Analysts' Monday Moves: Upgrades, Downgrades, and Target Price Adjustments (2026)

Monday's analyst upgrades and downgrades

Here's a breakdown of some key analyst actions from Monday, with a focus on the commentary and insights that go beyond the facts.

Quebecor Inc. (QBR.B-T)

Upgrade to 'Outperform'

• Why it matters: The analyst sees potential for revenue growth in Quebecor's Cable business, which has been struggling. This could be a significant positive for the company.
• Why it's interesting: The analyst's confidence in the Cable business' turnaround is notable, especially given the recent pullback in price. It suggests a potential upside for investors.
• Implications: The upgrade implies a positive outlook for Quebecor's stock, with a higher target price. This could attract more bullish investors.
• Larger trend: The analyst's focus on revenue growth in a struggling sector highlights the potential for value creation in the telecommunications industry.

Saputo Inc. (SAP-T)

Downgrade to 'Sector Perform'

• Why it matters: Saputo's strong performance since the beginning of 2025 has been impressive, but the analyst sees limited return potential. This could be a sign of a market peak.
• Why it's interesting: The analyst's shift from 'Outperform' to 'Sector Perform' is a subtle but significant change, indicating a more cautious stance.
• Implications: Investors may need to reconsider their positions, as the analyst suggests a more balanced risk-reward proposition.
• Larger trend: The downgrade reflects a broader market trend of high valuations and limited upside potential in certain sectors.

Cascades Inc. (CAS-T)

EBITDA Revision and Share Price Drop

• Why it matters: The analyst's revision of Cascades' EBITDA projection downward by 11% is a significant change. It reflects the challenging macroeconomic conditions and potential headwinds.
• Why it's interesting: The analyst's attribution of the change to weather disruptions and geopolitical events provides valuable context. It highlights the impact of external factors on the company's performance.
• Implications: The share price drop of 3.4% is a direct consequence of the EBITDA revision. Investors may need to reassess their positions.
• Larger trend: The analyst's focus on external factors underscores the importance of considering broader market conditions when evaluating companies.

Canadian E&C Firms

WSP Global Inc. (WSP-T)

• Why it matters: The analyst sees WSP as the cheapest of the Canadian E&C firms, with better operating metrics and potential upside. This could be an attractive entry point for investors.
• Why it's interesting: The analyst's comparison of WSP to its competitors highlights its relative undervaluation. It suggests a potential opportunity for investors to capitalize on.
• Implications: The analyst's 'Top Pick' designation for WSP implies a strong belief in its potential for outperformance.
• Larger trend: The analyst's focus on WSP's operating metrics and potential for growth highlights the importance of fundamental analysis in the E&C sector.

Canadian Transportation Companies

RBC Dominion Securities Analyst Walter Spracklin

• Why it matters: The analyst sees a potential rebound in Canadian transportation companies, driven by PMI data and a pick-up in activity.
• Why it's interesting: The analyst's focus on PMI data and industry commentary provides a comprehensive view of the sector's health.
• Implications: The analyst's positive outlook suggests a potential upside for transportation stocks, especially those with depressed valuations.
• Larger trend: The analyst's emphasis on PMI data highlights the importance of economic indicators in assessing the performance of transportation companies.

MTY Food Group Inc. (MTY-T)

Downgrade and Strategic Review Concerns

• Why it matters: The analyst's downgrade and concerns about the strategic review process highlight potential risks for investors.
• Why it's interesting: The analyst's focus on the lack of transparency and clarity around the review process is a valid concern. It underscores the importance of clear communication for investors.
• Implications: The analyst's reduced target price and 'Sector Perform' rating suggest a cautious stance, indicating potential risks for the stock.
• Larger trend: The analyst's emphasis on transparency highlights a broader issue in the industry, where clear communication is essential for investor confidence.