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
10/30/2026	AEM Agnico Eagle Mines	Lower Price Target	C$231.00	C$310.00 ➝ C$305.00	Outperform
10/30/2026	AC Air Canada	Lower Price Target	C$20.00	C$37.00 ➝ C$33.00	Outperform
10/30/2026	AP.UN Allied Properties Real Estate Investment Trust	Upgrade	C$4.00	C$5.50 ➝ C$5.25	Sector Perform ➝ Outperform
10/30/2026	ALA AltaGas	Boost Price Target	C$56.00	C$60.00 ➝ C$61.00	Outperform
10/30/2026	CIA Champion Iron	Lower Price Target	C$2.00	C$4.00 ➝ C$3.00	Outperform
10/30/2026	CCA Cogeco Communications	Lower Price Target	C$53.00	C$69.00 ➝ C$53.00	Sector Perform
10/30/2026	K Kinross Gold	Lower Price Target	C$28.00	C$42.50 ➝ C$40.00	Outperform
10/30/2026	MEQ Mainstreet Equity	Set Price Target	C$173.00	C$215.00	Outperform
10/29/2026	ATZ Aritzia	Boost Price Target	C$156.00	C$182.00 ➝ C$188.00	Outperform
10/29/2026	CP Canadian Pacific Kansas City	Boost Price Target	C$125.00	C$140.00 ➝ C$142.00	Outperform
10/28/2026	CAC Camden National	Set Price Target	$57.00	$58.00
10/28/2026	AI Atrium Mortgage Investment	Lower Price Target	C$11.00	C$12.00 ➝ C$11.50	Sector Perform
10/28/2026	BBUC Brookfield Business	Lower Price Target	$29.00	$42.00 ➝ $38.00	Outperform
10/28/2026	CCL.A CCL Industries	Boost Price Target	C$95.00	C$106.00 ➝ C$115.00	Outperform
10/28/2026	DFY Definity Financial	Lower Price Target	C$73.00	C$96.00 ➝ C$92.00	Outperform
10/28/2026	EFN Element Fleet Management	Lower Price Target	C$22.00	C$50.00 ➝ C$35.00	Outperform
10/28/2026	ELE Elemental Altus Royalties	Boost Price Target	C$26.00	C$35.00 ➝ C$38.00	Outperform
10/28/2026	FFH Fairfax Financial	Boost Price Target	C$2,502.00	C$3,450.00 ➝ C$3,600.00	Outperform
10/28/2026	FSZ Fiera Capital	Lower Price Target	C$3.00	C$5.00 ➝ C$3.25	Sector Perform
10/28/2026	FC Firm Capital Mortgage Investment	Lower Price Target	C$10.00	C$12.00 ➝ C$11.00	Sector Perform
10/28/2026	KBL K-Bro Linen	Boost Price Target	C$41.00	C$54.00 ➝ C$56.00	Outperform
10/28/2026	MKP MCAN Mortgage	Lower Price Target	C$22.00	C$27.00 ➝ C$25.00	Outperform
10/28/2026	OVV Ovintiv	Boost Price Target	$73.00	$94.00 ➝ $95.00	Outperform
10/28/2026	TF Timbercreek Financial	Lower Price Target	C$5.00	C$6.50 ➝ C$6.00	Sector Perform
10/28/2026	X TMX Group	Boost Price Target	C$60.00	C$64.00 ➝ C$67.00	Outperform
10/28/2026	OVV Ovintiv	Initiated Coverage	C$101.00		Strong-Buy
10/26/2026	VLY Valley National Bancorp	Set Price Target	$14.00	$18.50
10/26/2026	BAH Booz Allen Hamilton	Set Price Target	$88.00	$95.00
10/26/2026	PDS Precision Drilling	Upgrade	$106.00		Sector Perform ➝ Outperform
10/26/2026	CEU CES Energy Solutions	Boost Price Target	C$21.00	C$20.00 ➝ C$24.00	Outperform
10/26/2026	EFX Enerflex	Boost Price Target	C$33.00	C$42.50 ➝ C$45.00	Outperform
10/26/2026	KNT K92 Mining	Boost Price Target	C$25.00	C$37.00 ➝ C$39.00	Outperform
10/26/2026	PSI Pason Systems	Boost Price Target	C$15.00	C$15.50 ➝ C$17.00	Sector Perform
10/26/2026	PD Precision Drilling	Upgrade	C$148.00	C$150.00 ➝ C$185.00	Hold ➝ Outperform
10/23/2026	LAS.A Lassonde Industries	Boost Price Target	C$252.00	C$257.00 ➝ C$264.00	Sector Perform
10/23/2026	MTL Mullen Group	Boost Price Target	C$29.00	C$31.00 ➝ C$36.00	Outperform
10/23/2026	PBH Premium Brands	Lower Price Target	C$73.00	C$98.00 ➝ C$93.00	Sector Perform
10/23/2026	WPK Winpak	Boost Price Target	C$44.00	C$50.00 ➝ C$52.00	Sector Perform
10/21/2026	CTRRF CT Real Estate Investment Trust	Upgrade	$12.00		Sector Perform ➝ Outperform
10/21/2026	AIF Altus Group	Boost Price Target	C$50.00	C$50.00 ➝ C$55.00	Sector Perform
10/21/2026	BEI.UN Boardwalk Real Estate Investment Trust	Lower Price Target	C$62.00	C$81.00 ➝ C$74.25	Outperform
10/21/2026	CAE CAE	Lower Price Target	C$36.00	C$49.00 ➝ C$48.00	Outperform
10/21/2026	CRT.UN CT Real Estate Investment Trust	Upgrade	C$17.00	C$18.75	Sector Perform ➝ Outperform
10/21/2026	DCBO Docebo	Boost Price Target	$30.00	$24.00 ➝ $31.00	Sector Perform
10/21/2026	D.UN Dream Office Real Estate Investment Trst	Lower Price Target	C$16.00	C$20.50 ➝ C$17.50	Sector Perform
10/21/2026	EXE Extendicare	Lower Price Target	C$27.00	C$45.00 ➝ C$40.00	Outperform
10/21/2026	MHC.UN Flagship Communities Real Estate Investment Trust	Lower Price Target	$30.00	$26.50 ➝ $25.25	Outperform
10/21/2026	GRT.UN Granite Real Estate Investment Trust	Lower Price Target	C$84.00	C$112.00 ➝ C$100.00	Outperform
10/21/2026	HR.UN H&R Real Estate Investment Trust	Lower Price Target	C$9.00	C$11.50 ➝ C$10.75	Sector Perform
10/21/2026	PNG Kraken Robotics	Lower Price Target	C$4.00	C$10.00 ➝ C$8.00	Outperform
10/21/2026	L Loblaw Companies	Boost Price Target	C$69.00	C$70.00 ➝ C$72.00	Outperform
10/21/2026	REAL Real Matters	Lower Price Target	C$3.00	C$6.50 ➝ C$5.00	Sector Perform
10/21/2026	REI.UN RioCan Real Estate Investment Trust	Lower Price Target	C$21.00	C$26.50 ➝ C$24.50	Outperform
10/21/2026	SVI StorageVault Canada	Lower Price Target	C$4.00	C$6.50 ➝ C$6.00	Outperform
10/20/2026	WNC Wabash National	Set Price Target	$12.00	$25.00
10/20/2026	AEM Agnico Eagle Mines	Lower Price Target	C$231.00	C$315.00 ➝ C$310.00	Outperform
10/20/2026	ABX Barrick Gold	Lower Price Target	C$52.00	C$75.00 ➝ C$72.50	Outperform
10/20/2026	CNQ Canadian Natural Resources	Boost Price Target	C$78.00	C$84.00 ➝ C$86.00	Sector Perform
10/20/2026	CVE Cenovus Energy	Boost Price Target	C$46.00	C$57.00 ➝ C$58.00	Outperform
10/20/2026	IMO Imperial Oil	Boost Price Target	C$193.00	C$207.00 ➝ C$213.00	Sector Perform
10/20/2026	K Kinross Gold	Lower Price Target	C$28.00	C$45.00 ➝ C$42.50	Outperform
10/20/2026	NEM Newmont	Lower Price Target	$107.00	$140.00 ➝ $135.00	Sector Perform
10/20/2026	OVV Ovintiv	Boost Price Target	$73.00	$91.00 ➝ $94.00	Outperform
10/20/2026	PSK PrairieSky Royalty	Boost Price Target	C$37.00	C$42.00 ➝ C$43.00	Outperform
10/20/2026	SCR Strathcona Resources	Lower Price Target	C$43.00	C$63.00 ➝ C$62.00	Outperform
10/20/2026	SU Suncor Energy	Lower Price Target	C$111.00	C$146.00 ➝ C$145.00	Outperform
10/20/2026	VET Vermilion Energy	Boost Price Target	C$19.00	C$27.00 ➝ C$28.00	Outperform
10/20/2026	WCP Whitecap Resources	Boost Price Target	C$20.00	C$27.00 ➝ C$28.00	Outperform
10/19/2026	INTC Intel	Set Price Target	$66.00	$85.00
10/19/2026	LI American Lithium	Lower Price Target	C$0.00	C$0.60 ➝ C$0.50	Sector Perform
10/19/2026	GIL Gildan Activewear	Lower Price Target	C$55.00	C$107.00 ➝ C$98.00	Outperform
10/19/2026	GWO Great-West Lifeco	Lower Price Target	C$92.00	C$95.00 ➝ C$94.00	Sector Perform
10/19/2026	IAG iA Financial	Lower Price Target	C$214.00	C$216.00 ➝ C$215.00	Sector Perform
10/19/2026	LAC Lithium Americas	Lower Price Target	C$3.00	C$6.25 ➝ C$5.25	Sector Perform
10/19/2026	LAR Lithium Americas (Argentina)	Lower Price Target	$4.00	$13.00 ➝ $11.00	Outperform
10/19/2026	MFC Manulife Financial	Lower Price Target	C$62.00	C$69.00 ➝ C$68.00	Outperform
10/19/2026	NOU Nouveau Monde Graphite	Lower Price Target	C$3.00	C$4.00 ➝ C$3.50	Outperform
10/19/2026	SFC Sagicor Financial	Set Price Target	C$8.00	C$13.00	Outperform
10/19/2026	SLF Sun Life Financial	Lower Price Target	C$113.00	C$125.00 ➝ C$124.00	Outperform
10/19/2026	UROY Uranium Royalty	Boost Price Target	$3.00	$3.75 ➝ $4.00	Outperform
10/16/2026	FIS Fidelity National Information Services	Set Price Target	$39.00	$45.00
10/16/2026	MEOH Methanex	Boost Price Target	$72.00	$70.00 ➝ $79.00	Outperform
10/15/2026	BDRBF Bombardier	Upgrade	$235.00		Sector Perform ➝ Outperform
10/15/2026	ARE Aecon Group	Boost Price Target	C$49.00	C$64.00 ➝ C$66.00	Outperform
10/15/2026	AFN Ag Growth International	Lower Price Target	C$9.00	C$19.00 ➝ C$11.00	Sector Perform
10/15/2026	AC Air Canada	Lower Price Target	C$20.00	C$40.00 ➝ C$37.00	Outperform
10/15/2026	ACQ AutoCanada	Lower Price Target	C$28.00	C$23.00 ➝ C$21.00	Sector Perform
10/15/2026	CIGI Colliers International Group	Lower Price Target	$97.00	$110.00 ➝ $109.00	Outperform
10/15/2026	RBA RB Global	Boost Price Target	$90.00	$130.00 ➝ $132.00	Outperform
10/15/2026	RUS Russel Metals	Boost Price Target	C$87.00	C$75.00 ➝ C$101.00	Sector Perform
10/15/2026	WJX Wajax	Boost Price Target	C$34.00	C$36.00 ➝ C$42.00	Outperform
10/14/2026	MFI Maple Leaf Foods	Lower Price Target	C$27.00	C$34.00 ➝ C$29.00	Outperform
10/14/2026	QBR.A Quebecor	Lower Price Target	C$67.00	C$74.00 ➝ C$71.00	Outperform
10/13/2026	HPS.A Hammond Power Solutions	Boost Price Target	C$230.00	C$355.00 ➝ C$380.00	Outperform
10/13/2026	MTY MTY Food Group	Lower Price Target	C$32.00	C$40.00 ➝ C$37.00	Sector Perform
10/13/2026	TKO Taseko Mines	Set Price Target	C$10.00	C$14.50	Outperform
10/13/2026	WPK Winpak	Boost Price Target	C$44.00	C$49.00 ➝ C$50.00	Sector Perform
10/9/2026	RCH Richelieu Hardware	Boost Price Target	C$38.00	C$38.50 ➝ C$39.50	Sector Perform
10/8/2026	VOXR Vox Royalty	Initiated Coverage	$5.00		Outperform
10/8/2026	SVM Silvercorp Metals	Initiated Coverage	$8.00		Hold