Canada's Analysts Paint Mixed Picture of Market Sentiment

Financial analysts in Canada are painting a mixed picture of the market's current state. According to The Globe and Mail, analyst sentiment is moderately bullish overall, driven by confidence in Canadian banks.

The financial sector saw several target increases and positive ratings from major institutions such as CIBC and RBC Capital Markets. National Bank of Canada (NA:CA) received a boost after being upgraded to Outperform from Neutral with a price target increase to C$249.00.

However, the mining and precious metals sector remains strongly bullish, with widespread Buy/Outperform ratings. Some individual targets were reduced in this area.

A few notable downgrades and target cuts occurred in the technology and smaller-cap growth stocks sectors. Abaxx Technologies Inc. (ABXX:CA) saw its price target lowered to $60.00 from $69.00 by BMO Capital Markets, while Alithya Group Inc. (ALYA:CA) was downgraded to Neutral from Buy with a new price target of $1.00.