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
6/23/2021	LAC Lithium Americas	Initiated Coverage	$15.00		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$146.00	C$250.00	Buy	Medium
6/9/2021	FRMUF Firm Capital Property Trust	Upgrade	C$6.00	C$7.50	Hold ➝ Buy	High
6/7/2021	IPPLF Inter Pipeline	Downgrade	C$17.00	C$19.75	Buy ➝ Hold	Low
6/1/2021	KEYUF Keyera	Upgrade	$27.00		Hold ➝ Buy	High
5/31/2021	KEY Keyera	Reiterated Rating	C$33.00	C$33.00	Buy	N/A
5/28/2021	NWVCF EnWave	Downgrade	C$1.00		Buy ➝ Hold	Low
5/26/2021	IPPLF Inter Pipeline	Upgrade	$17.00		Hold ➝ Buy	Medium
5/21/2021	BBU Brookfield Business Partners	Initiated Coverage	$44.00		Buy	Medium
5/13/2021	INGXF Innergex Renewable Energy	Upgrade	C$18.00	C$27.00	Hold ➝ Buy	Low
5/3/2021	BIRDF Bird Construction	Initiated Coverage	$7.00		Buy	High
4/23/2021	SUUIF Superior Plus	Downgrade	$13.00		Buy ➝ Hold	Low
4/12/2021	SECYF Secure Energy Services	Upgrade	$4.00		Hold ➝ Buy	Low
4/12/2021	TRVCF Tervita	Upgrade	$5.00		Hold ➝ Buy	N/A
4/5/2021	SAWLF Shawcor	Upgrade	$5.00		Hold ➝ Buy	High
3/16/2021	GBNXF Gibson Energy	Downgrade	$20.00		Buy ➝ Hold	Low
3/16/2021	PBA Pembina Pipeline	Downgrade	$33.00		Buy ➝ Hold	Low
3/15/2021	BADFF Badger Infrastructure Solutions	Upgrade	$31.00	$39.00	Sell ➝ Hold	Low
3/12/2021	SAWLF Shawcor	Downgrade	$5.00		Buy ➝ Hold	Low
3/10/2021	SECYF Secure Energy Services	Downgrade	$4.00		Buy ➝ Hold	Low
3/4/2021	BADFF Badger Infrastructure Solutions	Downgrade	$31.00		Hold ➝ Sell	Low
3/1/2021	PAZRF Plaza Retail REIT	Upgrade	$4.00		Hold ➝ Buy	Low
3/1/2021	PBA Pembina Pipeline	Upgrade	$33.00		Hold ➝ Buy	Low
2/17/2021	EMRAF Emera	Downgrade	$46.00		Strong-Buy ➝ Buy	Low
2/9/2021	IPPLF Inter Pipeline	Upgrade	$17.00		Hold ➝ Buy	Low
2/9/2021	IPA ImmunoPrecise Antibodies	Downgrade	$6.00		Buy ➝ Hold	Low
1/28/2021	OSIIF Osino Resources	Initiated Coverage	$1.00		Buy	High
12/31/2020	DRTT DIRTT Environmental Solutions	Downgrade	$4.00		Hold ➝ Sell	N/A
12/31/2020	NTES NetEase	Initiated Coverage	$107.00		Outperform	N/A
12/28/2020	SAWLF Shawcor	Upgrade	$5.00		Hold ➝ Buy	N/A
12/28/2020	ATGFF AltaGas	Upgrade	$21.00		Buy ➝ Strong-Buy	N/A
12/17/2020	AETUF ARC Resources	Initiated Coverage	$8.00		Buy	High
8/10/2020	BEP Brookfield Renewable Partners	Downgrade	$38.00		Buy ➝ Hold	Low
7/21/2020	IMV IMV	Initiated Coverage	$2.00	$10.00	Buy	Low
6/23/2020	AMX América Móvil	Initiated Coverage	$15.00	$3.00	Speculative Buy	Low
6/8/2020	IPPLF Inter Pipeline	Downgrade	$17.00	$14.50	Hold	Low
5/25/2020	TRP TC Energy	Upgrade	$51.00	$70.00	Buy	High
5/15/2020	CESDF CES Energy Solutions	Upgrade	$2.00	$1.50	Buy	Low
5/14/2020	EMRAF Emera	Upgrade	$46.00	$59.00	Buy	Low
5/13/2020	TAC TransAlta	Downgrade	$10.00	$9.00	Hold	Low
5/13/2020	TAP Molson Coors Beverage	Downgrade	$55.00		Buy ➝ Hold	Low
4/1/2020	ENB Enbridge	Initiated Coverage	$40.00	$55.00	Buy	Medium
3/20/2020	BEP Brookfield Renewable Partners	Upgrade	$38.00	$42.46	Buy	High
3/20/2020	TRP TC Energy	Upgrade	$51.00	$65.00	Buy	High
2/14/2020	TRP TC Energy	Downgrade	$51.00	$75.00	Buy ➝ Hold	Low
1/10/2020	PBA Pembina Pipeline	Downgrade	$33.00		Hold	Low
11/14/2019	CMG Computer Modelling Group	Boost Price Target	C$5.00	C$7.75 ➝ C$8.75	Buy	N/A
11/14/2019	IPL Inter Pipeline	Upgrade	C$20.00	C$25.00	Hold ➝ Buy	N/A
11/14/2019	TWM Tidewater Midstream and Infrastructure	Boost Price Target	C$1.00	C$1.60 ➝ C$1.70	Hold	N/A
10/9/2019	AQN Algonquin Power & Utilities	Downgrade	$15.00	$19.00	Buy	N/A
8/15/2019	SPB Superior Plus	Upgrade	C$16.00	C$15.00	Buy ➝ Strong-Buy	N/A
8/14/2019	MI.UN Minto Apartment Real Estate Invt Trust	Upgrade	C$24.00	C$22.00 ➝ C$25.00	Buy ➝ Strong-Buy	N/A
8/12/2019	AQN Algonquin Power & Utilities	Reiterated Rating	$15.00		Buy	Low
8/12/2019	IPL Inter Pipeline	Downgrade	C$20.00	C$25.50 ➝ C$26.00	Strong-Buy ➝ Hold	N/A
7/25/2019	GEI Gibson Energy	Boost Price Target	C$25.00	C$26.00 ➝ C$27.00	Buy	N/A
7/4/2019	SES Secure Energy Services	Upgrade	C$5.00	C$10.25 ➝ C$10.00	Buy ➝ Strong-Buy	N/A
7/3/2019	DOL Dollarama	Boost Price Target	C$57.00	C$43.00 ➝ C$45.00	Hold	N/A
7/3/2019	DOL WisdomTree International LargeCap Dividend Fund	Reiterated Rating	$50.00	$45.00 ➝ $11.00	Hold	N/A
7/2/2019	BIP Brookfield Infrastructure Partners	Boost Price Target	$54.00	$47.00 ➝ $48.00	Buy	Low
6/27/2019	ALA AltaGas	Boost Price Target	C$26.00	C$21.50 ➝ C$23.00	Buy	N/A
6/7/2019	CMG Computer Modelling Group	Downgrade	C$5.00	C$7.50 ➝ C$7.75	Buy ➝ Hold	N/A
6/4/2019	AQN Algonquin Power & Utilities	Reiterated Rating	$15.00		Buy	Medium
5/10/2019	DRT DIRTT Environmental Solutions	Lower Price Target	C$5.00	C$9.50 ➝ C$8.50	Hold	N/A
5/6/2019	SHLE Source Energy Services	Downgrade	C$1.00		Speculative Buy ➝ Hold	N/A
4/13/2019	BAD Badger Daylighting	Downgrade	C$37.00	C$40.00 ➝ C$41.00	Hold ➝ Sell	N/A
4/8/2019	ENB Enbridge	Reiterated Rating	$40.00		Buy	Low
4/8/2019	TRP TC Energy	Reiterated Rating	$51.00		Buy	Low
3/29/2019	AIM Aimia	Upgrade	C$5.00	C$5.00 ➝ C$5.50	Speculative Buy ➝ Buy	N/A
3/26/2019	TAC TransAlta	Upgrade	$10.00		Buy	Medium
3/18/2019	NWC The North West	Lower Price Target	C$35.00	C$34.00 ➝ C$32.50	Buy	N/A
3/7/2019	RNW TransAlta Renewables	Boost Price Target	C$21.00	C$12.00 ➝ C$13.00	Hold	N/A
1/28/2019	PBH Premium Brands	Reiterated Rating	C$126.00	C$95.00	Buy	N/A
1/23/2019	CHW Chesswood Group	Boost Price Target	C$13.00	C$15.00 ➝ C$16.00	Top Pick	N/A
1/22/2019	SCL Shawcor	Boost Price Target	C$6.00	C$26.50 ➝ C$27.50	Strong-Buy	N/A
1/21/2019	ZCL ZCL Composites	Reiterated Rating	C$10.00	C$26.50	Strong-Buy	N/A
1/7/2019	WDO Wesdome Gold Mines	Boost Price Target	C$12.00	C$5.50 ➝ C$6.20	Strong-Buy	N/A
12/15/2018	ATGFF AltaGas	Downgrade	$21.00		Hold	Medium
12/11/2018	BADFF Badger Infrastructure Solutions	Downgrade	$31.00		Hold	N/A
12/11/2018	BAD Badger Daylighting	Downgrade	C$37.00	C$39.00	Buy ➝ Hold	N/A
12/4/2018	DLMAF Dollarama	Downgrade	$47.00		Buy	Low
11/22/2018	KXS Kinaxis	Upgrade	C$153.00	C$88.00	Hold ➝ Buy	N/A
11/14/2018	BAD Badger Daylighting	Downgrade	C$37.00	C$38.00 ➝ C$39.00	Strong-Buy ➝ Buy	N/A
11/1/2018	SES Secure Energy Services	Boost Price Target	C$5.00	C$12.25 ➝ C$12.50		N/A
10/29/2018	ALA AltaGas	Lower Price Target	C$26.00	C$28.50 ➝ C$27.00		N/A
10/26/2018	MTL Mullen Group	Upgrade	C$13.00		Buy ➝ Strong-Buy	N/A
10/26/2018	ARE Aecon Group	Upgrade	C$18.00	C$19.50 ➝ C$23.00	Buy ➝ Strong-Buy	N/A
10/26/2018	CSU Constellation Software	Lower Price Target	C$1,886.00	C$940.00 ➝ C$900.00		N/A
10/23/2018	SY Symbility Solutions	Downgrade	C$1.00	C$0.70 ➝ C$0.62	Speculative Buy ➝ Tender	N/A
10/16/2018	GEI Gibson Energy	Boost Price Target	C$25.00	C$22.00 ➝ C$23.50		N/A
10/10/2018	TF Timbercreek Financial	Reiterated Rating	C$10.00	C$10.00	Buy	N/A
10/9/2018	NPI Northland Power	Downgrade	C$41.00	C$28.00 ➝ C$26.00	Strong-Buy ➝ Buy	N/A
10/9/2018	CU Canadian Utilities	Lower Price Target	C$35.00	C$36.00 ➝ C$32.00		N/A
10/9/2018	SHLE Source Energy Services	Lower Price Target	C$1.00	C$8.50 ➝ C$5.75		N/A
10/9/2018	STEP STEP Energy Services	Lower Price Target	C$2.00	C$16.25 ➝ C$11.00		N/A
10/9/2018	SXP Supremex	Lower Price Target	C$2.00	C$5.25 ➝ C$4.50		N/A
10/9/2018	PIF Polaris Infrastructure	Lower Price Target	C$19.00	C$30.00 ➝ C$23.00		N/A
10/9/2018	RNW TransAlta Renewables	Downgrade	C$21.00	C$14.00 ➝ C$12.00	Buy ➝ Hold	N/A
10/9/2018	INE Innergex Renewable Energy	Lower Price Target	C$22.00	C$18.00 ➝ C$16.00		N/A
10/9/2018	BLX Boralex	Upgrade	C$38.00	C$26.00 ➝ C$22.00	Buy ➝ Strong-Buy	N/A