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
9/17/2026	DOL Dollarama	Boost Price Target	C$173.00	C$209.00 ➝ C$210.00	Outperform
9/17/2026	GRA NanoXplore	Lower Price Target	C$2.00	C$2.80 ➝ C$2.20	Sector Perform
9/16/2026	NABZY National Australia Bank	Upgrade	$14.00		Neutral ➝ Buy
9/16/2026	RCH Richelieu Hardware	Boost Price Target	C$36.00	C$38.00 ➝ C$38.50	Sector Perform
9/15/2026	CAC Camden National	Set Price Target	$57.00	$60.00
9/15/2026	ENB Enbridge	Upgrade	$49.00		Sector Perform ➝ Outperform
9/15/2026	CGY Calian Group	Set Price Target	C$84.00	C$100.00	Outperform
9/15/2026	ENB Enbridge	Upgrade	C$68.00	C$81.00 ➝ C$82.00	Sector Perform ➝ Outperform
9/15/2026	MDA MDA Space	Set Price Target	C$42.00	C$55.00	Outperform
9/15/2026	MTY MTY Food Group	Lower Price Target	C$32.00	C$43.00 ➝ C$40.00	Outperform
9/14/2026	MDA MDA Space	Initiated Coverage	$30.00		Outperform
9/14/2026	CLNFF Calian Group	Initiated Coverage	$60.00		Outperform
9/14/2026	RBA RB Global	Lower Price Target	$84.00	$133.00 ➝ $130.00	Sector Outperform
9/14/2026	TCS Tecsys	Boost Price Target	C$33.00	C$40.00 ➝ C$41.00	Outperform
9/14/2026	DSGX The Descartes Systems Group	Boost Price Target	$80.00	$95.00 ➝ $100.00	Outperform
9/14/2026	MDA MDA Space	Upgrade	C$42.00		Strong-Buy
9/11/2026	ONB Old National Bancorp	Set Price Target	$25.00	$32.00
9/11/2026	EMP.A Empire	Lower Price Target	C$47.00	C$56.00 ➝ C$54.00	Sector Perform
9/10/2026	TLOFF Talon Metals	Reiterated Rating	$7.00		Outperform ➝ Outperform
9/10/2026	L Loblaw Companies	Set Price Target	C$63.00	C$70.00	Outperform
9/10/2026	TCL.A Transcontinental	Lower Price Target	C$5.00	C$8.00 ➝ C$7.00	Outperform
9/9/2026	NHI National Health Investors	Set Price Target	$69.00	$79.00
9/9/2026	ENB Enbridge	Set Price Target	C$68.00	C$81.00	Hold ➝ Outperform
9/9/2026	ENB Enbridge	Upgrade	$49.00		Sector Perform ➝ Outperform
9/8/2026	FHN First Horizon	Set Price Target	$24.00	$30.00
9/8/2026	BBD.B Bombardier, Inc. Class B	Set Price Target	C$305.00	C$379.00	Sector Perform
9/4/2026	SFNC Simmons First National	Set Price Target	$23.00	$26.00
9/3/2026	DOO BRP	Upgrade	$59.00		Sector Perform ➝ Outperform
9/3/2026	ATD Alimentation Couche-Tard	Lower Price Target	C$80.00	C$102.00 ➝ C$101.00	Outperform
9/3/2026	DOO BRP	Upgrade	C$82.00	C$98.00 ➝ C$112.00	Hold ➝ Outperform
9/2/2026	EMP.A Empire	Boost Price Target	C$47.00	C$55.00 ➝ C$56.00	Sector Perform
9/1/2026	AQN Algonquin Power & Utilities	Set Price Target	$5.00	$7.00	Outperform
8/31/2026	CCA Cogeco Communications	Lower Price Target	C$58.00	C$70.00 ➝ C$69.00	Sector Perform
8/31/2026	JWEL Jamieson Wellness	Downgrade	C$45.00	C$51.00 ➝ C$45.75	Outperform ➝ Tender
8/30/2026	RY Royal Bank of Canada	Boost Price Target	C$285.00	C$318.00 ➝ C$321.00	Outperform
8/30/2026	TD Toronto-Dominion Bank	Boost Price Target	C$170.00	C$190.00 ➝ C$196.00	Outperform
8/26/2026	BNS Bank of Nova Scotia	Upgrade	$94.00		Sector Perform ➝ Outperform
8/26/2026	BNS Bank of Nova Scotia	Upgrade	C$132.00	C$128.00 ➝ C$142.00	Hold ➝ Outperform
8/25/2026	CVE Cenovus Energy	Set Price Target	C$46.00	C$60.00	Outperform
8/25/2026	NTR Nutrien	Downgrade	C$111.00		Strong-Buy ➝ Hold
8/24/2026	WMS Advanced Drainage Systems	Set Price Target	$126.00	$190.00
8/24/2026	LNC Lincoln National	Set Price Target	$42.00	$50.00
8/24/2026	BMO Bank of Montreal	Set Price Target	C$243.00	C$278.00	Sector Perform
8/24/2026	BNS Bank of Nova Scotia	Set Price Target	C$132.00	C$128.00	Sector Perform
8/24/2026	CM Canadian Imperial Bank of Commerce	Set Price Target	C$159.00	C$180.00	Sector Perform
8/24/2026	RY Royal Bank of Canada	Set Price Target	C$285.00	C$318.00	Outperform
8/24/2026	TD Toronto-Dominion Bank	Set Price Target	C$170.00	C$190.00	Outperform
8/20/2026	AYA Aya Gold & Silver	Boost Price Target	C$40.00	C$41.00 ➝ C$43.00	Outperform
8/20/2026	DOO BRP	Boost Price Target	C$82.00	C$84.00 ➝ C$98.00	Sector Perform
8/19/2026	DOO BRP	Reiterated Rating	$59.00		Sector Perform ➝ Sector Perform
8/19/2026	WDO Wesdome Gold Mines	Boost Price Target	C$35.00	C$34.50 ➝ C$40.00	Outperform
8/18/2026	NTIOF National Bank of Canada	Upgrade	$151.00		Hold ➝ Outperform
8/18/2026	LUCA Luca Mining	Lower Price Target	C$1.00	C$2.50 ➝ C$2.40	Outperform
8/18/2026	SMA Smartstop Self Storage REIT	Boost Price Target	$33.00	$38.50 ➝ $39.25	Outperform
8/14/2026	BDT Bird Construction	Boost Price Target	C$78.00	C$72.00 ➝ C$92.00	Outperform
8/14/2026	CTC.A Canadian Tire	Lower Price Target	C$189.00	C$210.00 ➝ C$209.00	Sector Perform
8/14/2026	CCL.B CCL Industries	Boost Price Target	C$96.00	C$104.00 ➝ C$106.00	Outperform
8/14/2026	NOA North American Construction Group	Lower Price Target	C$18.00	C$30.00 ➝ C$28.00	Outperform
8/14/2026	ORE Orezone Gold	Boost Price Target	C$1.00	C$3.25 ➝ C$3.50	Outperform
8/14/2026	TVK TerraVest Industries	Boost Price Target	C$115.00	C$170.00 ➝ C$180.00
8/14/2026	TWM Tidewater Midstream and Infrastructure	Boost Price Target	C$22.00	C$25.00 ➝ C$27.00	Outperform
8/14/2026	LCFS Tidewater Renewables	Boost Price Target	C$20.00	C$13.25 ➝ C$22.75	Outperform
8/13/2026	AC Air Canada	Boost Price Target	C$28.00	C$29.00 ➝ C$40.00	Outperform
8/13/2026	ACQ AutoCanada	Boost Price Target	C$22.00	C$21.00 ➝ C$23.00	Sector Perform
8/13/2026	BMO Bank of Montreal	Boost Price Target	C$243.00	C$236.00 ➝ C$278.00	Sector Perform
8/13/2026	BNS Bank of Nova Scotia	Boost Price Target	C$132.00	C$106.00 ➝ C$128.00	Sector Perform
8/13/2026	BYD Boyd Group Services	Boost Price Target	C$114.00	C$265.00 ➝ C$270.00	Outperform
8/13/2026	CM Canadian Imperial Bank of Commerce	Boost Price Target	C$159.00	C$152.00 ➝ C$180.00	Sector Perform
8/13/2026	CSU Constellation Software	Boost Price Target	C$2,830.00	C$3,500.00 ➝ C$3,700.00	Outperform
8/13/2026	EQB EQB	Boost Price Target	C$125.00	C$120.00 ➝ C$143.00	Sector Perform
8/13/2026	EIF Exchange Income	Boost Price Target	C$117.00	C$144.00 ➝ C$145.00	Outperform
8/13/2026	HR.UN H&R Real Estate Investment Trust	Downgrade	C$10.00	C$12.25 ➝ C$11.50	Outperform ➝ Sector Perform
8/13/2026	MFI Maple Leaf Foods	Lower Price Target	C$26.00	C$36.00 ➝ C$34.00	Outperform
8/13/2026	MRU Metro	Lower Price Target	C$92.00	C$105.00 ➝ C$102.00	Sector Perform
8/13/2026	MAU Montage Gold	Boost Price Target	C$20.00	C$20.00 ➝ C$22.00	Outperform
8/13/2026	RY Royal Bank of Canada	Boost Price Target	C$285.00	C$271.00 ➝ C$318.00	Outperform
8/13/2026	TD Toronto-Dominion Bank	Boost Price Target	C$170.00	C$162.00 ➝ C$190.00	Outperform
8/12/2026	ACDVF Air Canada	Reiterated Rating	$20.00		Outperform ➝ Outperform
8/12/2026	WNC Wabash National	Set Price Target	$12.00	$20.00
8/12/2026	ALS Altius Minerals	Boost Price Target	C$68.00	C$70.00 ➝ C$75.00	Outperform
8/12/2026	CJT Cargojet	Boost Price Target	C$81.00	C$109.00 ➝ C$112.00	Outperform
8/12/2026	CGX Cineplex	Boost Price Target	C$12.00	C$13.50 ➝ C$14.00	Outperform
8/12/2026	PET Pet Valu	Boost Price Target	C$18.00	C$22.00 ➝ C$23.00	Sector Perform
8/11/2026	ABX Barrick Gold	Boost Price Target	C$61.00	C$67.50 ➝ C$70.00	Outperform
8/11/2026	SMA Smartstop Self Storage REIT	Boost Price Target	$33.00	$37.50 ➝ $38.50	Outperform
8/10/2026	FIS Fidelity National Information Services	Set Price Target	$36.00	$50.00
8/10/2026	BOS AirBoss of America	Boost Price Target	C$7.00	C$7.00 ➝ C$8.00	Sector Perform
8/10/2026	CAS Cascades	Boost Price Target	C$17.00	C$13.00 ➝ C$17.00	Sector Perform
8/10/2026	DCBO Docebo	Boost Price Target	$24.00	$22.00 ➝ $24.00	Sector Perform
8/10/2026	D.UN Dream Office Real Estate Investment Trst	Boost Price Target	C$18.00	C$20.00 ➝ C$20.50	Sector Perform
8/10/2026	FSZ Fiera Capital	Lower Price Target	C$4.00	C$5.50 ➝ C$5.00	Sector Perform
8/10/2026	GSY goeasy	Boost Price Target	C$42.00	C$43.00 ➝ C$53.00	Sector Perform
8/10/2026	IMG IAMGOLD	Boost Price Target	C$28.00	C$31.00 ➝ C$32.00	Outperform
8/10/2026	LAS.A Lassonde Industries	Lower Price Target	C$241.00	C$260.00 ➝ C$257.00	Sector Perform
8/10/2026	LNF Leon's Furniture	Lower Price Target	C$24.00	C$35.00 ➝ C$34.00	Outperform
8/10/2026	NFI NFI Group	Boost Price Target	C$24.00	C$29.00 ➝ C$30.00	Outperform
8/10/2026	NTR Nutrien	Lower Price Target	$79.00	$76.00 ➝ $74.00	Outperform
8/10/2026	RUS Russel Metals	Boost Price Target	C$80.00	C$57.00 ➝ C$75.00	Sector Perform
8/10/2026	SAP Saputo	Boost Price Target	C$40.00	C$44.00 ➝ C$45.00	Sector Perform
8/10/2026	TXG Torex Gold Resources	Lower Price Target	C$68.00	C$89.00 ➝ C$85.00	Outperform