TD Securities Stock Recommendations and Price Targets

This is a list of recent ratings by TD Securities.

Company Name	Action	Current Price	Price Target	Rating	Impact on Share Price
BRLXF Boralex	Lower Price Target	$34.00	$59.00 ➝ $55.00	Buy	Medium
CFPZF Canfor	Boost Price Target	$20.00	$31.00 ➝ $32.00	Buy	High
CFPUF Canfor Pulp Products	Boost Price Target	$8.00	$9.50 ➝ $10.00	Hold	High
CADNF Cascades	Boost Price Target	$13.00	$18.50 ➝ $19.00	Hold	Low
CCDBF CCL Industries	Boost Price Target	$52.00	$68.00 ➝ $75.00	Buy	Low
CROMF Crombie Real Estate Investment Trust	Boost Price Target	$12.00	$14.50 ➝ $15.00	Hold	Low
ECNCF ECN Capital	Boost Price Target	$6.00	$9.00 ➝ $10.00	Buy	High
KELTF Kelt Exploration	Boost Price Target	$2.00	$2.50 ➝ $3.00	Buy	High
NUVSF NuVista Energy	Boost Price Target	$2.00	$1.00 ➝ $2.00	Hold	High
SECYF Secure Energy Services	Boost Price Target	$2.00	$3.50 ➝ $4.00	Buy	Low
STN Stantec	Boost Price Target	$39.00	$50.00 ➝ $60.00	Buy	Low
TGB Taseko Mines	Boost Price Target	$2.00	$2.00 ➝ $2.75	Buy	N/A
IMO Imperial Oil	Boost Price Target	$22.00	$28.00 ➝ $29.00	Hold	N/A
SGSVF Sabina Gold & Silver	Lower Price Target	$2.00	$4.50 ➝ $4.25	Buy	Medium
MRG.UN Morguard North American Residential REIT	Reiterated Rating	C$15.00	C$19.00	Buy	N/A
CM Canadian Imperial Bank of Commerce	Reiterated Rating	$92.00		Buy	Low
GOLD Barrick Gold	Lower Price Target	$19.00	$32.00 ➝ $30.00	Action List Buy	Low
BLX Boralex Inc. (BLX.TO)	Lower Price Target	C$44.00	C$59.00 ➝ C$55.00	Buy	N/A
CFP Canfor	Boost Price Target	C$26.00	C$31.00 ➝ C$32.00	Buy	N/A
CFX Canfor Pulp Products	Boost Price Target	C$10.00	C$9.50 ➝ C$10.00	Hold	N/A
CAS Cascades	Boost Price Target	C$17.00	C$18.50 ➝ C$19.00	Hold	N/A
CCL.B CCL Industries	Boost Price Target	C$67.00	C$68.00 ➝ C$75.00	Buy	N/A
CM Canadian Imperial Bank of Commerce (CM.TO)	Boost Price Target	C$117.00	C$125.00 ➝ C$130.00	Buy	N/A
CRR.UN Crombie Real Estate Investment Trust	Boost Price Target	C$15.00	C$14.50 ➝ C$15.00	Hold	N/A
ECN ECN Capital	Boost Price Target	C$8.00	C$9.00 ➝ C$10.00	Buy	N/A
EOG EOG Resources	Boost Price Target	$65.00	$65.00 ➝ $83.00	Buy	Medium
IMO Imperial Oil Limited (IMO.TO)	Boost Price Target	C$28.00	C$28.00 ➝ C$29.00	Hold	N/A
KEL Kelt Exploration	Boost Price Target	C$2.00	C$2.50 ➝ C$3.00	Buy	N/A
MAXR Maxar Technologies	Boost Price Target	$48.00	$38.00 ➝ $52.00	Hold	Low
NEM Newmont	Lower Price Target	$54.00	$78.00 ➝ $74.00	Buy	Low
NVA NuVista Energy Ltd. (NVA.TO)	Boost Price Target	C$2.00	C$1.00 ➝ C$2.00	Hold	N/A
PRMW Primo Water	Lower Price Target	$14.00	$20.00 ➝ $19.00	Buy	High
SBB Sabina Gold & Silver Corp. (SBB.TO)	Lower Price Target	C$2.00	C$4.50 ➝ C$4.25	Speculative Buy	N/A
SES Secure Energy Services	Boost Price Target	C$3.00	C$3.50 ➝ C$4.00	Buy	N/A
STN Stantec	Boost Price Target	C$50.00	C$50.00 ➝ C$60.00	Buy	N/A
TKO Taseko Mines	Boost Price Target	C$2.00	C$2.00 ➝ C$2.75	Buy	N/A
EIF Exchange Income	Boost Price Target	C$40.00	C$43.00	Buy	N/A
FR First Majestic Silver Corp. (FR.TO)	Downgrade	C$23.00	C$23.00	Hold	N/A
BTEGF Baytex Energy	Boost Price Target	$1.00	$0.90 ➝ $1.30	Hold	Medium
CAGDF Centerra Gold	Boost Price Target	$10.00	$16.50 ➝ $17.00	Hold	Low
DRUNF Dream Unlimited	Boost Price Target	$18.00	$25.00 ➝ $28.00	Buy	Low
DNN Denison Mines	Boost Price Target	$1.00	$1.00 ➝ $1.55	Hold	N/A
EQGPF Equitable Group	Boost Price Target	$106.00	$130.00 ➝ $155.00	Buy	Low
NTIOF National Bank of Canada	Boost Price Target	$63.00	$79.00 ➝ $85.00	Hold	Low
RY Royal Bank of Canada	Boost Price Target	$85.00	$120.00 ➝ $125.00	Buy	Medium
BTE Baytex Energy	Boost Price Target	C$1.00	C$0.90 ➝ C$1.30	Hold	N/A
CS Capstone Mining	Boost Price Target	C$4.00	C$3.50 ➝ C$4.75	Buy	N/A
CG Centerra Gold Inc. (CG.TO)	Reiterated Rating	C$12.00	C$16.50 ➝ C$17.00	Hold	N/A
DML Denison Mines	Boost Price Target	C$1.00	C$1.00 ➝ C$1.55	Hold	N/A
DRM Dream Unlimited Corp. (DRM.TO)	Boost Price Target	C$23.00	C$25.00 ➝ C$28.00	Buy	N/A
NA National Bank of Canada (NA.TO)	Boost Price Target	C$80.00	C$79.00 ➝ C$85.00	Hold	N/A
RRC Range Resources	Set Price Target	$10.00	$6.00	Reduce	Medium
RY Royal Bank of Canada	Boost Price Target	C$108.00	C$120.00 ➝ C$125.00	Buy	N/A
CSFFF Capstone Mining	Boost Price Target	$3.00		Buy	N/A
WMB The Williams Companies	Reiterated Rating	$23.00	$24.00 ➝ $25.00	Buy	Low
AT AcuityAds Holdings Inc. (AT.TO)	Initiated Coverage	C$28.00	C$37.00	Buy	N/A
GFL GFL Environmental	Boost Price Target	$31.00	$36.00 ➝ $39.00	Hold	High
TRI Thomson Reuters	Boost Price Target	$87.00	$120.00 ➝ $125.00	Buy	Medium
TOLWF Trican Well Service	Boost Price Target	$2.00	$1.90 ➝ $2.00	Hold	Low
BNS The Bank of Nova Scotia	Boost Price Target	$58.00	$79.00 ➝ $83.00	Buy	High
GBNXF Gibson Energy	Boost Price Target	$17.00	$22.00 ➝ $23.00	Hold	High
BMO Bank of Montreal (BMO.TO)	Reiterated Rating	C$104.00	C$110.00 ➝ C$120.00	Buy	N/A
BNS The Bank of Nova Scotia (BNS.TO)	Boost Price Target	C$74.00	C$79.00 ➝ C$83.00	Buy	N/A
COG Cabot Oil & Gas	Lower Price Target	$19.00	$19.00 ➝ $18.50	Hold	Medium
EQB Equitable Group Inc. (EQB.TO)	Reiterated Rating	C$136.00	C$130.00 ➝ C$155.00	Buy	N/A
GEI Gibson Energy	Boost Price Target	C$22.00	C$22.00 ➝ C$23.00	Hold	N/A
PXD Pioneer Natural Resources	Boost Price Target	$149.00	$150.00 ➝ $175.00	Buy	Low
SWIR Sierra Wireless	Boost Price Target	$17.00	$15.00 ➝ $18.00	Hold	High
TRI Thomson Reuters	Boost Price Target	C$111.00	C$120.00 ➝ C$125.00	Buy	N/A
TCW Trican Well Service Ltd. (TCW.TO)	Boost Price Target	C$2.00	C$1.90 ➝ C$2.00	Hold	N/A
SISXF Savaria	Upgrade	$14.00		Hold ➝ Buy	Low
NXE NexGen Energy	Boost Price Target	$4.00	$4.00 ➝ $7.00	Buy	N/A
SLSSF Solaris Resources	Boost Price Target	$6.00	$10.00 ➝ $11.00	Buy	High
BLDP Ballard Power Systems	Upgrade	$28.00	$40.00	Hold ➝ Buy	High
FANG Diamondback Energy	Boost Price Target	$69.00	$67.00 ➝ $81.00	Buy	High
SIS Savaria	Upgrade	C$17.00	C$15.50 ➝ C$22.00	Hold ➝ Buy	N/A
TGO TeraGo	Boost Price Target	C$7.00	C$8.00 ➝ C$9.50	Buy	N/A
VNOM Viper Energy Partners	Boost Price Target	$16.00	$15.00 ➝ $19.50	Buy	Low
CPXWF Capital Power	Boost Price Target	$27.00	$39.00 ➝ $41.00	Buy	High
ERF Enerplus	Boost Price Target	$5.00	$6.00 ➝ $7.00	Buy	Low
LUNMF Lundin Mining	Boost Price Target	$11.00	$12.00 ➝ $13.50	Hold	Low
WFSTF Western Forest Products	Boost Price Target	$1.00	$1.75 ➝ $2.00	Buy	Low
AR Antero Resources	Boost Price Target	$9.00	$6.00 ➝ $9.50	Hold	High
CPX Capital Power	Boost Price Target	C$34.00	C$39.00 ➝ C$41.00	Buy	N/A
ERF Enerplus	Boost Price Target	C$6.00	C$6.00 ➝ C$7.00	Buy	N/A
LUN Lundin Mining	Boost Price Target	C$15.00	C$12.00 ➝ C$13.50	Hold	N/A
MGA Magna International	Boost Price Target	$84.00	$85.00 ➝ $100.00	Buy	Low
RBA Ritchie Bros. Auctioneers	Lower Price Target	$54.00	$68.00 ➝ $57.00	Hold	Low
UNS Uni-Select	Boost Price Target	C$10.00	C$11.00 ➝ C$11.50	Buy	N/A
WEF Western Forest Products Inc. (WEF.TO)	Boost Price Target	C$2.00	C$1.75 ➝ C$2.00	Buy	N/A
MG Magna International	Boost Price Target	C$107.00	C$100.00	Buy	N/A
RBA Ritchie Bros. Auctioneers	Lower Price Target	C$69.00	C$57.00	Hold	N/A
AG First Majestic Silver	Downgrade	$18.00		Buy ➝ Hold	Medium
DIR.UN Dream Industrial Real Estate Invest Trst	Boost Price Target	C$13.00	C$14.50 ➝ C$15.00	Buy	N/A
POW Power Co. of Canada	Boost Price Target	C$31.00	C$31.00 ➝ C$36.00	Buy	N/A
CONE CyrusOne	Lower Price Target	$66.00	$95.00 ➝ $92.00	Buy	N/A
EIF Exchange Income	Boost Price Target	C$40.00	C$42.00 ➝ C$43.00	Buy	N/A
FR First Majestic Silver Corp. (FR.TO)	Downgrade	C$23.00	C$21.00 ➝ C$23.00	Buy ➝ Hold	N/A
HBM Hudbay Minerals	Boost Price Target	C$9.00	C$11.00 ➝ C$12.50	Buy	N/A
MRG.UN Morguard North American Residential REIT	Lower Price Target	C$15.00	C$19.50 ➝ C$19.00	Buy	N/A