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
5/4/2026	REAL Real Matters	Boost Price Target	C$6.00	C$7.00 ➝ C$7.50	Sector Perform
5/4/2026	BEP Brookfield Renewable Partners	Boost Price Target	$33.00	$34.00 ➝ $36.00	Sector Outperform
5/4/2026	IPCO International Petroleum	Set Price Target	C$38.00	C$45.00	Sector Perform
5/4/2026	TRP TC Energy	Boost Price Target	C$90.00	C$86.00 ➝ C$92.00	Outperform
5/4/2026	AEM Agnico Eagle Mines	Boost Price Target	C$245.00	C$345.00 ➝ C$350.00	Sector Outperform
5/3/2026	EDV Endeavour Mining	Boost Price Target	C$78.00	C$115.00 ➝ C$116.00	Outperform
5/1/2026	SNDR Schneider National	Set Price Target	$30.00	$35.00
5/1/2026	AZMCF Arizona Metals	Downgrade	$0.00		Sector Perform
5/1/2026	AMC Arizona Metals	Downgrade	C$4.00		Outperform ➝ Sector Perform
5/1/2026	AP.UN Allied Properties Real Estate Investment Trust	Lower Price Target	C$9.00	C$10.75 ➝ C$10.50	Sector Perform
5/1/2026	CS Capstone Copper	Lower Price Target	C$11.00	C$15.00 ➝ C$14.00	Outperform
5/1/2026	SES Secure Energy Services	Boost Price Target	C$22.00	C$21.00 ➝ C$23.00	Sector Perform
5/1/2026	ALA AltaGas	Boost Price Target	C$52.00	C$51.00 ➝ C$52.00	Outperform
5/1/2026	BDGI Badger Infrastructure Solutions	Upgrade	C$80.00	C$74.00	Sector Perform ➝ Outperform
5/1/2026	GIL Gildan Activewear	Boost Price Target	C$79.00	C$100.00 ➝ C$101.00	Outperform
5/1/2026	PD Precision Drilling	Boost Price Target	C$130.00	C$140.00 ➝ C$150.00	Sector Perform
5/1/2026	BYD Boyd Group Services	Lower Price Target	C$165.00	C$290.00 ➝ C$265.00	Outperform
5/1/2026	BBD.B Bombardier, Inc. Class B	Boost Price Target	C$279.00	C$286.00 ➝ C$296.00	Sector Perform
4/30/2026	AMC Arizona Metals	Downgrade	C$0.00		Strong-Buy ➝ Hold
4/30/2026	ARE Aecon Group	Boost Price Target	C$54.00	C$48.00 ➝ C$59.00	Outperform
4/30/2026	TIH Toromont Industries	Boost Price Target	C$218.00	C$214.00 ➝ C$216.00	Outperform
4/29/2026	CAC Camden National	Set Price Target	$48.00	$50.00
4/29/2026	X TMX Group	Boost Price Target	C$56.00	C$60.00 ➝ C$63.00
4/29/2026	DFY Definity Financial	Boost Price Target	C$67.00	C$93.00 ➝ C$94.00
4/29/2026	IGM IGM Financial	Boost Price Target	C$76.00	C$82.00 ➝ C$85.00
4/29/2026	IFC Intact Financial	Boost Price Target	C$258.00	C$364.00 ➝ C$372.00
4/29/2026	FFH Fairfax Financial	Boost Price Target	C$2,210.00	C$3,200.00 ➝ C$3,300.00
4/28/2026	RAY Stingray Digitl	Lower Price Target	C$15.00	C$21.00 ➝ C$20.00	Outperform
4/28/2026	TFII TFI International	Boost Price Target	C$183.00	C$190.00 ➝ C$208.00	Outperform
4/27/2026	VLY Valley National Bancorp	Set Price Target	$13.00	$17.00
4/27/2026	CMG Computer Modelling Group	Lower Price Target	C$4.00	C$6.00 ➝ C$5.00	Sector Perform
4/27/2026	CVO Coveo Solutions	Lower Price Target	C$5.00	C$9.00 ➝ C$7.00	Sector Perform
4/27/2026	TCS Tecsys	Boost Price Target	C$37.00	C$32.00 ➝ C$40.00	Sector Perform
4/27/2026	EDV Endeavour Mining	Boost Price Target	C$78.00	C$113.00 ➝ C$115.00	Outperform
4/27/2026	GIB.A CGI	Lower Price Target	C$90.00	C$185.00 ➝ C$150.00	Outperform
4/24/2026	SLF Sun Life Financial	Upgrade	$72.00		Sector Perform ➝ Outperform
4/24/2026	SFC Sagicor Financial	Set Price Target	C$10.00	C$13.00	Outperform
4/24/2026	MTL Mullen Group	Boost Price Target	C$21.00	C$19.00 ➝ C$23.00	Outperform
4/24/2026	PET Pet Valu	Lower Price Target	C$20.00	C$28.00 ➝ C$27.00	Sector Perform
4/24/2026	MFC Manulife Financial	Set Price Target	C$52.00	C$57.00	Outperform
4/24/2026	GWO Great-West Lifeco	Set Price Target	C$73.00	C$65.00	Sector Perform
4/24/2026	TECK.B Teck Resources	Boost Price Target	C$77.00	C$90.00 ➝ C$92.50	Sector Perform
4/24/2026	SLF Sun Life Financial	Upgrade	C$98.00	C$109.00	Sector Perform ➝ Outperform
4/24/2026	NEM Newmont	Boost Price Target	$108.00	$130.00 ➝ $140.00	Sector Perform ➝ Sector Perform
4/24/2026	IAG iA Financial	Set Price Target	C$176.00	C$181.00	Sector Perform
4/23/2026	LCX Lycos Energy	Upgrade	C$3.00	C$2.50 ➝ C$3.00	Hold ➝ Outperform
4/23/2026	RCI.B Rogers Communications	Boost Price Target	C$49.00	C$60.00 ➝ C$62.00	Outperform
4/23/2026	MRU Metro	Lower Price Target	C$90.00	C$106.00 ➝ C$105.00	Sector Perform
4/22/2026	SIS Savaria	Boost Price Target	C$29.00	C$30.50 ➝ C$37.00	Outperform
4/22/2026	CJT Cargojet	Lower Price Target	C$75.00	C$108.00 ➝ C$104.00	Outperform
4/21/2026	VNP 5N Plus	Boost Price Target	C$35.00	C$33.00 ➝ C$38.00	Outperform
4/20/2026	SVI StorageVault Canada	Set Price Target	C$4.00	C$6.25	Outperform
4/20/2026	HR.UN H&R Real Estate Investment Trust	Set Price Target	C$11.00	C$12.00	Outperform
4/20/2026	CHP.UN Choice Properties Real Est Invstmnt Trst	Boost Price Target	C$15.00	C$16.00 ➝ C$16.50	Sector Perform
4/20/2026	D.UN Dream Office Real Estate Investment Trst	Lower Price Target	C$17.00	C$19.50 ➝ C$19.00	Sector Perform
4/20/2026	REI.UN RioCan Real Estate Investment Trust	Boost Price Target	C$22.00	C$22.75 ➝ C$24.00	Outperform
4/20/2026	SIA Sienna Senior Living	Boost Price Target	C$24.00	C$24.50 ➝ C$27.50	Outperform
4/20/2026	BEI.UN Boardwalk Real Estate Investment Trust	Lower Price Target	C$67.00	C$81.00 ➝ C$80.00	Outperform
4/20/2026	GRT.UN Granite Real Estate Investment Trust	Boost Price Target	C$94.00	C$102.50 ➝ C$110.00	Outperform
4/17/2026	LI American Lithium	Lower Price Target	C$1.00	C$0.95 ➝ C$0.70	Sector Perform
4/17/2026	ORE Orezone Gold	Set Price Target	C$1.00	C$3.75	Outperform
4/17/2026	NMG Nouveau Monde Graphite	Upgrade	$2.00		Strong-Buy
4/17/2026	NOU Nouveau Monde Graphite	Lower Price Target	C$3.00	C$4.75 ➝ C$4.50	Outperform
4/17/2026	MAU Montage Gold	Boost Price Target	C$4.00	C$16.00 ➝ C$19.00	Outperform
4/17/2026	DML Denison Mines	Boost Price Target	C$5.00	C$6.00 ➝ C$6.50	Outperform
4/17/2026	BTO B2Gold	Lower Price Target	C$6.00	C$10.25 ➝ C$10.00	Outperform
4/17/2026	EDR Endeavour Silver	Set Price Target	C$12.00	C$28.00	Outperform
4/17/2026	NXE NexGen Energy	Boost Price Target	C$17.00	C$19.00 ➝ C$20.00	Outperform
4/17/2026	IMG IAMGOLD	Boost Price Target	C$22.00	C$36.00 ➝ C$39.00	Outperform
4/17/2026	MFI Maple Leaf Foods	Boost Price Target	C$28.00	C$34.00 ➝ C$35.00	Outperform
4/17/2026	CAE CAE	Boost Price Target	C$35.00	C$52.00 ➝ C$53.00	Outperform
4/17/2026	K Kinross Gold	Lower Price Target	C$39.00	C$60.00 ➝ C$57.50	Outperform
4/17/2026	ABX Barrick Gold	Lower Price Target	C$52.00	C$75.00 ➝ C$72.50	Outperform
4/17/2026	AGI Alamos Gold	Lower Price Target	C$53.00	C$88.00 ➝ C$87.00	Outperform
4/17/2026	PAAS Pan American Silver	Set Price Target	C$70.00	C$116.00	Outperform
4/17/2026	EDV Endeavour Mining	Boost Price Target	C$78.00	C$93.00 ➝ C$113.00	Outperform
4/17/2026	CCO Cameco	Boost Price Target	C$161.00	C$170.00 ➝ C$175.00	Outperform
4/17/2026	RGLD Royal Gold	Lower Price Target	$228.00	$350.00 ➝ $340.00	Outperform
4/17/2026	AEM Agnico Eagle Mines	Boost Price Target	C$245.00	C$330.00 ➝ C$345.00	Outperform
4/16/2026	NEM Newmont	Set Price Target	$108.00	$140.00 ➝ $130.00	Outperform ➝ Sector Perform
4/16/2026	ORZCF Orezone Gold	Initiated Coverage	$1.00		Outperform
4/16/2026	NGT Newmont	Downgrade	C$116.00		Strong-Buy ➝ Hold
4/16/2026	NEM Newmont	Downgrade	$108.00	$140.00 ➝ $130.00	Outperform ➝ Sector Perform
4/16/2026	BDRBF Bombardier	Downgrade	$205.00		Outperform ➝ Sector Perform
4/16/2026	BBD.B Bombardier, Inc. Class B	Downgrade	C$279.00		Outperform ➝ Sector Perform
4/15/2026	ATLO Ames National	Set Price Target	$28.00	$31.00
4/15/2026	OM Osisko Metals	Boost Price Target	C$0.00	C$1.50 ➝ C$2.00	Outperform
4/15/2026	AMC Arizona Metals	Set Price Target	C$4.00	C$1.00	Outperform
4/15/2026	FDY Faraday Copper	Boost Price Target	C$5.00	C$5.50 ➝ C$5.75	Outperform
4/15/2026	TMQ Trilogy Metals	Lower Price Target	C$6.00	C$9.50 ➝ C$7.50	Sector Perform
4/15/2026	CS Capstone Copper	Lower Price Target	C$11.00	C$17.00 ➝ C$15.00	Outperform
4/15/2026	IE Ivanhoe Electric	Lower Price Target	C$17.00	C$33.00 ➝ C$30.00	Outperform
4/15/2026	EGO Eldorado Gold	Upgrade	$29.00		Strong-Buy
4/15/2026	ERO Ero Copper	Lower Price Target	C$33.00	C$53.50 ➝ C$50.00	Sector Perform
4/15/2026	LUN Lundin Mining	Boost Price Target	C$34.00	C$42.00 ➝ C$43.50	Sector Perform
4/15/2026	ELD Eldorado Gold	Boost Price Target	C$39.00	C$63.00 ➝ C$70.00	Outperform
4/15/2026	DOO BRP	Downgrade	$54.00		Outperform ➝ Sector Perform
4/15/2026	ALS Altius Minerals	Boost Price Target	C$51.00	C$55.00 ➝ C$57.50	Outperform
4/15/2026	DOO BRP	Downgrade	C$73.00	C$125.00 ➝ C$80.00	Outperform ➝ Hold
4/15/2026	TECK.B Teck Resources	Boost Price Target	C$77.00	C$85.00 ➝ C$90.00	Sector Perform