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
1/26/2023	IFSPF Interfor	Upgrade	$19.00		Neutral ➝ Outperform	Low
1/26/2023	CFPZF Canfor	Upgrade	$19.00		Neutral ➝ Outperform	Low
1/26/2023	OCANF OceanaGold	Upgrade	$2.00		Neutral ➝ Outperform	Low
1/26/2023	CFP Canfor	Upgrade	C$25.00	C$25.00 ➝ C$29.00	Neutral ➝ Outperform	N/A
1/26/2023	DPM Dundee Precious Metals	Downgrade	C$9.00	C$9.00 ➝ C$10.00	Outperform ➝ Neutral	N/A
1/26/2023	GSY goeasy	Set Price Target	C$124.00	C$180.00	Outperform	N/A
1/26/2023	IFP Interfor	Upgrade	C$26.00	C$27.00 ➝ C$31.00	Neutral ➝ Outperform	N/A
1/26/2023	MAG MAG Silver	Set Price Target	C$19.00	C$27.00	Neutral	N/A
1/26/2023	OGC OceanaGold	Upgrade	C$3.00	C$3.00 ➝ C$4.00	Neutral ➝ Outperform	N/A
1/26/2023	WFG West Fraser Timber	Upgrade	C$116.00	C$120.00 ➝ C$130.00	Neutral ➝ Outperform	N/A
1/26/2023	PKIUF Parkland	Boost Price Target	C$24.00	C$43.00 ➝ C$44.00		Low
1/25/2023	CNR Canadian National Railway	Lower Price Target	C$158.00	C$181.00 ➝ C$175.00	Neutral	N/A
1/25/2023	GWO Great-West Lifeco	Boost Price Target	C$35.00	C$32.00 ➝ C$37.00		N/A
1/25/2023	IAG iA Financial	Boost Price Target	C$83.00	C$74.00 ➝ C$85.00		N/A
1/25/2023	MFC Manulife Financial	Boost Price Target	C$27.00	C$23.00 ➝ C$27.00		N/A
1/25/2023	SLF Sun Life Financial	Boost Price Target	C$66.00	C$65.00 ➝ C$71.00		N/A
1/25/2023	CNI Canadian National Railway	Lower Price Target	C$119.00	C$181.00 ➝ C$175.00		Low
1/25/2023	GWLIF Great-West Lifeco	Boost Price Target	C$26.00	C$32.00 ➝ C$37.00		Low
1/25/2023	IAFNF iA Financial	Boost Price Target	C$61.00	C$74.00 ➝ C$85.00		Low
1/25/2023	MFC Manulife Financial	Boost Price Target	C$20.00	C$23.00 ➝ C$27.00		Low
1/25/2023	MTRAF Metro	Boost Price Target	C$57.00	C$72.00 ➝ C$76.00		Low
1/25/2023	SLF Sun Life Financial	Boost Price Target	C$50.00	C$65.00 ➝ C$71.00		Low
1/24/2023	AGFMF AGF Management	Boost Price Target	C$6.00	C$6.75 ➝ C$8.00		N/A
1/24/2023	ECNCF ECN Capital	Lower Price Target	C$2.00	C$6.00 ➝ C$4.50		Low
1/24/2023	FRFHF Fairfax Financial	Boost Price Target	C$655.00	C$950.00 ➝ C$1,050.00		Low
1/24/2023	FRRPF Fiera Capital	Boost Price Target	C$7.00	C$9.00 ➝ C$9.50		N/A
1/24/2023	FNLIF First National Financial	Boost Price Target	C$28.00	C$38.00 ➝ C$40.00		N/A
1/24/2023	IGIFF IGM Financial	Boost Price Target	C$31.00	C$44.00 ➝ C$50.00		Low
1/24/2023	ONEXF Onex	Lower Price Target	C$53.00	C$80.00 ➝ C$75.00		Low
1/24/2023	PWCDF Power Co. of Canada	Boost Price Target	C$27.00	C$35.00 ➝ C$37.00		Low
1/24/2023	TFPM Triple Flag Precious Metals	Boost Price Target	C$13.00	C$21.00 ➝ C$22.50		Low
1/24/2023	AGF.B AGF Management	Boost Price Target	C$8.00	C$6.75 ➝ C$8.00		N/A
1/24/2023	AD.UN Alaris Equity Partners Income Trust (AD.UN)	Boost Price Target	C$18.00	C$19.25 ➝ C$20.00		N/A
1/24/2023	ECN ECN Capital	Lower Price Target	C$3.00	C$6.00 ➝ C$4.50		N/A
1/24/2023	FFH Fairfax Financial	Boost Price Target	C$874.00	C$950.00 ➝ C$1,050.00		N/A
1/24/2023	FSZ Fiera Capital	Boost Price Target	C$9.00	C$9.00 ➝ C$9.50		N/A
1/24/2023	FN First National Financial	Boost Price Target	C$39.00	C$38.00 ➝ C$40.00		N/A
1/24/2023	IGM IGM Financial	Boost Price Target	C$42.00	C$44.00 ➝ C$50.00		N/A
1/24/2023	ONEX Onex	Lower Price Target	C$70.00	C$80.00 ➝ C$75.00	Neutral	N/A
1/24/2023	POW Power Co. of Canada	Boost Price Target	C$36.00	C$35.00 ➝ C$37.00		N/A
1/23/2023	BLX Boralex	Lower Price Target	C$39.00	C$49.00 ➝ C$48.00		N/A
1/23/2023	ZZZ Sleep Country Canada	Boost Price Target	C$26.00	C$24.00 ➝ C$26.50	Outperform	N/A
1/23/2023	BRLXF Boralex	Lower Price Target	C$29.00	C$49.00 ➝ C$48.00		Low
1/23/2023	SCCAF Sleep Country Canada	Lower Price Target	C$19.00	C$26.50 ➝ C$24.00		Low
1/18/2023	AC Air Canada	Boost Price Target	C$23.00	C$31.00 ➝ C$32.00	Outperform	N/A
1/18/2023	AND Andlauer Healthcare Group	Lower Price Target	C$47.00	C$59.00 ➝ C$54.00	Neutral	N/A
1/18/2023	BDGI Badger Infrastructure Solutions	Boost Price Target	C$31.00	C$32.00 ➝ C$36.00	Neutral	N/A
1/18/2023	BBD.B Bombardier, Inc. Class B	Lower Price Target	C$64.00	C$67.00 ➝ C$65.00	Neutral	N/A
1/18/2023	CAE CAE	Lower Price Target	C$30.00	C$34.00 ➝ C$33.00	Outperform	N/A
1/18/2023	CNR Canadian National Railway	Lower Price Target	C$158.00	C$182.00 ➝ C$181.00	Neutral	N/A
1/18/2023	CP Canadian Pacific Railway	Lower Price Target	C$102.00	C$130.00 ➝ C$128.00	Outperform	N/A
1/18/2023	CJT Cargojet	Lower Price Target	C$120.00	C$207.00 ➝ C$196.00	Outperform	N/A
1/18/2023	EIF Exchange Income	Boost Price Target	C$55.00	C$59.00 ➝ C$60.00	Outperform	N/A
1/18/2023	MTL Mullen Group	Lower Price Target	C$14.00	C$15.50 ➝ C$14.00	Neutral	N/A
1/17/2023	SNCAF SNC-Lavalin Group	Downgrade	$21.00		Outperform ➝ Neutral	Low
1/17/2023	PDS Precision Drilling	Upgrade	$83.00	$150.00	Neutral ➝ Buy	Low
1/17/2023	AAV Advantage Energy	Lower Price Target	C$8.00	C$13.50 ➝ C$12.00		N/A
1/17/2023	BTE Baytex Energy	Lower Price Target	C$6.00	C$8.50 ➝ C$8.00		N/A
1/17/2023	BIR Birchcliff Energy	Lower Price Target	C$9.00	C$12.75 ➝ C$10.50		N/A
1/17/2023	CJ Cardinal Energy	Lower Price Target	C$8.00	C$11.00 ➝ C$9.00		N/A
1/17/2023	CVE Cenovus Energy	Lower Price Target	C$27.00	C$32.00 ➝ C$31.00		N/A
1/17/2023	CPG Crescent Point Energy	Lower Price Target	C$10.00	C$16.00 ➝ C$15.00		N/A
1/17/2023	EFX Enerflex	Boost Price Target	C$10.00	C$10.00 ➝ C$11.00		N/A
1/17/2023	ESI Ensign Energy Services	Boost Price Target	C$4.00	C$4.75 ➝ C$5.00		N/A
1/17/2023	IMO Imperial Oil	Lower Price Target	C$72.00	C$80.00 ➝ C$76.00		N/A
1/17/2023	KEL Kelt Exploration	Lower Price Target	C$5.00	C$9.00 ➝ C$7.00		N/A
1/17/2023	MEG MEG Energy	Lower Price Target	C$21.00	C$22.00 ➝ C$20.00		N/A
1/17/2023	PD Precision Drilling	Boost Price Target	C$110.00	C$125.00 ➝ C$150.00		N/A
1/17/2023	SES Secure Energy Services	Boost Price Target	C$8.00	C$9.50 ➝ C$10.50		N/A
1/17/2023	SDE Spartan Delta	Boost Price Target	C$15.00	C$19.50 ➝ C$20.00		N/A
1/17/2023	VET Vermilion Energy	Lower Price Target	C$21.00	C$36.00 ➝ C$26.00		N/A
1/17/2023	AAVVF Advantage Energy	Lower Price Target	C$6.00	C$13.50 ➝ C$12.00		Low
1/17/2023	BTEGF Baytex Energy	Lower Price Target	C$4.00	C$8.50 ➝ C$8.00		Low
1/17/2023	BIREF Birchcliff Energy	Lower Price Target	C$7.00	C$12.75 ➝ C$10.50		Low
1/17/2023	CRLFF Cardinal Energy	Lower Price Target	C$6.00	C$11.00 ➝ C$9.00		Low
1/17/2023	CVE Cenovus Energy	Lower Price Target	C$20.00	C$32.00 ➝ C$31.00		Low
1/17/2023	CPG Crescent Point Energy	Lower Price Target	C$7.00	C$16.00 ➝ C$15.00		Low
1/17/2023	EFXT Enerflex	Boost Price Target	C$8.00	C$10.00 ➝ C$11.00		Low
1/17/2023	ESVIF Ensign Energy Services	Boost Price Target	C$3.00	C$4.75 ➝ C$5.00		Low
1/17/2023	IMO Imperial Oil	Lower Price Target	C$54.00	C$80.00 ➝ C$76.00		N/A
1/17/2023	KELTF Kelt Exploration	Lower Price Target	C$4.00	C$9.00 ➝ C$7.00		Low
1/17/2023	PSHIF Lucero Energy	Lower Price Target	$0.00	$0.85 ➝ $0.75		Low
1/17/2023	MEGEF MEG Energy	Lower Price Target	C$16.00	C$22.00 ➝ C$20.00		Low
1/17/2023	SECYF Secure Energy Services	Boost Price Target	C$6.00	C$9.50 ➝ C$10.50		Low
1/17/2023	DALXF Spartan Delta	Boost Price Target	C$12.00	C$19.50 ➝ C$20.00		Low
1/17/2023	TPZEF Topaz Energy	Lower Price Target	C$16.00	C$29.00 ➝ C$27.00		Low
1/17/2023	VET Vermilion Energy	Lower Price Target	C$16.00	C$36.00 ➝ C$26.00		Low
1/16/2023	SNC SNC-Lavalin Group	Downgrade	C$28.00		Outperform ➝ Neutral	N/A
1/13/2023	AGI Alamos Gold	Boost Price Target	C$15.00	C$15.00 ➝ C$17.50	Outperform	N/A
1/13/2023	EQX Equinox Gold	Downgrade	C$8.00	C$4.40 ➝ C$4.20	Neutral ➝ Underperform	N/A
1/13/2023	TXG Torex Gold Resources	Boost Price Target	C$19.00	C$16.50 ➝ C$18.50	Neutral	N/A
1/13/2023	TOU Tourmaline Oil	Lower Price Target	C$64.00	C$100.00 ➝ C$85.00	Outperform	N/A
1/13/2023	AGI Alamos Gold	Boost Price Target	C$11.00	C$15.00 ➝ C$17.50		Low
1/13/2023	GUROF GURU Organic Energy	Boost Price Target	C$2.00	C$3.00 ➝ C$5.00		N/A
1/13/2023	TORXF Torex Gold Resources	Boost Price Target	C$14.00	C$16.50 ➝ C$18.50		Low
1/13/2023	TRMLF Tourmaline Oil	Lower Price Target	C$48.00	C$100.00 ➝ C$85.00		Low
1/12/2023	EQX Equinox Gold	Downgrade	$5.00		Neutral ➝ Sector Underperform	N/A
1/12/2023	TU TELUS	Upgrade	$21.00		Neutral ➝ Outperform	Low
1/12/2023	T TELUS	Upgrade	C$29.00	C$31.00	Buy	N/A
1/12/2023	EQX Equinox Gold	Downgrade	C$6.00	C$4.20	Sell	N/A