National Bankshares Stock Recommendations and Price Targets

National Bankshares, Inc. operates as the bank holding company for the National Bank of Blacksburg that provides retail and commercial banking products and services to individuals, businesses, non-profits, and local governments. The company accepts interest-bearing and non-interest-bearing demand deposit accounts, money market deposit accounts, savings accounts, certificates of deposit, health savings accounts, and individual retirement accounts. Its loan products include commercial and agricultural, commercial real estate, residential real estate, home equity, and various consumer loan products, as well as loans for the construction of commercial and residential properties. The company also provides business and consumer debit and credit cards; letters of credit, night depository services, safe deposit boxes, utility payment services, and automatic funds transfer; wealth management, trust, and estate services; non-deposit investment and insurance products; and telephone, mobile, and Internet banking services. The company was founded in 1891 and is headquartered in Blacksburg, Virginia.

This is a list of recent ratings by National Bankshares.

Date	Company Name	Action	Current Price	Price Target	Rating
12/5/2025	DPMLF DPM Metals	Reiterated Rating	$28.00		Outperform ➝ Outperform
12/4/2025	DOOO BRP	Upgrade	$75.00		Sector Perform ➝ Outperform
12/4/2025	TU TELUS	Reiterated Rating	$13.00		Outperform ➝ Outperform
12/4/2025	RY Royal Bank Of Canada	Reiterated Rating	$161.00		Outperform ➝ Outperform
12/4/2025	EXETF Extendicare	Reiterated Rating	$16.00		Outperform ➝ Outperform
12/4/2025	DLMAF Dollarama	Reiterated Rating	$143.00		Outperform ➝ Outperform
12/4/2025	DOL Dollarama	Boost Price Target	C$200.00	C$203.00 ➝ C$214.00	Outperform
12/4/2025	TVE Tamarack Valley Energy	Boost Price Target	C$8.00	C$8.00 ➝ C$9.00	Outperform
12/4/2025	T TELUS	Boost Price Target	C$19.00	C$21.00 ➝ C$21.50	Outperform
12/3/2025	NPIFF Northland Power	Reiterated Rating	$12.00		Outperform ➝ Outperform
12/3/2025	EXE Extendicare	Boost Price Target	C$22.00	C$21.50 ➝ C$24.50	Outperform
12/2/2025	GBNXF Gibson Energy	Upgrade	$19.00		Sector Perform ➝ Outperform
12/2/2025	BDRBF Bombardier	Reiterated Rating	$168.00	$263.00	Outperform ➝ Outperform
12/2/2025	BBD.B Bombardier, Inc. Class B	Boost Price Target	C$234.00	C$234.00 ➝ C$263.00
12/1/2025	LLY Eli Lilly and Company	Set Price Target	$1,012.00	$1,286.00
12/1/2025	AGGZF Ag Growth International	Reiterated Rating	$16.00		Outperform ➝ Outperform
12/1/2025	APYRF Allied Properties Real Estate Investment Trust	Upgrade	$9.00		Underperform ➝ Sector Perform
12/1/2025	AFN Ag Growth International	Lower Price Target	C$22.00	C$49.00 ➝ C$37.00	Outperform
12/1/2025	AP.UN Allied Properties Real Estate Investment Trust	Upgrade	C$13.00	C$14.00 ➝ C$13.00	Underperform ➝ Sector Perform
11/28/2025	RSGUF Rogers Sugar	Reiterated Rating	$4.00		Sector Perform ➝ Sector Perform
11/28/2025	RSI Rogers Sugar	Boost Price Target	C$6.00	C$6.25 ➝ C$7.00	Sector Perform
11/27/2025	BDGI Badger Infrastructure Solutions	Set Price Target	C$76.00	C$84.00	Outperform
11/27/2025	EMP.A Empire	Lower Price Target	C$51.00	C$59.00 ➝ C$58.00	Sector Perform
11/26/2025	ANCTF Alimentation Couche-Tard	Reiterated Rating	$53.00		Outperform ➝ Outperform
11/26/2025	ATD Alimentation Couche-Tard	Boost Price Target	C$74.00	C$83.00 ➝ C$86.00	Outperform
11/26/2025	HR.UN H&R Real Estate Investment Trust	Boost Price Target	C$10.00	C$10.50 ➝ C$10.75	Outperform
11/26/2025	MAU Montage Gold	Boost Price Target	C$4.00	C$8.75 ➝ C$9.50	Outperform
11/26/2025	WCP Whitecap Resources	Set Price Target	C$12.00	C$15.00	Outperform
11/25/2025	FVI Fortuna Silver Mines	Upgrade	C$13.00	C$14.25 ➝ C$15.00	Sector Perform ➝ Outperform
11/25/2025	VZLA Vizsla Silver	Set Price Target	C$7.00	C$7.75	Outperform
11/24/2025	FSM Fortuna Mining	Upgrade	$9.00		Sector Perform ➝ Outperform
11/24/2025	BIDU Baidu	Upgrade	$119.00		Outperform
11/21/2025	NPI Northland Power	Lower Price Target	C$17.00	C$27.00 ➝ C$25.00
11/20/2025	CESDF CES Energy Solutions	Reiterated Rating	$9.00		Outperform ➝ Outperform
11/20/2025	CEU CES Energy Solutions	Boost Price Target	C$13.00	C$10.50 ➝ C$13.00	Outperform
11/19/2025	QBR.B Quebecor	Downgrade	C$51.00	C$54.00	Outperform ➝ Sector Perform
11/19/2025	T TELUS	Upgrade	C$19.00	C$23.00 ➝ C$21.00	Sector Perform ➝ Outperform
11/18/2025	DOO BRP	Boost Price Target	C$105.00	C$101.00 ➝ C$105.00
11/17/2025	BMO Bank of Montreal	Downgrade	C$177.00	C$173.00 ➝ C$181.00	Outperform ➝ Sector Perform
11/17/2025	RY Royal Bank of Canada	Upgrade	C$224.00	C$203.00 ➝ C$231.00	Sector Perform ➝ Outperform
11/11/2025	NTIOF National Bank of Canada	Upgrade	$124.00		Underperform ➝ Buy
11/10/2025	ENB Enbridge	Reiterated Rating	$48.00		Sector Perform ➝ Sector Perform
11/10/2025	CDUAF Canadian Utilities	Reiterated Rating	$30.00		Sector Perform ➝ Sector Perform
11/10/2025	CADNF Cascades	Reiterated Rating	$9.00		Sector Perform ➝ Sector Perform
11/10/2025	ACLLF ATCO	Reiterated Rating	$39.00		Sector Perform ➝ Sector Perform
11/10/2025	IGM IGM Financial	Boost Price Target	C$58.00	C$60.00 ➝ C$68.00
11/10/2025	DFY Definity Financial	Boost Price Target	C$71.00	C$92.00 ➝ C$93.00
11/10/2025	EIF Exchange Income	Boost Price Target	C$80.00	C$84.00 ➝ C$88.00
11/10/2025	SAP Saputo	Boost Price Target	C$39.00	C$36.00 ➝ C$38.00
11/7/2025	AIF Altus Group	Downgrade	C$55.00	C$74.00 ➝ C$52.00	Outperform ➝ Sector Perform
11/7/2025	ARX ARC Resources	Lower Price Target	C$26.00	C$33.00 ➝ C$30.00	Outperform
11/7/2025	BBD.B Bombardier, Inc. Class B	Boost Price Target	C$234.00	C$216.00 ➝ C$234.00	Outperform
11/7/2025	BBU Brookfield Business Partners	Boost Price Target	$36.00	$39.00 ➝ $43.00	Outperform
11/7/2025	CNQ Canadian Natural Resources	Boost Price Target	C$48.00	C$45.00 ➝ C$48.00	Sector Perform
11/7/2025	CTC.A Canadian Tire	Boost Price Target	C$171.00	C$185.00 ➝ C$197.00	Sector Perform
11/7/2025	EFX Enerflex	Boost Price Target	C$20.00	C$17.50 ➝ C$24.00	Sector Perform
11/7/2025	WSP WSP Global	Boost Price Target	C$242.00	C$297.00 ➝ C$299.00	Outperform
11/6/2025	SLF Sun Life Financial	Reiterated Rating	$58.00		Sector Perform ➝ Sector Perform
11/6/2025	GWLIF Great-West Lifeco	Reiterated Rating	$46.00		Sector Perform ➝ Sector Perform
11/6/2025	CCJ Cameco	Reiterated Rating	$94.00		Outperform ➝ Outperform
11/6/2025	CCO Cameco	Boost Price Target	C$131.00	C$140.00 ➝ C$145.00	Outperform
11/6/2025	GSY goeasy	Lower Price Target	C$125.00	C$265.00 ➝ C$245.00
11/6/2025	GWO Great-West Lifeco	Boost Price Target	C$63.00	C$58.00 ➝ C$59.00
11/6/2025	SLF Sun Life Financial	Lower Price Target	C$81.00	C$94.00 ➝ C$93.00
11/5/2025	DALXF Spartan Delta	Reiterated Rating	$5.00		Outperform ➝ Outperform
11/5/2025	IAFNF iA Financial	Reiterated Rating	$118.00		Sector Perform ➝ Sector Perform
11/5/2025	FTS Fortis	Reiterated Rating	$51.00		Sector Perform ➝ Sector Perform
11/4/2025	EGO Eldorado Gold	Reiterated Rating	$31.00		Outperform ➝ Outperform
11/4/2025	WJXFF Wajax	Reiterated Rating	$19.00		Sector Perform ➝ Sector Perform
11/4/2025	NOU Nouveau Monde Graphite	Upgrade	C$3.00	C$3.50 ➝ C$5.00	Sector Perform ➝ Outperform
11/4/2025	TVA.B TVA Group	Upgrade	C$1.00	C$0.25 ➝ C$0.75	Underperform ➝ Sector Perform
11/3/2025	TMTNF Toromont Industries	Reiterated Rating	$117.00		Outperform ➝ Outperform
11/3/2025	ARMN Aris Mining	Reiterated Rating	$14.00		Outperform ➝ Outperform
11/3/2025	PRBZF Premium Brands	Reiterated Rating	$71.00		Sector Perform ➝ Sector Perform
11/3/2025	NMG Nouveau Monde Graphite	Upgrade	$3.00		Outperform
11/3/2025	LNC Lincoln National	Set Price Target	$42.00	$44.00
11/3/2025	FFMGF First Mining Gold	Initiated Coverage	$0.00		Outperform
11/3/2025	FF First Mining Gold	Set Price Target	C$1.00	C$0.70	Outperform
11/3/2025	PRB Probe Gold	Set Price Target	C$2.00	C$3.65	Tender
11/3/2025	TFII TFI International	Boost Price Target	C$134.00	C$140.00 ➝ C$145.00	Outperform
11/3/2025	TAU Thesis Gold	Set Price Target	C$2.00	C$3.00	Outperform
11/3/2025	TIH Toromont Industries	Boost Price Target	C$163.00	C$164.00 ➝ C$176.00	Outperform
10/31/2025	EW Edwards Lifesciences	Set Price Target	$86.00	$92.00
10/31/2025	CGEAF Cogeco Communications	Reiterated Rating	$46.00		Sector Perform ➝ Sector Perform
10/31/2025	AEGXF Aecon Group	Reiterated Rating	$19.00		Outperform ➝ Outperform
10/31/2025	ATGFF AltaGas	Reiterated Rating	$31.00		Outperform ➝ Outperform
10/31/2025	SNDR Schneider National	Set Price Target	$25.00	$21.00
10/30/2025	NGD New Gold	Reiterated Rating	$8.00		Outperform ➝ Outperform
10/30/2025	CPXWF Capital Power	Reiterated Rating	$45.00		Outperform ➝ Outperform
10/30/2025	CPX Capital Power	Boost Price Target	C$62.00	C$66.00 ➝ C$73.00	Outperform
10/30/2025	MFI Maple Leaf Foods	Lower Price Target	C$25.00	C$39.00 ➝ C$36.00	Outperform
10/30/2025	NGD New Gold	Boost Price Target	C$11.00	C$11.50 ➝ C$12.50	Outperform
10/30/2025	NG NovaGold Resources	Upgrade	C$14.00	C$15.00	Sector Perform ➝ Outperform
10/30/2025	TVE Tamarack Valley Energy	Boost Price Target	C$8.00	C$7.50 ➝ C$8.00	Outperform
10/29/2025	CAC Camden National	Set Price Target	$43.00	$45.00
10/29/2025	BEP Brookfield Renewable Partners	Boost Price Target	$28.00	$32.00 ➝ $34.00	Outperform
10/29/2025	CCO Cameco	Boost Price Target	C$131.00	C$130.00 ➝ C$140.00	Outperform
10/28/2025	SFNC Simmons First National	Set Price Target	$19.00	$22.00
10/28/2025	ADEN ADENTRA	Boost Price Target	C$34.00	C$42.50 ➝ C$54.50	Outperform
10/28/2025	DBM Doman Building Materials Group	Boost Price Target	C$9.00	C$10.50 ➝ C$11.50	Outperform