Why analysts like Agnico Eagle’s Arctic gold project, top stock takeaways from a Canadian industrials conference and more from The Week in Stocks.

Stock of the week: Goeasy Ltd.

Things got a little easier for shares of Goeasy Ltd. (GSY:TSX) with the stock closing out the week up just over 16 per cent after plunging 57 per cent in early March on news of unexpected loan losses of about $178 million. Despite the company being among the top five TSX gainers of the week, analysts remain wary. Scotia Capital Markets analyst Phil Hardie on May 19 held his price target of $39 on Goeasy, a sharp comedown from his $210 target in late February. Shares closed Friday at $34.95. “Investor sentiment remains unforgiving amid lingering uncertainty and what we view as stacked risks,” Hardie said in a note the week prior. In earnings released on May 12, company executives maintained their outlook for 2026 but Hardie said the gap between the stock price and the company’s fundamentals will remain until investors get more information regarding loan-loss reserves, for example. “The time horizon to see these catalysts materialize remains uncertain,” Hardie said. Raymond James analyst Stephen Boland has a price target of $42 for the shares. Boland said in a note on May 13 that there was some improvement in credit but that “we remain cautious until a longer trend develops.” The 12-month price target for shares of Goeasy is $39.90 based on the calls of 10 analysts, according to Bloomberg.

Keeping score

Stock takeaways from RBC’s Canadian industrials conference

RBC Capital Markets hosted investors and 38 Canadian companies at a three-day conference in Toronto starting May 19 that focused on key issues including tariff and trade policy uncertainty, infrastructure and defence opportunities, the improving outlook for freight transportation, the role of AI and technology in operational efficiencies, and disciplined capital allocation. Sectors represented included transportation and infrastructure, engineering and construction, industrial products, aerospace and defence, and business services. In the airlines and aerospace sector, “defence spending and Canadian government investment emerge as a common tailwind” for Bombardier Inc. (BB/D:TSX), Chorus Aviation Inc. (CHR:TSX) and Exchange Income Corp. (EIF:TSX), RBC analysts said in a May 22 report on the conference. In construction and engineering the growth outlook across the country looks strong for companies including Aecon Group Inc. (ARE:TSX), AtkinsRealis Group Inc. (ATRL:TSX), Stantec Inc. (STN:TSX), WSP Global Inc. (WSP:TSX) and Toromont Industries Ltd. (TIH:TSX), the analysts said. In freight, RBC said that demand was “stable but uneven,” but that rail prices were starting to rise at Canadian National Railway Co. (CNR:TSX) and Canadian Pacific Kansas City Ltd. (CP:TSX) supported by a record grain harvest. RBC also flagged Cargojet Inc. (CJT:TSX) for its “steady and solid growth.”

Analysts dig into Agnico Eagle’s Arctic project

Agnico Eagle Mines Ltd. (AEM:TSX) on May 19 said it would forge ahead with the construction of a large gold mine in Canada’s Arctic that the federal government has described as critical to economic development in the region. Analysts dug into the deal, on which the company said it would spend about US$2.4 billion on initial capital costs, and here is what some of them came up with. Shane Nagle, an analyst at National Bank of Canada Capital Markets, maintained his outperform rating on the shares and his price target of $350 given a project portfolio that is “low-risk” in operational, political and financial terms. Shares closed Friday at $242.94. TD Cowen analyst Steven Green also has a price target of $350 and said in a note on May 22 that “the development plan by (Agnico’s) experienced Nunavut team is highly credible in our view.” Agnico Eagle purchased the Hope Bay site in 2021 for US$361 million and TD now estimates the site’s value at US$2.8 billion, including the increase in gold value, adding that the project would be the miner’s third in Nunavut and would be “supported by existing infrastructure.” The 12-month price target for Agnico Eagle is $364.78 based on the calls of 18 analysts, according to Bloomberg.

Price target hikes, cuts and holds and more

  • RBC Capital Markets analyst Irene Nattel maintained her price target of $50 for Saputo Inc. (SAP:TSX) on the belief that the Montreal company is well set up for fiscal year 2027 due to streamlined manufacturing and increased share buyback in 2026, though commodity price volatility makes her cautious. Shares closed Friday at $41.61.
  • CIBC Capital Markets analyst Anita Sonhi started coverage of Lumina Metals Corp. (LMCU:TSX) with a price target of $18, based on the prospects for it “world-class” copper-silver resource in Poland. Shares started trading on April 30 and closed Friday at $11.84.
  • CIBC Capital Markets analyst Mark Petrie cut his price target for BRP Inc. (DOO:TSX) to $90 from $118 after the maker of the Ski-Doo and Sea-Doo suspended its guidance due to changes to U.S. tariffs. CIBC thinks the tariff changes will eventually be adjusted “in BRP’s favour.” Shares closed Friday at $76.58.
  • ATB Cormark Capital Markets analyst Sairam Srinivas maintained his price target of $25 for Dream Office REIT (D.UN:TSX) after the company reported earnings that confirmed it is on track to post a 600 basis point increase in occupancy gains. Dream is the analyst’s top pick coming out of the first quarter. Shares closed Friday at $17.75.
  • UBS Global Research analyst Myles Allsop hiked his price target for Teck Resources Ltd. (TECK/B:TSX) to $93 from $85 on the heels of first-quarter results that showed earnings before interest, taxes, depreciation and amortization came in about 40 per cent ahead of consensus. Shares closed Friday at $86.58.
  • CIBC Capital Markets analyst Todd Coupland hiked his price target for BlackBerry Ltd. (BB:TSX) to $11.72 from $8.29 on a clearer path to growth and profit that could dispel “legacy skepticism.” Shares closed Friday at $11.00.
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Every week, the Financial Post breaks down the most interesting developments in the week’s world of investing, from top performers to surprising analyst calls and stocks to have on your radar.

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