National Bank Financial Stock Recommendations and Price Targets

This is a list of recent ratings by National Bank Financial.

Date	Company Name	Action	Current Price	Price Target	Rating
3/19/2026	ACQ AutoCanada	Downgrade	C$17.00	C$29.00 ➝ C$24.00	Outperform ➝ Sector Perform
3/19/2026	ATD Alimentation Couche-Tard	Boost Price Target	C$77.00	C$88.00 ➝ C$89.00	Outperform
3/17/2026	SM SM Energy	Set Price Target	$28.00	$30.00
3/17/2026	SN SharkNinja	Set Price Target	$102.00	$145.00
3/17/2026	GRID Tantalus Systems	Set Price Target	C$5.00	C$7.00	Outperform
3/17/2026	CCL.B CCL Industries	Boost Price Target	C$84.00	C$100.00 ➝ C$102.00	Outperform
3/16/2026	SOBO South Bow	Boost Price Target	$34.00	$29.00 ➝ $30.00	Sector Perform
3/16/2026	WPM Wheaton Precious Metals	Boost Price Target	C$166.00	C$240.00 ➝ C$245.00	Outperform
3/13/2026	PNG Kraken Robotics	Upgrade	C$9.00	C$8.75 ➝ C$13.00	Hold ➝ Outperform
3/13/2026	HOM.U Bsr Real Estate Investment Trust	Lower Price Target	C$11.00	C$13.00 ➝ C$12.50	Sector Perform
3/13/2026	WDO Wesdome Gold Mines	Boost Price Target	C$22.00	C$28.00 ➝ C$32.00	Sector Perform
3/13/2026	BDT Bird Construction	Boost Price Target	C$35.00	C$34.00 ➝ C$39.00	Outperform
3/13/2026	ADEN ADENTRA	Lower Price Target	C$34.00	C$54.50 ➝ C$52.00	Outperform
3/13/2026	LUN Lundin Mining	Boost Price Target	C$31.00	C$40.00 ➝ C$42.00	Sector Perform
3/13/2026	SCR Strathcona Resources	Boost Price Target	C$40.00	C$32.00 ➝ C$41.00	Outperform
3/12/2026	BTMD biote	Set Price Target	$1.00	$2.50
3/12/2026	FNV Franco-Nevada	Boost Price Target	C$317.00	C$380.00 ➝ C$400.00
3/10/2026	GSY goeasy	Downgrade	C$36.00		Strong-Buy ➝ Hold
3/10/2026	CSU Constellation Software	Boost Price Target	C$2,519.00	C$3,200.00 ➝ C$3,400.00	Sector Perform
3/9/2026	AQN Algonquin Power & Utilities	Lower Price Target	$6.00	$7.50 ➝ $7.25	Outperform
3/9/2026	DBM Doman Building Materials Group	Boost Price Target	C$10.00	C$12.00 ➝ C$12.50	Outperform
3/9/2026	ARE Aecon Group	Boost Price Target	C$43.00	C$35.00 ➝ C$45.00	Outperform
3/9/2026	ALA AltaGas	Boost Price Target	C$48.00	C$50.00 ➝ C$51.00	Outperform
3/9/2026	BDGI Badger Infrastructure Solutions	Lower Price Target	C$62.00	C$82.00 ➝ C$74.00	Sector Perform
3/6/2026	YGR Yangarra Resources	Boost Price Target	C$1.00	C$1.00 ➝ C$1.25	Sector Perform
3/6/2026	BOS AirBoss of America	Boost Price Target	C$7.00	C$5.00 ➝ C$7.00	Sector Perform
3/6/2026	HWX Headwater Exploration	Boost Price Target	C$13.00	C$11.50 ➝ C$13.00	Outperform
3/6/2026	SIS Savaria	Boost Price Target	C$25.00	C$30.00 ➝ C$30.50	Outperform
3/6/2026	MFI Maple Leaf Foods	Boost Price Target	C$29.00	C$33.00 ➝ C$34.00	Outperform
3/6/2026	TCS Tecsys	Boost Price Target	C$26.00	C$29.00 ➝ C$32.00	Sector Perform
3/6/2026	CNQ Canadian Natural Resources	Boost Price Target	C$70.00	C$54.00 ➝ C$59.00	Sector Perform
3/6/2026	DOL Dollarama	Lower Price Target	C$183.00	C$226.00 ➝ C$225.00	Outperform
3/6/2026	LAS.A Lassonde Industries	Boost Price Target	C$223.00	C$247.00 ➝ C$258.00	Sector Perform
3/5/2026	BTE Baytex Energy	Boost Price Target	C$6.00	C$5.00 ➝ C$5.75	Outperform
3/5/2026	DXT Dexterra Group	Boost Price Target	C$12.00	C$15.50 ➝ C$16.50	Outperform
3/5/2026	SSRM SSR Mining	Upgrade	C$33.00	C$43.00 ➝ C$57.00	Sector Perform ➝ Outperform
3/5/2026	NA National Bank of Canada	Boost Price Target	C$178.00	C$183.00 ➝ C$196.00
3/4/2026	PET Pet Valu	Downgrade	C$22.00	C$37.00 ➝ C$28.00	Outperform ➝ Hold
3/4/2026	POU Paramount Resources	Boost Price Target	C$30.00	C$32.00 ➝ C$32.50	Sector Perform
3/4/2026	SSRM Silver Standard Resources	Upgrade	$24.00		Sector Perform ➝ Outperform
3/3/2026	WJX Wajax	Upgrade	C$32.00	C$27.00 ➝ C$37.00	Hold ➝ Outperform
3/2/2026	PPL Pembina Pipeline	Boost Price Target	C$61.00	C$60.00 ➝ C$61.00	Outperform
2/27/2026	CU Canadian Utilities	Boost Price Target	C$48.00	C$43.00 ➝ C$45.00	Sector Perform
2/27/2026	QBR.B Quebecor	Boost Price Target	C$59.00	C$54.00 ➝ C$57.00	Sector Perform
2/27/2026	PAAS Pan American Silver	Boost Price Target	C$66.00	C$95.00 ➝ C$110.00
2/27/2026	STN Stantec	Boost Price Target	C$122.00	C$161.00 ➝ C$163.00	Outperform
2/27/2026	TD Toronto-Dominion Bank	Boost Price Target	C$129.00	C$138.00 ➝ C$146.00	Outperform
2/27/2026	CM Canadian Imperial Bank of Commerce	Boost Price Target	C$131.00	C$131.00 ➝ C$150.00	Sector Perform
2/27/2026	WSP WSP Global	Boost Price Target	C$219.00	C$304.00 ➝ C$309.00	Outperform
2/27/2026	RY Royal Bank of Canada	Boost Price Target	C$220.00	C$241.00 ➝ C$247.00	Outperform
2/26/2026	TF Timbercreek Financial	Lower Price Target	C$7.00	C$8.25 ➝ C$8.00	Sector Perform
2/26/2026	TVE Tamarack Valley Energy	Boost Price Target	C$11.00	C$10.00 ➝ C$11.50	Outperform
2/26/2026	EIF Exchange Income	Boost Price Target	C$101.00	C$110.00 ➝ C$125.00	Outperform
2/26/2026	EQB EQB	Boost Price Target	C$108.00	C$111.00 ➝ C$120.00	Sector Perform
2/26/2026	BMO Bank of Montreal	Boost Price Target	C$188.00	C$186.00 ➝ C$205.00	Sector Perform
2/25/2026	BMO Bank Of Montreal	Reiterated Rating	$137.00		Sector Perform ➝ Sector Perform
2/25/2026	AYA Aya Gold & Silver	Lower Price Target	C$18.00	C$29.00 ➝ C$25.00	Outperform
2/25/2026	WPK Winpak	Boost Price Target	C$45.00	C$48.00 ➝ C$49.00	Sector Perform
2/25/2026	ERO Ero Copper	Lower Price Target	C$33.00	C$56.00 ➝ C$53.50	Sector Perform
2/25/2026	OVV Ovintiv	Boost Price Target	$57.00	$56.00 ➝ $58.00	Outperform
2/25/2026	CCA Cogeco Communications	Upgrade	C$74.00	C$71.00 ➝ C$80.00	Hold ➝ Outperform
2/25/2026	BNS Bank of Nova Scotia	Lower Price Target	C$94.00	C$102.00 ➝ C$100.00	Sector Perform
2/24/2026	EMA Emera	Boost Price Target	C$72.00	C$67.00 ➝ C$68.00	Sector Perform
2/23/2026	FNF Fidelity National Financial	Set Price Target	$45.00	$71.00
2/23/2026	TVA.B TVA Group	Boost Price Target	C$1.00	C$0.75 ➝ C$1.00	Sector Perform
2/23/2026	SPB Superior Plus	Lower Price Target	C$7.00	C$7.00 ➝ C$6.00	Sector Perform
2/23/2026	D.UN Dream Office Real Estate Investment Trst	Lower Price Target	C$16.00	C$20.00 ➝ C$19.50	Sector Perform
2/23/2026	SES Secure Energy Services	Boost Price Target	C$21.00	C$19.00 ➝ C$21.00	Sector Perform
2/23/2026	JWEL Jamieson Wellness	Boost Price Target	C$34.00	C$40.50 ➝ C$45.00	Outperform
2/23/2026	BEI.UN Boardwalk Real Estate Investment Trust	Lower Price Target	C$63.00	C$82.50 ➝ C$81.00	Outperform
2/20/2026	TCW Trican Well Service	Boost Price Target	C$7.00	C$6.50 ➝ C$8.00	Sector Perform
2/20/2026	TKO Taseko Mines	Lower Price Target	C$8.00	C$13.50 ➝ C$12.75	Outperform
2/20/2026	CHP.UN Choice Properties Real Est Invstmnt Trst	Boost Price Target	C$15.00	C$15.50 ➝ C$16.00	Sector Perform
2/20/2026	REI.UN RioCan Real Estate Investment Trust	Boost Price Target	C$19.00	C$22.50 ➝ C$22.75	Outperform
2/20/2026	EQX Equinox Gold	Boost Price Target	C$17.00	C$25.00 ➝ C$26.00	Outperform
2/20/2026	MTY MTY Food Group	Boost Price Target	C$39.00	C$43.00 ➝ C$49.00	Outperform
2/20/2026	CTC.A Canadian Tire	Boost Price Target	C$183.00	C$201.00 ➝ C$211.00	Sector Perform
2/18/2026	MSA MSA Safety Incorporporated	Set Price Target	$173.00	$235.00
2/18/2026	HR.UN H&R Real Estate Investment Trust	Upgrade	C$10.00	C$11.50 ➝ C$12.00	Sector Perform ➝ Outperform
2/18/2026	IAG iA Financial	Lower Price Target	C$147.00	C$190.00 ➝ C$181.00	Sector Perform
2/18/2026	HPS.A Hammond Power Solutions	Boost Price Target	C$174.00	C$195.00 ➝ C$215.00
2/17/2026	AC Air Canada	Boost Price Target	C$17.00	C$24.00 ➝ C$25.00	Sector Perform
2/17/2026	CHR Chorus Aviation	Lower Price Target	C$22.00	C$29.00 ➝ C$28.00	Outperform
2/17/2026	LUN Lundin Mining	Downgrade	C$31.00	C$40.00	Outperform ➝ Hold
2/17/2026	TRP TC Energy	Downgrade	$64.00		Strong-Buy ➝ Hold
2/17/2026	ENB Enbridge	Boost Price Target	C$74.00	C$71.00 ➝ C$72.00	Sector Perform
2/17/2026	TRP TC Energy	Boost Price Target	C$88.00	C$85.00 ➝ C$86.00	Strong-Buy ➝ Hold
2/17/2026	BNS Bank of Nova Scotia	Boost Price Target	C$94.00	C$100.00 ➝ C$102.00	Sector Perform
2/17/2026	CIGI Colliers International Group	Lower Price Target	$103.00	$185.00 ➝ $160.00	Outperform
2/17/2026	EQB EQB	Boost Price Target	C$108.00	C$98.00 ➝ C$111.00	Sector Perform
2/17/2026	TD Toronto-Dominion Bank	Boost Price Target	C$129.00	C$134.00 ➝ C$138.00	Outperform
2/17/2026	CM Canadian Imperial Bank of Commerce	Boost Price Target	C$131.00	C$128.00 ➝ C$131.00	Sector Perform
2/17/2026	BMO Bank of Montreal	Boost Price Target	C$188.00	C$181.00 ➝ C$186.00	Sector Perform
2/17/2026	RY Royal Bank of Canada	Boost Price Target	C$220.00	C$235.00 ➝ C$241.00	Outperform
2/16/2026	LUNMF Lundin Mining	Downgrade	$22.00		Outperform ➝ Hold
2/13/2026	AAVVF Advantage Energy	Upgrade	$9.00		Hold ➝ Outperform
2/13/2026	AAVVF Advantage Energy	Upgrade	$9.00		Hold ➝ Strong-Buy
2/13/2026	AAV Advantage Energy	Upgrade	C$12.00	C$14.00 ➝ C$15.00	Hold ➝ Outperform
2/13/2026	FCR.UN First Capital Real Estate Investment Trust	Boost Price Target	C$21.00	C$23.00 ➝ C$23.50	Outperform
2/13/2026	RUS Russel Metals	Downgrade	C$47.00	C$54.00 ➝ C$56.00	Outperform ➝ Hold