--- title: "CANADA RESEARCH ROUNDUP-First Quantum Minerals, Lundin Mining, Sandstorm Gold" description: "On April 9, securities analysts revised ratings and price targets for several Canadian companies. Notable changes include Morgan Stanley cutting First Quantum Minerals' target price to C$19.4 and Lund" type: "news" locale: "en" url: "https://longbridge.com/en/news/235238670.md" published_at: "2025-04-09T12:59:08.000Z" --- # CANADA RESEARCH ROUNDUP-First Quantum Minerals, Lundin Mining, Sandstorm Gold > On April 9, securities analysts revised ratings and price targets for several Canadian companies. Notable changes include Morgan Stanley cutting First Quantum Minerals' target price to C$19.4 and Lundin Mining's to C$12. Canaccord Genuity raised Sandstorm Gold's target price to C$12.75. Other companies like Canadian Natural Resources and Air Canada also saw target price adjustments. Overall, the report highlights various analysts' actions on Canadian stocks, reflecting a mix of upgrades and downgrades across the sector. April 9 (Reuters) - Securities analysts revised their ratings and price targets on several Canadian companies including First Quantum Minerals, Lundin Mining and Sandstorm Gold on Wednesday. ### HIGHLIGHTS - Canadian Natural Resources (CNQ.TO) : Raymond James ups to outperform from market perform - First Quantum Minerals Ltd (FM.TO) : Morgan Stanley cuts PT to C$19.4 from C$19.7 - Lundin Mining Corp (LUN.TO) : Morgan Stanley cuts target price to C$12 from C$14.80 - Sandstorm Gold Ltd (SSL.TO) : Canaccord Genuity raises PT to C$12.75 from C$12.25 - Snowline Gold Corp (SGD.V) : BMO resumes coverage with outperform rating Following is a summary of research actions on Canadian companies reported by Reuters on Wednesday. Stock entries are in alphabetical order. - Advantage Energy Ltd (AAV.TO) : Raymond James cuts target price to C$11 from C$12 - Air Canada (AC.TO) : Scotiabank cuts target price to C$21 from C$25 - Algoma Steel Group Inc (ASTL.TO) : BMO cuts target price to C$12 from C$14 - ARC Resources Ltd (ARX.TO) : Raymond James cuts target price to C$32 from C$33 - Baytex Energy Corp (BTE.TO) : Raymond James cuts target price to C$4 from C$5 - BCE Inc (BCE.TO) : RBC cuts target price to C$37 from C$39 - Canadian Natural Resources (CNQ.TO) : Raymond James cuts target price to C$49 from C$52 - Canadian Natural Resources (CNQ.TO) : Raymond James ups to outperform from market perform - Canadian Natural Resources (CNQ.TO) : Wells Fargo cuts target price to C$40 from C$44 - Cogeco Communications Inc (CCA.TO) : RBC raises target price to C$78 from C$77 - Firan Technology Group (FTG.TO) : Raymond James initiates coverage with PT C$10 - Firan Technology Group (FTG.TO) : Raymond James initiates coverage with outperform rating - First Quantum Minerals Ltd (FM.TO) : Morgan Stanley cuts PT to C$19.4 from C$19.7 - Freehold Royalties Ltd (FRU.TO) : Raymond James cuts target price to C$14 from C$16 - Imperial Oil (IMO.TO) : Raymond James cuts target price to C$104 from C$108 - Imperial Oil (IMO.TO) : Raymond James raises to outperform from market perform - Lundin Mining Corp (LUN.TO) : Morgan Stanley cuts target price to C$12 from C$14.80 - Nuvista Energy Ltd (NVA.TO) : Raymond James cuts target price to C$17 from C$18 - Obsidian Energy Ltd (OBE.TO) : Raymond James cuts target price to C$10 from C$14 - Obsidian Energy Ltd (OBE.TO) : Raymond James cuts to market perform from strong buy - Precision Drilling Corp (PD.TO) : Raymond James cuts target price to C$124 from C$141 - Precision Drilling Corp (PD.TO) : Raymond James cuts to outperform from strong buy - Quebecor Inc (QBRb.TO) : RBC raises target price to C$41 from C$38 - Rogers Communications Inc (RCIb.TO) : RBC cuts target price to C$54 from C$57 - Sandstorm Gold Ltd (SSL.TO) : Canaccord Genuity raises PT to C$12.75 from C$12.25 - Snowline Gold Corp (SGD.V) : BMO resumes coverage with target price C$17.5 - Snowline Gold Corp (SGD.V) : BMO resumes coverage with outperform rating - Step Energy Services Ltd (STEP.TO) : Raymond James cuts target price to C$5 from C$5.5 - Step Energy Services Ltd (STEP.TO) : Raymond James cuts to market perform from outperform - Surge Energy Inc (Alberta) (SGY.TO) : Raymond James cuts target price to C$6 from C$8.5 - Surge Energy Inc (Alberta) (SGY.TO) : Raymond James cuts to market perform from outperform - Telus Corp (T.TO) : RBC cuts target price to C$24 from C$25 - Verticalscope Holdings Inc (FORA.TO) : Raymond James cuts PT to C$9 from C$14.5 ### Related Stocks - [SAND.US - Sandstorm GLD](https://longbridge.com/en/quote/SAND.US.md) - [QMCO.US - Quantum](https://longbridge.com/en/quote/QMCO.US.md) - [MS.US - Morgan Stanley](https://longbridge.com/en/quote/MS.US.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | Silver Sands Closes Private Placement and Debt Settlement \| SSRSF Stock News | Silver Sands Resources Corp. has successfully closed a private placement financing, issuing 6,499,333 Units at $0.075 ea | [Link](https://longbridge.com/en/news/275953132.md) | | Sandstorm Gold Receives Court Approval for Acquisition by Royal Gold; Deal Set to Close October 20, 2025 | Sandstorm Gold Ltd. has received court approval for its acquisition by Royal Gold Inc., where Royal Gold will acquire al | [Link](https://longbridge.com/en/news/261316071.md) | | Tempus AI EVP Erik Phelps Sells Shares | Erik Phelps, EVP and Chief Admin. 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