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	Impact on Share Price
1/27/2023	TAC TransAlta	Upgrade	$10.00		Sector Perform ➝ Outperform	Low
1/27/2023	GBNXF Gibson Energy	Boost Price Target	C$18.00	C$24.00 ➝ C$25.00		Low
1/27/2023	PBA Pembina Pipeline	Boost Price Target	C$36.00	C$46.00 ➝ C$47.00		Low
1/27/2023	SECYF Secure Energy Services	Boost Price Target	C$6.00	C$9.00 ➝ C$10.00		Low
1/27/2023	ENB Enbridge	Boost Price Target	C$41.00	C$54.00 ➝ C$56.00		Low
1/27/2023	TRP TC Energy	Lower Price Target	C$43.00	C$58.00 ➝ C$56.00		Low
1/27/2023	CPXWF Capital Power	Boost Price Target	C$34.00	C$50.00 ➝ C$53.00		Low
1/27/2023	CDUAF Canadian Utilities	Boost Price Target	C$28.00	C$34.00 ➝ C$37.00		Low
1/27/2023	EMRAF Emera	Boost Price Target	C$40.00	C$51.00 ➝ C$52.00		Low
1/27/2023	FTS Fortis	Boost Price Target	C$41.00	C$51.00 ➝ C$55.00		Low
1/27/2023	HRNNF Hydro One	Boost Price Target	C$27.00	C$32.00 ➝ C$36.00		Low
1/26/2023	ASGTF Altus Group	Boost Price Target	C$40.00	C$60.00 ➝ C$65.00		Low
1/26/2023	CNSWF Constellation Software	Boost Price Target	C$1,769.00	C$2,750.00		Low
1/26/2023	FMEGF Farmers Edge	Lower Price Target	C$0.00	C$0.30 ➝ C$0.25		N/A
1/26/2023	MECVF mdf commerce	Boost Price Target	C$3.00	C$3.00 ➝ C$4.00		Low
1/26/2023	RLLMF Real Matters	Lower Price Target	C$4.00	C$6.00 ➝ C$5.00		N/A
1/25/2023	MTRAF Metro	Boost Price Target	C$55.00	C$79.00 ➝ C$80.00		Low
1/25/2023	GWLIF Great-West Lifeco	Boost Price Target	C$26.00	C$35.00 ➝ C$36.00		Low
1/25/2023	IAFNF iA Financial	Boost Price Target	C$61.00	C$78.00 ➝ C$88.00		Low
1/25/2023	MFC Manulife Financial	Boost Price Target	C$20.00	C$24.00 ➝ C$26.00		Low
1/25/2023	SLF Sun Life Financial	Boost Price Target	C$50.00	C$66.00 ➝ C$69.00		Low
1/25/2023	SHERF Sherritt International	Boost Price Target	C$0.00	C$0.75 ➝ C$0.80		Low
1/24/2023	CGJTF Cargojet	Lower Price Target	C$88.00	C$158.00 ➝ C$147.00		Low
1/24/2023	WDOFF Wesdome Gold Mines	Lower Price Target	C$5.00	C$11.25 ➝ C$9.50		Low
1/23/2023	MTYFF MTY Food Group	Boost Price Target	C$50.00	C$65.00 ➝ C$67.00		Low
1/20/2023	AAPL Apple	Lower Price Target	$146.00	$54.00	Outperform	Low
1/19/2023	TFPM Triple Flag Precious Metals	Upgrade	$13.00		Sector Perform Overweight ➝ Outperform Overweight	Low
1/19/2023	BYDGF Boyd Group Services	Boost Price Target	C$152.00	C$200.00 ➝ C$220.00		Low
1/19/2023	CADNF Cascades	Boost Price Target	C$7.00	C$7.75 ➝ C$9.00		Low
1/19/2023	CWXZF Doman Building Materials Group	Boost Price Target	C$6.00	C$7.50		Low
1/19/2023	ERO Ero Copper	Boost Price Target	C$16.00	C$20.00 ➝ C$21.00		Low
1/19/2023	IAG IAMGOLD	Boost Price Target	C$3.00	C$4.00 ➝ C$4.10		Low
1/17/2023	EGO Eldorado Gold	Downgrade	$9.00		Outperform ➝ Sector Perform	Low
1/17/2023	FQVLF First Quantum Minerals	Lower Price Target	C$23.00	C$30.00 ➝ C$28.00		Low
1/17/2023	BRLXF Boralex	Lower Price Target	C$29.00	C$48.00 ➝ C$47.00		Low
1/17/2023	NNXPF NanoXplore	Lower Price Target	C$2.00	C$8.00 ➝ C$6.00		Low
1/17/2023	LPENF Loop Energy	Lower Price Target	C$1.00	C$5.00 ➝ C$2.50		N/A
1/17/2023	NXHSF Next Hydrogen Solutions	Lower Price Target	C$1.00	C$2.00		N/A
1/17/2023	TRSWF TransAlta Renewables	Lower Price Target	C$9.00	C$14.25		Low
1/16/2023	ELD Eldorado Gold	Downgrade	C$13.00		Outperform Overweight ➝ Sector Perform Spec Overwgt	N/A
1/16/2023	LAC Lithium Americas	Lower Price Target	$22.00	$42.50 ➝ $38.50		Low
1/13/2023	LUN Lundin Mining	Downgrade	C$10.00		Sector Perform Overweight ➝ Underperform Overweight	N/A
1/13/2023	BDRBF Bombardier	Boost Price Target	C$48.00	C$61.00 ➝ C$65.00		Low
1/13/2023	AEM Agnico Eagle Mines	Boost Price Target	C$57.00	C$75.00 ➝ C$89.00		Low
1/13/2023	GOLD Barrick Gold	Boost Price Target	C$20.00	C$25.00 ➝ C$30.00		Low
1/13/2023	BTG B2Gold	Boost Price Target	C$4.00	C$6.75 ➝ C$7.25		N/A
1/13/2023	EDVMF Endeavour Mining	Boost Price Target	C$24.00	C$36.00 ➝ C$46.00		Low
1/13/2023	KGC Kinross Gold	Boost Price Target	C$5.00	C$8.25 ➝ C$8.50		Low
1/13/2023	NEM Newmont	Boost Price Target	C$53.00	C$76.00 ➝ C$86.00		Low
1/13/2023	AGI Alamos Gold	Boost Price Target	C$11.00	C$15.00 ➝ C$17.50		Low
1/13/2023	CGAU Centerra Gold	Boost Price Target	C$7.00	C$10.50 ➝ C$11.50		Low
1/13/2023	EGO Eldorado Gold	Boost Price Target	C$9.00	C$13.50 ➝ C$14.00		Low
1/13/2023	EQX Equinox Gold	Boost Price Target	C$5.00	C$5.50 ➝ C$6.25		N/A
1/13/2023	IAG IAMGOLD	Boost Price Target	C$3.00	C$3.75 ➝ C$4.00		Low
1/13/2023	LUGDF Lundin Gold	Boost Price Target	$11.00	$14.00 ➝ $16.50		Low
1/13/2023	NGD New Gold	Boost Price Target	C$1.00	C$1.60 ➝ C$1.75		N/A
1/13/2023	OCANF OceanaGold	Boost Price Target	C$2.00	C$3.25 ➝ C$3.75		Low
1/13/2023	SSRM SSR Mining	Boost Price Target	C$17.00	C$23.00 ➝ C$26.00		Low
1/13/2023	TORXF Torex Gold Resources	Boost Price Target	C$14.00	C$15.50 ➝ C$21.50		Low
1/13/2023	AUY Yamana Gold	Boost Price Target	C$6.00	C$7.10 ➝ C$8.05		Low
1/13/2023	TPRFF Aris Mining	Lower Price Target	C$3.00	C$5.50 ➝ C$5.25		N/A
1/13/2023	KNTNF K92 Mining	Boost Price Target	C$6.00	C$11.25 ➝ C$12.00		Low
1/13/2023	MAIFF Minera Alamos	Boost Price Target	C$0.00	C$0.80 ➝ C$0.85		Low
1/13/2023	WDOFF Wesdome Gold Mines	Lower Price Target	C$5.00	C$14.00 ➝ C$11.25		Low
1/13/2023	AYASF Aya Gold & Silver	Boost Price Target	C$6.00	C$11.25 ➝ C$13.00		N/A
1/13/2023	AG First Majestic Silver	Boost Price Target	C$8.00	C$13.00 ➝ C$14.50		Low
1/13/2023	FSM Fortuna Silver Mines	Boost Price Target	C$4.00	C$5.25 ➝ C$6.00		Low
1/13/2023	FNV Franco-Nevada	Boost Price Target	C$147.00	C$190.00 ➝ C$200.00		Low
1/13/2023	OR Osisko Gold Royalties	Boost Price Target	C$14.00	C$22.00 ➝ C$23.00		Low
1/13/2023	RGLD Royal Gold	Boost Price Target	C$128.00	C$120.00 ➝ C$150.00		Low
1/13/2023	SAND Sandstorm Gold	Lower Price Target	C$6.00	C$10.50 ➝ C$9.50		Low
1/13/2023	WPM Wheaton Precious Metals	Boost Price Target	C$46.00	C$60.00 ➝ C$70.00		Low
1/13/2023	IAUX i-80 Gold	Boost Price Target	C$3.00	C$4.25 ➝ C$5.50		N/A
1/13/2023	ITRG Integra Resources	Boost Price Target	C$1.00	C$1.00 ➝ C$1.05		N/A
1/13/2023	GMINF G Mining Ventures	Boost Price Target	$1.00	$1.55 ➝ $1.65		Low
1/13/2023	LGDTF Liberty Gold	Boost Price Target	C$0.00	C$0.90 ➝ C$1.00		Low
1/13/2023	MAG MAG Silver	Boost Price Target	C$14.00	C$24.50 ➝ C$26.50		N/A
1/13/2023	MGDPF Marathon Gold	Lower Price Target	C$1.00	C$2.00 ➝ C$1.50		Low
1/13/2023	NG NovaGold Resources	Boost Price Target	C$6.00	C$10.00 ➝ C$11.00		N/A
1/13/2023	ODV Osisko Development	Boost Price Target	$6.00	$8.25 ➝ $8.50		Low
1/13/2023	OBNNF Osisko Mining	Boost Price Target	C$3.00	C$3.75 ➝ C$4.00		Low
1/12/2023	BCE BCE	Downgrade	$47.00		Outperform Market Weight ➝ Sector Perform Market Weight	N/A
1/12/2023	QBCRF Quebecor	Boost Price Target	C$24.00	C$32.00 ➝ C$36.00		Low
1/12/2023	RCI Rogers Communications	Boost Price Target	C$49.00	C$75.00 ➝ C$78.00		Low
1/12/2023	TU TELUS	Lower Price Target	C$21.00	C$34.00 ➝ C$31.00		Low
1/11/2023	BCE BCE	Downgrade	C$62.00		Outperform Market Weight ➝ Sector Perform Market Weight	N/A
1/11/2023	STLJF Stella-Jones	Downgrade	$36.00		Outperform ➝ Sector Perform	Low
1/11/2023	TMTNF Toromont Industries	Upgrade	$71.00		Sector Perform ➝ Outperform	Low
1/11/2023	TFII TFI International	Boost Price Target	C$109.00	C$145.00 ➝ C$162.00		Low
1/11/2023	DRETF Dream Office Real Estate Investment Trust	Boost Price Target	C$12.00	C$17.25 ➝ C$18.25		Low
1/11/2023	CVE Cenovus Energy	Boost Price Target	C$20.00	C$36.00 ➝ C$39.00		Low
1/11/2023	IMO Imperial Oil	Boost Price Target	C$55.00	C$80.00 ➝ C$85.00		N/A
1/11/2023	SU Suncor Energy	Boost Price Target	C$35.00	C$54.00 ➝ C$57.00		Low
1/11/2023	AETUF ARC Resources	Lower Price Target	C$12.00	C$23.00 ➝ C$21.00		Low
1/11/2023	BIREF Birchcliff Energy	Lower Price Target	C$7.00	C$13.50 ➝ C$12.00		Low
1/11/2023	BTEGF Baytex Energy	Lower Price Target	C$5.00	C$9.00 ➝ C$7.75		Low
1/11/2023	CPG Crescent Point Energy	Lower Price Target	C$7.00	C$17.00 ➝ C$15.00		Low
1/11/2023	KELTF Kelt Exploration	Lower Price Target	C$4.00	C$8.00 ➝ C$7.50		Low
1/11/2023	NUVSF NuVista Energy	Boost Price Target	C$9.00	C$15.00 ➝ C$16.00		Low
1/11/2023	PEYUF Peyto Exploration & Development	Boost Price Target	C$10.00	C$17.00 ➝ C$18.50		Low