CIBC Stock Recommendations and Price Targets

This is a list of recent ratings by CIBC.

Date	Company Name	Action	Current Price	Price Target	Rating	Impact on Share Price
4/22/2021	NPIFF Northland Power	Upgrade	$35.00		Neutral ➝ Sector Outperform	Low
4/22/2021	CP Canadian Pacific Railway	Reiterated Rating	C$459.00	C$560.00	Outperform	N/A
4/22/2021	CS Capstone Mining	Reiterated Rating	C$5.00	C$4.25	Outperform	N/A
4/22/2021	FM First Quantum Minerals	Reiterated Rating	C$27.00	C$35.00	Outperform	N/A
4/22/2021	HBM Hudbay Minerals	Reiterated Rating	C$9.00	C$13.00	Outperform	N/A
4/22/2021	LGO Largo Resources	Reiterated Rating	C$20.00	C$25.00	Outperform	N/A
4/22/2021	LUN Lundin Mining	Reiterated Rating	C$15.00	C$15.00	Neutral	N/A
4/22/2021	MOZ Marathon Gold	Reiterated Rating	C$3.00	C$3.75	Outperform	N/A
4/22/2021	NPI Northland Power	Upgrade	C$44.00	C$47.00	Neutral ➝ Outperform	N/A
4/22/2021	SMT Sierra Metals	Reiterated Rating	C$4.00	C$5.50	Outperform	N/A
4/22/2021	TECK.B Teck Resources	Reiterated Rating	C$27.00	C$32.00	Neutral	N/A
4/22/2021	MTRAF Metro	Boost Price Target	$46.00	$60.00 ➝ $61.00	Neutral	Medium
4/22/2021	MRU Metro	Boost Price Target	C$58.00	C$60.00 ➝ C$61.00	Hold	N/A
4/21/2021	CRR.UN Crombie Real Estate Investment Trust	Boost Price Target	C$16.00	C$16.25 ➝ C$16.75	Outperform	N/A
4/21/2021	CROMF Crombie Real Estate Investment Trust	Boost Price Target	$13.00	$16.25 ➝ $16.75	Outperform	Low
4/20/2021	OGI OrganiGram	Reiterated Rating	$3.00	$5.00 ➝ $3.25	Neutral ➝ Underperformer	High
4/20/2021	ALA AltaGas	Boost Price Target	C$22.00	C$24.00 ➝ C$25.00	Outperform	N/A
4/20/2021	FNV Franco-Nevada	Reiterated Rating	C$177.00	C$230.00	Outperform	N/A
4/20/2021	GWO Great-West Lifeco	Reiterated Rating	C$35.00	C$36.50	Outperform	N/A
4/20/2021	IAG iA Financial	Boost Price Target	C$68.00	C$71.00	Outperform	N/A
4/20/2021	MFC Manulife Financial	Reiterated Rating	C$26.00	C$26.00	Neutral	N/A
4/20/2021	PSK PrairieSky Royalty	Boost Price Target	C$13.00	C$15.00	Neutral	N/A
4/20/2021	SLF Sun Life Financial	Reiterated Rating	C$65.00	C$69.00	Neutral	N/A
4/20/2021	ATGFF AltaGas	Boost Price Target	$17.00	$24.00 ➝ $25.00	Outperform	Low
4/20/2021	ACLLF ATCO	Boost Price Target	$34.00	$46.00 ➝ $47.00	Outperform	Low
4/20/2021	BRLXF Boralex	Boost Price Target	$34.00	$47.00 ➝ $48.00	Outperform	Low
4/20/2021	CPXWF Capital Power	Boost Price Target	$31.00	$39.00 ➝ $40.00	Neutral	N/A
4/20/2021	EMRAF Emera	Boost Price Target	$46.00	$57.00 ➝ $58.00	Neutral	High
4/20/2021	GBNXF Gibson Energy	Lower Price Target	$17.00	$23.00 ➝ $22.00	Neutral	N/A
4/20/2021	KEYUF Keyera	Boost Price Target	$20.00	$29.00 ➝ $30.00	Outperform	Low
4/20/2021	TAC TransAlta	Boost Price Target	$10.00	$13.00 ➝ $13.50	Outperform	Low
4/20/2021	TRSWF TransAlta Renewables	Boost Price Target	$16.00	$19.50 ➝ $20.00	Neutral	Low
4/20/2021	ACO.X ATCO	Boost Price Target	C$43.00	C$46.00 ➝ C$47.00	Outperform	N/A
4/20/2021	BLX Boralex	Boost Price Target	C$43.00	C$47.00 ➝ C$48.00	Outperform	N/A
4/20/2021	EMA Emera	Boost Price Target	C$58.00	C$47.00 ➝ C$58.00	Neutral	N/A
4/20/2021	GEI Gibson Energy	Lower Price Target	C$21.00	C$23.00 ➝ C$22.00	Neutral	N/A
4/20/2021	TA TransAlta	Boost Price Target	C$12.00	C$13.00 ➝ C$13.50	Outperform	N/A
4/20/2021	RNW TransAlta Renewables	Boost Price Target	C$20.00	C$19.50 ➝ C$20.00	Neutral	N/A
4/19/2021	SCCAF Sleep Country Canada	Upgrade	$25.00		Neutral ➝ Outperform	Low
4/19/2021	GATO Gatos Silver	Initiated Coverage	$10.00	$14.00	Outperformer	N/A
4/19/2021	ACAZF Acadian Timber	Reiterated Rating	$16.00	$17.00	Neutral ➝ Underperform	N/A
4/19/2021	BYD Boyd Group Services	Boost Price Target	C$226.00	C$250.00 ➝ C$270.00	Outperform	N/A
4/19/2021	BYDGF Boyd Group Services	Boost Price Target	$181.00	$250.00 ➝ $270.00	Outperform	Low
4/19/2021	MLLGF Mullen Group	Boost Price Target	$10.00	$13.50 ➝ $14.25	Outperform	Low
4/19/2021	CPX Capital Power	Boost Price Target	C$38.00	C$39.00	Neutral	N/A
4/19/2021	JWEL Jamieson Wellness	Reiterated Rating	C$40.00	C$45.00	Outperform	N/A
4/19/2021	MTL Mullen Group	Boost Price Target	C$13.00	C$13.50 ➝ C$14.25	Outperform	N/A
4/19/2021	ZZZ Sleep Country Canada	Boost Price Target	C$34.00	C$37.00	Outperform	N/A
4/16/2021	CADNF Cascades	Upgrade	$12.00		Neutral ➝ Outperform	High
4/16/2021	BTO B2Gold	Boost Price Target	C$6.00	C$8.75	Outperform	N/A
4/16/2021	LGO Largo Resources	Boost Price Target	C$20.00	C$25.00	Outperform	N/A
4/16/2021	PXT Parex Resources	Boost Price Target	C$22.00	C$27.50	Outperform	N/A
4/16/2021	SMT Sierra Metals	Boost Price Target	C$4.00	C$5.50	Outperform	N/A
4/16/2021	CAS Cascades	Upgrade	C$15.00		Neutral ➝ Outperform	N/A
4/16/2021	BTG B2Gold	Reiterated Rating	$5.00	$8.75	Buy	N/A
4/15/2021	TRZBF Transat A.T.	Downgrade	$4.00		Neutral ➝ Underperform	Low
4/15/2021	AC Air Canada	Lower Price Target	C$25.00	C$34.00 ➝ C$33.00	Outperform	N/A
4/15/2021	ACQ AutoCanada	Boost Price Target	C$46.00	C$37.00 ➝ C$41.00	Neutral	N/A
4/15/2021	CGO Cogeco	Boost Price Target	C$99.00	C$101.00 ➝ C$114.00	Neutral	N/A
4/15/2021	GDI GDI Integrated Facility Services	Boost Price Target	C$54.00	C$47.00 ➝ C$56.00	Neutral	N/A
4/15/2021	TRZ Transat A.T.	Downgrade	C$4.00	C$4.00	Neutral ➝ Underpeform	N/A
4/15/2021	BNE Bonterra Energy	Lower Price Target	C$3.00	C$4.50 ➝ C$4.00	Outperform	N/A
4/15/2021	CCA Cogeco Communications	Boost Price Target	C$118.00	C$121.00 ➝ C$131.00	Sector Perform	N/A
4/15/2021	ERF Enerplus	Boost Price Target	C$6.00	C$9.00 ➝ C$10.00	Outperform	N/A
4/15/2021	KEY Keyera	Boost Price Target	C$26.00	C$29.00 ➝ C$30.00	Buy	N/A
4/15/2021	WCP Whitecap Resources	Boost Price Target	C$5.00	C$7.50 ➝ C$8.50	Sector Perform	N/A
4/14/2021	NSRXF Nomad Royalty	Initiated Coverage	$1.00		Neutral	Low
4/14/2021	OGI OrganiGram	Downgrade	$3.00	$5.00 ➝ $3.25	Neutral ➝ Sector Underperform	High
4/14/2021	ADN Acadian Timber	Upgrade	C$20.00		Neutral ➝ Outperform	N/A
4/14/2021	AAV Advantage Oil & Gas	Boost Price Target	C$3.00	C$3.75 ➝ C$4.25	Outperform	N/A
4/14/2021	ARX ARC Resources	Boost Price Target	C$7.00	C$11.00 ➝ C$12.00	Outperform	N/A
4/14/2021	BIR Birchcliff Energy	Lower Price Target	C$3.00	C$4.00 ➝ C$3.50	Outperform	N/A
4/14/2021	BNE Bonterra Energy	Boost Price Target	C$3.00	C$4.50	Neutral	N/A
4/14/2021	BTE Baytex Energy	Lower Price Target	C$1.00	C$2.00 ➝ C$1.75	Neutral	N/A
4/14/2021	CNQ Canadian Natural Resources	Boost Price Target	C$37.00	C$46.00 ➝ C$48.00	Outperform	N/A
4/14/2021	CPG Crescent Point Energy	Lower Price Target	C$5.00	C$8.00 ➝ C$7.00	Outperform	N/A
4/14/2021	FRU Freehold Royalties	Boost Price Target	C$7.00	C$10.00 ➝ C$11.00	Outperform	N/A
4/14/2021	NSR Nomad Royalty	Initiated Coverage	C$1.00	C$1.25	Neutral	N/A
4/14/2021	OGI OrganiGram	Downgrade	C$3.00	C$5.00 ➝ C$3.25	Neutral ➝ Underperform	N/A
4/14/2021	SGY Surge Energy	Lower Price Target	C$1.00	C$1.00 ➝ C$0.85	Neutral	N/A
4/14/2021	WCP Whitecap Resources	Lower Price Target	C$5.00	C$7.50	Outperform	N/A
4/14/2021	MAG MAG Silver	Reiterated Rating	C$23.00	C$27.00	Neutral	N/A
4/13/2021	ACAZF Acadian Timber	Downgrade	$16.00	$17.00	Neutral ➝ Underperform	Medium
4/13/2021	APHA Aphria	Lower Price Target	$14.00	$28.00 ➝ $23.00	Outperform	High
4/13/2021	CFPZF Canfor	Boost Price Target	$25.00	$35.00 ➝ $41.00	Outperform	Low
4/13/2021	CFPUF Canfor Pulp Products	Boost Price Target	$7.00	$10.00 ➝ $11.00	Neutral	N/A
4/13/2021	CWXZF CanWel Building Materials Group	Boost Price Target	$8.00	$9.50 ➝ $10.50	Neutral	High
4/13/2021	CADNF Cascades	Lower Price Target	$12.00	$19.00 ➝ $18.00	Neutral	Medium
4/13/2021	CFXTF Conifex Timber	Boost Price Target	$2.00	$2.50 ➝ $3.00	Neutral	Low
4/13/2021	FINGF Finning International	Boost Price Target	$25.00	$37.00 ➝ $39.00	Outperform	Low
4/13/2021	HDIUF Hardwoods Distribution	Boost Price Target	$26.00	$38.00 ➝ $39.00	Outperform	High
4/13/2021	IFSPF Interfor	Boost Price Target	$28.00	$37.00 ➝ $50.00	Outperform	Low
4/13/2021	SNCAF SNC-Lavalin Group	Boost Price Target	$22.00	$31.00 ➝ $34.00	Outperform	Low
4/13/2021	STN Stantec	Boost Price Target	$47.00	$56.00 ➝ $62.00	Outperform	Low
4/13/2021	STLJF Stella-Jones	Boost Price Target	$41.00	$57.00 ➝ $60.00	Outperform	N/A
4/13/2021	TMTNF Toromont Industries	Boost Price Target	$80.00	$95.00 ➝ $100.00	Neutral	Low
4/13/2021	WFSTF Western Forest Products	Boost Price Target	$2.00	$1.90 ➝ $2.50	Outperform	High
4/13/2021	ADN Acadian Timber	Downgrade	C$20.00	C$17.00	Neutral ➝ Underperform	N/A
4/13/2021	LUN Lundin Mining	Reiterated Rating	C$15.00	C$15.00	Outperform	N/A
4/13/2021	OR Osisko Gold Royalties	Reiterated Rating	C$12.00	C$19.50	Outperform	N/A