We are just weeks away from the start of the first-quarter earnings season. What will be particularly important to watch for during this reporting period are the outlooks for 2022 that will hopefully be provided to investors.
Over the past month, earnings expectations for 2022 have come down slightly, declining 1 per cent. According to Bloomberg, the S&P/TSX Composite Index is trading at a price-to-earnings multiple of 15.2 times the 2022 consensus estimate.
This report includes a link to a list of analysts’ target prices, recommendations, and forecast returns for all securities in the S&P/TSX Composite Index grouped by sector and ranked according to their expected price returns (excluding dividend and distribution income). The posted target price for each security is an average of all available target prices from analysts. A target price typically reflect an expected share or unit price 12 months from now based on an analyst’s financial modelling, such as a discounted cash flow or sum-of-the-parts model. All data is as of Jan. 4.
Once all companies have reported their financial results in the weeks ahead, earnings expectations, multiples, and target prices could be adjusted meaningfully depending on the reported earnings and management’s outlook, if provided.
It’s important to note that high target prices which imply stellar returns that seem unbelievable may be just that - unrealistic. At times, when a stock price falls analysts may maintain their bullish expectations, inflating the forecast return. In addition, an outlier (extreme target price) can skew the average target price, to the upside or downside, particularly when the number of analysts covering a stock is low. Don’t let a huge projected gain lure you into a position – it is critical to look at the company and industry fundamentals.
Click here to download an Excel version of the guide .
Security Price Buys Holds Sells Avg. Target Price Forecast Price Jan. 4 Return Communcation Services CJR-B-T CORUS ENTERTAINMENT INC $4.84 7 1 0 $8.39 73% QBR-B-T QUEBECOR INC $28.30 11 2 0 $37.77 33% CCA-T COGECO COMMUNICATIONS INC $100.16 6 4 1 $128.50 28% RCI-B-T ROGERS COMMUNICATIONS INC $60.91 10 5 0 $69.57 14% T-T TELUS CORP $29.76 12 5 0 $31.46 6% SJR-B-T SHAW COMMUNICATIONS INC $38.20 6 6 0 $39.80 4% BCE-T BCE INC $65.91 6 10 1 $65.76 0% Consumer Discretionary GOOS-T CANADA GOOSE HOLDINGS INC $47.20 8 5 3 $67.72 43% MRE-T MARTINREA INTERNATIONAL INC $11.57 7 2 0 $16.00 38% DOO-T BRP INC $109.36 16 1 0 $138.40 27% LNR-T LINAMAR CORP $76.82 5 0 0 $96.00 25% CTC-A-T CANADIAN TIRE CORP $183.11 7 3 1 $223.73 22% MTY-T MTY FOOD GROUP INC $59.21 4 4 0 $72.19 22% ZZZ-T SLEEP COUNTRY CANADA HOLDING $37.48 4 3 0 $44.86 20% QSR-T RESTAURANT BRANDS INTERNATIONAL INC. $74.72 16 12 1 $86.82 16% TOY-T SPIN MASTER CORP $48.43 7 4 1 $54.13 12% PLC-T PARK LAWN CORP $41.76 9 0 0 $46.36 11% MG-T MAGNA INTERNATIONAL INC $109.06 15 3 1 $119.88 10% GIL-T GILDAN ACTIVEWEAR INC $54.39 11 1 2 $56.76 4% DOL-T DOLLARAMA INC $63.41 9 4 0 $65.39 3% ATZ-T ARITZIA INC $52.88 7 1 0 $51.86 -2% Consumer Staples MFI-T MAPLE LEAF FOODS INC $29.25 7 0 0 $41.50 42% SAP-T SAPUTO INC $28.98 6 3 0 $36.28 25% PRMW-T PRIMO WATER CORP $22.40 10 2 0 $27.06 21% PBH-T PREMIUM BRANDS HOLDINGS CORP $125.15 8 2 0 $149.40 19% EMP-A-T EMPIRE CO LTD $38.50 7 3 0 $45.33 18% NWC-T NORTH WEST CO INC $34.50 1 4 0 $39.20 14% ATD-T ALIMENTATION COUCHE-TARD INC $52.11 12 3 0 $56.79 9% JWEL-T JAMIESON WELLNESS INC $39.77 7 3 0 $43.10 8% WN-T WESTON (GEORGE) LTD $145.03 5 2 0 $155.33 7% L-T LOBLAW COMPANIES LTD $102.73 7 4 1 $104.64 2% MRU-T METRO INC $67.04 3 7 2 $67.91 1% Energy DML-T DENISON MINES CORP $1.88 6 2 0 $3.13 67% NXE-T NEXGEN ENERGY LTD $5.92 11 1 0 $9.52 61% PXT-T PAREX RESOURCES INC $22.46 10 0 0 $35.22 57% ARX-T ARC RESOURCES LTD $11.94 17 0 0 $18.07 51% BIR-T BIRCHCLIFF ENERGY LTD $6.45 15 1 0 $9.66 50% TOU-T TOURMALINE OIL CORP $41.99 14 0 0 $62.16 48% PKI-T PARKLAND CORP $35.39 15 0 0 $50.93 44% SES-T SECURE ENERGY SERVICES INC $5.33 12 0 0 $7.58 42% WCP-T WHITECAP RESOURCES INC $7.72 14 1 0 $10.95 42% PEY-T PEYTO EXPLORATION & DEV CORP $9.97 7 4 0 $13.64 37% PSK-T PRAIRIESKY ROYALTY LTD $13.98 8 7 0 $19.12 37% FRU-T FREEHOLD ROYALTIES LTD $12.07 12 2 0 $15.71 30% TVE-T TAMARACK VALLEY ENERGY LTD $4.08 12 2 0 $5.30 30% CPG-T CRESCENT POINT ENERGY CORP $7.20 12 2 1 $9.33 30% TPZ-T TOPAZ ENERGY CORP $18.25 16 0 0 $23.33 28% CVE-T CENOVUS ENERGY INC $16.28 22 0 0 $20.68 27% SU-T SUNCOR ENERGY INC $33.15 17 6 0 $40.24 21% BTE-T BAYTEX ENERGY CORP $3.99 3 9 0 $4.79 20% AAV-T ADVANTAGE ENERGY LTD $7.54 13 1 0 $9.02 20% MEG-T MEG ENERGY CORP $12.47 9 6 1 $14.80 19% ERF-T ENERPLUS CORP $13.92 13 1 0 $16.47 18% KEY-T KEYERA CORP $28.68 9 7 0 $33.81 18% CCO-T CAMECO CORP $30.01 8 5 0 $35.38 18% CNQ-T CANADIAN NATURAL RESOURCES $54.70 19 5 0 $63.44 16% POU-T PARAMOUNT RESOURCES LTD $24.96 7 3 0 $28.90 16% PPL-T PEMBINA PIPELINE CORP $38.65 8 12 0 $43.66 13% ENB-T ENBRIDGE INC $49.54 18 6 0 $55.92 13% TRP-T TC ENERGY CORP $59.73 11 11 1 $67.18 12% GEI-T GIBSON ENERGY INC $22.83 5 9 2 $25.03 10% VET-T VERMILION ENERGY INC $16.03 7 7 2 $16.75 4% IMO-T IMPERIAL OIL LTD $47.10 4 14 1 $48.74 3% EFR-T ENERGY FUELS INC $10.81 6 0 0 $10.97 1% Financials CF-T CANACCORD GENUITY GROUP INC $15.47 3 0 0 $21.33 38% HCG-T HOME CAPITAL GROUP INC $39.65 6 2 0 $54.14 37% GSY-T GOEASY LTD $176.74 7 1 0 $233.13 32% EQB-T EQUITABLE GROUP INC $71.80 6 2 0 $92.56 29% CIX-T CI FINANCIAL CORP $27.15 7 3 0 $33.80 24% ECN-T ECN CAPITAL CORP $5.35 9 0 0 $6.66 24% TSU-T TRISURA GROUP LTD $48.05 7 0 0 $58.92 23% MFC-T MANULIFE FINANCIAL CORP $24.90 8 6 1 $30.34 22% X-T TMX GROUP LTD $128.08 2 5 0 $154.14 20% FFH-T FAIRFAX FINANCIAL HLDGS LTD $623.21 5 2 0 $745.85 20% ONEX-T ONEX CORPORATION $100.73 4 1 0 $120.00 19% EFN-T ELEMENT FLEET MANAGEMENT CORP $13.22 4 4 0 $15.72 19% IGM-T IGM FINANCIAL INC $46.40 4 5 1 $55.00 19% IAG-T IA FINANCIAL CORP INC $74.03 9 0 0 $87.28 18% CWB-T CANADIAN WESTERN BANK $36.68 10 3 0 $42.91 17% LB-T LAURENTIAN BANK OF CANADA $41.24 2 8 0 $47.00 14% POW-T POWER CORP OF CANADA $41.68 2 7 0 $47.00 13% IFC-T INTACT FINANCIAL CORP $163.72 12 0 0 $183.67 12% BMO-T BANK OF MONTREAL $141.07 8 5 0 $156.71 11% BAM-A-T BROOKFIELD ASSET MANAGEMENT INC. $76.96 10 3 0 $84.82 10% CM-T CAN IMPERIAL BK OF COMMERCE $150.28 12 2 0 $165.45 10% NA-T NATIONAL BANK OF CANADA $99.72 3 6 2 $107.54 8% GWO-T GREAT-WEST LIFECO INC $37.84 1 8 1 $40.80 8% SII-T SPROTT INC $56.13 1 2 0 $60.17 7% RY-T ROYAL BANK OF CANADA $136.84 11 3 1 $145.22 6% TD-T TORONTO-DOMINION BANK $99.60 8 5 1 $105.42 6% SLF-T SUN LIFE FINANCIAL INC $70.78 9 4 1 $74.78 6% BNS-T BANK OF NOVA SCOTIA $90.85 10 3 0 $93.61 3% Health Care WELL-T WELL HEALTH TECHNOLOGIES CORP $5.09 13 0 0 $11.58 127% TLRY-T TILRAY INC $9.07 3 15 3 $14.86 64% CRON-T CRONOS GROUP INC $5.23 3 7 4 $8.46 62% WEED-T CANOPY GROWTH CORP $11.41 2 10 8 $15.30 34% BHC-T BAUSCH HEALTH COS INC $35.08 7 5 1 $41.22 17% CSH-UN-T CHARTWELL RETIREMENT RESIDENCES $12.17 6 1 0 $14.07 16% SIA-T SIENNA SENIOR LIVING INC $15.25 3 7 0 $16.52 8% ACB-T AURORA CANNABIS INC $7.36 0 9 5 $7.80 6% Industrials LEV-T LION ELECTRIC COMPANY $12.48 6 2 1 $22.18 78% BLDP-T BALLARD POWER SYSTEMS INC $15.98 10 10 2 $25.75 61% CJT-T CARGOJET INC $161.81 12 1 0 $249.42 54% MTL-T MULLEN GROUP LTD $11.61 8 2 0 $15.80 36% NFI-T NFI GROUP INC $20.71 5 2 1 $28.00 35% FTT-T FINNING INTERNATIONAL INC $32.02 8 1 0 $43.22 35% AC-T AIR CANADA $21.93 13 5 0 $29.56 35% LWRK-T LIFEWORKS INC $25.60 4 1 0 $34.40 34% BBD-B-T BOMBARDIER INC $1.75 9 5 3 $2.34 34% ARE-T AECON GROUP INC $17.04 10 3 0 $22.61 33% SNC-T SNC-LAVALIN GROUP INC $31.69 12 2 0 $42.00 33% CAE-T CAE INC $32.90 6 3 1 $40.40 23% GFL-T GFL ENVIRONMENTAL INC $47.16 10 1 1 $57.86 23% BBU-UN-T BROOKFIELD BUSINESS PARTNERS LP $60.84 8 0 0 $74.55 23% ATA-T ATS AUTOMATION TOOLING SYSTEMS INC. $50.23 6 0 0 $61.50 22% EIF-T EXCHANGE INCOME CORP $43.25 9 2 0 $52.82 22% BYD-T BOYD GROUP SERVICES INC $202.20 6 7 0 $245.54 21% BDGI-T BADGER INFRASTRUCTURE SOLUTIONS LTD $31.84 3 3 1 $38.36 20% RUS-T RUSSEL METALS INC $33.25 3 3 0 $39.50 19% RCH-T RICHELIEU HARDWARE LTD $43.83 2 2 0 $48.67 11% RBA-T RITCHIE BROS AUCTIONEERS $77.75 1 7 2 $86.19 11% WTE-T WESTSHORE TERMINALS INVESTMENT CORP $27.10 1 4 0 $30.00 11% TFII-T TFI INTERNATIONAL INC $140.19 17 3 0 $155.02 11% STN-T STANTEC INC $70.19 9 3 0 $77.21 10% CP-T CANADIAN PACIFIC RAILWAY LTD $93.81 18 9 1 $103.15 10% TIH-T TOROMONT INDUSTRIES LTD $113.69 7 2 0 $121.39 7% CNR-T CANADIAN NATL RAILWAY COMPANY $154.89 8 22 1 $163.36 5% WSP-T WSP GLOBAL INC $180.64 11 3 0 $190.07 5% WCN-T WASTE CONNECTIONS INC $170.32 16 1 1 $178.82 5% TRI-T THOMSON REUTERS CORP $147.50 3 11 2 $148.80 1% Information Technology LSPD-T LIGHTSPEED COMMERCE INC $50.25 15 1 2 $131.19 161% HUT-T HUT 8 MINING CORP $10.32 4 0 0 $24.40 136% NVEI-T NUVEI CORP $81.09 11 2 0 $156.74 93% DND-T DYE & DURHAM LTD $43.05 4 1 0 $64.40 50% DCBO-T DOCEBO INC $80.71 10 1 0 $115.87 44% ENGH-T ENGHOUSE SYSTEMS LTD $45.86 4 1 0 $62.83 37% SHOP-T SHOPIFY INC $1,552.23 27 17 2 $2,112.37 36% KXS-T KINAXIS INC $170.71 11 0 0 $226.64 33% CTS-T CONVERGE TECHNOLOGY SOLUTIONS CORP $10.83 10 2 0 $13.60 26% OTEX-T OPEN TEXT CORP $59.61 9 1 0 $74.85 26% TIXT-T TELUS INTERNATIONAL CDA INC $41.74 11 4 0 $50.46 21% DSG-T DESCARTES SYSTEMS GROUP INC $98.06 8 5 1 $114.48 17% GIB-A-T CGI INC $112.11 13 2 1 $126.52 13% CSU-T CONSTELLATION SOFTWARE INC $2,329.00 7 2 0 $2,378.75 2% CLS-T CELESTICA INC $14.89 2 7 1 $14.13 -5% BB-T BLACKBERRY LTD $11.87 0 2 6 $10.74 -10% Materials SEA-T SEABRIDGE GOLD INC $20.36 4 0 0 $66.62 227% NG-T NOVAGOLD RESOURCES INC $8.62 1 1 0 $24.48 184% TXG-T TOREX GOLD RESOURCES INC $13.13 6 4 0 $25.01 90% SVM-T SILVERCORP METALS INC $4.69 5 2 0 $8.57 83% BTO-T B2GOLD CORP $4.84 14 2 0 $8.52 76% K-T KINROSS GOLD CORP $7.21 13 1 0 $12.34 71% OSK-T OSISKO MINING INC $3.73 11 0 0 $6.20 66% DPM-T DUNDEE PRECIOUS METALS INC $7.69 9 0 0 $12.53 63% EQX-T EQUINOX GOLD CORP $8.82 9 2 0 $14.23 61% YRI-T YAMANA GOLD INC $5.19 14 4 0 $8.36 61% OGC-T OCEANAGOLD CORP $2.16 7 2 1 $3.47 61% KNT-T K92 MINING INC $7.17 12 0 0 $11.52 61% SIL-T SILVERCREST METALS INC $9.80 7 0 0 $15.11 54% SSL-T SANDSTORM GOLD LTD $7.65 7 4 1 $11.76 54% ERO-T ERO COPPER CORP $19.10 7 4 0 $29.09 52% ITP-T INTERTAPE POLYMER GROUP INC $25.97 9 0 0 $38.94 50% OR-T OSISKO GOLD ROYALTIES LTD $15.20 14 1 0 $22.64 49% FR-T FIRST MAJESTIC SILVER CORP $13.96 4 2 0 $20.67 48% SSRM-T SSR MINING INC $22.15 11 0 0 $32.69 48% ELD-T ELDORADO GOLD CORP $11.83 6 5 1 $17.01 44% AEM-T AGNICO EAGLE MINES LTD $67.06 13 6 0 $95.96 43% MAG-T MAG SILVER CORP $19.73 8 3 0 $28.22 43% PAAS-T PAN AMERICAN SILVER CORP $30.83 8 2 0 $43.83 42% CS-T CAPSTONE MINING CORP $5.49 9 0 0 $7.75 41% STLC-T STELCO HOLDINGS INC $39.84 4 2 1 $56.21 41% AGI-T ALAMOS GOLD INC $9.57 8 5 1 $13.38 40% ABX-T BARRICK GOLD CORP $23.81 19 8 0 $32.75 38% EDR-T ENDEAVOUR SILVER CORP $5.33 4 6 0 $7.32 37% HBM-T HUDBAY MINERALS INC $9.36 17 1 0 $12.71 36% WPM-T WHEATON PRECIOUS METALS CORP $53.02 16 2 0 $70.90 34% CFP-T CANFOR CORP $31.39 7 0 0 $41.96 34% CAS-T CASCADES INC $14.01 5 2 0 $18.64 33% WDO-T WESDOME GOLD MINES LTD $11.33 8 2 0 $14.94 32% TCL-A-T TRANSCONTINENTAL INC $20.10 5 2 0 $26.50 32% NGD-T NEW GOLD INC $1.93 3 9 1 $2.49 29% WPK-T WINPAK LTD $36.68 2 3 0 $46.83 28% FVI-T FORTUNA SILVER MINES INC $4.96 1 6 0 $6.31 27% SJ-T STELLA-JONES INC $40.68 7 1 0 $51.19 26% WFG-T WEST FRASER TIMBER CO LTD $118.05 5 1 0 $145.54 23% IVN-T IVANHOE MINES LTD $10.37 8 3 0 $12.65 22% LUN-T LUNDIN MINING CORP $9.91 7 12 1 $12.06 22% MX-T METHANEX CORP $54.23 7 5 2 $64.88 20% CCL-B-T CCL INDUSTRIES INC $67.79 9 1 0 $80.78 19% KL-T KIRKLAND LAKE GOLD LTD $53.06 6 1 1 $62.33 17% FNV-T FRANCO-NEVADA CORP $173.35 12 5 2 $202.65 17% TECK-B-T TECK RESOURCES LTD $37.10 18 6 0 $42.74 15% FM-T FIRST QUANTUM MINERALS LTD $30.54 19 4 0 $34.41 13% IFP-T INTERFOR CORP $39.99 5 1 0 $45.00 13% NTR-T NUTRIEN LTD $91.25 19 4 1 $101.76 12% LAC-T LITHIUM AMERICAS CORP $42.84 9 5 0 $46.86 9% IMG-T IAMGOLD CORP $3.88 3 8 2 $4.13 7% LIF-T LABRADOR IRON ORE ROYALTY CORP $36.81 2 5 0 $39.14 6% PVG-T PRETIUM RESOURCES INC $17.78 1 4 0 $18.35 3% CG-T CENTERRA GOLD INC $10.78 3 6 1 $11.05 3% TRQ-T TURQUOISE HILL RESOURCES LTD $20.64 0 3 4 $15.43 -25% Real Estate HR-UN-T H&R REIT $15.89 4 1 0 $19.88 25% IIP-UN-T INTERRENT REIT $16.94 8 3 1 $20.14 19% CAR-UN-T CAN APARTMENT PROPERTIES REIT $58.50 11 2 0 $68.79 18% AP-UN-T ALLIED PROPERTIES REIT $44.61 11 1 0 $51.29 15% FCR-UN-T FIRST CAPITAL REIT $18.73 5 2 0 $21.36 14% DIR-UN-T DREAM INDUSTRIAL REIT $16.90 9 0 0 $19.22 14% BEI-UN-T BOARDWALK REIT $53.79 5 5 1 $60.70 13% SMU-UN-T SUMMIT INDUSTRIAL INCOME REIT $22.61 6 4 0 $25.20 11% KMP-UN-T KILLAM APARTMENT REIT $23.20 12 1 0 $25.60 10% CIGI-T COLLIERS INTERNATIONAL GROUP $185.38 5 1 0 $204.54 10% CRT-UN-T CT REIT $17.11 3 4 0 $18.82 10% REI-UN-T RIOCAN REIT $22.91 6 3 0 $25.00 9% NWH-UN-T NORTHWEST HEALTHCARE PROPERTIES REIT $13.68 3 3 0 $14.77 8% CRR-UN-T CROMBIE REIT $18.25 5 4 0 $19.61 7% TCN-T TRICON RESIDENTIAL INC $19.03 10 2 0 $20.40 7% AIF-T ALTUS GROUP LTD $71.23 6 2 0 $76.00 7% D-UN-T DREAM OFFICE REIT $24.46 7 2 0 $26.08 7% CHP-UN-T CHOICE PROPERTIES REIT $15.02 1 7 0 $15.94 6% GRT-UN-T GRANITE REIT $103.73 11 0 0 $109.73 6% AX-UN-T ARTIS REIT $12.14 1 6 0 $12.64 4% SRU-UN-T SMARTCENTRES REIT $31.90 3 5 0 $33.13 4% FSV-T FIRSTSERVICE CORP $240.58 1 4 0 $245.36 2% CUF-UN-T COMINAR REIT $11.69 0 3 0 $11.60 -1% Utilities BLX-T BORALEX INC $33.99 8 4 0 $46.42 37% INE-T INNERGEX RENEWABLE ENERGY INC $18.42 6 4 1 $23.66 28% NPI-T NORTHLAND POWER INC $37.19 11 3 0 $47.55 28% SPB-T SUPERIOR PLUS CORP $13.06 4 8 0 $16.19 24% BEP-UN-T BROOKFIELD RENEWABLE PARTNERS LP $44.59 7 9 1 $53.77 21% TA-T TRANSALTA CORP $13.84 11 1 1 $16.59 20% AQN-T ALGONQUIN POWER & UTILITIES CORP $18.16 7 5 2 $21.13 16% CPX-T CAPITAL POWER CORP $39.34 5 8 0 $45.46 16% ACO-X-T ATCO LTD $42.40 5 2 1 $48.47 14% ALA-T ALTAGAS LTD $26.88 15 0 0 $30.43 13% RNW-T TRANSALTA RENEWABLES INC $18.73 0 12 1 $20.21 8% BIP-UN-T BROOKFIELD INFRASTRUCTURE PARTNERS LP $77.40 10 2 1 $80.93 5% CU-T CANADIAN UTILITIES LTD $36.61 3 5 0 $38.14 4% EMA-T EMERA INC $62.59 5 10 2 $62.56 0% H-T HYDRO ONE LTD $32.84 5 8 1 $32.68 0% FTS-T FORTIS INC $60.48 4 10 3 $58.70 -3%
Source: Bloomberg
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