.62 1110 $26.02 20%
FCR-UN-TFIRST CAPITAL REIT $18.12 520 $21.71 20%
HR-UN-TH&R REIT $13.16 520 $15.50 18%
PMZ-UN-TPRIMARIS REIT $15.51 200 $18.25 18%
GRT-UN-TGRANITE REIT $95.87 1100 $112.00 17%
SMU-UN-TSUMMIT INDUSTRIAL INCOME REIT $22.15 730 $25.10 13%
BEI-UN-TBOARDWALK REIT $56.70 451 $64.17 13%
NWH-UN-TNORTHWEST HEALTHCARE PROPERTIES REIT $13.93 320 $15.45 11%
AP-UN-TALLIED PROPERTIES REIT $46.34 1110 $50.95 10%
TCN-TTRICON RESIDENTIAL INC $20.33 1020 $21.64 6%
CRT-UN-TCT REIT $17.78 340 $18.82 6%
CRR-UN-TCROMBIE REIT $18.65 720 $19.67 5%
REI-UN-TRIOCAN REIT $25.60 900 $26.94 5%
CHP-UN-TCHOICE PROPERTIES REIT $15.47 170 $16.13 4%
AX-UN-TARTIS REIT $13.22 260 $13.50 2%
SRU-UN-TSMARTCENTRES REIT $33.04 350 $33.63 2%
D-UN-TDREAM OFFICE REIT $28.40 630 $28.22 -1%
UTILITIES
TA-TTRANSALTA CORP $12.15 1020 $16.00 32%
SPB-TSUPERIOR PLUS CORP $11.67 390 $14.25 22%
BLX-TBORALEX INC $37.47 1030 $45.17 21%
ACO-X-TATCO LTD $42.27 421 $48.58 15%
ALA-TALTAGAS LTD $27.78 1500 $31.71 14%
CPX-TCAPITAL POWER CORP $40.51 580 $45.38 12%
INE-TINNERGEX RENEWABLE ENERGY INC $19.50 731 $21.77 12%
NPI-TNORTHLAND POWER INC $40.95 1230 $45.08 10%
AQN-TALGONQUIN POWER & UTILITIES CORP $19.24 752 $20.74 8%
BIP-UN-TBROOKFIELD INFRASTRUCTURE PARTNERS LP $79.80 1021 $84.19 5%
RNW-TTRANSALTA RENEWABLES INC $18.02 1111 $18.79 4%
EMA-TEMERA INC $60.51 5102 $62.41 3%
CU-TCANADIAN UTILITIES LTD $37.42 350 $37.86 1%
H-THYDRO ONE LTD $32.68 581 $33.04 1%
BEP-UN-TBROOKFIELD RENEWABLE PARTNERS LP $49.57 1152 $50.03 1%
FTS-TFORTIS INC $60.33 1124 $59.16 -2%

Source: Bloomberg

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