Canada's Banks Get Boost from Analysts Amid Market Optimism
Canada's financial sector is receiving a boost from analysts, who are upgrading their target prices for several major banks. The most significant increases were seen at Royal Bank of Canada (RY:CA) and Toronto-Dominion Bank (TD:CA), with RBC Capital and National Bank raising their targets to $318.00 and $321.00 respectively.
Other notable upgrades include Canadian Imperial Bank of Commerce (CM:CA), where Scotiabank raised its target price to $84.00, and Enbridge Inc. (ENB:CA), which saw increases from CIBC and Scotiabank to $78.00 and $84.00 respectively.
Energy and infrastructure companies are also receiving positive attention, with several analysts issuing upgrades for natural gas producers and pipeline companies. However, the most mixed area is among smaller growth and cyclical companies, where several analysts issued target reductions despite maintaining positive ratings.