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
5/10/2021	CG Centerra Gold	Lower Price Target	C$8.00	C$10.25	Outperform	N/A
5/10/2021	GDI GDI Integrated Facility Services	Boost Price Target	C$55.00	C$65.00	Outperform	N/A
5/10/2021	IFC Intact Financial	Boost Price Target	C$167.00	C$20.00	Outperform	N/A
5/10/2021	KPT KP Tissue	Boost Price Target	C$10.00	C$11.00	Sector Perform	N/A
5/10/2021	PPL Pembina Pipeline	Boost Price Target	C$38.00	C$39.00	Sector Perform	N/A
5/7/2021	ACQ AutoCanada	Boost Price Target	C$47.00	C$45.00	Sector Perform	N/A
5/7/2021	BBD.B Bombardier, Inc. Class B	Boost Price Target	C$1.00	C$1.00	Sector Perform	N/A
5/7/2021	CAS Cascades	Boost Price Target	C$14.00	C$18.50	Outperform	N/A
5/7/2021	FNV Franco-Nevada	Boost Price Target	C$180.00	C$195.00	Sector Perform	N/A
5/7/2021	IGM IGM Financial	Boost Price Target	C$45.00	C$55.00	Outperform	N/A
5/7/2021	NFI NFI Group	Boost Price Target	C$25.00	C$32.00	Outperform	N/A
5/7/2021	PBH Premium Brands	Boost Price Target	C$121.00	C$134.00	Outperform	N/A
5/7/2021	RSI Rogers Sugar	Boost Price Target	C$6.00	C$5.25	Sector Perform	N/A
5/6/2021	DRTT DIRTT Environmental Solutions	Downgrade	$3.00	$4.30	Outperform Overweight ➝ Sector Perform	High
5/6/2021	LBLCF Loblaw Companies	Reiterated Rating	$58.00		Outperform	Low
5/6/2021	PARXF Parex Resources	Reiterated Rating	$18.00		Outperform	High
5/6/2021	ERO Ero Copper	Boost Price Target	C$28.00	C$27.50	Sector Perform	N/A
5/6/2021	GIL Gildan Activewear	Boost Price Target	C$44.00	C$50.00	Outperform	N/A
5/6/2021	GWO Great-West Lifeco	Boost Price Target	C$37.00	C$36.00	Sector Perform	N/A
5/6/2021	L Loblaw Companies	Boost Price Target	C$72.00	C$77.00	Outperform	N/A
5/6/2021	PXT Parex Resources	Lower Price Target	C$22.00	C$31.00	Outperform	N/A
5/6/2021	SLF Sun Life Financial	Boost Price Target	C$66.00	C$71.00	Outperform	N/A
5/6/2021	STLC Stelco	Boost Price Target	C$37.00	C$45.00	Outperform	N/A
5/6/2021	TF Timbercreek Financial	Boost Price Target	C$9.00	C$9.50	Sector Perform	N/A
5/6/2021	TIH Toromont Industries	Boost Price Target	C$106.00	C$108.00	Outperform	N/A
5/6/2021	TOY Spin Master	Boost Price Target	C$42.00	C$53.00	Outperform	N/A
5/6/2021	BBU Brookfield Business Partners	Boost Price Target	$47.00	$50.00 ➝ $56.00	Outperform	Medium
5/5/2021	DRT DIRTT Environmental Solutions	Downgrade	C$4.00		Outperform Overweight ➝ Sector Perform Overweight	N/A
5/5/2021	EQB Equitable Group	Boost Price Target	C$146.00	C$174.00	Sector Perform	N/A
5/5/2021	PKI Parkland	Boost Price Target	C$41.00	C$45.00	Outperform	N/A
5/5/2021	BLDP Ballard Power Systems	Lower Price Target	$14.00	$33.00	Outperform	Medium
5/5/2021	POU Paramount Resources	Boost Price Target	C$13.00	C$14.00	Sector Perform	N/A
5/5/2021	REI.UN RioCan Real Estate Investment Trust	Boost Price Target	C$21.00	C$23.00	Outperform	N/A
5/5/2021	TRI Thomson Reuters	Boost Price Target	C$117.00	C$128.00	Outperform	N/A
5/5/2021	TSU Trisura Group	Boost Price Target	C$148.00	C$205.00	Outperform	N/A
5/4/2021	CHE.UN Chemtrade Logistics Income Fund	Boost Price Target	C$8.00	C$10.50	Outperform	N/A
5/4/2021	CJT Cargojet	Lower Price Target	C$172.00	C$226.00	Outperform	N/A
5/4/2021	GEI Gibson Energy	Boost Price Target	C$23.00	C$23.00	Sector Perform	N/A
5/4/2021	LAS.A Lassonde Industries	Boost Price Target	C$189.00	C$202.00	Outperform	N/A
5/4/2021	CGIFF Chemtrade Logistics Income Fund	Upgrade	$7.00		Sector Perform ➝ Outperform	Low
5/3/2021	TNEYF Tamarack Valley Energy	Initiated Coverage	$2.00		Outperform	High
5/3/2021	ALA AltaGas	Boost Price Target	C$24.00	C$26.00	Outperform	N/A
5/3/2021	CPX Capital Power	Boost Price Target	C$40.00	C$45.00	Outperform	N/A
5/3/2021	TVE Tamarack Valley Energy	Reiterated Rating	C$3.00	C$4.00	Outperform	N/A
4/30/2021	PWCDF Power Co. of Canada	Initiated Coverage	$30.00		Sector Perform	Low
4/30/2021	IGM IGM Financial	Reiterated Rating	C$45.00		Outperform Market Weight	N/A
4/30/2021	BTEGF Baytex Energy	Reiterated Rating	$1.00		Sector Perform	High
4/30/2021	POW Power Co. of Canada	Reiterated Rating	C$37.00	C$38.00	Sector Perform Overweight	N/A
4/30/2021	BTE Baytex Energy	Boost Price Target	C$2.00	C$1.75 ➝ C$2.00	Sector Perform	N/A
4/30/2021	NOA North American Construction Group	Boost Price Target	C$17.00	C$21.00 ➝ C$23.00	Outperform	N/A
4/30/2021	TRZ Transat A.T.	Lower Price Target	C$5.00	C$3.90 ➝ C$3.50	Underperform	N/A
4/30/2021	ZZZ Sleep Country Canada	Boost Price Target	C$34.00	C$33.00 ➝ C$37.00	Sector Perform	N/A
4/29/2021	PBH Premium Brands	Boost Price Target	C$121.00	C$130.00	Outperform	N/A
4/29/2021	TECK.B Teck Resources	Boost Price Target	C$31.00	C$32.50	Outperform	N/A
4/29/2021	BTB.UN BTB Real Estate Investment Trust	Reiterated Rating	C$4.00	C$4.25	Sector Perform	N/A
4/29/2021	CS Capstone Mining	Boost Price Target	C$6.00	C$6.25	Outperform	N/A
4/29/2021	FFH Fairfax Financial	Boost Price Target	C$579.00	C$700.00	Outperform	N/A
4/29/2021	FM First Quantum Minerals	Boost Price Target	C$33.00	C$35.00	Outperform	N/A
4/29/2021	FVI Fortuna Silver Mines	Lower Price Target	C$8.00	C$10.50	Sector Perform	N/A
4/29/2021	HDI Hardwoods Distribution	Boost Price Target	C$35.00	C$42.00	Outperform	N/A
4/29/2021	REAL Real Matters	Lower Price Target	C$16.00	C$35.00	Outperform	N/A
4/29/2021	FRFHF Fairfax Financial	Reiterated Rating	$474.00		Outperform	Medium
4/29/2021	HDIUF Hardwoods Distribution	Reiterated Rating	$29.00		Outperform	Low
4/29/2021	PRBZF Premium Brands	Reiterated Rating	$96.00		Outperform	Low
4/29/2021	FQVLF First Quantum Minerals	Reiterated Rating	$28.00		Outperform	Medium
4/29/2021	IGIFF IGM Financial	Initiated Coverage	$37.00		Outperform	Medium
4/28/2021	FN First National Financial	Boost Price Target	C$52.00	C$55.00	Sector Perform	N/A
4/28/2021	TFII TFI International	Boost Price Target	C$108.00	C$115.00	Outperform	N/A
4/27/2021	TCYSF Tecsys	Initiated Coverage	$37.00		Outperform	Low
4/27/2021	TCS Tecsys	Initiated Coverage	C$42.00	C$55.00	Outperform	N/A
4/27/2021	CMMC Copper Mountain Mining	Boost Price Target	C$5.00	C$4.75	Outperform	N/A
4/27/2021	DIR.UN Dream Industrial Real Estate Invest Trst	Reiterated Rating	C$14.00	C$15.00	Outperform	N/A
4/27/2021	EIF Exchange Income	Reiterated Rating	C$39.00	C$43.00	Outperform	N/A
4/27/2021	CPPMF Copper Mountain Mining	Reiterated Rating	$4.00		Outperform	Medium
4/27/2021	DREUF Dream Industrial Real Estate Investment Trust	Reiterated Rating	$12.00		Outperform	High
4/27/2021	EIFZF Exchange Income	Reiterated Rating	$31.00		Outperform	Low
4/26/2021	TCS Tecsys	Reiterated Rating	C$42.00		Outperfrom Under Weight	N/A
4/26/2021	ATGFF AltaGas	Reiterated Rating	$20.00		Outperform	Low
4/26/2021	KPTSF KP Tissue	Reiterated Rating	$8.00		Sector Perform	N/A
4/26/2021	LBLCF Loblaw Companies	Reiterated Rating	$58.00		Outperform	Low
4/26/2021	ALA AltaGas	Boost Price Target	C$24.00	C$25.00	Outperform	N/A
4/26/2021	GUD Knight Therapeutics	Boost Price Target	C$5.00	C$7.75	Outperform	N/A
4/26/2021	KPT KP Tissue	Lower Price Target	C$10.00	C$10.50	Sector Perform	N/A
4/26/2021	L Loblaw Companies	Boost Price Target	C$72.00	C$76.00	Outperform	N/A
4/23/2021	AEM Agnico Eagle Mines	Reiterated Rating	$69.00		Outperform	Low
4/23/2021	KGC Kinross Gold	Reiterated Rating	$8.00		Outperform	Low
4/23/2021	AEM Agnico Eagle Mines	Lower Price Target	C$83.00	C$97.00	Outperform	N/A
4/23/2021	KL Kirkland Lake Gold	Reiterated Rating	$41.00		Sector Perform	Low
4/23/2021	AYA Aya Gold & Silver	Boost Price Target	C$7.00	C$9.00	Outperform	N/A
4/23/2021	CG Centerra Gold	Boost Price Target	C$8.00	C$18.50	Outperform	N/A
4/23/2021	DPM Dundee Precious Metals	Boost Price Target	C$9.00	C$12.50	Outperform	N/A
4/23/2021	ELD Eldorado Gold	Lower Price Target	C$13.00	C$18.00	Outperform	N/A
4/23/2021	EQX Equinox Gold	Boost Price Target	C$11.00	C$15.25	Outperform	N/A
4/23/2021	FNV Franco-Nevada	Boost Price Target	C$180.00	C$190.00	Sector Perform	N/A
4/23/2021	FVI Fortuna Silver Mines	Boost Price Target	C$8.00	C$12.50	Sector Perform	N/A
4/23/2021	K Kinross Gold	Boost Price Target	C$9.00	C$14.00	Outperform	N/A
4/23/2021	KL Kirkland Lake Gold	Boost Price Target	C$49.00	C$52.00	Sector Perform	N/A
4/23/2021	LB Laurentian Bank of Canada	Upgrade	C$44.00	C$40.00	Underperform Overweight ➝ Sector Perform Overweight	N/A
4/23/2021	MMX Maverix Metals	Boost Price Target	C$7.00	C$7.75	Sector Perform	N/A
4/23/2021	MOZ Marathon Gold	Boost Price Target	C$3.00	C$3.50	Outperform	N/A