Industrial Alliance Securities Stock Recommendations and Price Targets

This is a list of recent ratings by Industrial Alliance Securities.

Date	Company Name	Action	Current Price	Price Target	Rating	Impact on Share Price
12/2/2022	TRP TC Energy	Reiterated Rating	C$57.00	C$64.00	Buy ➝ Hold	N/A
11/28/2022	TRSWF TransAlta Renewables	Upgrade	$9.00		Hold ➝ Buy	Low
11/28/2022	RNW TransAlta Renewables	Reiterated Rating	C$12.00	C$17.00	Buy	N/A
9/29/2022	WPNDF Wishpond Technologies	Initiated Coverage	$1.00	$1.50	Buy	Low
9/29/2022	LSPD Lightspeed Commerce	Initiated Coverage	$17.00		Buy	Low
9/26/2022	PBA Pembina Pipeline	Upgrade	$35.00		Hold ➝ Buy	Low
9/26/2022	PPL Pembina Pipeline	Reiterated Rating	C$47.00	C$49.00	Buy	N/A
9/23/2022	BRLXF Boralex	Upgrade	$29.00		Hold ➝ Buy	Low
9/19/2022	PPRQF Choice Properties Real Estate Investment Trust	Initiated Coverage	C$11.00	C$16.50	Buy	Low
9/19/2022	FCXXF First Capital Real Estate Investment Trust	Initiated Coverage	C$13.00	C$19.00	Buy	Low
9/19/2022	CWYUF SmartCentres Real Estate Investment Trust	Initiated Coverage	$21.00		Hold	Low
8/16/2022	SAWLF Shawcor	Upgrade	C$10.00	C$7.75 ➝ C$8.50	Buy	Low
8/3/2022	BIRDF Bird Construction	Downgrade	$6.00		Buy ➝ Hold	Low
8/3/2022	ENB Enbridge	Upgrade	C$41.00	C$60.00	Hold ➝ Buy	Low
7/7/2022	ME Moneta Gold	Initiated Coverage	C$2.00	C$4.70	Buy	N/A
7/6/2022	PMREF Primaris Real Estate Investment Trust	Initiated Coverage	$11.00		Buy	N/A
6/13/2022	BRLXF Boralex	Downgrade	C$29.00	C$45.00	Buy ➝ Hold	High
6/9/2022	NNWWF North West	Upgrade	C$27.00	C$39.00	Hold ➝ Buy	Low
6/9/2022	DLMAF Dollarama	Downgrade	$62.00	$76.00	Buy ➝ Hold	Medium
6/9/2022	DOL Dollarama	Downgrade	C$80.00	C$76.00	Hold	N/A
6/8/2022	TUERF True North Commercial Real Estate Investment Trust	Initiated Coverage	C$5.00	C$7.00	Hold	Low
5/6/2022	DRTT DIRTT Environmental Solutions	Upgrade	C$1.00	C$1.85	Hold ➝ Buy	Low
5/6/2022	DRT DIRTT Environmental Solutions	Upgrade	C$1.00	C$1.85	Buy	N/A
4/14/2022	NNWWF North West	Downgrade	$27.00		Buy ➝ Hold	High
4/4/2022	TRP TC Energy	Upgrade	C$42.00	C$74.00	Hold ➝ Buy	Low
4/4/2022	TRP TC Energy	Upgrade	C$57.00	C$74.00	Buy	N/A
3/25/2022	BEP Brookfield Renewable Partners	Downgrade	$29.00		Buy ➝ Hold	Medium
3/25/2022	BEP.UN Brookfield Renewable Partners	Downgrade	C$39.00		Hold	N/A
3/21/2022	NBLY Neighbourly Pharmacy	Upgrade	C$20.00	C$40.00	Buy	N/A
3/10/2022	TRSWF TransAlta Renewables	Downgrade	$9.00	$19.00	Buy ➝ Hold	Low
3/10/2022	RNW TransAlta Renewables	Downgrade	C$12.00	C$19.00	Hold	N/A
2/25/2022	DRTT DIRTT Environmental Solutions	Upgrade	C$1.00	C$1.65 ➝ C$2.00	Sell ➝ Hold	High
2/16/2022	TRP TC Energy	Downgrade	C$42.00	C$68.00	Strong-Buy ➝ Hold	Low
2/16/2022	TRP TC Energy	Downgrade	C$57.00	C$68.00	Hold	N/A
11/18/2021	LAC Lithium Americas	Reiterated Rating	C$29.00	C$55.00	Buy	N/A
11/15/2021	NTTHF Neo Lithium	Reiterated Rating	$5.00		Neutral ➝ Hold	Low
11/12/2021	LWSCF Sienna Senior Living	Upgrade	C$9.00	C$16.00	Hold ➝ Buy	High
11/12/2021	SIA Sienna Senior Living	Upgrade	C$12.00	C$16.00	Buy	N/A
11/9/2021	BTBIF BTB Real Estate Investment Trust	Downgrade	C$3.00	C$4.40	Buy ➝ Hold	Low
10/22/2021	CESDF CES Energy Solutions	Downgrade	C$2.00	C$2.80	Buy	Low
10/21/2021	LAC Lithium Americas	Reiterated Rating	$22.00		Buy	Low
10/20/2021	LUNMF Lundin Mining	Initiated Coverage	C$7.00	C$12.50	Hold	Low
10/12/2021	NTTHF Neo Lithium	Downgrade	C$5.00	C$6.50	Buy ➝ Hold	Low
9/28/2021	ITRG Integra Resources	Initiated Coverage	C$1.00	C$7.00	Buy	N/A
9/28/2021	BIREF Birchcliff Energy	Upgrade	C$6.00	C$9.25	Buy	Low
9/28/2021	PEYUF Peyto Exploration & Development	Downgrade	C$9.00	C$11.50	Buy ➝ Hold	High
8/20/2021	IMAC IMAC	Downgrade	$0.00	$1.80	Hold	Low
8/18/2021	FTS Fortis	Downgrade	C$41.00	C$61.00	Buy ➝ Hold	Low
8/3/2021	CPXWF Capital Power	Downgrade	C$33.00	C$44.00	Buy ➝ Hold	Low
7/23/2021	NWVCF EnWave	Upgrade	C$0.00	C$1.10	Hold ➝ Buy	Low
7/13/2021	NGENF NervGen Pharma	Initiated Coverage	C$1.00	C$6.00	Buy	N/A
7/6/2021	SECYF Secure Energy Services	Upgrade	C$6.00	C$6.50	Buy	High
6/23/2021	LAC Lithium Americas	Initiated Coverage	$22.00		Buy	High
6/11/2021	OSIIF Osino Resources	Reiterated Rating	C$1.00	C$2.60	Buy	High
6/11/2021	FNV Franco-Nevada	Reiterated Rating	C$145.00	C$250.00	Buy	Medium
6/9/2021	FRMUF Firm Capital Property Trust	Upgrade	C$4.00	C$7.50	Hold ➝ Buy	High
6/7/2021	IPPLF Inter Pipeline	Downgrade	C$15.00	C$19.75	Buy ➝ Hold	Low
6/1/2021	KEYUF Keyera	Upgrade	$23.00		Hold ➝ Buy	High
5/31/2021	KEY Keyera	Reiterated Rating	C$30.00	C$33.00	Buy	N/A
5/28/2021	NWVCF EnWave	Downgrade	C$0.00		Buy ➝ Hold	Low
5/26/2021	IPPLF Inter Pipeline	Upgrade	$15.00		Hold ➝ Buy	Medium
5/21/2021	BBU Brookfield Business Partners	Initiated Coverage	$21.00		Buy	Medium
5/13/2021	INGXF Innergex Renewable Energy	Upgrade	C$12.00	C$27.00	Hold ➝ Buy	Low
5/3/2021	BIRDF Bird Construction	Initiated Coverage	$6.00		Buy	High
4/23/2021	SUUIF Superior Plus	Downgrade	$8.00		Buy ➝ Hold	Low
4/12/2021	SECYF Secure Energy Services	Upgrade	$6.00		Hold ➝ Buy	Low
4/12/2021	TRVCF Tervita	Upgrade	$4.00		Hold ➝ Buy	N/A
4/5/2021	SAWLF Shawcor	Upgrade	$10.00		Hold ➝ Buy	High
3/16/2021	GBNXF Gibson Energy	Downgrade	$18.00		Buy ➝ Hold	Low
3/16/2021	PBA Pembina Pipeline	Downgrade	$35.00		Buy ➝ Hold	Low
3/15/2021	BADFF Badger Infrastructure Solutions	Upgrade	$24.00	$39.00	Sell ➝ Hold	Low
3/12/2021	SAWLF Shawcor	Downgrade	$10.00		Buy ➝ Hold	Low
3/10/2021	SECYF Secure Energy Services	Downgrade	$6.00		Buy ➝ Hold	Low
3/4/2021	BADFF Badger Infrastructure Solutions	Downgrade	$24.00		Hold ➝ Sell	Low
3/1/2021	PAZRF Plaza Retail REIT	Upgrade	$3.00		Hold ➝ Buy	Low
3/1/2021	PBA Pembina Pipeline	Upgrade	$35.00		Hold ➝ Buy	Low
2/17/2021	EMRAF Emera	Downgrade	$40.00		Strong-Buy ➝ Buy	Low
2/9/2021	IPPLF Inter Pipeline	Upgrade	$15.00		Hold ➝ Buy	Low
2/9/2021	IPA ImmunoPrecise Antibodies	Downgrade	$5.00		Buy ➝ Hold	Low
1/28/2021	OSIIF Osino Resources	Initiated Coverage	$1.00		Buy	High
12/31/2020	DRTT DIRTT Environmental Solutions	Downgrade	$1.00		Hold ➝ Sell	N/A
12/31/2020	NTES NetEase	Initiated Coverage	$90.00		Outperform	N/A
12/28/2020	SAWLF Shawcor	Upgrade	$10.00		Hold ➝ Buy	N/A
12/28/2020	ATGFF AltaGas	Upgrade	$19.00		Buy ➝ Strong-Buy	N/A
12/17/2020	AETUF ARC Resources	Initiated Coverage	$12.00		Buy	High
8/10/2020	BEP Brookfield Renewable Partners	Downgrade	$29.00		Buy ➝ Hold	Low
7/21/2020	IMV IMV	Initiated Coverage	$2.00	$100.00	Buy	Low
6/23/2020	AMX América Móvil	Initiated Coverage	$21.00	$3.00	Speculative Buy	Low
6/8/2020	IPPLF Inter Pipeline	Downgrade	$15.00	$14.50	Hold	Low
5/25/2020	TRP TC Energy	Upgrade	$42.00	$70.00	Buy	High
5/15/2020	CESDF CES Energy Solutions	Upgrade	$2.00	$1.50	Buy	Low
5/14/2020	EMRAF Emera	Upgrade	$40.00	$59.00	Buy	Low
5/13/2020	TAC TransAlta	Downgrade	$10.00	$9.00	Hold	Low
5/13/2020	TAP Molson Coors Beverage	Downgrade	$51.00		Buy ➝ Hold	Low
4/1/2020	ENB Enbridge	Initiated Coverage	$41.00	$55.00	Buy	Medium
3/20/2020	BEP Brookfield Renewable Partners	Upgrade	$29.00	$42.46	Buy	High
3/20/2020	TRP TC Energy	Upgrade	$42.00	$65.00	Buy	High
2/14/2020	TRP TC Energy	Downgrade	$42.00	$75.00	Buy ➝ Hold	Low