As the broker expected, shares in the retail chain did well on Thursday, adding over 7% to C$130.69 after its second quarter numbers "blow" past expectations.
It was the top gainer on the S&P/TSX Composite Index - making its biggest gain in more than five months.
"Q2 was another solid quarter, with EBITDA and EPS beating our expectations and consensus forecasts," said the analyst Tal Woolley.
Second-quarter earnings rose to $1.15 a share, topping the $1.04 average estimate, while sales came in at $812.5 million, above the $808.2 million which had been forecast.
Woolley said his estimates for full year 2018 currently sit modestly above the group's guidance at 24.2%.
"..we still feel comfortable with that given the momentum in the business," he said.
"Not much is made in the outlook on the recent minimum wage increase in Ontario," he noted, adding that a conference call would likely throw more light on that.