CIBC Maintains Cameco's Outperformer Rating and C$200.00 Price Target

CIBC Capital Markets maintained its outperformer rating on the shares of Cameco (CCO.TO, CCJ) and its C$200 price target.

CIBC, after incorporating Q1/26 results and "fine-tuning" its estimates, maintained its price target and rating.

"Overall, our NAVPS decreases slightly to $89.82 from $90.38, largely reflecting the rollover of our DCF by one quarter, while our annualized FY26E-FY30E EBITDA estimate increases slightly to $3,073M from $3,041M," said CIBC.

CIBC noted, the Key Lake mill and McArthur River mine have resumed full production after a temporary halt caused by supply disruptions from flooding in northern Saskatchewan. The company is now consistently supplying materials via secondary routes while the timing to restore access on the primary supply route is still being determined, CIBC noted.

"The company's 2026 consolidated production outlook remains unchanged at 19.5-21.5Mlb of U3O8 (CCO's share); however, CCO expects that future road conditions could remain at risk due to seasonal spring thaw and precipitation events," added CIBC. "Additionally, with Q1/26 results, CCO maintained its fuel services production guidance of 13.0-14.0M kgU, with consolidated total capital expenditures of $490-$540M, in addition to all other metrics."

CIBC now models 2026 EBITDA for Westinghouse at $682M vs. its prior estimate of $647M, it added.

Price: $154.62, Change: $+1.96, Percent Change: +1.28%

BRP Downgraded to Hold, Price Target on Shares Cut to $85.00 at Stifel Canada

Stifel Canada downgraded its rating on the shares of BRP (DOO.TO) to hold from buy and cut its price target by $7.00 to $85.00.BRP's shares are facing a binary outcome due to the USMCA negotiations and uncertain tariff rates that could ensue, notes analyst Martin Landy.The upside scenario involves Section 232 tariffs being removed, which could bring consensus EPS estimates back to $8.00/share for FY28. Under such a scenario, shares could possibly reach ~$100, representing a multiple of ~12.5x in-line with historical levels, Landry writes.The downside scenario entails Section 232 tariffs staying at current levels or slightly lower, which could keep consensus EPS depressed around $4.00-5.00 for FY28. Under such a scenario, Landry believes shares of BRP could retest the $70 support levels seen in April."We adjust our forecasts to reflect mitigating measures implemented, which are not as high as expected. This results in a decrease of 30% in our FY27 and FY28 EPS estimates."Price: $78.15, Change: $-2.78, Percent Change: -3.44%

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TSX up Near 70 Points at Midday as Tech Sector Soars

The Toronto Stock Exchange is up 67 points at midday in choppy trade, boosted by a tech sector that is up 5%.Sentiment is also higher on renewed hopes for a Middle East deal, with U.S. President Trump saying the U.S. blockade on the Strait of Hormuz will be lifted.Energy and utilities are the biggest decliners, down 1.3% and 1.2%, respectively.The focus was on the release of Canadian GDP data this morning, which TD Economics described as a "a disappointing report." According to TD, the surge in first quarter imports was expected to drag on growth, but with residential investment, government spending and non-residential structures investment all posting contractions, there was no room for growth. But, TD said, the wedge between the industry and expenditure measures of GDP, together with the strong flash estimate for April, suggest that growth should bounce back in the second quarter."The disappointing first quarter figure likely overstates the weakness in the economy as net trade remains noisy and materially subtracted from first quarter growth. Domestic demand growth posted a small contraction but has vacillated between growth and small contractions since late 2024. Looking to Q2, some bounce-back should be expected. Nonetheless, the Canadian economy continues to operate well below capacity, posting a contraction in Q4 and no growth in Q1, flirting with a technical recession. This suggests that ample slack remains, providing some offset to the inflationary forces coming from the energy shock. Our view remains that as the economy continues to operate below capacity, and if the inflation shock fades, the Bank of Canada will remain on the sidelines."CIBC said overall this was a "very weak report from most angles" that shows trade uncertainty and tariffs are continuing to hold back growth, while consumers have little ammunition left for spending ahead, and interest-sensitive sectors are lagging. The report missed the BoC's MPR projection for 1.5% growth. But CIBC said the positive momentum implied by the April reading, seeing a 0.4% month over month increase, will still leave policymakers on hold, with growth in Q2 likely to receive a lift as government investment normalizes. "Our base case also assumes progress towards reducing some tariffs (namely aluminum and possibly steel) in the coming months, and if the oil price shock starts to fade over that period as well, GDP will return to sustainable growth for the rest of the year," it added.

$^GSPTSE$.GSPTSE

Fredonia Mining Adds Constantine Karayannopoulos to Its Board

Fredonia Mining (FRED.V) on Friday said it appointed Constantine Karayannopoulos to its board of directors, raising the size of the board to six directors.Karayannopoulos, who has over 30 years of senior leadership experience across the mining, minerals processing, and advanced materials sectors, is currently serving as the President of Kloni Inc., an advisory firm focused on the global critical materials sector.Shares of the company were last seen down $0.02 to $0.61 on the TSX Venture Exchange.Price: $0.61, Change: $-0.02, Percent Change: -3.17%

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