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
8/7/2026	CESDF CES Energy Solutions	Upgrade	$12.00		Sector Perform ➝ Outperform
8/7/2026	TSEM Tower Semiconductor	Upgrade	$225.00		Buy
8/6/2026	BLDP Ballard Power Systems	Lower Price Target	C$4.00	C$4.75 ➝ C$4.50	Sector Perform
8/6/2026	DIR.UN Dream Industrial Real Estate Invest Trst	Boost Price Target	C$14.00	C$16.25 ➝ C$16.75	Outperform
8/6/2026	SIA Sienna Senior Living	Boost Price Target	C$22.00	C$27.50 ➝ C$28.50	Outperform
8/6/2026	BAM Brookfield Asset Management	Boost Price Target	$53.00	$69.00 ➝ $70.00	Outperform
8/6/2026	TRI Thomson Reuters	Boost Price Target	C$140.00	C$171.00 ➝ C$180.00	Outperform
8/6/2026	CTC.A Canadian Tire	Boost Price Target	C$203.00	C$205.00 ➝ C$210.00	Sector Perform
8/5/2026	SHOP Shopify	Reiterated Rating	$147.00	$155.00 ➝ $180.00	Outperform ➝ Outperform
8/5/2026	RYTM Rhythm Pharmaceuticals	Set Price Target	$112.00	$160.00
8/5/2026	ACEL Accel Entertainment	Set Price Target	$12.00	$15.00
8/5/2026	VNP 5N Plus	Lower Price Target	C$30.00	C$50.00 ➝ C$45.00	Outperform
8/5/2026	BEP Brookfield Renewable Partners	Lower Price Target	$33.00	$39.00 ➝ $37.00	Outperform
8/5/2026	ELD Eldorado Gold	Boost Price Target	C$50.00	C$65.00 ➝ C$69.00	Outperform
8/5/2026	RBA RB Global	Boost Price Target	$93.00	$132.00 ➝ $133.00	Outperform
8/5/2026	IMO Imperial Oil	Lower Price Target	C$177.00	C$214.00 ➝ C$209.00	Sector Perform
8/5/2026	IAG iA Financial	Boost Price Target	C$213.00	C$205.00 ➝ C$216.00	Sector Perform
8/4/2026	NTIOF National Bank of Canada	Downgrade	$162.00		Neutral ➝ Hold
8/4/2026	TU TELUS	Downgrade	$10.00		Outperform ➝ Sector Perform
8/3/2026	T TELUS	Downgrade	C$14.00		Strong-Buy ➝ Hold
7/31/2026	SNDR Schneider National	Set Price Target	$35.00	$38.00
7/31/2026	AFN Ag Growth International	Lower Price Target	C$15.00	C$20.00 ➝ C$19.00	Sector Perform
7/31/2026	K Kinross Gold	Lower Price Target	C$36.00	C$50.00 ➝ C$47.50	Outperform
7/31/2026	BIP Brookfield Infrastructure Partners	Boost Price Target	$39.00	$43.00 ➝ $44.00	Outperform
7/31/2026	L Loblaw Companies	Boost Price Target	C$63.00	C$67.00 ➝ C$70.00	Outperform
7/31/2026	GIL Gildan Activewear	Boost Price Target	C$82.00	C$105.00 ➝ C$107.00	Outperform
7/31/2026	ACO.X ATCO	Boost Price Target	C$76.00	C$69.00 ➝ C$79.00	Sector Perform
7/31/2026	TRP TC Energy	Boost Price Target	C$90.00	C$102.00 ➝ C$103.00	Outperform
7/31/2026	CIGI Colliers International Group	Boost Price Target	$99.00	$109.00 ➝ $110.00	Outperform
7/31/2026	BBD.B Bombardier, Inc. Class B	Boost Price Target	C$349.00	C$349.00 ➝ C$379.00	Sector Perform
7/30/2026	CAC Camden National	Set Price Target	$59.00	$55.00
7/30/2026	TF Timbercreek Financial	Lower Price Target	C$6.00	C$7.00 ➝ C$6.50	Sector Perform
7/30/2026	CU Canadian Utilities	Boost Price Target	C$53.00	C$51.00 ➝ C$55.00	Sector Perform
7/30/2026	BEI.UN Boardwalk Real Estate Investment Trust	Boost Price Target	C$64.00	C$79.00 ➝ C$81.00	Outperform
7/30/2026	CP Canadian Pacific Kansas City	Boost Price Target	C$127.00	C$132.00 ➝ C$140.00	Outperform
7/30/2026	TIH Toromont Industries	Boost Price Target	C$222.00	C$259.00 ➝ C$261.00	Outperform
7/29/2026	AAUC Allied Gold	Downgrade	$21.00		Hold
7/29/2026	UROY Uranium Royalty	Initiated Coverage	$4.00	$3.75	Outperform ➝ Outperform
7/29/2026	URC Uranium Royalty	Upgrade	C$4.00		Strong-Buy
7/29/2026	GEI Gibson Energy	Boost Price Target	C$31.00	C$33.00 ➝ C$34.00	Outperform
7/29/2026	GWO Great-West Lifeco	Boost Price Target	C$92.00	C$93.00 ➝ C$95.00	Sector Perform
7/28/2026	KBL K-Bro Linen	Boost Price Target	C$46.00	C$51.00 ➝ C$54.00	Outperform
7/28/2026	TFII TFI International	Boost Price Target	$138.00	$160.00 ➝ $161.00	Outperform
7/27/2026	TMXXF TMX Group	Upgrade	$37.00		Sector Perform ➝ Outperform
7/27/2026	FSZ Fiera Capital	Lower Price Target	C$5.00	C$6.00 ➝ C$5.50	Sector Perform
7/27/2026	TSU Trisura Group	Boost Price Target	C$42.00	C$59.00 ➝ C$60.00	Outperform
7/27/2026	GSY goeasy	Boost Price Target	C$47.00	C$34.00 ➝ C$43.00	Sector Perform
7/27/2026	X TMX Group	Upgrade	C$52.00	C$65.00 ➝ C$63.00	Hold ➝ Outperform
7/27/2026	DFY Definity Financial	Boost Price Target	C$80.00	C$94.00 ➝ C$96.00	Outperform
7/27/2026	IGM IGM Financial	Boost Price Target	C$89.00	C$85.00 ➝ C$91.00	Outperform
7/27/2026	POW Power Co. of Canada	Boost Price Target	C$94.00	C$85.00 ➝ C$102.00	Sector Perform
7/27/2026	CNR Canadian National Railway	Boost Price Target	C$177.00	C$173.00 ➝ C$192.00	Sector Perform
7/27/2026	IFC Intact Financial	Boost Price Target	C$280.00	C$372.00 ➝ C$379.00	Outperform
7/27/2026	FFH Fairfax Financial	Boost Price Target	C$2,378.00	C$3,300.00 ➝ C$3,450.00	Outperform
7/24/2026	MTL Mullen Group	Boost Price Target	C$27.00	C$23.00 ➝ C$31.00	Outperform
7/24/2026	TECK.B Teck Resources	Boost Price Target	C$93.00	C$100.00 ➝ C$105.00	Sector Perform
7/23/2026	MFC Manulife Financial	Boost Price Target	C$63.00	C$59.00 ➝ C$69.00	Outperform
7/23/2026	GWO Great-West Lifeco	Boost Price Target	C$92.00	C$73.00 ➝ C$93.00	Sector Perform
7/23/2026	SLF Sun Life Financial	Boost Price Target	C$116.00	C$108.00 ➝ C$125.00	Outperform
7/23/2026	IAG iA Financial	Boost Price Target	C$213.00	C$179.00 ➝ C$205.00	Sector Perform
7/22/2026	DBM Doman Building Materials Group	Boost Price Target	C$11.00	C$13.50 ➝ C$14.00	Outperform
7/21/2026	DXT Dexterra Group	Boost Price Target	C$15.00	C$16.50 ➝ C$20.50	Outperform
7/21/2026	TWM Tidewater Midstream and Infrastructure	Upgrade	C$20.00	C$17.00 ➝ C$25.00	Hold ➝ Outperform
7/20/2026	NNN NNN REIT	Set Price Target	$47.00	$50.00
7/20/2026	SFNC Simmons First National	Set Price Target	$24.00	$25.00
7/20/2026	DCBO Docebo	Boost Price Target	$20.00	$21.00 ➝ $22.00	Sector Perform
7/20/2026	DSGX The Descartes Systems Group	Set Price Target	$78.00	$95.00	Outperform
7/20/2026	SHOP Shopify	Set Price Target	$147.00	$155.00	Outperform
7/20/2026	KXS Kinaxis	Set Price Target	C$170.00	C$200.00	Outperform
7/17/2026	AD.UN Alaris Equity Partners Income Trust (AD.UN)	Boost Price Target	C$25.00	C$28.00 ➝ C$30.00	Outperform
7/17/2026	CCA Cogeco Communications	Downgrade	C$61.00	C$75.00 ➝ C$70.00	Outperform ➝ Hold
7/16/2026	FHN First Horizon	Set Price Target	$26.00	$29.00
7/16/2026	SNDR Schneider National	Set Price Target	$35.00	$40.00
7/16/2026	NFI NFI Group	Boost Price Target	C$25.00	C$26.00 ➝ C$29.00	Outperform
7/15/2026	UMAC Unusual Machines	Set Price Target	$24.00	$42.00
7/15/2026	CVLG Covenant Logistics Group	Set Price Target	$35.00	$60.00
7/15/2026	TRI Thomson Reuters	Lower Price Target	C$140.00	C$175.00 ➝ C$171.00	Outperform
7/14/2026	OM Osisko Metals	Boost Price Target	C$0.00	C$2.00 ➝ C$2.25	Outperform
7/14/2026	WRN Western Copper and Gold	Boost Price Target	C$3.00	C$7.50 ➝ C$8.00	Outperform
7/14/2026	CIA Champion Iron	Lower Price Target	C$3.00	C$5.75 ➝ C$5.50	Outperform
7/14/2026	BTO B2Gold	Lower Price Target	C$6.00	C$10.70 ➝ C$9.75	Outperform
7/14/2026	FDY Faraday Copper	Boost Price Target	C$6.00	C$5.75 ➝ C$7.25	Outperform
7/14/2026	TLO Talon Metals	Set Price Target	C$7.00	C$8.00	Outperform
7/14/2026	TKO Taseko Mines	Boost Price Target	C$12.00	C$12.00 ➝ C$13.00	Outperform
7/14/2026	IE Ivanhoe Electric	Lower Price Target	C$15.00	C$30.00 ➝ C$27.00	Outperform
7/14/2026	CS Capstone Copper	Boost Price Target	C$15.00	C$14.00 ➝ C$16.50	Outperform
7/14/2026	HBM Hudbay Minerals	Lower Price Target	C$37.00	C$40.00 ➝ C$38.50	Sector Perform
7/14/2026	K Kinross Gold	Lower Price Target	C$36.00	C$57.50 ➝ C$50.00	Outperform
7/14/2026	LUN Lundin Mining	Lower Price Target	C$38.00	C$43.50 ➝ C$42.50	Sector Perform
7/14/2026	FM First Quantum Minerals	Boost Price Target	C$42.00	C$47.00 ➝ C$50.00	Outperform
7/14/2026	ABX Barrick Gold	Lower Price Target	C$58.00	C$75.00 ➝ C$67.50	Outperform
7/14/2026	ALS Altius Minerals	Boost Price Target	C$62.00	C$62.50 ➝ C$70.00	Outperform
7/14/2026	EDV Endeavour Mining	Lower Price Target	C$73.00	C$116.00 ➝ C$92.00	Outperform
7/14/2026	DSGX The Descartes Systems Group	Set Price Target	$78.00	$95.00	Outperform
7/14/2026	TECK.B Teck Resources	Boost Price Target	C$93.00	C$92.50 ➝ C$100.00	Sector Perform
7/14/2026	CJT Cargojet	Boost Price Target	C$87.00	C$108.00 ➝ C$109.00	Outperform
7/14/2026	NEM Newmont	Lower Price Target	$105.00	$140.00 ➝ $125.00	Sector Perform
7/14/2026	DSG The Descartes Systems Group	Upgrade	C$109.00		Strong-Buy
7/14/2026	AEM Agnico Eagle Mines	Lower Price Target	C$235.00	C$350.00 ➝ C$275.00	Outperform
7/13/2026	TLOFF Talon Metals	Initiated Coverage	$5.00		Outperform