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
1/14/2022	FOOD Goodfood Market	Lower Price Target	C$4.00	C$5.50	Outperform	N/A
1/14/2022	WDO Wesdome Gold Mines	Lower Price Target	C$11.00	C$15.25	Outperform	N/A
1/14/2022	EQB Equitable Group	Boost Price Target	C$74.00	C$13.00	Outperform	N/A
1/14/2022	TFII TFI International	Lower Price Target	C$121.00	C$153.00	Outperform	N/A
1/14/2022	X TMX Group	Lower Price Target	C$127.00	C$147.00	Sector Perform	N/A
1/13/2022	TFII TFI International	Reiterated Rating	$97.00		Outperform Market Weight	N/A
1/13/2022	TFII TFI International	Reiterated Rating	$99.00		Outperform Market Weight	N/A
1/12/2022	ADVZF Adventus Mining	Boost Price Target	C$1.00	C$1.55 ➝ C$1.60		Low
1/12/2022	JOSMF Josemaria Resources	Lower Price Target	C$1.00	C$1.60 ➝ C$1.55		High
1/12/2022	TREVF Trevali Mining	Lower Price Target	C$1.00	C$2.50 ➝ C$2.25		Low
1/12/2022	TMQ Trilogy Metals	Lower Price Target	C$2.00	C$4.25 ➝ C$3.75		N/A
1/12/2022	CPPMF Copper Mountain Mining	Lower Price Target	C$3.00	C$5.25 ➝ C$4.75		Low
1/12/2022	FLMMF Filo Mining	Boost Price Target	C$12.00	C$13.00 ➝ C$16.00		High
1/12/2022	TRSWF TransAlta Renewables	Lower Price Target	C$13.00	C$19.00 ➝ C$18.50		Low
1/12/2022	FQVLF First Quantum Minerals	Boost Price Target	C$28.00	C$37.00 ➝ C$40.00		High
1/12/2022	TECK Teck Resources	Boost Price Target	C$34.00	C$48.50 ➝ C$55.00		High
1/12/2022	CNQ Canadian Natural Resources	Lower Price Target	C$52.00	C$76.00 ➝ C$74.00		Medium
1/11/2022	XEBEF Xebec Adsorption	Lower Price Target	C$2.00	C$4.50 ➝ C$4.00		Low
1/11/2022	FPLSF 5N Plus	Lower Price Target	C$2.00	C$4.75 ➝ C$4.25		N/A
1/11/2022	ANRGF Anaergia	Lower Price Target	C$14.00	C$25.00 ➝ C$22.00		N/A
1/11/2022	TRI Thomson Reuters	Upgrade	$110.00		Sector Perform ➝ Outperform	Medium
1/11/2022	TRI Thomson Reuters	Upgrade	C$138.00		Sector Perform Under Weight ➝ Outperfrom Under Weight	N/A
1/10/2022	DPMLF Dundee Precious Metals	Lower Price Target	C$6.00	C$11.00 ➝ C$11.00		N/A
1/10/2022	PSYTF Pason Systems	Boost Price Target	C$10.00	C$12.25 ➝ C$14.50		Medium
1/10/2022	PSI Pason Systems	Boost Price Target	C$12.00	C$14.50	Sector Perform	N/A
1/10/2022	POW Power Co. of Canada	Boost Price Target	C$43.00	C$48.00	Sector Perform	N/A
1/10/2022	IGM IGM Financial	Boost Price Target	C$48.00	C$62.00	Outperform	N/A
1/7/2022	GSV Gold Standard Ventures	Boost Price Target	C$0.00	C$1.40		N/A
1/7/2022	MAIFF Minera Alamos	Boost Price Target	C$0.00	C$1.00 ➝ C$1.10		High
1/7/2022	MGDPF Marathon Gold	Boost Price Target	C$2.00	C$4.25 ➝ C$4.50		Low
1/7/2022	OBNNF Osisko Mining	Boost Price Target	C$3.00	C$5.00 ➝ C$5.25		Low
1/7/2022	IAG IAMGOLD	Boost Price Target	C$3.00	C$4.50 ➝ C$4.75		High
1/7/2022	AUY Yamana Gold	Boost Price Target	C$4.00	C$6.75 ➝ C$7.00		Low
1/7/2022	MMX Maverix Metals	Lower Price Target	C$5.00	C$7.75 ➝ C$6.75		Low
1/7/2022	CDDRF Headwater Exploration	Boost Price Target	C$5.00	C$7.00 ➝ C$7.75	Outperform ➝ Outperform	Low
1/7/2022	ARGTF Artemis Gold	Boost Price Target	C$5.00	C$11.00 ➝ C$11.50		High
1/7/2022	KNTNF K92 Mining	Boost Price Target	C$6.00	C$11.75 ➝ C$12.50		Low
1/7/2022	KGC Kinross Gold	Boost Price Target	C$6.00	C$12.50 ➝ C$13.00		Low
1/7/2022	SAND Sandstorm Gold	Lower Price Target	C$6.00	C$10.75 ➝ C$9.50		Low
1/7/2022	AAVVF Advantage Energy	Boost Price Target	C$6.00	C$9.00 ➝ C$10.00	Outperform ➝ Outperform	Low
1/7/2022	SPGYF Whitecap Resources	Boost Price Target	C$7.00	C$12.00 ➝ C$14.00	Outperform ➝ Outperform	Low
1/7/2022	EQX Equinox Gold	Boost Price Target	C$7.00	C$12.25 ➝ C$12.50		N/A
1/7/2022	PEYUF Peyto Exploration & Development	Lower Price Target	C$8.00	C$15.00 ➝ C$14.00		Low
1/7/2022	FTMNF Lundin Gold	Lower Price Target	C$8.00	C$13.50 ➝ C$13.00		High
1/7/2022	CGAU Centerra Gold	Boost Price Target	C$8.00	C$12.50 ➝ C$14.00		Low
1/7/2022	WDOFF Wesdome Gold Mines	Boost Price Target	C$9.00	C$14.50 ➝ C$15.50		Low
1/7/2022	FRHLF Freehold Royalties	Boost Price Target	C$10.00	C$15.50 ➝ C$17.00	Outperform ➝ Outperform	Low
1/7/2022	PREKF PrairieSky Royalty	Lower Price Target	C$12.00	C$21.00 ➝ C$18.50		Low
1/7/2022	SSRM SSR Mining	Lower Price Target	C$16.00	C$32.00 ➝ C$28.50		Low
1/7/2022	PRMRF Paramount Resources	Boost Price Target	C$21.00	C$28.00 ➝ C$30.00	Outperform ➝ Outperform	Low
1/7/2022	EDVMF Endeavour Mining	Lower Price Target	C$22.00	C$49.00 ➝ C$46.00		Low
1/7/2022	AEM Agnico Eagle Mines	Boost Price Target	C$51.00	C$80.00 ➝ C$81.00		High
1/7/2022	NEM Newmont	Boost Price Target	C$61.00	C$92.00 ➝ C$98.00		Low
1/7/2022	RGLD Royal Gold	Lower Price Target	C$100.00	C$155.00 ➝ C$140.00		Low
1/7/2022	FNV Franco-Nevada	Lower Price Target	C$130.00	C$205.00 ➝ C$195.00		Medium
1/6/2022	ARC ARC Document Solutions	Boost Price Target	C$4.00	C$18.50 ➝ C$20.00		Low
1/6/2022	HWX Headwater Exploration	Boost Price Target	C$6.00	C$7.75	Outperform	N/A
1/6/2022	NVA NuVista Energy	Boost Price Target	C$8.00	C$9.00	Sector Perform	N/A
1/6/2022	AAV Advantage Energy	Boost Price Target	C$7.00	C$10.00	Outperform	N/A
1/6/2022	CPG Crescent Point Energy	Boost Price Target	C$8.00	C$12.50 ➝ C$13.50	Outperform ➝ Outperform	N/A
1/6/2022	WCP Whitecap Resources	Boost Price Target	C$9.00	C$14.00	Outperform	N/A
1/6/2022	PEY Peyto Exploration & Development	Lower Price Target	C$11.00	C$14.00	Outperform	N/A
1/6/2022	ARX ARC Resources	Boost Price Target	C$14.00	C$20.00	Outperform	N/A
1/6/2022	FRU Freehold Royalties	Boost Price Target	C$13.00	C$17.00	Outperform	N/A
1/6/2022	MEG MEG Energy	Boost Price Target	C$14.00	C$18.50	Sector Perform	N/A
1/6/2022	HR.UN H&R Real Estate Investment Trust	Lower Price Target	C$13.00	C$17.00	Outperform	N/A
1/6/2022	ERF Enerplus	Boost Price Target	C$15.00	C$17.00 ➝ C$19.00	Outperform	N/A
1/6/2022	PSK PrairieSky Royalty	Lower Price Target	C$15.00	C$18.50	Sector Perform	N/A
1/6/2022	CVE Cenovus Energy	Boost Price Target	C$19.00	C$22.00 ➝ C$25.00	Outperform	N/A
1/6/2022	VET Vermilion Energy	Boost Price Target	C$20.00	C$19.00 ➝ C$30.00	Outperform ➝ Outperform	N/A
1/6/2022	POU Paramount Resources	Boost Price Target	C$26.00	C$30.00	Sector Perform	N/A
1/6/2022	SU Suncor Energy	Boost Price Target	C$35.00	C$39.00 ➝ C$45.00	Sector Perform	N/A
1/6/2022	IMO Imperial Oil	Boost Price Target	C$51.00	C$50.00 ➝ C$58.00	Sector Perform ➝ Sector Perform	N/A
1/6/2022	CNQ Canadian Natural Resources	Boost Price Target	C$65.00	C$69.00 ➝ C$76.00	Outperform	N/A
1/6/2022	MEG Montrose Environmental Group	Boost Price Target	C$54.00	C$15.00 ➝ C$18.50		Low
1/5/2022	IBG IBI Group	Boost Price Target	C$13.00	C$20.00	Outperform	N/A
1/5/2022	ARE Aecon Group	Lower Price Target	C$17.00	C$21.00	Outperform	N/A
1/5/2022	SNC SNC-Lavalin Group	Boost Price Target	C$29.00	C$44.00	Outperform	N/A
1/5/2022	FTT Finning International	Boost Price Target	C$34.00	C$46.00	Outperform	N/A
1/5/2022	SJ Stella-Jones	Boost Price Target	C$41.00	C$57.00	Outperform	N/A
1/5/2022	ACQ AutoCanada	Lower Price Target	C$39.00	C$59.00	Neutral	N/A
1/5/2022	STLC Stelco	Lower Price Target	C$36.00	C$55.00	Outperform	N/A
1/5/2022	ATA ATS Automation Tooling Systems	Boost Price Target	C$49.00	C$64.00	Outperform	N/A
1/5/2022	GDI GDI Integrated Facility Services	Boost Price Target	C$56.00	C$70.50	Outperform	N/A
1/5/2022	STN Stantec	Boost Price Target	C$68.00	C$80.00	Outperform	N/A
1/5/2022	TIH Toromont Industries	Boost Price Target	C$106.00	C$126.00	Outperform	N/A
1/5/2022	WSP WSP Global	Boost Price Target	C$171.00	C$209.00	Outperform	N/A
1/4/2022	FTT Finning International	Reiterated Rating	C$34.00		Outperform Market Weight	N/A
1/4/2022	WSP WSP Global	Downgrade	C$171.00		Outperform Overweight ➝ Sector Perform Overweight	N/A
12/30/2021	MAG MAG Silver	Reiterated Rating	C$19.00		Buy	N/A
12/23/2021	CAS Cascades	Lower Price Target	C$14.00	C$19.50	Outperform	N/A
12/22/2021	RHUHF Richelieu Hardware	Upgrade	$34.00		Sector Perform ➝ Outperform	Low
12/21/2021	EQX Equinox Gold	Lower Price Target	C$9.00	C$12.25	Outperform	N/A
12/21/2021	RCH Richelieu Hardware	Upgrade	C$43.00		Sector Perform Overweight ➝ Outperform Overweight	N/A
12/16/2021	TVE Tamarack Valley Energy	Boost Price Target	C$5.00	C$5.50	Outperform	N/A
12/16/2021	LUG Lundin Gold	Lower Price Target	C$10.00	C$13.50	Sector Perform	N/A
12/16/2021	PSK PrairieSky Royalty	Reiterated Rating	C$15.00	C$21.00	Sector Perform	N/A
12/16/2021	AQN Algonquin Power & Utilities	Boost Price Target	$14.00	$15.00 ➝ $15.50	Outperform	Medium
12/16/2021	CP Canadian Pacific Railway	Boost Price Target	C$97.00	C$98.00	Sector Perform	N/A
12/16/2021	CNR Canadian National Railway	Boost Price Target	C$155.00	C$170.00	NA	N/A