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
11/24/2021	LUNMF Lundin Mining	Lower Price Target	C$8.00	C$13.00 ➝ C$12.25	Sector Perform	Low
11/24/2021	UNIEF Uni-Select	Boost Price Target	C$18.00	C$25.50 ➝ C$27.50	Outperform	High
11/24/2021	NEM Newmont	Lower Price Target	$56.00	$95.00 ➝ $92.00	Outperform	Low
11/24/2021	DOOO BRP	Lower Price Target	$80.00	$135.00 ➝ $131.00	Outperform	Low
11/23/2021	SGSVF Sabina Gold & Silver	Initiated Coverage	$1.00		Outperform	Medium
11/22/2021	NGD New Gold	Boost Price Target	C$2.00	C$2.25 ➝ C$2.50	Sector Perform	N/A
11/22/2021	GDDFF Goodfood Market	Lower Price Target	C$4.00	C$10.50 ➝ C$7.00	Outperform	High
11/22/2021	AUY Yamana Gold	Lower Price Target	C$4.00	C$7.00 ➝ C$6.75	Outperform ➝ Outperform	High
11/22/2021	EQX Equinox Gold	Lower Price Target	C$7.00	C$13.75 ➝ C$13.50	Outperform ➝ Outperform	N/A
11/22/2021	KL Kirkland Lake Gold	Boost Price Target	C$41.00	C$55.50 ➝ C$56.00		Medium
11/22/2021	DOOO BRP	Reiterated Rating	$80.00		Outperform Overweight	Medium
11/22/2021	DOO BRP	Reiterated Rating	C$102.00		Outperform Overweight	N/A
11/18/2021	ARGTF Artemis Gold	Boost Price Target	C$6.00	C$9.75 ➝ C$11.00	Outperform	Low
11/18/2021	RLLMF Real Matters	Lower Price Target	C$7.00	C$12.00 ➝ C$10.00	Sector Perform	Low
11/18/2021	HRUFF H&R Real Estate Investment Trust	Boost Price Target	C$13.00	C$20.50 ➝ C$21.50	Outperform	Medium
11/18/2021	LAC Lithium Americas	Boost Price Target	$36.00	$32.00 ➝ $40.00	Outperform	Medium
11/18/2021	MTRAF Metro	Boost Price Target	C$49.00	C$67.00 ➝ C$71.00	Sector Perform	Low
11/18/2021	LBLCF Loblaw Companies	Boost Price Target	C$76.00	C$92.00 ➝ C$107.00	Outperform	Low
11/18/2021	FRFHF Fairfax Financial	Boost Price Target	C$446.00	C$775.00 ➝ C$825.00	Outperform	Low
11/17/2021	NWHUF NorthWest Healthcare Properties Real Estate Investment Trust	Boost Price Target	C$11.00	C$14.00 ➝ C$14.50	Sector Perform	Low
11/17/2021	MFC Manulife Financial	Boost Price Target	C$19.00	C$27.00 ➝ C$28.00	Sector Perform	Low
11/17/2021	PKIUF Parkland	Boost Price Target	C$26.00	C$47.00 ➝ C$48.00	Outperform	Low
11/15/2021	CESDF CES Energy Solutions	Boost Price Target	C$2.00	C$2.75 ➝ C$2.85	Outperform	Low
11/15/2021	FSM Fortuna Silver Mines	Lower Price Target	C$4.00	C$7.00 ➝ C$6.50	Sector Perform	Low
11/15/2021	NNXPF NanoXplore	Boost Price Target	C$6.00	C$8.00 ➝ C$10.00	Outperform	High
11/15/2021	CGIFF Chemtrade Logistics Income Fund	Boost Price Target	C$6.00	C$9.50 ➝ C$10.00	Outperform	Low
11/15/2021	KPTSF KP Tissue	Lower Price Target	C$8.00	C$11.00 ➝ C$10.50	Sector Perform	Low
11/15/2021	YLWDF Yellow Pages	Boost Price Target	C$11.00	C$14.00 ➝ C$15.00	Sector Perform	N/A
11/15/2021	HERXF Héroux-Devtek	Boost Price Target	C$15.00	C$22.00 ➝ C$23.00	Outperform	Low
11/15/2021	UNIEF Uni-Select	Boost Price Target	C$18.00	C$22.00 ➝ C$25.50	Outperform	Low
11/15/2021	ANRGF ANRGF	Lower Price Target	C$16.00	C$28.00 ➝ C$25.00	Sector Perform	Low
11/15/2021	ITPOF Intertape Polymer Group	Boost Price Target	C$20.00	C$40.00 ➝ C$40.50	Outperform	Low
11/15/2021	CWYUF SmartCentres Real Estate Investment Trust	Boost Price Target	C$24.00	C$32.00 ➝ C$34.00	Sector Perform	Low
11/15/2021	MSIXF LifeWorks	Downgrade	$21.00		Outperform ➝ Sector Perform	N/A
11/15/2021	SCCAF Sleep Country Canada	Boost Price Target	C$30.00	C$40.00 ➝ C$46.00	Sector Perform	N/A
11/15/2021	HMCBF Home Capital Group	Boost Price Target	C$34.00	C$59.00 ➝ C$62.00	Outperform	Low
11/15/2021	EIFZF Exchange Income	Boost Price Target	C$36.00	C$47.00 ➝ C$51.00	Outperform	Low
11/15/2021	BOWFF Boardwalk Real Estate Investment Trust	Boost Price Target	C$43.00	C$60.00 ➝ C$63.50	Outperform	Low
11/12/2021	LEV Lion Electric	Lower Price Target	$11.00	$19.00 ➝ $17.00	Outperform	Low
11/11/2021	TAC TransAlta	Boost Price Target	$10.00	$13.00 ➝ $14.00	Sector Perform	Medium
11/11/2021	PAAS Pan American Silver	Lower Price Target	$26.00	$49.00 ➝ $48.00	Outperform	Low
11/10/2021	GDDFF Goodfood Market	Lower Price Target	C$4.00	C$12.00 ➝ C$10.50	Outperform	Low
11/10/2021	PEYUF Peyto Exploration & Development	Lower Price Target	C$9.00	C$15.50 ➝ C$15.00	Outperform	Medium
11/10/2021	CTRRF CT Real Estate Investment Trust	Boost Price Target	C$14.00	C$19.00 ➝ C$19.50	Outperform	N/A
11/10/2021	KBRLF K-Bro Linen	Lower Price Target	C$29.00	C$46.00 ➝ C$45.00	Sector Perform	Low
11/10/2021	AEM Agnico Eagle Mines	Lower Price Target	C$52.00	C$83.00 ➝ C$82.00	Sector Perform	Low
11/10/2021	IFCZF Intact Financial	Boost Price Target	C$127.00	C$209.00 ➝ C$215.00	Outperform	Low
11/9/2021	MAVBF MAV Beauty Brands	Lower Price Target	C$1.00	C$4.50 ➝ C$3.00	Sector Perform	Low
11/9/2021	AKU Akumin	Lower Price Target	$2.00	$3.50 ➝ $2.00	Sector Perform	High
11/9/2021	CGAU Centerra Gold	Boost Price Target	C$7.00	C$12.25 ➝ C$12.50	Outperform	Low
11/9/2021	ECNCF ECN Capital	Lower Price Target	C$8.00	C$12.50 ➝ C$6.50	Outperform	Low
11/9/2021	MEGEF MEG Energy	Boost Price Target	C$8.00	C$14.00 ➝ C$15.00	Sector Perform	Low
11/9/2021	PVG Pretium Resources	Downgrade	$14.00		Outperform	Medium
11/9/2021	HDIUF Hardwoods Distribution	Boost Price Target	C$34.00	C$60.50 ➝ C$67.50	Outperform	Low
11/8/2021	AKU Akumin	Reiterated Rating	C$2.00		Sector Perform Market Weight	N/A
11/8/2021	CWEGF Crew Energy	Boost Price Target	C$2.00	C$3.50 ➝ C$4.00	Sector Perform	Medium
11/8/2021	BTEGF Baytex Energy	Boost Price Target	C$3.00	C$4.50 ➝ C$5.00	Sector Perform	Low
11/8/2021	ENRFF Enerflex	Downgrade	$6.00		Outperform ➝ Sector Perform	Low
11/8/2021	TU TELUS	Boost Price Target	C$23.00	C$33.00 ➝ C$34.00	Outperform	Low
11/8/2021	PBA Pembina Pipeline	Boost Price Target	C$30.00	C$40.00 ➝ C$41.00	Sector Perform	Low
11/8/2021	IGIFF IGM Financial	Boost Price Target	C$39.00	C$58.00 ➝ C$59.00	Outperform	Medium
11/8/2021	ENB Enbridge	Boost Price Target	C$39.00	C$51.00 ➝ C$54.00	Outperform	High
11/8/2021	BBU Brookfield Business Partners	Boost Price Target	$47.00	$62.00 ➝ $63.00	Outperform	Low
11/8/2021	TRP TC Energy	Downgrade	$48.00		Outperform ➝ Sector Perform	Medium
11/8/2021	LSDAF Lassonde Industries	Lower Price Target	C$128.00	C$195.00 ➝ C$191.00	Outperform	Low
11/7/2021	TRP TC Energy	Downgrade	C$61.00		Outperform Overweight ➝ Sector Perform Overweight	N/A
11/5/2021	CR Crew Energy	Boost Price Target	C$3.00	C$4.00	NA	N/A
11/5/2021	EFX Enerflex	Downgrade	C$8.00	C$10.75	Outperform Overweight ➝ Sector Perform Overweight	N/A
11/5/2021	FSZ Fiera Capital	Lower Price Target	C$11.00	C$11.50	Sector Perform	N/A
11/5/2021	SAP Saputo	Lower Price Target	C$29.00	C$36.00	Sector Perform	N/A
11/5/2021	GWO Great-West Lifeco	Boost Price Target	C$37.00	C$39.00	Sector Perform	N/A
11/5/2021	GIL Gildan Activewear	Boost Price Target	C$53.00	C$58.00	Outperform	N/A
11/5/2021	IGM IGM Financial	Boost Price Target	C$49.00	C$59.00	NA	N/A
11/5/2021	CNQ Canadian Natural Resources	Lower Price Target	C$52.00	C$69.00	Outperform	N/A
11/5/2021	BIP Brookfield Infrastructure Partners	Boost Price Target	$56.00	$64.00 ➝ $65.00	Outperform	Low
11/5/2021	BIP.UN Brookfield Infrastructure Partners	Boost Price Target	C$72.00	C$81.00	Outperform	N/A
11/5/2021	PBH Premium Brands	Boost Price Target	C$125.00	C$155.00	Outperform	N/A
11/5/2021	GSY goeasy	Boost Price Target	C$185.00	C$220.00	Outperform	N/A
11/4/2021	SVAUF StorageVault Canada	Boost Price Target	C$5.00	C$6.50 ➝ C$7.50	Outperform	N/A
11/4/2021	PSYTF Pason Systems	Boost Price Target	C$8.00	C$11.00 ➝ C$12.25	Sector Perform	High
11/4/2021	PARXF Parex Resources	Lower Price Target	C$16.00	C$35.00 ➝ C$33.00	Outperform	Low
11/4/2021	NFYEF NFI Group	Lower Price Target	C$17.00	C$28.00 ➝ C$27.00	Sector Perform	Low
11/4/2021	SNMSF Spin Master	Boost Price Target	C$37.00	C$58.00 ➝ C$61.00	Outperform	Low
11/4/2021	IAFNF iA Financial	Boost Price Target	C$55.00	C$86.00 ➝ C$87.00	Outperform	Low
11/3/2021	OCANF OceanaGold	Lower Price Target	C$2.00	C$3.50 ➝ C$3.25	Outperform	Low
11/3/2021	ACDVF Air Canada	Upgrade	$17.00		Sector Perform ➝ Outperform	High
11/3/2021	GFL GFL Environmental	Boost Price Target	C$40.00	C$50.00 ➝ C$55.00	Outperform	Low
11/3/2021	EQGPF Equitable Group	Boost Price Target	C$64.00	C$93.00 ➝ C$98.00	Outperform	N/A
11/2/2021	MGDPF Marathon Gold	Lower Price Target	C$2.00	C$4.50 ➝ C$4.25	Outperform	Medium
11/2/2021	MOZ Marathon Gold	Lower Price Target	C$3.00	C$5.00 ➝ C$4.25	Outperform	N/A
11/2/2021	GSS Golden Star Resources	Downgrade	$4.00		Outperform	N/A
11/2/2021	GSC Golden Star Resources	Downgrade	C$5.00	C$5.00 ➝ C$4.85	Outperform ➝ Tender	N/A
11/2/2021	AC Air Canada	Upgrade	C$21.00		Sector Perform Market Weight ➝ Outperform Market Weight	N/A
11/2/2021	MTRAF Metro	Boost Price Target	C$49.00	C$65.00 ➝ C$67.00	Sector Perform	Medium
11/2/2021	MRU Metro	Boost Price Target	C$62.00	C$65.00 ➝ C$67.00	Sector Perform	N/A
11/2/2021	CGJTF Cargojet	Lower Price Target	C$136.00	C$205.00 ➝ C$201.00	Sector Perform	Low
11/2/2021	CJT Cargojet	Lower Price Target	C$176.00	C$205.00 ➝ C$201.00	Sector Perform	N/A
11/1/2021	SES Secure Energy Services	Boost Price Target	C$5.00	C$6.50	Outperform	N/A
11/1/2021	ELD Eldorado Gold	Lower Price Target	C$12.00	C$17.50	Outperform	N/A
11/1/2021	MI.UN Minto Apartment Real Estate Invt Trust	Reiterated Rating	C$22.00	C$26.25	Sector Perform	N/A