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Inside the Market’s roundup of some of today’s key analyst actions

Credit Suisse’s Joo Ho Kim called Canadian Imperial Bank of Commerce’s (CM-T) first-quarter results “a much-needed beat.”

“CIBC kicked off the Q1 bank earnings season with a beat helped by a monster performance from its Capital Markets trading business, improved NIMs [net interest margins] results, which more than offset higher than expected (vs. both the Street and us) expenses,” he said in a research note. “We expect the focus on capital to remain for the bank, despite a decent performance this quarter (and a forward guidance which looks modest) given the regulatory range. As well, while we did see some signs of ‘normalization’ in credit results (from a number of metrics), we believe that our estimates continue to reflect this reality (for CM and for others) with our PCLs ratio of 29 basis points and 36 basis points for F2023 and F2024, respectively.”

Mr. Kim was one of several equity analysts on the Street to raise their financial forecast and target price for CIBC following Friday’s earnings report, which sent its shares higher by 2.7 per cent. It included core cash earnings per share for the quarter of $1.94, exceeding both Mr. Kim’s $1.75 estimate and the consensus projection on the Street of $1.71.

“Relative to our estimates, the beat was driven by higher-than-expected revenues (capital markets, better margins) and lower PCLs (impaired normalized, but performing build was lower), offset by higher-than-expected expenses,” he said. “The pre-tax pre-provision earnings growth was 29 per cent quarter-over-quarter and 6 per cent year-over-year. The bank reported core ROE [return on equity] of 15.5 per cent this quarter, which was up 430 basis points over the quarter. The CET1 ratio of 11.6 per cent was down 10bps sequentially. As expected, CM maintained its quarterly dividend at 85 cents per share.”

In response to the results and his expectation for “better” net interest margins for the year, Mr. Kim increased his 2023 core cash EPS projection by 2 per cent to $7.09 from $6.97. His 2024 estimate rose by 2 cents to $7.08.

Maintaining a “neutral” recommendation for CIBC shares, Mr. Kim bumped his target to $65 from $64. The average target on the Street is $64.75, according to Refinitiv data.

Elsewhere, others making target adjustments include:

* Desjardins Securities’ Doug Young to $67 from $66 with a “hold” rating.

“Adjusted pre-tax, pre-provision (PTPP) earnings were 11 per cent above our estimate; however, this was primarily driven by capital markets and slightly better-than-anticipated results in ‘other’, offset by weaker-than-expected Canadian personal and business banking results,” said Mr. Young. “We see no reason to change our more cautious view on the name right now.”

* RBC’s Darko Mihelic to $70 from $69 with a “sector perform” rating.

“CM had a stronger quarter than we expected mostly in the Capital Markets business and CM’s CET 1 ratio was solidly above the 11.0-per-cent minimum ratio,” said Mr. Mihelic. “Our modest core EPS increase was mostly due to higher Capital Markets earnings estimates. We think loan growth is likely to slow (a bit more than our original expectations) and NIM expansion is unlikely to be significant from here on in. While credit quality continues to be solid, we still expect it to deteriorate from here.”

* Canaccord Genuity’s Scott Chan to $66.50 from $66 with a “hold” rating.

“CM reported a core EPS beat driven by Capital markets and credit with both items (e.g., large trading surprise) likely unsustainable going forward,” said Mr. Chan. “Following the ‘kitchen sink’ quarter (Q4/F22), CM delivered a beat on revenues, expenses, and credit. Relative to Canaccord Genuity and consensus estimates, the top-line beat was primarily driven by Other Income (e.g., trading, performance fees), while NII was below expectations. Our NTM EPS moves up less than 1 pe cent mainly reflecting lower PCLs, slighlty offset by higher preferred dividends.”

* Scotia Capital’s Meny Grauman to $66 from $65 with a “sector perform” rating.

“We stand by our initial take that CIBC delivered a constructive result to start out the year, even as we continue to acknowledge its weaknesses including a record trading number and a clear sequential slowdown in both mortgage growth and commercial lending,” said Mr. Grauman. “And yet we believe the market was right to focus on the positives. Those include a better-than-expected CET1 ratio that helps close the door on any risk of a surprise equity raise some time this year, and the “normalization” of results after a very weak Q4. The beat this quarter is not just a nice to have, but should lead to modest upward revisions in consensus EPS estimates for the bank after numbers got slashed last year. The reality is that CIBC came into this earnings season with the Street looking for it to deliver core EPS of $6.82 in F2023 and $6.89 in F2024. This for a bank that just reported $1.94 in Q1 suggests upside to estimates even if the market does not straight-line this quarter — which it shouldn’t. And yet, despite the positives we don’t change our rating on this stock as the results themselves continue to support a more cautious view of the future both with respect to revenue growth and to a lesser extent credit.”

* Barclays’ John Aiken to $65 from $63 with an “equal-weight” rating.

“CIBC’s strong first quarter will likely be unsustainable, although underlying positives should still support its valuation. However, credit deterioration, albeit modest, does bear watching,” he said.

* BMO’s Sohrab Movahedi to $69 from $70 with an “outperform” rating.

* National Bank’s Gabriel Dechaine to $64 from $62 with a “sector perform” rating.

* TD Securities’ Mario Mendonca to $62 from $59 with a “hold” rating.


Wanting “greater visibility to improved operating conditions,” CIBC’s John Zamparo downgraded his Jamieson Wellness Inc. (JWEL-T) recommendation to “neutral” from “outperformer” on Monday.

“Rarely has there been noise to the JWEL story, but Q4 had two major contributors: materially lower sales expectations for the recently acquired youtheory brand, and an interesting deal to sell a third of the Jamieson China business to gain a strategic partner,” he said. “On youtheory, inventory de-stocking or non-replenishment doesn’t reflect sell-through to customers. Still, a 20-per-cent lower baseline (and guide for 2023 vs. our forecast) is a material negative. The China deal, on the other hand, provides reason for optimism, as it helps JWEL de-leverage (to 2.5 times) and adds a strategic partner to grow the brand. Meanwhile, the highly profitable domestic business keeps producing. The youtheory disclosure makes us cautious on this year, and our revised EPS estimates are on the low end of guidance.”

Mr. Zamparo’s target for Jamieson shares slid to $37 from $41. The average is $42.72.

Elsewhere, Canaccord Genuity’s Tania Armstrong-Whitworth cut her target to $42 from $45 with a “buy” rating.


IA Capital Markets analyst Gaurav Mathur thinks the “solid” fourth-quarter 2022 results and forward guidance from Boardwalk Real Estate Investment Trust (BEI.UN-T) “highlights the strength in the business.”

“BEI has a long growth runway and can unlock embedded growth in its portfolio as market rents rise, incentives decrease, immigration in Alberta remains consistently strong, and expenses are controlled,” he said.

Mr. Mathur was one of several equity analysts on the Street to raise their financial forecast and target prices for units of the Calgary-based REIT following the late Thursday release of better-than-expected quarterly results.

Boardwalk reported funds from operations per diluted unit of 80 cents, up 5.9 per cent year-over-year and a penny higher than the forecast from both Mr. Mathur and the Street. Same property net operating income grew 5.9 per cent, led by gains in Saskatchewan (7.6 per cent) and Quebec (7.0 per cent) with Alberta and Ontario also seeing notable increases (5.5 per cent and 3.9 per cent, respectively).

For 2023, the REIT expects FFO per unit in the range of $3.25 to $3.45, rising from $3.13 in 2023, and SP NOI growth of 8.5 per cent to 12.5 per cent.

“With 72 per cent of the NOI derived in non-rent-controlled markets, we believe that the REIT can post results closer to the top end of the guidance range,” said Mr. Mathur. “Add the rising levels of immigration in Alberta, and BEI could potentially beat guidance.”

Maintaining a “buy” recommendation for Boardwalk units, he raised his target to $65 from $60. The average is $62.64.

“Recall that BEI was highlighted as one of our picks for 2023 in our recent outlook note, It’s Time to Be Active,” he concluded.

Other analysts raised their targets include:

* National Bank’s Matt Kornack to $68 from $65 with an “outperform” rating.

“Boardwalk’s results and 2023 guidance confirmed our positive bias going and continues to support the buy thesis for this name going forward,” said Mr. Kornack. “Alberta rental trends positively inflected in 2022 but have been accelerating since with Calgary joining the ranks of top-performing markets on a SP revenue basis (occupancy gains plus accelerating rents). While the former will fall away given 98+% end of year occupancy, we expect rent spreads on renewal and new leasing to expand. Meanwhile, the Edmonton portfolio looks to be a few quarters behind, reaching 97% occupancy in Q4 but with rent escalations still in their infancy. Needless to say, we are comfortable with management’s guidance on SPNOI growth and FFO/unit. We took estimates up in 2023/2024 on the back of slight incremental rent growth assumptions and modestly higher margins but note that a continued ability to keep controllable cost growth under control would make the high-end of management’s range easily achievable. Apartment results have generally been strong and BEI will face competition for incremental capital, but nonetheless, looks well-positioned to generate near-term above peer growth figures.”

* Desjardins Securities’ Kyle Stanley to $69 from $64 with a “neutral” rating.

“The fundamental apartment backdrop in Alberta continues to improve, supported by elevated population growth, a robust economy and a manageable new supply pipeline,” said Mr. Stanley.

* Scotia Capital’s Mario Saric to $66.60 from $63 with a “sector perform” rating.

“In our Q3 note (BEI was $51), we opined a rating upgrade needed greater confidence that new supply wouldn’t be an issue in 2024 (allowing for higher blended rent spreads),” said Mr. Saric. “We’ve admittedly been slow to gain that assurance and the stock has moved on us (reasonable valuation), leaving us searching for a better entry point (20-per-cent return = $54 per unit) and perhaps conviction in an uneventful Alberta election in May. That said, we think better days remain ahead for BEI.”

* RBC’s Jimmy Shan to $69 from $65 with an “outperform” rating.

“Boardwalk REIT turned in a good quarter and introduced 2023 FFO guidance reflecting 7-per-cent year-over-year growth which we think could prove conservative,” said Mr. Shan. “Given that BEI is 70-per-cent-plus in non-rent controlled markets, we think BEI’s near-term results should reflect the strength in rental fundamentals sooner than its ON-centric peers, and there is a good runway for rent growth given low rent to income ratio. Potential upside to forecast would be if the current pace of migration to AB continues.”

* BMO’s Michael Markidis to $64 from $60 with an “outperform” rating.

“BEI continues to be one of our best ideas in the Canadian listed-property space. Our thesis considers its above-average near-term organic growth profile, industry-leading payout ratio, and potential for further improvement in D/EBITDA,” said Mr. Markidis.

* CIBC’s Dean Wilkinson to $64 from $56 with a “neutral” rating.

* TD Securities’ Jonathan Kelcher to $67 from $60 with a “buy” rating.


While Chemtrade Logistics Income Fund (CHE.UN-T) reported a “solid” fourth-quarter beat, Raymond James analyst Steve Hansen warned its recovery thesis is “maturing” and new headwinds are emerging.

That led him to cut his recommendation to “market perform” from “outperform” on Monday.

“We are downgrading our rating on Chemtrade to Market Perform (vs. OP2 prior) and trimming our target to $11.00 (vs. $12.00 prior) as: 1) key elements of our recovery thesis have played out over the past 24 months (deleveraging, commodity tailwinds); and 2) we see incremental macro headwinds gathering on the horizon,” said Mr. Hansen. “While management has done a superb job at deleveraging the balance sheet—aided by robust market dynamics—we believe this process has largely run its course as the company embarks on a multi-year investment into ultra-pure acid capacity. At the same time, we see incremental macro headwinds forming as the North American economy slows and key commodity prices (i.e. caustic soda) fade from recent highs.”

On Feb. 22, the Toronto-based company reported adjusted EBITDA of $104.2-million, up 12.7 per cent year-over-year and above both Mr. Hansen’s $99-million estimate and the consensus forecast of $101-million driven by better-than-expected electrochemicals pricing and margins.

“While management reiterated its prior F2023 Ad. EBITDA guidance of $360-$400-million, it also now expects to land within the upper half of this range thanks to better-than-expected pricing dynamics quarter-to-date (vs. prior expectations),” he said. “Guidance continues to assume that pricing of key commodities will continue to fade (caustic, chlorine) – a pattern consistent with recent market dynamics.”

After introducing his 2024 estimates, Mr. Hansen trimmed his target by $1 to $11. The average is $11.75.


Citing limited near-term prospects for cannabis reform south of the border, Raymond James analyst Rahul Sarugaser lowered his recommendation for Village Farms International Inc. (VFF-Q, VFF-T) to “market perform” from “outperform” ahead of the March 9 release of its fourth-quarter 2022 financial results.

“While VFF’s Canadian cannabis operation, Pure Sunfarms, continues its impressive trajectory of profitable growth — No. 2 LP by market share during 4Q22 , second only to TLRY, which today sports a market cap 17 times that of VFF — we continue to see VFF’s fresh produce and U.S. CBD operations dragging on profitability, as they have been since 1Q22, pulling VFF’s consolidated earnings into EBITDA-negative territory every quarter hence,” he said. “So, while Pure Sunfarms continues to outperform in the Canadian market—driving +EBITDA since its inception — and began shipping cannabis internationally during 1Q23, we cannot ignore the real challenges facing VFF’s fresh produce business (cost inflation + inflexible customer set) and U.S. CBD business.”

Mr. Sarugaser thinks investors should be increasing concerned with the Vancouver-based company’s ability to “withstand the macro-driven losses on its produce business to realize its option on U.S. cannabis legalization.”

“Increasing cash flow from Canadian cannabis should help, so should proceeds from the company’s recent US$25-million raise (plus the option of U.S. greenhouse asset sale-leasebacks), but the market will need clarity on when the produce business will return to breakeven performance before it begins giving VFF credit for its very successful cannabis business (we still view VFF as one of the strongest operators in Canadian cannabis, and one of the 4 or 5 groups that will ultimately supply cannabis material for approximately 80 per cent of Canadian consumers),” he said. “Beyond this, supposing cannabis reform becomes a presidential election issue, material setbacks in U.S. cannabis reform have pushed the time horizon for VFF to convert its Texas-based greenhouses from vegetable to cannabis plant production out to mid-2024, at earliest, in our view.

“In light of a challenging macro (persistent inflation, growth names out of favor), prolonged timelines around U.S. cannabis reform, profitability challenges affecting businesses that drive more than 50 per cent of VFF’s Rev., relatively limited cash, and a shareholder base still smarting from the dilution brought about by VFF’s US$25-million unit offering, we acknowledge the significant overhang on this stock, and believe it will move sideways until one or more of these issues resolve; as such, we reduce our rating.”

After updating his financial projections and incorporating the dilution brought by its recent US$25-million equity offering, Mr. Sarugaser cut his target for Village Farms shares to US$2.50 from a previous Street-high of US$11. The average is US$4.46.


While Decisive Dividend Corp. (DE-X) has “started to attract interest from institutional capital,” Eight Capital analyst Ty Collin thinks the Kelowna, B.C.-based acquisition-oriented holding company “remains below the radar of most investors for the time being.”

“We expect the Company to grow in value as it continues to execute accretive transactions, and believe that the stock’s relative obscurity is an opportunity for investors to build a position ahead of potentially broader institutional interest,” he added.

Calling it a “distinctive business that shares attributes with Conglomerates/Investment Holding Companies, traditional Manufacturers, and Yield Vehicles,” Mr. Collin initiated coverage with a “buy” recommendation in a research report released Monday.

“Our bullish view of DE is founded on its skilled management team and impressive track record of raising capital, finding attractive M&A targets, unlocking value after acquisitions, and returning capital to shareholders,” he said. “We believe this playbook is repeatable given DE’s large pipeline of potential targets and its growing status as an acquirer of choice. Strong execution has rewarded shareholders with an exceptional 275-per-cent total return since DE’s first acquisition in 2015, including 110 per cent in cash distributions.”

Currently the lone analyst covering the stock, Mr. Collin set a target of $10.


In other analyst actions:

* Raymond James’ Brad Sturges downgraded Dream Residential REIT (DRR.U-T) to “market perform” from “outperform” with a US$11.25 target, up from US$10 but below the US$11.44 average.

“Our rating for Dream Residential REIT (DRR) is adjusted to Market Perform from Outperform, after DRR has significantly outperformed its U.S. multifamily rental (MFR) peers in 2023 year-to-date generating a 53-per-cent total return in 2023 YTD, versus an average 9-per-cent total return for its U.S. MFR peers,” he said.

* Scotia Capital’s Benoit Laprade lowered Resolute Forest Products Inc. (RFP-N, RFP-T) to “sector underperform” from “sector perform” with a US$22.80 target, down from US$22.40 and below the US$22.93 average.

* CIBC’s Mark Jarvi lowered his Boralex Inc. (BLX-T) target to $46 from $48 with an “outperformer” rating, while Raymond James’ David Quezada cut his target to $50.50 from $53 with an “outperform” rating. . The average is $47.42.

“Our constructive stance on BLX is based on an attractive development portfolio, strong balance sheet, reasonable valuation, and greenfield development capabilities,” Mr. Quezada said. “We also point to supportive industry tailwinds measures implemented to accelerate renewable development in France and emerging opportunities in the US, robust renewable procurement expected in Quebec, and storage opportunities in Ontario.We have made tweaks to our model resulting a reduction in our target price, but affirm our view of BLX as a top renewable power name.”

* RBC’s Geoffrey Kwan raised his CI Financial Corp. (CIX-T) target to $18 from $16 with a “sector perform” rating. Other changes include: BMO’s Tom MacKinnon to $19 from $20 with an “outperform” rating, TD Securities’ Graham Ryding to $17 from $18 with a “hold” rating and Scotia Capital’s Phil Hardie to $20 from $20.50 with a “sector perform” rating. The average is $19.75.

“CI’s results came in generally in line with expectations with the highlight being the solid improvement in net flows that was announced ahead of the release of the quarter’s financials,” said Mr. Hardie. “Management noted that the bulk of the quarter’s inflows largely related to the short-duration fixed income and high-interest savings-related products and will focus on converting those to long-term assets as market conditions improve. The team believes the benefits of recent operational and structural changes to the asset management platform position it well for further market share gains.

“Trimming target to $20.00 but maintaining SP rating. We view CI as a top beta play that offers significant upside potential in a blue-sky scenario with some key catalysts on the horizon, but material downside risk remains in a deeper more protracted market sell-off scenario.”

* Mr. Kwan cut his Fiera Capital Corp. (FSZ-T) target to $9.50 from $10 with a “sector perform” rating. Others making changes include: Barclays’ John Aiken to $9 from $9.50 with an “equal-weight” rating, BMO’s Étienne Ricard to $9.50 from $10 with a “market perform” rating, Desjardins Securities’ Gary Ho to $9 from $10 with a “hold” rating, National Bank’s Jaeme Gloyn to $9.50 from $10 with a “sector perform” rating, CIBC’s Nik Priebe to $9 from $9.50 with a “neutral” rating and Scotia’s Phil Hardie to $10 from $10.50 with a “sector perform” rating. The average is $9.44.

“Stock performance over the next 12-24 months will likely be driven by the company’s ability to successfully navigate increasingly volatile market conditions by demonstrating AUM resilience and improving sales momentum, while also sustaining healthy margins,” said Mr. Hardie. “Fiera offers a high degree of diversification by business line and AUM, and an attractive dividend yield of roughly 10 per cent. That said, with an uncertain market outlook, weak sales momentum, elevated leverage, and the stock trading at a significant premium to the fundcos, we remain on the sidelines.”

* TD Securities’ Michael Van Aelst raised his George Weston Ltd. (WN-T) target to $200, exceeding the $190.57 average, from $190 with a “buy” rating.

* Scotia Capital’s Orest Wowkodaw cut his Hudbay Minerals Inc. (HBM-T) target by $1 to $9 with a “sector outperform” rating. Others making changes include: TD Securities’ Greg Barnes to $10 from $10.50 with a “buy” rating, Canccord Genuity’s Dalton Baretto to $10 from $11 with a “buy” rating and National Bank’s Shane Nagle to $8 from $8.75 with a “sector perform” rating. The average is $9.20.

“HBM reported largely in-line Q4/22 results,” said Mr. Wowkodaw. “More important, the company released relatively disappointing 2023 production guidance, largely attributed to changes in the Peru mine plan related to regional logistical challenges associated with social unrest. Overall, we view the update as negative for the shares. ... Although the Peru overhang continues, and we are concerned by the limited progress in balance sheet deleveraging to date, we rate HBM shares Sector Outperform based on an attractive valuation and significant leverage to higher Cu-Au prices.”

* BMO’s Stephen MacLeod raised his Leon’s Furniture Ltd. (LNF-T) target to $22 from $21 with a “market perform” rating.

“Leon’s reported in-line Q4/22 results,” he said. “Revenues held in better than expected (SSSG down 1 per cent year-over-year) as Leon’s used promotions to clear inventory (gross margins down 70 basis points year-over-year). The near-term macro outlook appears challenging amidst a broader retail slowdown, with an expectation for more promotional activity as consumer spending comes under pressure. We believe Leon’s is well-positioned to weather these headwinds and continue to see an opportunity for share gains given strong brand equity and value proposition to customers.”

* Barclays’ Larissa van Devente raised her targets for Manulife Financial Corp. (MFC-T) to $31 from $30 and Sun Life Financial Inc. (SLF-T) to $76 from $75, keeping “overweight” ratings for both. The averages are $28.87 and $73.43, respectively.

“Our recent trip to Asia and subsequent analysis strengthens our confidence in the growth potential of the region. China is key as the biggest market, but we believe Hong Kong and Singapore can continue to grow, while Vietnam and the Philippines offer scope for acceleration,” she said.

* RBC’s Nelson Ng trimmed his Northland Power Inc. (NPI-T) target to $41 from $43 with a “sector perform” rating. Other changes include: Raymond James’ David Quezada to $48 from $49 with an “outperform” rating and CIBC’s Mark Jarvi to $43 from $45 with an “outperformer” rating. The average is $46.17.

“We believe Northland sports the most attractive long-term growth among the renewable peers in our coverage universe supported by a 20 GW portfolio of attractive development projects,” Mr. Quezada said. “With several of these projects advancing materially over 2023, we expect the market will increasingly ascribe value to the attendant growth. Meanwhile, with shares of NPI at close to cycle low valuations, we consider current levels an opportunity to add to positions.”

* Canaccord Genuity’s Scott Chan raised his Onex Corp. (ONEX-T) target to $105 from $100 with a “buy” rating. Others making changes include: RBC’s Geoffrey Kwan to $86 from $83 with a “sector perform” rating. The average is $93.20.

“Onex trades at a substantial 49-per-cent discount to NAV and private equity returns remain solid,” said Mr. Kwan. “However, we think lackluster share price performance over the past year reflects: (1) macro uncertainty, which tends to be negative for private equity stocks; (2) volatile capital markets environment, limiting monetization activity, which can help surface value; (3) Onex facing greater fundraising challenges vs. historical; and (4) reduced visibility of reaching Onex’s 2026 FRE target and therefore impacting the market valuation of Onex’s asset management business. We think material positive improvements in these factors on several fronts are needed to drive share price outperformance. While we think investors with a longer-term investment horizon could realize substantial valuation upside, our neutral view over the short term supports our Sector Perform rating.”

* CIBC’s Robert Catellier raised his target for Pembina Pipeline Corp. (PPL-T) to $53 from $52 with a “neutral” recommendation, while Scotia Capital’s Robert Hope bumped his target to $51 from $50 with a “sector outperform” rating. The average is $52.19.

“We have a favourable view of Pembina’s Q4/22 results as well as the sanctioning of a new $460-million Redwater frac (RFS IV),” said Mr. Hope. “Our longer-term estimates do not materially move. Pembina continues to be one of our favourite names, and in our view, is well positioned to benefit from continued volume growth in western Canada.”

* CIBC’s Dean Wilkinson bumped his Plaza Retail REIT (PLZ.UN-T) target to $5 from $4.75, keeping a “neutral” rating. The average is $4.75.

* National Bank’s Tal Woolley trimmed his target for Sienna Senior Living Inc. (SIA-T) to $13 from $14, below the $14.13 average. Others making changes include: RBC’s Pammi Bir to $13 from $14 with a “sector perform” rating, Scotia Capital’s Himanshu Gupta to $13.50 from $14 with a “sector perform” rating and TD Securities’ Jonathan Kelcher to $15 from $16 with a “buy” rating.

“Notwithstanding Q4/22 results that were in line with our call, we’ve trimmed our outlook for Sienna,” said Mr. Bir. “Results highlighted the growth opportunities in the business, but also stiff persistent headwinds, particularly amid a significant labour shortage and insufficient government funding. In retirement, SIA’s sales and marketing initiatives and pent-up demand should continue to fuel healthy organic NOI growth. In contrast, the rehab process in LTC remains uncertain, and frankly, could be volatile. In short, we believe better visibility on the path to recovery remains a prerequisite for a stronger valuation.”

* National Bank’s Shane Nagle bumped his target for Taseko Mines Ltd. (TKO-T) to $2.75 from $2.50 with a “sector perform” rating, while TD Securities’ Craig Hutchison raised his target to $2.75 from $2.50. The average is $2.94.

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