The trade war grew hotter again this past week as U.S. President Donald Trump threatened higher levies, including a 50 per cent tariff on copper. Meanwhile, analysts pondered the future for shares of artificial intelligence behemoth Nvidia Corp. as it notched a market capitalization record. Keep reading to find out how investors can make a Canadian copper play and what stocks should be on your radar.

Stock of the week: Aritzia Inc.

The fashion chain

Aritzia Inc.

(ATZ) really knocked the socks off analysts this week. Nine of the 13 analysts tracked by Bloomberg who cover the stock raised their price targets after the Vancouver-based company released earnings Thursday that showed its U.S. sales grew a lot more than expected. “Stellar FQ1 (fiscal quarter) results highlight excellent momentum in Aritzia’s product offering and brand awareness, reflected in strong growth across channels and geographies,” Mark Petrie, an analyst at CIBC Capital Markets, said in a note. The shares closed Friday at $75.14 and have a consensus price target of $88.30. Petrie raised his price target for Aritzia to $87 from $79. Shares are up 40 per cent year to date. Petrie warned they “could take a pause, though we remain bullish,” betting on Aritzia’s strategy of focusing on the U.S. market, where net revenue rose 45 per cent in the quarter compared with 17 per cent in Canada.

Keeping score

 

The perfect timing of two ‘mega-trends’

The boom in artificial intelligence and the revival of nuclear energy are intersecting at the perfect time, offering opportunities for investors. AI data centres demand “constant, uninterrupted power at industrial scale” and that is where nuclear energy comes into play,

David Rosenberg

, president of Rosenberg Research and Associates Inc., said in a note. Politically, nuclear energy is enjoying a tailwind from Donald Trump’s massive tax bill, which cut subsidies for wind and solar while tax credits for existing nuclear plants and new construction were maintained. “Combined with expanded federal loan guarantees and bipartisan support, nuclear is now viewed not just as a decarbonization tool but as essential to energy security, AI competitiveness, and industrial sovereignty in an increasingly digitized economy,” Rosenberg said. He is recommending investors take a look at

uranium

miners, nuclear technology companies, utilities operating nuclear fleets, private startups developing next-generation reactors, and exchange-traded funds (

ETFs

) focused on nuclear and uranium.

Canadian uranium miner

Cameco Corp.

(CCO) has the highest market capitalization of the S&P/TSX Composite index-listed base metal miners at $42.9 billion with

Teck Resources Inc.

in second spot at $25.5 billion. Cameco had a strong 2025 with the stock up 40 per cent. It closed Friday at $99.48. It has a consensus price target of $98.07 based on the analysts covering the stock who are tracked by Bloomberg.

Rosenberg is still “bullish” on uranium, especially with a supply currently running 30 per cent short of demand and that gap expected to widen to 60 per cent by 2040. He likes the Global X Uranium ETF (URA) and the Sprott Physical Uranium Trust fund (U-U) “as a pure play on the physical commodity itself.” The Global X ETF is up 37 per cent year to date, while the Sprott trust has had a choppy year to date and is currently down 7.6 per cent.

Where can Nvidia go from here?

AI mega-darling Nvidia Corp. (NVDA) broke through the US$4 trillion market cap level this week, raising the question of where the stock goes from here. Plenty of analysts think the answer is “up.” The stock obliged this week, closing up US$164.92, for an increase of 3.5 per cent from last Thursday’s close (Friday was a U.S. holiday). Analysts see plenty more upside. Atif Malik at Citigroup Global Markets Inc. raised his price target on Monday to US$190 from US$180, while Vijay Rakesh at Mizuho Securities Co. Ltd. raised his on July 2 to US$185 from US$170. CFRA Research raised its target to US$196 from US$165. The consensus price target for the group of more than 80 analysts covering the stock is US$175.37. “We think visibility continues to improve as more complex reasoning models/AI agents gain traction, supporting higher spending from hyperscalers and a broadening out of customers on data centre infrastructure spend,” CFRA analyst Angelo Zino said in a note. Among risks to the stock are a U.S.

Section 232

investigation of the effects of semiconductor and semiconductor manufacturing equipment imports on national security, he said.

Note: If you’re wondering what is an AI agent, check out this excellent explainer by Yvonne Lau, Financial Post’s technology and innovation reporter.

Read the story here

.

This Canadian copper play could benefit in the face of U.S. tariffs

North American copper stocks took a major hit this week after Donald Trump threatened to impose a 50 per cent tariff on imports of the metal that is critical to the manufacturing of all manner of goods. But there could still be some Canada-based and TSX-listed sector winners despite the announcement. Vancouver-based

Taseko Mines Ltd.

(TKO), which mines copper in British Columbia, could benefit, as the miner ships most of its production to Asia for processing. It is also in the final stages of building a roughly $300-million copper mine in Arizona that is expected to start production within the next year. Taseko also has another project in the pipeline, this one in B.C. Analyst Rene Cartier at BMO Capital Markets said in a note he will be looking for more progress at Taseko’s Yellowhead project before factoring it into the price target. BMO has a price target of $5.50 on Taseko. It closed Friday at $4.91. Another winner could be Freeport-McMoRan Inc. (FCX), BMO said in a separate note, which “is by far the most exposed to COMEX (the U.S. commodities exchange) price upside this year” for copper. Freeport-McMoRan is up 18.9 per cent year to day. It closed Friday at US$46.36. BMO has a price target of US$55.

Last week, we highlighted three TSX listed copper stocks recommended by RBC Capital Markets analysts. They were

Hudbay Minerals Inc.

(HBM), Capstone Copper Corp. (CS) and

First Quantum Minerals Ltd.

(FM). Capstone and First Quantum took a hit, landing in the biggest losers ranks this week, according to Bloomberg. But RBC analysts did warn that “a tariff decision (on copper) either way could be a negative catalyst.” No new note has been issued regarding the companies.

  • RBC hikes Bombardier share price with stock already up over 100% since April
  • Why BMO thinks Costco shares still have room to run and other calls from the week in stocks

• Email: gmvsuhanic@postmedia.com

Every week, the Financial Post breaks down the most interesting developments in the week’s world of investing, from top performers to surprising analyst calls and stocks to have on your radar. 

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