ATB Cormark Capital Markets Stock Recommendations and Price Targets

This is a list of recent ratings by ATB Cormark Capital Markets.

Date	Company Name	Action	Current Price	Price Target	Rating
7/31/2026	REAL Real Matters	Downgrade	C$5.00	C$8.00 ➝ C$6.00	Outperform ➝ Sector Perform
7/31/2026	AFN Ag Growth International	Lower Price Target	C$15.00	C$25.00 ➝ C$18.00	Sector Perform
7/31/2026	KGC Kinross Gold	Upgrade	$24.00		Hold ➝ Moderate Buy
7/31/2026	K Kinross Gold	Upgrade	C$33.00	C$41.00 ➝ C$45.00	Hold ➝ Moderate Buy
7/31/2026	ALA AltaGas	Boost Price Target	C$56.00	C$60.00 ➝ C$63.00	Outperform
7/31/2026	TRP TC Energy	Boost Price Target	C$92.00	C$98.00 ➝ C$100.00	Sector Perform
7/30/2026	CG Centerra Gold	Boost Price Target	C$26.00	C$26.00 ➝ C$27.00	Sector Perform
7/30/2026	HBM Hudbay Minerals	Lower Price Target	C$35.00	C$35.50 ➝ C$35.00	Outperform
7/30/2026	PD Precision Drilling	Lower Price Target	C$107.00	C$165.00 ➝ C$160.00	Outperform
7/30/2026	CP Canadian Pacific Kansas City	Boost Price Target	C$127.00	C$137.00 ➝ C$143.00	Outperform
7/29/2026	BRO Barksdale Resources	Upgrade	C$0.00	C$0.40 ➝ C$0.25	Hold ➝ Moderate Buy
7/29/2026	QTRH Quarterhill	Upgrade	C$3.00	C$4.40 ➝ C$5.00	Outperform ➝ Top Pick
7/29/2026	GEI Gibson Energy	Boost Price Target	C$31.00	C$32.00 ➝ C$34.00	Outperform
7/29/2026	GSY goeasy	Downgrade	C$49.00	C$35.00	Market Perform ➝ Underperform
7/28/2026	ALYA Alithya Group	Upgrade	C$1.00	C$1.60	Sector Perform ➝ Outperform
7/28/2026	T TELUS	Lower Price Target	C$13.00	C$19.00 ➝ C$16.50	Sector Perform
7/28/2026	TSU Trisura Group	Lower Price Target	C$42.00	C$55.00 ➝ C$51.00	Outperform
7/27/2026	CNR Canadian National Railway	Boost Price Target	C$179.00	C$166.00 ➝ C$185.00	Sector Perform
7/22/2026	AD.UN Alaris Equity Partners Income Trust (AD.UN)	Boost Price Target	C$25.00	C$29.00 ➝ C$32.00	Outperform
7/20/2026	BRE Bridgemarq Real Estate Services	Upgrade	C$4.00	C$12.50 ➝ C$11.25	Market Perform ➝ Moderate Buy
7/20/2026	DCBO Docebo	Lower Price Target	$21.00	$36.00 ➝ $35.00	Outperform
7/17/2026	MDA MDA Space	Lower Price Target	C$48.00	C$62.00 ➝ C$51.00	Sector Perform
7/15/2026	EIF Exchange Income	Boost Price Target	C$129.00	C$125.00 ➝ C$146.00	Outperform
7/14/2026	ALS Altius Minerals	Boost Price Target	C$60.00	C$68.00 ➝ C$79.00
7/10/2026	ACX ACT Energy Technologies	Boost Price Target	C$6.00	C$9.25 ➝ C$9.50	Outperform
7/10/2026	CFW Calfrac Well Services	Downgrade	C$6.00	C$7.50	Moderate Buy ➝ Hold
7/10/2026	AG First Majestic Silver	Upgrade	$17.00		Hold ➝ Moderate Buy
7/10/2026	TOT Total Energy Services	Boost Price Target	C$23.00	C$32.00 ➝ C$33.00	Outperform
7/10/2026	AG First Majestic Silver	Upgrade	C$23.00	C$36.00 ➝ C$37.00	Hold ➝ Moderate Buy
7/10/2026	EFX Enerflex	Boost Price Target	C$31.00	C$46.00 ➝ C$47.00	Outperform
7/10/2026	NEO Neo Performance Materials	Boost Price Target	C$36.00	C$43.00 ➝ C$53.50	Outperform
7/10/2026	PD Precision Drilling	Lower Price Target	C$107.00	C$175.00 ➝ C$165.00	Outperform
7/10/2026	CP Canadian Pacific Kansas City	Boost Price Target	C$127.00	C$130.00 ➝ C$137.00	Outperform
7/10/2026	CNR Canadian National Railway	Boost Price Target	C$179.00	C$150.00 ➝ C$166.00	Sector Perform
7/9/2026	TWM Tidewater Midstream and Infrastructure	Boost Price Target	C$20.00	C$17.00 ➝ C$19.00	Sector Perform
7/8/2026	TRP TC Energy	Boost Price Target	C$92.00	C$87.00 ➝ C$92.00	Sector Perform
7/7/2026	DIV Diversified Royalty	Lower Price Target	C$5.00	C$7.50 ➝ C$7.25	Outperform
7/7/2026	PNG Kraken Robotics	Lower Price Target	C$6.00	C$6.50 ➝ C$5.00	Underperform
7/3/2026	PPL Pembina Pipeline	Boost Price Target	C$68.00	C$70.00 ➝ C$72.00	Outperform
6/30/2026	NEO Neo Performance Materials	Boost Price Target	C$36.00	C$37.50 ➝ C$43.00	Outperform
6/29/2026	SYZ Sylogist	Lower Price Target	C$3.00	C$6.00 ➝ C$5.50	Outperform
6/24/2026	DXT Dexterra Group	Boost Price Target	C$16.00	C$14.25 ➝ C$19.50	Outperform
6/24/2026	FTG Firan Technology Group	Set Price Target	C$25.00	C$30.00	Outperform
6/24/2026	LUN Lundin Mining	Boost Price Target	C$38.00	C$32.50 ➝ C$40.00	Outperform
6/22/2026	MDA MDA Space	Lower Price Target	C$48.00	C$67.00 ➝ C$62.00	Sector Perform
6/22/2026	MEQ Mainstreet Equity	Lower Price Target	C$174.00	C$245.00 ➝ C$225.00	Outperform
6/19/2026	RAY Stingray Digitl	Set Price Target	C$16.00	C$24.00	Buy
6/18/2026	TGO TeraGo	Boost Price Target	C$1.00	C$0.80 ➝ C$1.25	Sector Perform
6/16/2026	KEY Keyera	Boost Price Target	C$58.00	C$55.00 ➝ C$58.00	Sector Perform
6/10/2026	TA TransAlta	Set Price Target	C$18.00	C$28.00	Outperform
6/5/2026	TCL.A Transcontinental	Lower Price Target	C$5.00	C$7.00 ➝ C$6.00	Outperform
6/2/2026	SGY Surge Energy	Boost Price Target	C$10.00	C$12.00 ➝ C$13.00	Outperform
6/2/2026	MAL Magellan Aerospace	Boost Price Target	C$38.00	C$31.00 ➝ C$46.00	Outperform
5/29/2026	MDA MDA Space	Downgrade	$34.00		Moderate Buy ➝ Hold
5/29/2026	MDA MDA Space	Downgrade	C$48.00	C$53.00 ➝ C$67.00	Moderate Buy ➝ Hold
5/25/2026	VNP 5N Plus	Boost Price Target	C$30.00	C$45.00 ➝ C$56.50	Top Pick
5/21/2026	DIV Diversified Royalty	Boost Price Target	C$5.00	C$5.00 ➝ C$5.50	Outperform
5/21/2026	AP.UN Allied Properties Real Estate Investment Trust	Set Price Target	C$10.00	C$11.00	Sector Perform
5/21/2026	KEY Keyera	Boost Price Target	C$58.00	C$54.00 ➝ C$55.00	Sector Perform
5/20/2026	PBL Pollard Banknote	Lower Price Target	C$17.00	C$41.00 ➝ C$32.00	Outperform
5/19/2026	ACQ AutoCanada	Lower Price Target	C$23.00	C$22.00 ➝ C$21.00	Sector Perform
5/19/2026	CGY Calian Group	Boost Price Target	C$82.00	C$92.50 ➝ C$98.50	Outperform
5/15/2026	SPB Superior Plus	Boost Price Target	C$8.00	C$8.50 ➝ C$9.00	Outperform
5/15/2026	NPI Northland Power	Boost Price Target	C$22.00	C$24.00 ➝ C$26.00	Outperform
5/15/2026	KEY Keyera	Boost Price Target	C$58.00	C$52.00 ➝ C$54.00	Sector Perform
5/15/2026	BDT Bird Construction	Boost Price Target	C$70.00	C$48.00 ➝ C$57.00	Outperform
5/15/2026	QBR.B Quebecor	Boost Price Target	C$64.00	C$63.00 ➝ C$69.00	Outperform
5/15/2026	STN Stantec	Upgrade	$73.00		Hold ➝ Moderate Buy
5/15/2026	CCL.B CCL Industries	Boost Price Target	C$95.00	C$101.00 ➝ C$102.00	Outperform
5/15/2026	STN Stantec	Upgrade	C$102.00	C$157.00 ➝ C$130.00	Hold ➝ Moderate Buy
5/14/2026	NOA North American Construction Group	Boost Price Target	C$19.00	C$21.00 ➝ C$24.00	Sector Perform
5/14/2026	GSY goeasy	Lower Price Target	C$49.00	C$42.00 ➝ C$35.00	Sector Perform
5/14/2026	BYD Boyd Group Services	Lower Price Target	C$149.00	C$285.00 ➝ C$245.00	Outperform
5/13/2026	CFW Calfrac Well Services	Boost Price Target	C$6.00	C$7.25 ➝ C$7.50	Outperform
5/13/2026	TCW Trican Well Service	Boost Price Target	C$6.00	C$8.00 ➝ C$8.50	Outperform
5/13/2026	PET Pet Valu	Lower Price Target	C$19.00	C$40.00 ➝ C$30.00	Outperform
5/12/2026	ESI Ensign Energy Services	Upgrade	C$3.00	C$4.00 ➝ C$5.00	Sector Perform ➝ Outperform
5/8/2026	BTE Baytex Energy	Boost Price Target	C$6.00	C$7.00 ➝ C$8.50	Sector Perform
5/8/2026	LCFS Tidewater Renewables	Boost Price Target	C$16.00	C$8.00 ➝ C$12.00	Speculative Buy
5/8/2026	TWM Tidewater Midstream and Infrastructure	Boost Price Target	C$20.00	C$9.00 ➝ C$17.00	Sector Perform
5/8/2026	VNP 5N Plus	Boost Price Target	C$30.00	C$37.50 ➝ C$45.00	Top Pick
5/8/2026	EFX Enerflex	Boost Price Target	C$31.00	C$42.00 ➝ C$46.00	Outperform
5/8/2026	MDA MDA Space	Lower Price Target	C$48.00	C$54.00 ➝ C$53.00	Outperform
5/8/2026	LUG Lundin Gold	Upgrade	C$82.00	C$130.00	Sector Perform ➝ Outperform
5/8/2026	WSP WSP Global	Lower Price Target	C$181.00	C$335.00 ➝ C$330.00	Outperform
5/7/2026	KITS Kits Eyecare	Lower Price Target	C$14.00	C$20.00 ➝ C$16.75	Speculative Buy
5/7/2026	AFN Ag Growth International	Boost Price Target	C$15.00	C$22.00 ➝ C$25.00	Sector Perform
5/7/2026	SIA Sienna Senior Living	Boost Price Target	C$22.00	C$25.00 ➝ C$26.00	Outperform
5/7/2026	HPS.A Hammond Power Solutions	Boost Price Target	C$269.00	C$250.00 ➝ C$350.00	Outperform
5/6/2026	BLDP Ballard Power Systems	Boost Price Target	$3.00	$3.50 ➝ $4.30	Sector Perform
5/6/2026	SDE Spartan Delta	Upgrade	C$11.00	C$13.25 ➝ C$17.00	Sector Perform ➝ Outperform
5/6/2026	TPZ Topaz Energy	Boost Price Target	C$31.00	C$34.00 ➝ C$35.00	Outperform
5/6/2026	SHOP Shopify	Lower Price Target	C$173.00	C$250.00 ➝ C$240.00	Outperform
5/5/2026	KSI kneat.com	Boost Price Target	C$6.00	C$6.00 ➝ C$7.00	Outperform
5/4/2026	AEM Agnico Eagle Mines	Upgrade	$151.00		Hold ➝ Outperform
5/4/2026	EGO Eldorado Gold	Downgrade	$32.00		Moderate Buy ➝ Hold
5/4/2026	ELD Eldorado Gold	Downgrade	C$45.00		Moderate Buy ➝ Hold
5/4/2026	TRP TC Energy	Boost Price Target	C$92.00	C$82.00 ➝ C$87.00	Sector Perform
5/4/2026	AEM Agnico Eagle Mines	Upgrade	C$212.00		Sector ➝ Outperform
5/1/2026	KGC Kinross Gold	Upgrade	$24.00		Hold ➝ Moderate Buy