Analysts’ forecast returns, recommendations and yields for all stocks in the S&P/TSX Composite Index

In May, the S&P/TSX Composite Index advanced 2.37 per cent and ended the month at a record high.

There were eight sectors that closed out the month with positive price returns. Sector leaders were communication services, materials, financials, utilities and technology with gains of 6.79 per cent, 6.11 per cent, 4.24 per cent, 2.95 per cent and 2.52 per cent, respectively.

Sectors laggards included health care, energy and consumer staples with losses of 5.22 per cent, 3.09 per cent and 1.35 per cent, respectively.

Year-to-date, the TSX Index is up 9.64 per cent with positive price returns in nine of the 11 sectors. There are now four sectors with double-digit returns. Energy, utilities, financials and materials have gains of 27.4 per cent, 13.54 per cent, 11.76 per cent and 10.99 per cent, respectively.

The top 10 performers in the S&P/TSX Composite Index in May were:

• BlackBerry Ltd. (BB-T), up 68 per cent
• MDA Space Ltd. (MDA-T), up 48 per cent
• Badger Infrastructure Solutions Ltd. (BDGI-T), up 34 per cent
• Capstone Copper Corp. (CS-T), up 33 per cent
• 5N Plus Inc. (VNP-T), up 30 per cent
• Hudbay Minerals Inc. (HBM-T), up 28 per cent
• First Quantum Minerals Ltd. (FM-T), up 28 per cent
• Montage Gold Corp. (MAU-T), up 25 per cent
• AYA Gold & Silver Inc. (AYA-T), up 24 per cent
• Seabridge Gold Inc. (SEA-T), up 23 per cent

Stocks with material positive revisions to their average target prices over the past month include:

• 5N Plus Inc. (VNP-T), increased 26 per cent to $45.7 from $36.33
• Bird Construction Inc. (BDT-T), increased 20 per cent to $63.38 from $52.75
• Finning International Inc. (FTT-T), increased 16 per cent to $117.67 from $101.56
• Tamarack Valley Energy Ltd. (TVE-T), increased 16 per cent to $14.75 from $12.75
• Enerflex Ltd. (EFX-T), increased 16 per cent to $43.81 from $37.91.

As of May 29, the S&P/TSX Composite Index was trading at a price-to-earnings multiple of 16.5 times the 2026 consensus earnings estimate, up slightly from a multiple of 16.4 times last month, according to Bloomberg. Double-digit earnings growth is expected over the next 12 months with current expectations pegged at 23 per cent.

Now, here’s a look at analysts’ current target prices, recommendations, forecast returns and yields 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 reflects 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. For the yield provided, Bloomberg calculates this figure by annualizing the most recent announced dividend or distribution value.

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.

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