TSX winners and losers from this week’s earnings bonanza, one idea to play the volatile artificial intelligence sector, and surprising changes in price targets on three big TSX names. The Financial Post explores those stories and more in The Week in Stocks
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Stock of the week: Algonquin Power & Utilities Corp.

In an overall tough week for equities, Algonquin Power & Utilities Corp. (TSX:AQN) came out ahead of the game as shares rose more than 12 per cent. Algonquin reported earnings per share that beat estimates, while the company, which operates across North America, got a leg up from increased rates at several utilities, John Mould, an analyst at TD Cowen, said in a note. “The company also benefited from lower operating expenses and lower interest expense,” Mould said. The analyst maintained his price target of $8.43. Analysts at BMO Capital Markets, RBC Capital Markets and Scotiabank Capital Markets all raised their price targets to $9.14 post-earnings on the heels of previous continuous hikes in the second half of the year. Shares are currently trading at the $8.80 level. Baltej Sidhu, an analyst at National Bank of Canada Capital Markets, maintained his price target of $9.25, noting Algonquin has made progress on several cases in the United States regarding utility rate increases.

Keeping score

Winners and losers from this week’s earnings bonanza

The earnings from S&P/TSX composite listed companies flowed fast and furious this week across a wide swath of sectors from the oilpatch to telcos and retail giants. We track how their stocks performed post-reporting, picking out 3 winners and 3 losers and highlighting 3 large-cap players.

3 winners

  • Shares of Quebecor Inc. (TSX:QBR/B) gained just over seven per cent this week on signs that the Montreal company’s “wireless approach is working well outside of its cable footprint,” Jerome Dubreuil, an analyst at Desjardins Capital Markets, said in a note, raising his price target for the telco to $51 from $47. Quebecor is trading at the $47 level.
  • Vermilion Energy Inc. (TSX:VET) rose just under 10 per cent this week on better than expected cash flow, improved guidance and company plans to increase its dividend by four per cent in early 2026. Kevin Fisk, at Scotiabank Capital Markets, has a price target of $14. Shares are currently trading at the $11.50 level.
  • Shares of Lightspeed Commerce Ltd. (TSX:LSPD) jumped 16 per cent after reporting earnings that showed “solid progress” on improving its financials, Daniel Chan, an analyst at TD Cowen, said in a note. Chan has a price target on Lightspeed of $21.08, up from $18.35. Shares are currently trading at the $18.30 level.

3 losers

  • Shares of Cargojet Inc. (TSX:CJT) came in for a hard landing post-earnings, falling nearly 20 per cent as its business suffered from challenging trade conditions, “highlighting the macro-sensitive nature of the industry,” Fadi Chamoun, an analyst at BMO Capital Markets said in a note. BMO cut its price target to $75 from $98. Cargojet is currently trading at the $66 level.
  • Goeasy Ltd. (TSX:GSY) fell 24 per cent this week after it reported higher provisions for loan losses, resulting in an 11 per cent miss on earnings, though the fintech’s loan balances and originations hit a quarterly record. Phil Hardie at Scotiabank Capital Markets maintained his price target of $225. “We continue to expect investor sentiment will remain the near term driver for the stock but believe the risk-reward of owning the shares remains favourable with big upside potential over the next twelve months,” he said. Goeasy is currently trading near the $130 level.
  • Scotiabank analyst Cameron Bean cut his price target for energy company Arc Resources Ltd. (TSX:ARC) to $30 from $36. Bean reduced free cash flow forecasts for the company due to lower condensate volumes and higher cash costs than were set out in the company’s 2026 guidance. Shares of Arc are trading at the $21.65 level.

And 3 big names

  • Shares of BCE Inc. (TSX:BCE) rose slightly this week “muted subscriber growth” in Canada and the U.S. Analyst Vince Valentini at TD Cowen trimmed his price target to $38 from $39. Shares  were trading around the $32 level. “Investors who hold BCE for stability and dividend income do not need to worry about the minutia in our forecasts, and our new (price target) still supports a buy rating. However, investors looking for some growth or exciting catalysts are still likely to have a show me attitude with this name,” Valentini said.
  • Maurice Choy at RBC Capital Markets significantly hiked his price target for TC Energy Corp. (TSX:TRP) to $84 from $74 on the belief that policy shifts across North America will clear the way for more energy infrastructure. Shares of TC Energy were up nearly four per cent on the week and were trading at the $73 level.
  • CIBC Capital Markets analyst Mark Petrie hiked his price target for Canadian Tire Corp. Ltd. (TSX:CTC) to $189 from $181 on better than expected earnings boosted by rising market share and better shopper traffic, though he said consumer resiliency remains a worry. Canadian Tire is currently trading at $172.

Artificial intelligence bulls, bears and ‘choke points’

Michael Burry, the investor who bet against mortgage-backed securities before the 2008 financial crisis, and won, revealed in a Sept. 30 filing he bet against

Nvidia Corp.

and

Palantir Technologies Inc.

through put options of US$187 million and US$912 million, respectively. As fears grow that the U.S. equities boom in AI is ripe for a major pullback, John Higgins, chief markets economist at Capital Economics Ltd., said, “I think it’s not unusual to see some sort of correction in an extremely strong bull market,” on a podcast. But, his view is that the AI play still has legs and “valuations are not unsustainably high.” Shares of Palantir were down nearly 13 per cent this week, while shares of Nvidia fell nearly nine per cent.

Meanwhile, David Rosenberg at Rosenberg Research and Associates Inc., said instead of being an AI fan or naysayer, investors should look for “choke points.” For example, data centre construction is moving ahead at light speed, but, at some point, that growth will run headlong into physical limits, he said in a note. “The real leverage sits in scarce inputs such as equipment and energy infrastructure,” he said, and demand for power is already outpacing capacity. He is recommending investors look at upstream energy suppliers of materials, equipment and financing as an AI play.

  • Scared by the big AI stock market selloff? Here are five alternative investment ideas
  • The pain underlying U.S. GDP numbers goes beyond potential stock market effects

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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