Rosenberg’s 2026 picks, why some oilsands majors may be vulnerable and more stories from The Week in Stocks.

Stock of the week: Groupe Dynamite Inc.

Fashion retailer

Groupe Dynamite Inc.

(TSX:GRGD) has experienced explosive share price growth over 2025 with the stock up just over 300 per cent as the company expands, especially in the United States. The Montreal fashion retailer released earnings this week that met or exceeded 2025 guidance sending  shares up seven per cent, though the stock gave back those gains later in the week. Several analysts see more upside ahead, with RBC Capital Markets’ Irene Nattel raising her price target for the shares to $95 from $77, citing this week’s results and “strong momentum.” Groupe Dynamite closed Friday at $79. BMO Capital Markets analyst Stephen Macleod also hiked his price target for Groupe Dynamite to $97 from $76, while TD Cowen’s Brian Morrison hiked his to $97 from $68, on “results that surpassed elevated expectations for Q3/F25.”

Keeping score

Carney-Smith deal could spell trouble for these oilsands majors

“Our take is currently mixed” on the memorandum of understanding (MOU) signed by Prime Minister

Mark Carney

and Alberta Premier

Danielle Smith

, analysts at Scotia Capital Markets said in a note. Based on what is known about the agreement, which aims to clear the way for a new oil pipeline, the team at Scotia Capital said they believe it will be positive for power and energy infrastructure and slightly negative for the oilsands, due to higher carbon taxes. If a pipeline is built, analysts pegged major oilsands players, including Athabasca Oil Corp. (TSX:ATH),

Cenovus Energy Inc.

(TSX:CVE),

Canadian Natural Resources Ltd.

(TSX:CNQ), Imperial Oil Ltd. (TSX:IMO), International Petroleum Corp. (TSX:IPCO),

Strathcona Resources Ltd.

(TSX:SCR) and

Suncor Energy Inc.

(TSX:SU), as vulnerable. However, the Scotia team named Capital Power Corp. (TSX:CPX), TransAlta Corp. (TSX:TA) and Pembina Pipeline Corp. (TSX:PPL) among the companies that could benefit from the MOU’s push for Alberta to build out its energy infrastructure. But the analysts also warned of the damage suffered by proponents of such ill-fated projects as Northern Gateway, Keystone XL and Energy East. “Recent large-scale pipeline projects were very negative outcomes for investors and negatively affected share prices,” they said.

What Rosenberg likes for 2026

Utilities,

uranium

,

gold

and gold miners are a few of 13 sectors that

David Rosenberg

continues to favour in 2026 in the hunt for “growth at a reasonable price.” Here’s a look at what the founder of Rosenberg Research & Associated Inc., had to say about the prospects for these sectors in a recent note to investors.

Utilities:

Rosenberg expects U.S. power demand to soar in the coming years and utilities as the best way to position for that trend. “The sector commands attractive valuations benchmarked against strong earnings visibility, ultimately making it a long-term holding with an attractive risk/reward profile,” he said.

Uranium:

A

nuclear

renaissance is underway to feed the growing need for power and uranium is well placed to win given demand currently outstrips supply.

Aerospace and defence:
Defence spending

budgets are exploding around the world. “This remains one of our highest-conviction investment themes — led by Europe,” he said.

Asian equities:

The stock markets of countries including India, Japan, South Korea, Taiwan and China are “under owned” and offer better valuations, he said.

Gold and miners

: Rosenberg thinks gold at US$6,000 an ounce is possible based on ongoing central bank buying, retail demand and global political uncertainty. He also likes mining stocks, which he said are “incredibly underpriced.”

Bank preferreds

: They are the ticket for investors looking for “safety and income at a reasonable price” as they include “attractive yields that come with capital appreciation potential as rates fall.”

But 2025 isn’t over yet, and CIBC has Top 10 picks

Historical trends for equity market gains in the last half of December, coupled with a U.S.

Federal Reserve

rate cut and increase in the breadth of

stock market winners

, has CIBC Capital Markets analysts Sid Mokhtari and associate Michael Petipas betting on a year-end rally. Here are their Top 10 picks, spread out of five year sectors: Equinox Gold Corp. (TSX:EQX), Orla Mining Ltd. (TSX:OLA), Americas Gold and Silver Corp.

(TSX:USA)

, Suncor Energy Inc. (TSX:SU), Whitecap Resources Inc. (TSX:WCP), IA Financial Corp. Inc. (TSX:IAG), Manulife Financial Corp. (TSX:MFC), Aecon Group Inc., (TSX:ARE), Exchange Income Corp. (TSX:EIF), Celestica Inc., (TSX:CLS).

Price target hikes

  • CIBC Capital Markets hiked its price target for Endeavour Silver Corp. (TSX:EDR) to $18 from $16 after it completed a debt offering that analyst Cosmos Chiu estimates will save the miner on interest payments. Endeavour closed Friday at $12.35.
  • BMO Capital Markets hiked its price target for Lundin Gold Inc. (TSX:LUG) to $115 from $108 on better-than-expected production in 2028. Shares closed Friday at $111.41.
  • Josh Wolfson at RBC Capital Markets hiked his price target for Barrick Mining Corp. (TSX:ABX) to $70.60 from $55.93. “Our outperform rating is predicated on our view that Barrick’s valuation provides greater upside potential relative to peers given the company’s growth and resource upside,” RBC said in a note. Shares closed Friday at $59.26.
  • Patrick Kenny at National Bank Capital Markets hiked his price target for TransAlta Corp. (TSX:TA) to $22 from $18 after it announced a deal to supply power to the U.S. Pacific Northwest. TransAlta closed Friday at $19.08.
  • Irene Nattel at RBC Capital Markets hiked her price target for Dollarama Inc. (TSX:DOL) to $225 from $220. Consumer traffic and the size of purchases at the discount retailer grew, the latest earnings report showed. Shares traded Friday at $202.23.
  • Stock markets, like people, operate beyond our control. What is our task then?
  • Why central bank rate cuts may not save investors this time

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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