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National Bank Financial Stock Recommendations and Price Targets

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

DateCompany NameActionCurrent
Price		Price
Target		Rating
11/24/2025
RBA
RB Global
 Upgrade$104.00 $124.00Sector Perform ➝ Outperform
11/19/2025
TU
TELUS
 Upgrade$13.00Sector Perform ➝ Outperform
10/29/2025
NG
Novagold Resources
 Upgrade$10.00Sector Perform ➝ Outperform
10/8/2025
TTEK
Tetra Tech
 Initiated Coverage$35.00 $41.00Outperform
10/8/2025
ACM
AECOM
 Initiated Coverage$99.00 $151.00Outperform
10/5/2025
AG
First Majestic Silver
 Upgrade$16.00Hold ➝ Strong-Buy
10/5/2025
AG
First Majestic Silver
 UpgradeC$22.00Hold ➝ Strong-Buy
9/26/2025
MEOH
Methanex
 Initiated Coverage$39.00 $47.00Outperform
9/25/2025
BIP
Brookfield Infrastructure Partners
 Upgrade$35.00Hold ➝ Strong-Buy
9/25/2025
CNSWF
Constellation Software
 Downgrade$2,380.00Strong-Buy ➝ Hold
9/25/2025
MEOH
Methanex
 Upgrade$39.00Strong-Buy
9/25/2025
CSU
Constellation Software
 DowngradeC$3,285.00Strong-Buy ➝ Hold
9/25/2025
MX
Methanex
 UpgradeC$54.00Strong-Buy
9/23/2025
ACDVF
Air Canada
 Downgrade$13.00Strong-Buy ➝ Hold
9/23/2025
AC
Air Canada
 DowngradeC$18.00Strong-Buy ➝ Hold
9/22/2025
B
Barrick Mining
 Upgrade$43.00Sector Perform ➝ Outperform
9/19/2025
ABX
Barrick Gold
 UpgradeC$59.00Hold ➝ Strong-Buy
9/15/2025
OTEX
Open Text
 Upgrade$33.00 $45.00Sector Perform ➝ Outperform
9/11/2025
NMG
Nouveau Monde Graphite
 Upgrade$3.00Hold
9/11/2025
NOU
Nouveau Monde Graphite
 UpgradeC$3.00Hold
9/7/2025
IPOOF
Inplay Oil Cp
 Upgrade$9.00Strong-Buy
9/7/2025
IPO
InPlay Oil
 UpgradeC$13.00Strong-Buy
9/5/2025
NTR
Nutrien
 Initiated Coverage$63.00Sector Perform
9/4/2025
PAAS
Pan American Silver
 Upgrade$50.00Strong-Buy
9/4/2025
NTR
Nutrien
 UpgradeC$86.00Hold
9/3/2025
IE
Ivanhoe Electric
 Upgrade$15.00Strong-Buy
9/3/2025
BDT
Bird Construction
 UpgradeC$28.00Hold ➝ Strong-Buy
9/2/2025
TRZ
Transat A.T.
 UpgradeC$3.00Strong Sell ➝ Hold
8/28/2025
FDR
Founders Metals
 UpgradeC$5.00Strong-Buy
8/22/2025
CVE
Cenovus Energy
 Upgrade$18.00Hold ➝ Strong-Buy
8/22/2025
CVE
Cenovus Energy
 UpgradeC$25.00Hold ➝ Strong-Buy
8/13/2025
ORA
Aura Minerals
 UpgradeC$46.00Strong-Buy
8/12/2025
AIF
Altus Group
 UpgradeC$55.00Hold ➝ Strong-Buy
8/11/2025
LAR
Lithium Americas (Argentina)
 Upgrade$5.00Hold ➝ Strong-Buy
8/11/2025
CCA
Cogeco Communications
 DowngradeC$66.00Strong-Buy ➝ Hold
8/11/2025
LAR
Lithium Americas (Argentina)
 UpgradeC$7.00Hold ➝ Strong-Buy
8/7/2025
SLF
Sun Life Financial
 Downgrade$60.00Strong-Buy ➝ Hold
8/7/2025
SLF
Sun Life Financial
 DowngradeC$83.00Strong-Buy ➝ Hold
8/6/2025
NVA
NuVista Energy
 UpgradeC$18.00Hold ➝ Strong-Buy
8/1/2025
ARE
Aecon Group
 UpgradeC$31.00Hold ➝ Strong-Buy
7/30/2025
CP
Canadian Pacific Kansas City
 Upgrade$75.00Hold ➝ Strong-Buy
7/30/2025
CP
Canadian Pacific Kansas City
 UpgradeC$103.00Hold ➝ Strong-Buy
7/29/2025
BAM
Brookfield Asset Management
 Initiated Coverage$54.00 $71.00Outperform
7/29/2025
BN
Brookfield
 Initiated Coverage$46.00 $54.67Outperform
7/28/2025
BAM
Brookfield Asset Management
 Upgrade$54.00Strong-Buy
7/28/2025
BN
Brookfield
 Upgrade$46.00Strong-Buy
7/28/2025
BAM
Brookfield Asset Management
 UpgradeC$74.00Strong-Buy
7/28/2025
BN
Brookfield
 UpgradeC$63.00Strong-Buy
7/25/2025
NEM
Newmont
 Upgrade$98.00Hold ➝ Strong-Buy
7/25/2025
NGT
Newmont
 UpgradeC$116.00Hold ➝ Strong-Buy
7/24/2025
WPK
Winpak
 DowngradeC$44.00Strong-Buy ➝ Hold
7/23/2025
CNI
Canadian National Railway
 Downgrade$98.00Outperform ➝ Sector Perform
7/22/2025
CNR
Canadian National Railway
 DowngradeC$135.00Strong-Buy ➝ Hold
7/16/2025
EXE
Extendicare
 UpgradeC$22.00Strong-Buy
7/14/2025
ARE
Aecon Group
 DowngradeC$31.00Strong-Buy ➝ Hold
7/9/2025
KNT
K92 Mining
 UpgradeC$22.00Strong-Buy
7/9/2025
ERO
Ero Copper
 Downgrade$25.00Outperform ➝ Sector Perform
7/8/2025
ERO
Ero Copper
 DowngradeC$35.00Strong-Buy ➝ Hold
7/2/2025
CEU
CES Energy Solutions
 UpgradeC$13.00Hold ➝ Strong-Buy
6/29/2025
SCR
Strathcona Resources
 UpgradeC$42.00Strong-Buy
6/26/2025
VZLA
Vizsla Silver
 Upgrade$5.00Strong-Buy
6/25/2025
PBA
Pembina Pipeline
 Upgrade$39.00Hold ➝ Strong-Buy
6/25/2025
PPL
Pembina Pipeline
 UpgradeC$54.00Hold ➝ Strong-Buy
6/24/2025
ISO
IsoEnergy
 UpgradeC$12.00Strong-Buy
6/23/2025
LUG
Lundin Gold
 DowngradeC$111.00Strong-Buy ➝ Hold
6/23/2025
ZDC
Zedcor
 UpgradeC$6.00Strong-Buy
6/12/2025
AG
First Majestic Silver
 Upgrade$16.00Hold
6/12/2025
CDE
Coeur Mining
 Upgrade$17.00Strong-Buy
6/12/2025
EXK
Endeavour Silver
 Upgrade$9.00Strong-Buy
6/12/2025
HL
Hecla Mining
 Upgrade$19.00Hold
6/12/2025
AG
First Majestic Silver
 UpgradeC$22.00Hold
6/12/2025
EDR
Endeavour Silver
 UpgradeC$12.00Strong-Buy
6/12/2025
VNP
5N Plus
 UpgradeC$18.00Strong-Buy
6/11/2025
ELE
Elemental Altus Royalties
 UpgradeC$21.00Hold ➝ Strong-Buy
6/9/2025
VHI
Vitalhub
 UpgradeC$9.00Strong-Buy
6/8/2025
AQN
Algonquin Power & Utilities
 Upgrade$6.00Hold
6/8/2025
BEP
Brookfield Renewable Partners
 Upgrade$28.00Strong-Buy
6/8/2025
BLDP
Ballard Power Systems
 Upgrade$3.00Hold
6/8/2025
EXROF
Exro Technologies
 Upgrade$0.00Strong Sell
6/8/2025
BLX
Boralex
 UpgradeC$25.00Strong-Buy
6/8/2025
GRA
NanoXplore
 UpgradeC$2.00Hold
6/8/2025
NPI
Northland Power
 UpgradeC$17.00Strong-Buy
6/8/2025
PIF
Polaris Renewable Energy
 UpgradeC$12.00Strong-Buy
6/4/2025
AQN
Algonquin Power & Utilities
 Downgrade$6.00 $6.75Outperform ➝ Sector Perform
6/3/2025
AQN
Algonquin Power & Utilities
 DowngradeC$8.00 C$6.75Strong-Buy ➝ Hold
5/30/2025
LCX
Lycos Energy
 UpgradeC$1.00Hold
5/30/2025
CM
Canadian Imperial Bank of Commerce
 Downgrade$93.00Outperform ➝ Sector Perform
5/30/2025
RY
Royal Bank Of Canada
 Downgrade$166.00Outperform ➝ Sector Perform
5/29/2025
CM
Canadian Imperial Bank of Commerce
 DowngradeC$128.00Outperform ➝ Sector Perform
5/29/2025
RY
Royal Bank of Canada
 DowngradeC$228.00Outperform ➝ Sector Perform
5/26/2025
SES
Secure Energy Services
 UpgradeC$17.00Strong-Buy
5/26/2025
RSG
Republic Services
 Upgrade$214.00Hold
5/26/2025
GFL
GFL Environmental
 UpgradeC$61.00Strong-Buy
5/26/2025
WCN
Waste Connections
 UpgradeC$238.00Strong-Buy
5/26/2025
WCN
Waste Connections
 Upgrade$173.00Strong-Buy
5/26/2025
WM
Waste Management
 Upgrade$215.00Hold
5/26/2025
GFL
GFL Environmental
 Upgrade$44.00Strong-Buy
5/25/2025
RBA
RB Global
 Downgrade$104.00Strong-Buy ➝ Hold
5/25/2025
RBA
RB Global
 DowngradeC$143.00Strong-Buy ➝ Hold
5/21/2025
FTT
Finning International
 DowngradeC$75.00Strong-Buy ➝ Hold