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
6/18/2026	EFX Enerflex	Set Price Target	C$35.00	C$42.50	Outperform
6/16/2026	KEYUF Keyera	Upgrade	$39.00		Sector Perform ➝ Outperform
6/16/2026	KEY Keyera	Upgrade	C$57.00	C$56.00 ➝ C$61.00	Sector Perform ➝ Outperform
6/15/2026	VNP 5N Plus	Boost Price Target	C$42.00	C$41.00 ➝ C$50.00	Outperform
6/15/2026	EMP.A Empire	Boost Price Target	C$52.00	C$54.00 ➝ C$55.00	Sector Perform
6/12/2026	GIB.A CGI	Set Price Target	C$88.00	C$135.00	Outperform
6/12/2026	DOL Dollarama	Boost Price Target	C$190.00	C$203.00 ➝ C$209.00
6/11/2026	BEP Brookfield Renewable Partners	Boost Price Target	$35.00	$36.00 ➝ $39.00	Outperform
6/10/2026	FEO Oceanic Iron Ore	Set Price Target	C$1.00	C$1.70	Outperform
6/10/2026	CIA Champion Iron	Set Price Target	C$4.00	C$5.75	Outperform
6/10/2026	HPS.A Hammond Power Solutions	Boost Price Target	C$350.00	C$325.00 ➝ C$355.00	Outperform
6/2/2026	SGY Surge Energy	Boost Price Target	C$10.00	C$12.75 ➝ C$13.50	Outperform
6/1/2026	MAI Minera Alamos	Boost Price Target	C$5.00	C$8.50 ➝ C$9.50	Outperform
6/1/2026	SPB Superior Plus	Boost Price Target	C$8.00	C$7.50 ➝ C$8.50	Sector Perform
6/1/2026	TWM Tidewater Midstream and Infrastructure	Boost Price Target	C$17.00	C$15.00 ➝ C$17.00	Sector Perform
6/1/2026	TA TransAlta	Boost Price Target	C$20.00	C$22.00 ➝ C$24.00	Outperform
6/1/2026	GEI Gibson Energy	Boost Price Target	C$30.00	C$30.00 ➝ C$33.00	Outperform
6/1/2026	SOBO South Bow	Boost Price Target	$36.00	$31.00 ➝ $35.00	Sector Perform
6/1/2026	BIP Brookfield Infrastructure Partners	Boost Price Target	$38.00	$38.00 ➝ $43.00	Outperform
6/1/2026	CU Canadian Utilities	Boost Price Target	C$52.00	C$46.00 ➝ C$51.00	Sector Perform
6/1/2026	ALA AltaGas	Boost Price Target	C$54.00	C$52.00 ➝ C$60.00	Outperform
6/1/2026	H Hydro One	Boost Price Target	C$57.00	C$56.00 ➝ C$61.00	Sector Perform
6/1/2026	KEY Keyera	Boost Price Target	C$57.00	C$50.00 ➝ C$56.00	Sector Perform
6/1/2026	PPL Pembina Pipeline	Boost Price Target	C$65.00	C$63.00 ➝ C$71.00	Outperform
6/1/2026	ACO.X ATCO	Boost Price Target	C$71.00	C$62.00 ➝ C$69.00	Sector Perform
6/1/2026	EMA Emera	Boost Price Target	C$74.00	C$69.00 ➝ C$75.00	Sector Perform
6/1/2026	CPX Capital Power	Boost Price Target	C$73.00	C$75.00 ➝ C$82.00	Outperform
6/1/2026	FTS Fortis	Boost Price Target	C$80.00	C$75.00 ➝ C$82.00	Sector Perform
6/1/2026	ENB Enbridge	Boost Price Target	C$78.00	C$73.00 ➝ C$81.00	Sector Perform
6/1/2026	TRP TC Energy	Boost Price Target	C$97.00	C$92.00 ➝ C$102.00
6/1/2026	DOL Dollarama	Boost Price Target	C$190.00	C$198.00 ➝ C$203.00	Outperform
5/29/2026	RIO Rio2	Set Price Target	C$3.00	C$5.50	Outperform
5/29/2026	DOO BRP	Boost Price Target	C$86.00	C$80.00 ➝ C$84.00	Sector Perform
5/29/2026	TD Toronto-Dominion Bank	Boost Price Target	C$170.00	C$157.00 ➝ C$162.00	Outperform
5/28/2026	RIOFF Rio2	Initiated Coverage	$2.00		Outperform
5/28/2026	NHP National Healthcare Properties	Set Price Target	$14.00	$18.00
5/28/2026	ATD Alimentation Couche-Tard	Boost Price Target	C$83.00	C$89.00 ➝ C$91.00	Outperform
5/28/2026	BMO Bank of Montreal	Boost Price Target	C$244.00	C$223.00 ➝ C$236.00	Sector Perform
5/27/2026	TRZ Transat A.T.	Downgrade	C$2.00	C$3.00 ➝ C$2.25	Sector Perform ➝ Underperform
5/27/2026	CMG Computer Modelling Group	Lower Price Target	C$4.00	C$5.00 ➝ C$4.50	Sector Perform
5/27/2026	CVO Coveo Solutions	Lower Price Target	C$4.00	C$7.00 ➝ C$5.50	Sector Perform
5/27/2026	REAL Real Matters	Lower Price Target	C$5.00	C$7.50 ➝ C$6.50	Sector Perform
5/27/2026	ZDC Zedcor	Set Price Target	C$5.00	C$7.50	Outperform
5/27/2026	VHI Vitalhub	Lower Price Target	C$7.00	C$14.00 ➝ C$11.00	Outperform
5/27/2026	LSPD Lightspeed Commerce	Lower Price Target	$9.00	$15.00 ➝ $11.00	Sector Perform
5/27/2026	DCBO Docebo	Lower Price Target	$17.00	$24.00 ➝ $21.00	Sector Perform
5/27/2026	OTEX Open Text	Lower Price Target	$21.00	$45.00 ➝ $33.00	Outperform
5/27/2026	EXE Extendicare	Boost Price Target	C$34.00	C$34.00 ➝ C$40.00	Outperform
5/27/2026	TCS Tecsys	Upgrade	C$36.00	C$40.00 ➝ C$46.00	Sector Perform ➝ Outperform
5/27/2026	AIF Altus Group	Lower Price Target	C$45.00	C$52.00 ➝ C$45.00	Sector Perform
5/27/2026	GIB.A CGI	Lower Price Target	C$88.00	C$150.00 ➝ C$135.00	Outperform
5/27/2026	SHOP Shopify	Lower Price Target	$109.00	$200.00 ➝ $155.00	Outperform
5/27/2026	KXS Kinaxis	Lower Price Target	C$146.00	C$240.00 ➝ C$200.00	Outperform
5/27/2026	CNSWF Constellation Software	Upgrade	$1,946.00		Hold ➝ Strong-Buy
5/27/2026	CSU Constellation Software	Upgrade	C$2,753.00	C$3,400.00 ➝ C$3,500.00	Sector Perform ➝ Outperform
5/26/2026	TRZBF Transat A.T.	Downgrade	$2.00		Sector Perform ➝ Underperform
5/25/2026	CAE CAE	Lower Price Target	C$35.00	C$53.00 ➝ C$49.00	Outperform
5/25/2026	AEM Agnico Eagle Mines	Set Price Target	C$231.00	C$350.00	Outperform
5/22/2026	CAE CAE	Reiterated Rating	$25.00		Outperform ➝ Outperform
5/22/2026	AMX Amex Exploration	Set Price Target	C$4.00	C$6.50	Outperform
5/21/2026	LNC Lincoln National	Set Price Target	$37.00	$40.00
5/19/2026	DHT.UN DRI Healthcare Trust	Boost Price Target	C$18.00	C$22.50 ➝ C$23.50	Outperform
5/18/2026	NHP National Healthcare Properties	Set Price Target	$14.00	$16.00
5/15/2026	FORA VerticalScope	Lower Price Target	C$3.00	C$4.50 ➝ C$4.25	Sector Perform
5/15/2026	LAC Lithium Americas	Lower Price Target	C$6.00	C$7.50 ➝ C$7.25	Sector Perform
5/15/2026	SPB Superior Plus	Boost Price Target	C$8.00	C$6.00 ➝ C$7.50	Sector Perform
5/15/2026	MAU Montage Gold	Boost Price Target	C$16.00	C$19.00 ➝ C$20.00
5/15/2026	NPI Northland Power	Boost Price Target	C$23.00	C$27.00 ➝ C$28.00	Outperform
5/15/2026	BN Brookfield	Boost Price Target	$44.00	$58.00 ➝ $60.00	Outperform
5/15/2026	KEY Keyera	Boost Price Target	C$57.00	C$48.00 ➝ C$50.00	Sector Perform
5/15/2026	QBR.B Quebecor	Boost Price Target	C$68.00	C$59.00 ➝ C$67.00	Outperform
5/15/2026	CCL.B CCL Industries	Boost Price Target	C$88.00	C$102.00 ➝ C$104.00	Outperform
5/15/2026	BNS Bank of Nova Scotia	Boost Price Target	C$124.00	C$100.00 ➝ C$106.00	Sector Perform
5/15/2026	EQB EQB	Set Price Target	C$124.00	C$120.00	Sector Perform
5/15/2026	TVK TerraVest Industries	Lower Price Target	C$119.00	C$175.00 ➝ C$170.00	Outperform
5/15/2026	TD Toronto-Dominion Bank	Boost Price Target	C$170.00	C$146.00 ➝ C$157.00	Outperform
5/15/2026	CM Canadian Imperial Bank of Commerce	Boost Price Target	C$160.00	C$150.00 ➝ C$152.00	Sector Perform
5/15/2026	CTC.A Canadian Tire	Lower Price Target	C$187.00	C$211.00 ➝ C$205.00	Sector Perform
5/15/2026	BMO Bank of Montreal	Boost Price Target	C$244.00	C$205.00 ➝ C$223.00	Sector Perform
5/15/2026	RY Royal Bank of Canada	Boost Price Target	C$286.00	C$257.00 ➝ C$271.00	Outperform
5/14/2026	GSY goeasy	Lower Price Target	C$41.00	C$38.00 ➝ C$34.00	Sector Perform
5/14/2026	MFC Manulife Financial	Boost Price Target	C$58.00	C$56.00 ➝ C$59.00	Outperform
5/14/2026	H Hydro One	Boost Price Target	C$57.00	C$55.00 ➝ C$56.00	Sector Perform
5/14/2026	TXG Torex Gold Resources	Boost Price Target	C$58.00	C$98.00 ➝ C$101.00	Outperform
5/14/2026	FTT Finning International	Upgrade	C$102.00	C$89.00 ➝ C$115.00	Sector Perform ➝ Outperform
5/13/2026	NTIOF National Bank of Canada	Downgrade	$156.00		Buy ➝ Neutral
5/13/2026	FNV Franco-Nevada	Upgrade	$219.00		Sector Perform ➝ Outperform
5/13/2026	NXR.UN Nexus Industrial REIT	Lower Price Target	C$8.00	C$8.75 ➝ C$8.50	Sector Perform
5/13/2026	PET Pet Valu	Lower Price Target	C$18.00	C$27.00 ➝ C$22.00	Sector Perform
5/13/2026	CEU CES Energy Solutions	Downgrade	C$15.00	C$20.00	Outperform ➝ Sector Perform
5/13/2026	POU Paramount Resources	Boost Price Target	C$28.00	C$36.00 ➝ C$38.00	Sector Perform
5/13/2026	ALS Altius Minerals	Boost Price Target	C$60.00	C$57.50 ➝ C$62.50	Outperform
5/13/2026	POW Power Co. of Canada	Boost Price Target	C$90.00	C$77.00 ➝ C$85.00	Sector Perform
5/13/2026	FNV Franco-Nevada	Upgrade	C$307.00	C$410.00 ➝ C$420.00	Hold ➝ Strong-Buy
5/12/2026	CESDF CES Energy Solutions	Downgrade	$11.00		Outperform ➝ Sector Perform
5/12/2026	FSZ Fiera Capital	Lower Price Target	C$5.00	C$7.00 ➝ C$6.00	Sector Perform
5/12/2026	BTO B2Gold	Boost Price Target	C$6.00	C$10.00 ➝ C$10.70	Outperform
5/12/2026	DBM Doman Building Materials Group	Boost Price Target	C$11.00	C$12.50 ➝ C$13.50	Outperform
5/12/2026	CGX Cineplex	Lower Price Target	C$12.00	C$14.00 ➝ C$13.50	Outperform
5/12/2026	EXE Extendicare	Boost Price Target	C$34.00	C$32.00 ➝ C$34.00	Outperform