The Globe and Mail reports in its Friday, Jan. 9, edition that ahead of the release of 2026 operating guidance for many North American miners, Scotia Capital analysts predict "relatively tight commodity markets in 2026, particularly in copper, supported by supply side challenges at several large operations." The Globe's David Leeder writes in the Eye On Equities column that the Scotiabank analysts say in a note: "We forecast 2026 to be a relatively solid year for most of our coverage, driven by improved operating performance and robust commodity prices, driving higher FCF generation. ... We have also made several commodity price changes, including higher near-term Cu prices, and further increased equity multiples and targets for most companies (17-per-cent average target price increase). Finally, we have updated our implied Cu price in equities analysis and reviewed current valuations." Cameco is a top pick at Scotiabank. The Scotiabank analysts rate Cameco "sector outperform." They gave their share target at $5 boost to $155. Analysts on average target the shares at $147.14.