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
11/30/2022	DLMAF Dollarama	Boost Price Target	C$60.00	C$86.00 ➝ C$88.00		Low
11/30/2022	AGI Alamos Gold	Boost Price Target	C$10.00	C$13.00 ➝ C$15.00		Low
11/29/2022	GOLD Barrick Gold	Boost Price Target	C$16.00	C$24.00 ➝ C$25.00		Low
11/24/2022	GIP Green Impact Partners	Reiterated Rating	C$4.00		Outperform Spec Under Weight	N/A
11/18/2022	CBWBF Canadian Western Bank	Lower Price Target	C$19.00	C$38.00 ➝ C$34.00		Low
11/18/2022	TD Toronto-Dominion Bank	Lower Price Target	C$67.00	C$106.00 ➝ C$103.00		Low
11/18/2022	KNTNF K92 Mining	Boost Price Target	C$6.00	C$11.00 ➝ C$11.25		Low
11/18/2022	NWHUF NorthWest Healthcare Properties Real Estate Investment Trust	Lower Price Target	C$7.00	C$11.50 ➝ C$11.00		Low
11/17/2022	LBLCF Loblaw Companies	Boost Price Target	C$90.00	C$126.00 ➝ C$130.00		Low
11/17/2022	MTRAF Metro	Boost Price Target	C$58.00	C$75.00 ➝ C$79.00		N/A
11/16/2022	IAU i-80 Gold	Reiterated Rating	C$4.00		Outperform Spec Overweight	N/A
11/16/2022	DLHTF Dialogue Health Technologies	Lower Price Target	C$2.00	C$8.50 ➝ C$6.75		N/A
11/16/2022	HRUFF H&R Real Estate Investment Trust	Boost Price Target	C$9.00	C$13.50 ➝ C$14.25		Low
11/16/2022	EFRTF Nexus Industrial REIT	Boost Price Target	C$7.00	C$9.75 ➝ C$10.75		N/A
11/16/2022	LWSCF Sienna Senior Living	Lower Price Target	C$9.00	C$14.50 ➝ C$14.00		Low
11/16/2022	IAUX i-80 Gold	Initiated Coverage	$3.00		Outperform	N/A
11/15/2022	TAIMF Taiga Motors	Downgrade	$3.00		Outperform ➝ Sector Perform	N/A
11/14/2022	AQN Algonquin Power & Utilities	Downgrade	$8.00		Outperform ➝ Sector Perform	Low
11/14/2022	PPRQF Choice Properties Real Estate Investment Trust	Boost Price Target	C$11.00	C$13.50 ➝ C$14.50		Low
11/14/2022	EDVMF Endeavour Mining	Boost Price Target	C$20.00	C$35.75 ➝ C$36.00		Low
11/14/2022	HRNNF Hydro One	Boost Price Target	C$27.00	C$31.00 ➝ C$32.00		Low
11/14/2022	IVREF Inovalis Real Estate Investment Trust	Lower Price Target	C$3.00	C$5.00 ➝ C$4.00		N/A
11/14/2022	KGC Kinross Gold	Lower Price Target	C$4.00	C$9.25 ➝ C$8.25		Low
11/14/2022	SAPIF Saputo	Boost Price Target	C$24.00	C$39.00 ➝ C$41.00		Low
11/14/2022	TORXF Torex Gold Resources	Boost Price Target	C$9.00	C$15.00 ➝ C$15.50		Low
11/13/2022	AQN Algonquin Power & Utilities	Downgrade	C$10.00		Outperform ➝ Sector Perform	N/A
11/11/2022	AHOTF American Hotel Income Properties REIT	Lower Price Target	C$2.00	C$3.25		Low
11/11/2022	CDNAF Canadian Tire	Lower Price Target	C$110.00	C$196.00 ➝ C$167.00		Low
11/11/2022	CADNF Cascades	Lower Price Target	C$6.00	C$8.00 ➝ C$7.75		Low
11/11/2022	CPLFF Copperleaf Technologies	Lower Price Target	C$3.00	C$12.00 ➝ C$8.00		N/A
11/11/2022	GDIFF GDI Integrated Facility Services	Boost Price Target	C$37.00	C$55.50 ➝ C$56.00		N/A
11/11/2022	PRRWF Park Lawn	Boost Price Target	C$19.00	C$32.50 ➝ C$33.50		N/A
11/11/2022	ALARF Alaris Equity Partners Income Trust	Lower Price Target	C$9.00	C$22.00 ➝ C$21.50		N/A
11/11/2022	ANRGF Anaergia	Lower Price Target	C$3.00	C$14.00 ➝ C$10.00		Low
11/11/2022	AOCIF AutoCanada	Lower Price Target	C$19.00	C$37.00 ➝ C$28.00		N/A
11/11/2022	CCDBF CCL Industries	Lower Price Target	C$47.00	C$81.00 ➝ C$78.00		Low
11/11/2022	KELTF Kelt Exploration	Lower Price Target	C$4.00	C$9.00 ➝ C$8.00		Low
11/11/2022	MFCSF Medical Facilities	Lower Price Target	C$6.00	C$11.00 ➝ C$10.00		N/A
11/11/2022	PWCDF Power Co. of Canada	Lower Price Target	C$25.00	C$39.00 ➝ C$38.00		Low
11/11/2022	TRP TC Energy	Boost Price Target	C$45.00	C$56.00 ➝ C$58.00		Low
11/11/2022	TOLWF Trican Well Service	Boost Price Target	C$3.00	C$6.25 ➝ C$6.75		Low
11/10/2022	ANDHF Andlauer Healthcare Group	Boost Price Target	C$38.00	C$59.00 ➝ C$60.00		N/A
11/10/2022	BYDGF Boyd Group Services	Boost Price Target	C$156.00	C$190.00 ➝ C$200.00		Low
11/10/2022	CDPYF Canadian Apartment Properties Real Estate Investment Trust	Lower Price Target	C$32.00	C$50.00		Low
11/10/2022	ECNCF ECN Capital	Lower Price Target	C$2.00	C$8.50 ➝ C$5.00		Low
11/10/2022	KEYUF Keyera	Lower Price Target	C$22.00	C$35.00 ➝ C$34.00		Low
11/10/2022	KPTSF KP Tissue	Boost Price Target	C$8.00	C$9.00 ➝ C$10.00		Low
11/10/2022	AGGZF Ag Growth International	Boost Price Target	C$31.00	C$52.00 ➝ C$53.00		Low
11/10/2022	CPPMF Copper Mountain Mining	Lower Price Target	C$1.00	C$3.25 ➝ C$2.75		Low
11/10/2022	IAFNF iA Financial	Lower Price Target	C$55.00	C$80.00 ➝ C$78.00		Low
11/10/2022	IAG IAMGOLD	Boost Price Target	C$2.00	C$2.25 ➝ C$2.50		Low
11/10/2022	BKBEF Pipestone Energy	Lower Price Target	C$3.00	C$6.00 ➝ C$4.50		Low
11/10/2022	SSRM SSR Mining	Lower Price Target	C$15.00	C$23.50 ➝ C$23.00		Low
11/9/2022	EICCF E Automotive	Lower Price Target	C$3.00	C$5.50 ➝ C$5.00		N/A
11/9/2022	FRHLF Freehold Royalties	Boost Price Target	C$12.00	C$19.00 ➝ C$20.00		Low
11/9/2022	LSDAF Lassonde Industries	Lower Price Target	C$78.00	C$141.00 ➝ C$138.00		Low
11/9/2022	DALXF Spartan Delta	Boost Price Target	C$11.00	C$20.00 ➝ C$22.00		Low
11/9/2022	TAC TransAlta	Boost Price Target	C$9.00	C$13.00 ➝ C$14.00		Low
11/8/2022	TFPM Triple Flag Precious Metals	Reiterated Rating	$13.00		Sector Perform Overweight	Low
11/8/2022	BLDP Ballard Power Systems	Downgrade	$6.00		Outperform ➝ Sector Perform	Low
11/8/2022	SCCAF Sleep Country Canada	Lower Price Target	C$17.00	C$35.00 ➝ C$28.00		N/A
11/8/2022	CGAU Centerra Gold	Lower Price Target	C$5.00	C$11.00 ➝ C$10.50		Low
11/7/2022	ENB Enbridge	Downgrade	$41.00		Outperform ➝ Sector Perform	Low
11/7/2022	BTEGF Baytex Energy	Downgrade	$5.00		Outperform ➝ Sector Perform	Low
11/7/2022	PBA Pembina Pipeline	Boost Price Target	C$37.00	C$45.00 ➝ C$46.00		Low
11/7/2022	UNIEF Uni-Select	Boost Price Target	C$32.00	C$49.00 ➝ C$50.50		Low
11/7/2022	RBA Ritchie Bros. Auctioneers	Upgrade	$55.00		Underperform ➝ Sector Perform	Low
11/4/2022	CWXZF Doman Building Materials Group	Lower Price Target	C$4.00	C$6.50		Low
11/4/2022	EQX Equinox Gold	Lower Price Target	C$4.00	C$5.00 ➝ C$4.00		N/A
11/4/2022	PKIUF Parkland	Lower Price Target	C$20.00	C$38.00 ➝ C$34.00		Low
11/4/2022	PRBZF Premium Brands	Lower Price Target	C$61.00	C$125.00 ➝ C$122.00		Low
11/3/2022	BIP Brookfield Infrastructure Partners	Downgrade	$38.00		Outperfrom Under Weight ➝ Sector Perform Market Weight	Low
11/3/2022	SNMSF Spin Master	Downgrade	$26.00		Outperform ➝ Sector Perform	Low
11/3/2022	IMO Imperial Oil	Boost Price Target	C$57.00	C$73.00 ➝ C$80.00		N/A
11/3/2022	SISXF Savaria	Lower Price Target	C$11.00	C$19.50 ➝ C$19.00		Low
11/3/2022	TRMLF Tourmaline Oil	Boost Price Target	C$60.00	C$85.00 ➝ C$100.00		Low
11/3/2022	HEOFF H2O Innovation	Lower Price Target	C$2.00	C$3.25 ➝ C$3.00		Low
11/3/2022	MTYFF MTY Food Group	Boost Price Target	C$44.00	C$63.00 ➝ C$65.00		Low
11/3/2022	SLTTF Slate Office REIT	Lower Price Target	C$3.00	C$4.40 ➝ C$4.25		Low
11/2/2022	TOY Spin Master	Downgrade	C$34.00		Outperfrom Under Weight ➝ Sector Perform Under Weight	N/A
11/2/2022	TRRSF Trisura Group	Boost Price Target	C$31.00	C$62.00 ➝ C$65.00		Low
11/2/2022	IFCZF Intact Financial	Boost Price Target	C$146.00	C$230.00 ➝ C$238.00		N/A
11/2/2022	CAE CAE	Lower Price Target	C$22.00	C$38.00 ➝ C$33.00		Low
11/2/2022	GBNXF Gibson Energy	Boost Price Target	C$18.00	C$23.00 ➝ C$24.00		Low
11/1/2022	CPXWF Capital Power	Boost Price Target	C$34.00	C$48.00 ➝ C$49.00		Low
11/1/2022	AEM Agnico Eagle Mines	Lower Price Target	C$50.00	C$79.00 ➝ C$75.00		Low
10/28/2022	ALYA Alithya Group	Initiated Coverage	$2.00		Sector Perform	Low
10/28/2022	ABSSF AirBoss of America	Lower Price Target	C$6.00	C$30.00 ➝ C$15.00		Low
10/28/2022	MFC Manulife Financial	Lower Price Target	C$18.00	C$25.00 ➝ C$24.00		Low
10/28/2022	SLF Sun Life Financial	Lower Price Target	C$47.00	C$67.00 ➝ C$65.00		Low
10/28/2022	IAFNF iA Financial	Lower Price Target	C$55.00	C$81.00 ➝ C$80.00		Low
10/28/2022	GWLIF Great-West Lifeco	Lower Price Target	C$24.00	C$36.00 ➝ C$35.00		Low
10/27/2022	CESDF CES Energy Solutions	Boost Price Target	C$2.00	C$3.70 ➝ C$3.85		Low
10/27/2022	FQVLF First Quantum Minerals	Lower Price Target	C$23.00	C$32.00 ➝ C$30.00		Low
10/27/2022	LUNMF Lundin Mining	Lower Price Target	C$6.00	C$8.50 ➝ C$8.25		Low
10/26/2022	TMXXF TMX Group	Boost Price Target	C$102.00	C$143.00 ➝ C$148.00		Low
10/25/2022	ACDVF Air Canada	Lower Price Target	C$14.00	C$30.00 ➝ C$29.00		Low
10/25/2022	HMCBF Home Capital Group	Lower Price Target	C$32.00	C$31.00 ➝ C$30.00		Low
10/25/2022	EQGPF EQB	Lower Price Target	C$42.00	C$73.00 ➝ C$68.00		Low
10/25/2022	FNLIF First National Financial	Lower Price Target	C$27.00	C$35.00 ➝ C$34.00		Low