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	Impact on Share Price
4/25/2025	VET Vermilion Energy	Reiterated Rating	$6.00		Outperform ➝ Outperform	Low
4/25/2025	DALXF Spartan Delta	Reiterated Rating	$2.00		Outperform ➝ Outperform	Low
4/25/2025	MEGEF MEG Energy	Reiterated Rating	$15.00		Sector Perform ➝ Sector Perform	Low
4/25/2025	FRHLF Freehold Royalties	Reiterated Rating	$9.00		Outperform ➝ Outperform	Low
4/25/2025	AETUF ARC Resources	Reiterated Rating	$19.00		Outperform ➝ Outperform	Low
4/25/2025	CVE Cenovus Energy	Reiterated Rating	$12.00		Sector Perform ➝ Sector Perform	Low
4/25/2025	DTLIF D2L	Reiterated Rating	$9.00		Outperform ➝ Outperform	Low
4/25/2025	MLFNF Maple Leaf Foods	Reiterated Rating	$18.00		Outperform ➝ Outperform	Low
4/25/2025	CVO Coveo Solutions	Lower Price Target	C$6.00	C$8.50 ➝ C$7.50	Outperform	N/A
4/25/2025	DCBO Docebo	Lower Price Target	$32.00	$55.00 ➝ $45.00	Outperform	Low
4/25/2025	LSPD Lightspeed Commerce	Lower Price Target	$10.00	$15.00 ➝ $13.10	Sector Perform	Low
4/25/2025	OTEX Open Text	Lower Price Target	$27.00	$38.00 ➝ $34.00	Sector Perform	Low
4/25/2025	SHOP Shopify	Lower Price Target	$97.00	$140.00 ➝ $120.00	Outperform	Low
4/25/2025	TECK.B Teck Resources	Upgrade	C$49.00	C$70.00	Sector Perform ➝ Outperform	N/A
4/25/2025	TIXT TELUS International (Cda)	Lower Price Target	$2.00	$4.25 ➝ $3.00	Sector Perform	Low
4/25/2025	TFII TFI International	Boost Price Target	$80.00	$132.00 ➝ $138.00	Outperform	Medium
4/24/2025	TECK Teck Resources	Upgrade	$36.00		Sector Perform ➝ Outperform	High
4/24/2025	KRKNF Kraken Robotics	Initiated Coverage	$2.00		Outperform	High
4/24/2025	CAS Cascades	Lower Price Target	C$9.00	C$14.00 ➝ C$11.00	Sector Perform	N/A
4/24/2025	PNG Kraken Robotics	Set Price Target	C$2.00	C$3.00	Outperform	N/A
4/24/2025	MTL Mullen Group	Lower Price Target	C$13.00	C$19.00 ➝ C$18.00	Outperform	N/A
4/24/2025	RCI.B Rogers Communications	Lower Price Target	C$35.00	C$53.00 ➝ C$52.00	Outperform	N/A
4/23/2025	WPM Wheaton Precious Metals	Reiterated Rating	$82.00		Outperform ➝ Outperform	Low
4/23/2025	OR Osisko Gold Royalties	Reiterated Rating	$23.00		Outperform ➝ Outperform	High
4/23/2025	AYASF Aya Gold & Silver	Reiterated Rating	$7.00		Outperform ➝ Outperform	N/A
4/23/2025	TORXF Torex Gold Resources	Reiterated Rating	$32.00		Outperform ➝ Outperform	Low
4/23/2025	SSRM SSR Mining	Reiterated Rating	$10.00		Sector Perform ➝ Sector Perform	Low
4/23/2025	LUGDF Lundin Gold	Reiterated Rating	$41.00		Outperform ➝ Outperform	Medium
4/23/2025	EGO Eldorado Gold	Reiterated Rating	$19.00		Outperform ➝ Outperform	Low
4/23/2025	DPMLF Dundee Precious Metals	Reiterated Rating	$13.00		Outperform ➝ Outperform	Low
4/23/2025	CGAU Centerra Gold	Reiterated Rating	$7.00		Outperform ➝ Outperform	Low
4/23/2025	NEM Newmont	Reiterated Rating	$54.00		Sector Perform ➝ Sector Perform	Low
4/23/2025	KGC Kinross Gold	Reiterated Rating	$14.00		Outperform ➝ Outperform	Low
4/21/2025	GIL Gildan Activewear	Lower Price Target	C$59.00	C$83.00 ➝ C$72.00		N/A
4/17/2025	BBD.B Bombardier, Inc. Class B	Boost Price Target	C$91.00	C$103.00 ➝ C$107.00	Outperform	N/A
4/17/2025	MRU Metro	Boost Price Target	C$103.00	C$102.00 ➝ C$107.00	Sector Perform	N/A
4/16/2025	CS Capstone Copper	Lower Price Target	C$7.00	C$10.00 ➝ C$8.50	Outperform	N/A
4/16/2025	ERO Ero Copper	Lower Price Target	C$18.00	C$23.50 ➝ C$21.50	Outperform	N/A
4/16/2025	FM First Quantum Minerals	Lower Price Target	C$19.00	C$25.50 ➝ C$24.00	Outperform	N/A
4/16/2025	HBM Hudbay Minerals	Lower Price Target	C$10.00	C$15.50 ➝ C$14.50	Outperform	N/A
4/16/2025	LUN Lundin Mining	Lower Price Target	C$12.00	C$17.50 ➝ C$15.50	Outperform	N/A
4/16/2025	TECK.B Teck Resources	Lower Price Target	C$49.00	C$72.00 ➝ C$70.00	Sector Perform	N/A
4/14/2025	APR.UN Automotive Properties Real Est Invt TR	Downgrade	C$10.00	C$12.00 ➝ C$10.75	Outperform ➝ Sector Perform	N/A
4/14/2025	BEI.UN Boardwalk Real Estate Investment Trust	Downgrade	C$64.00	C$80.00 ➝ C$72.00	Outperform ➝ Sector Perform	N/A
4/14/2025	CHP.UN Choice Properties Real Est Invstmnt Trst	Upgrade	C$15.00	C$15.50 ➝ C$16.00	Sector Perform ➝ Outperform	N/A
4/14/2025	IIP.UN InterRent Real Estate Investment Trust	Downgrade	C$11.00	C$12.25 ➝ C$11.75	Outperform ➝ Sector Perform	N/A
4/14/2025	NXR.UN Nexus Industrial REIT	Downgrade	C$7.00	C$8.75 ➝ C$6.75	Outperform ➝ Sector Perform	N/A
4/14/2025	REI.UN RioCan Real Estate Investment Trust	Downgrade	C$17.00	C$22.25 ➝ C$18.00	Outperform ➝ Sector Perform	N/A
4/11/2025	S Sherritt International	Lower Price Target	C$0.00	C$0.30 ➝ C$0.25	Sector Perform	N/A
4/10/2025	AC Air Canada	Lower Price Target	C$14.00	C$27.00 ➝ C$23.00		N/A
4/10/2025	L Loblaw Companies	Boost Price Target	C$216.00	C$192.00 ➝ C$207.00		N/A
4/9/2025	AFN Ag Growth International	Lower Price Target	C$33.00	C$51.00 ➝ C$49.00	Outperform	N/A
4/9/2025	CGX Cineplex	Lower Price Target	C$9.00	C$15.00 ➝ C$13.50	Outperform	N/A
4/9/2025	FTT Finning International	Lower Price Target	C$39.00	C$49.00 ➝ C$48.00	Outperform	N/A
4/9/2025	RBA RB Global	Lower Price Target	$99.00	$118.00 ➝ $115.00	Outperform	Medium
4/9/2025	RUS Russel Metals	Lower Price Target	C$39.00	C$58.00 ➝ C$55.00	Outperform	N/A
4/9/2025	STN Stantec	Boost Price Target	C$121.00	C$143.00 ➝ C$144.00	Outperform	N/A
4/9/2025	WJX Wajax	Lower Price Target	C$17.00	C$22.00 ➝ C$20.00	Sector Perform	N/A
4/7/2025	BMO Bank of Montreal	Lower Price Target	C$132.00	C$161.00 ➝ C$144.00	Outperform	N/A
4/7/2025	BNS Bank of Nova Scotia	Lower Price Target	C$68.00	C$78.00 ➝ C$71.00	Sector Perform	N/A
4/7/2025	CM Canadian Imperial Bank of Commerce	Lower Price Target	C$85.00	C$101.00 ➝ C$95.00	Outperform	N/A
4/7/2025	RY Royal Bank of Canada	Lower Price Target	C$163.00	C$190.00 ➝ C$179.00	Outperform	N/A
4/7/2025	SAP Saputo	Set Price Target	C$26.00	C$28.00	Outperform	N/A
4/7/2025	TD Toronto-Dominion Bank	Lower Price Target	C$86.00	C$84.00 ➝ C$80.00	Sector Perform	N/A
4/4/2025	NTIOF National Bank of Canada	Downgrade	$86.00		Speculative Buy ➝ Underperform	High
4/4/2025	TFII TFI International	Upgrade	C$110.00	C$178.00 ➝ C$132.00	Sector Perform ➝ Outperform	N/A
4/3/2025	CNR Canadian National Railway	Lower Price Target	C$135.00	C$176.00 ➝ C$170.00	Outperform	N/A
4/3/2025	CP Canadian Pacific Kansas City	Lower Price Target	C$100.00	C$123.00 ➝ C$118.00	Sector Perform	N/A
4/3/2025	OM Osisko Metals	Set Price Target	C$0.00	C$1.25	Outperform	N/A
4/3/2025	SPB Superior Plus	Boost Price Target	C$7.00	C$6.50 ➝ C$7.50	Sector Perform	N/A
4/2/2025	LAC Lithium Americas	Reiterated Rating	$3.00		Outperform ➝ Outperform	High
4/2/2025	TECK Teck Resources	Reiterated Rating	$36.00		Sector Perform ➝ Sector Perform	Low
4/2/2025	FQVLF First Quantum Minerals	Reiterated Rating	$14.00		Outperform ➝ Outperform	High
4/2/2025	ATUSF Altius Minerals	Reiterated Rating	$20.00		Outperform ➝ Outperform	Medium
4/2/2025	PPTA Perpetua Resources	Reiterated Rating	$14.00		Outperform ➝ Outperform	High
4/2/2025	MAUTF Montage Gold	Reiterated Rating	$3.00		Outperform ➝ Outperform	Low
4/2/2025	ARGTF Artemis Gold	Reiterated Rating	$14.00		Outperform ➝ Outperform	Low
4/2/2025	ABBRF AbraSilver Resource	Reiterated Rating	$2.00		Outperform ➝ Outperform	N/A
4/2/2025	OR Osisko Gold Royalties	Reiterated Rating	$23.00		Outperform ➝ Outperform	Low
4/2/2025	FNV Franco-Nevada	Reiterated Rating	$170.00		Sector Perform ➝ Sector Perform	Low
4/2/2025	PAAS Pan American Silver	Reiterated Rating	$25.00		Outperform ➝ Outperform	Low
4/2/2025	AG First Majestic Silver	Reiterated Rating	$6.00		Sector Perform ➝ Sector Perform	Low
4/2/2025	KNTNF K92 Mining	Reiterated Rating	$9.00		Sector Perform ➝ Sector Perform	Low
4/2/2025	GMINF G Mining Ventures	Reiterated Rating	$14.00		Outperform ➝ Outperform	High
4/2/2025	TORXF Torex Gold Resources	Reiterated Rating	$32.00		Outperform ➝ Outperform	Low
4/2/2025	NGD New Gold	Reiterated Rating	$3.00		Outperform ➝ Outperform	Medium
4/2/2025	DPMLF Dundee Precious Metals	Reiterated Rating	$13.00		Outperform ➝ Outperform	Low
4/2/2025	CGAU Centerra Gold	Reiterated Rating	$7.00		Outperform ➝ Outperform	Medium
4/2/2025	BTG B2Gold	Reiterated Rating	$3.00		Outperform ➝ Outperform	High
4/2/2025	GOLD Barrick Gold	Reiterated Rating	$19.00		Outperform ➝ Outperform	Medium
4/2/2025	MTRAF Metro	Reiterated Rating	$74.00		Sector Perform ➝ Sector Perform	Medium
4/2/2025	IAUX i-80 Gold	Reiterated Rating	$1.00		Outperform ➝ Outperform	Medium
4/2/2025	AYA Aya Gold & Silver	Lower Price Target	C$10.00	C$20.75 ➝ C$19.75	Outperform	N/A
4/2/2025	CCO Cameco	Lower Price Target	C$61.00	C$87.00 ➝ C$81.00	Outperform	N/A
4/2/2025	DML Denison Mines	Lower Price Target	C$2.00	C$4.15 ➝ C$3.75	Outperform	N/A
4/2/2025	HBM Hudbay Minerals	Set Price Target	C$10.00	C$15.50	Outperform	N/A
4/2/2025	IMG IAMGOLD	Boost Price Target	C$10.00	C$13.50 ➝ C$15.00	Outperform	N/A
4/2/2025	K Kinross Gold	Boost Price Target	C$20.00	C$22.00 ➝ C$23.00	Outperform	N/A
4/2/2025	LUN Lundin Mining	Boost Price Target	C$12.00	C$17.00 ➝ C$17.50	Outperform	N/A
4/2/2025	MRU Metro	Boost Price Target	C$103.00	C$94.00 ➝ C$102.00	Sector Perform	N/A