ATB Capital Stock Recommendations and Price Targets

This is a list of recent ratings by ATB Capital.

Date	Company Name	Action	Current Price	Price Target	Rating	Impact on Share Price
3/28/2025	BITF Bitfarms	Lower Price Target	C$1.00	C$6.50 ➝ C$3.75	Outperform	N/A
3/28/2025	LCFS Tidewater Renewables	Boost Price Target	C$3.00	C$3.00 ➝ C$4.00	Speculative Buy	N/A
3/27/2025	LSPD Lightspeed Commerce	Downgrade	C$13.00	C$26.00 ➝ C$17.00	Outperform ➝ Sector Perform	N/A
3/27/2025	ACQ AutoCanada	Boost Price Target	C$16.00	C$18.00 ➝ C$18.50	Sector Perform	N/A
3/25/2025	NUVSF NuVista Energy	Upgrade	$9.00		Outperform	Low
3/19/2025	SNDL SNDL	Boost Price Target	$1.00	$3.50 ➝ $4.00		Low
3/17/2025	NFI NFI Group	Boost Price Target	C$12.00	C$24.00 ➝ C$26.00	Outperform	N/A
3/11/2025	VRN Veren	Lower Price Target	C$10.00	C$11.00 ➝ C$9.50		N/A
3/7/2025	CEU CES Energy Solutions	Upgrade	C$8.00	C$11.00	Sector Perform ➝ Outperform	N/A
3/7/2025	AFN Ag Growth International	Lower Price Target	C$35.00	C$57.00 ➝ C$46.00	Sector Perform	N/A
3/6/2025	THNCF Thinkific Labs	Downgrade	$2.00		Sector Perform	N/A
3/6/2025	NFI NFI Group	Boost Price Target	C$12.00	C$22.00 ➝ C$24.00	Outperform	N/A
3/3/2025	DCBO Docebo	Upgrade	C$42.00		Sector Perform ➝ Outperform	N/A
2/27/2025	CPX Capital Power	Lower Price Target	C$49.00	C$63.00 ➝ C$62.00	Sector Perform	N/A
2/26/2025	STN Stantec	Boost Price Target	C$117.00	C$125.00 ➝ C$135.00	Sector Perform	N/A
2/20/2025	GEI Gibson Energy	Lower Price Target	C$23.00	C$28.00 ➝ C$26.00	Outperform	N/A
2/12/2025	SHOP Shopify	Boost Price Target	$97.00	$145.00 ➝ $170.00	Sector Perform	Medium
2/10/2025	WEED Canopy Growth	Lower Price Target	C$1.00	C$4.00 ➝ C$3.20	Underperform	N/A
1/30/2025	CP Canadian Pacific Kansas City	Boost Price Target	C$99.00	C$129.00 ➝ C$130.00	Outperform	N/A
1/15/2025	WRG Western Energy Services	Set Price Target	C$2.00	C$3.25	Sector Perform	N/A
1/14/2025	AFN Ag Growth International	Downgrade	C$35.00	C$79.00 ➝ C$63.00	Outperform ➝ Sector Perform	N/A
12/30/2024	VET Vermilion Energy	Lower Price Target	C$12.00	C$20.00 ➝ C$17.50	Outperform	N/A
12/24/2024	VET Vermilion Energy	Lower Price Target	C$12.00	C$20.00 ➝ C$17.50	Outperform	N/A
12/23/2024	STEP STEP Energy Services	Lower Price Target	C$4.00	C$5.50 ➝ C$5.00	Outperform	N/A
12/18/2024	AC Air Canada	Boost Price Target	C$14.00	C$28.00 ➝ C$31.00	Outperform	N/A
12/18/2024	CPX Capital Power	Boost Price Target	C$49.00	C$57.00 ➝ C$63.00	Sector Perform	N/A
12/17/2024	OGI Organigram	Lower Price Target	C$1.00	C$5.25 ➝ C$3.50		N/A
12/17/2024	WEED Canopy Growth	Downgrade	C$1.00	C$6.00 ➝ C$4.00	Sector Perform ➝ Underperform	N/A
12/17/2024	ACB Aurora Cannabis	Lower Price Target	C$6.00	C$11.00 ➝ C$8.50		N/A
12/10/2024	QST Questor Technology	Lower Price Target	C$0.00	C$0.60 ➝ C$0.50		N/A
12/10/2024	ESI Ensign Energy Services	Boost Price Target	C$2.00	C$4.50 ➝ C$5.50		N/A
12/10/2024	CFW Calfrac Well Services	Upgrade	C$4.00	C$4.50 ➝ C$5.50	Sector Perform ➝ Outperform	N/A
12/10/2024	TCW Trican Well Service	Boost Price Target	C$5.00	C$5.50 ➝ C$6.00		N/A
12/10/2024	CEU CES Energy Solutions	Boost Price Target	C$8.00	C$10.00 ➝ C$11.00		N/A
12/10/2024	EFX Enerflex	Boost Price Target	C$11.00	C$15.00 ➝ C$17.00		N/A
12/10/2024	NOV NOV	Reiterated Rating	$15.00	$19.00 ➝ $19.00	Outperform ➝ Sector Perform	N/A
12/10/2024	PD Precision Drilling	Boost Price Target	C$65.00	C$109.00 ➝ C$123.00		N/A
12/4/2024	BTE Baytex Energy	Lower Price Target	C$3.00	C$5.50 ➝ C$5.20		N/A
11/27/2024	MEG MEG Energy	Lower Price Target	C$25.00	C$37.00 ➝ C$35.00		N/A
11/27/2024	CPX Capital Power	Boost Price Target	C$49.00	C$55.00 ➝ C$57.00		N/A
11/15/2024	LCFS Tidewater Renewables	Lower Price Target	C$3.00	C$5.00 ➝ C$3.00	Outperform ➝ Speculative Buy	N/A
11/15/2024	EFX Enerflex	Boost Price Target	C$11.00	C$12.00 ➝ C$15.00		N/A
11/15/2024	SCR Strathcona Resources	Boost Price Target	C$29.00	C$37.00 ➝ C$38.00		N/A
11/15/2024	KEY Keyera	Boost Price Target	C$44.00	C$43.00 ➝ C$44.00		N/A
11/14/2024	BITF Bitfarms	Lower Price Target	C$1.00	C$7.00 ➝ C$6.50		N/A
11/13/2024	SHOP Shopify	Downgrade	C$138.00	C$120.00 ➝ C$145.00	Outperform ➝ Sector Perform	N/A
11/12/2024	TOT Total Energy Services	Boost Price Target	C$9.00	C$18.00 ➝ C$19.00		N/A
11/8/2024	TRP TC Energy	Boost Price Target	C$69.00	C$64.00 ➝ C$65.00		N/A
11/7/2024	PHX PHX Energy Services	Lower Price Target	C$9.00	C$11.75 ➝ C$11.50		N/A
11/6/2024	CJT Cargojet	Lower Price Target	C$83.00	C$165.00 ➝ C$155.00		N/A
11/6/2024	BYD Boyd Group Services	Lower Price Target	C$207.00	C$340.00 ➝ C$320.00		N/A
11/4/2024	AC Air Canada	Boost Price Target	C$14.00	C$26.50 ➝ C$28.00		N/A
11/1/2024	VRN Veren	Lower Price Target	C$10.00	C$11.50 ➝ C$11.00	Outperform	N/A
11/1/2024	NOA North American Construction Group	Lower Price Target	C$23.00	C$40.00 ➝ C$38.00		N/A
11/1/2024	PKI Parkland	Lower Price Target	C$36.00	C$49.00 ➝ C$46.00	Outperform	N/A
11/1/2024	KXS Kinaxis	Boost Price Target	C$155.00	C$205.00 ➝ C$215.00	Outperform	N/A
10/31/2024	SES Secure Energy Services	Boost Price Target	C$16.00	C$17.00 ➝ C$18.00	Outperform	N/A
10/31/2024	CPX Capital Power	Boost Price Target	C$49.00	C$52.00 ➝ C$55.00	Sector Perform	N/A
10/25/2024	WCN Waste Connections	Boost Price Target	C$276.00	C$255.00 ➝ C$260.00		N/A
10/24/2024	WCP Whitecap Resources	Lower Price Target	C$9.00	C$15.00 ➝ C$14.50	Outperform	N/A
10/24/2024	CP Canadian Pacific Kansas City	Boost Price Target	C$99.00	C$133.00 ➝ C$134.00	Outperform	N/A
10/23/2024	TPZ Topaz Energy	Downgrade	C$24.00	C$30.00 ➝ C$31.00	Overweight ➝ Neutral	N/A
10/23/2024	CNR Canadian National Railway	Boost Price Target	C$140.00	C$167.00 ➝ C$168.00		N/A
10/22/2024	PHX PHX Energy Services	Lower Price Target	C$9.00	C$12.25 ➝ C$11.75		N/A
10/16/2024	IPCO International Petroleum	Upgrade	C$21.00	C$21.00 ➝ C$22.00	Sector Perform ➝ Outperform	N/A
10/10/2024	BDT Bird Construction	Boost Price Target	C$21.00	C$33.00 ➝ C$35.00		N/A
10/8/2024	CNQ Canadian Natural Resources	Boost Price Target	C$44.00	C$58.00 ➝ C$60.00	Outperform	N/A
10/3/2024	TRP TC Energy	Lower Price Target	C$69.00	C$60.00 ➝ C$58.00	Sector Perform	N/A
9/24/2024	ALA AltaGas	Set Price Target	C$39.00	C$36.00	Outperform	N/A
9/23/2024	PD Precision Drilling	Lower Price Target	C$65.00	C$123.00 ➝ C$113.00		N/A
9/16/2024	ARE Aecon Group	Boost Price Target	C$17.00	C$21.00 ➝ C$29.00	Outperform	N/A
9/12/2024	BLN Blackline Safety	Boost Price Target	C$6.00	C$6.00 ➝ C$7.50		N/A
9/12/2024	CNR Canadian National Railway	Lower Price Target	C$140.00	C$177.00 ➝ C$167.00		N/A
9/10/2024	AC Air Canada	Lower Price Target	C$14.00	C$27.00 ➝ C$26.50	Outperform	N/A
9/10/2024	TRP TC Energy	Boost Price Target	C$69.00	C$56.00 ➝ C$60.00	Sector Perform	N/A
9/4/2024	PTEN Patterson-UTI Energy	Lower Price Target	$8.00	$12.00 ➝ $11.00	Outperform ➝ Outperform	Low
8/21/2024	EFX Enerflex	Lower Price Target	C$11.00	C$12.50 ➝ C$12.00		N/A
8/20/2024	WSP WSP Global	Boost Price Target	C$241.00	C$235.00 ➝ C$250.00	Sector Perform	N/A
8/16/2024	TWM Tidewater Midstream and Infrastructure	Lower Price Target	C$0.00	C$1.10 ➝ C$0.80		N/A
8/16/2024	QST Questor Technology	Lower Price Target	C$0.00	C$0.65 ➝ C$0.60	Sector Perform	N/A
8/16/2024	LCFS Tidewater Renewables	Lower Price Target	C$3.00	C$14.00 ➝ C$8.00	Outperform	N/A
8/15/2024	DB Decibel Cannabis	Lower Price Target	C$0.00	C$0.50 ➝ C$0.40		N/A
8/15/2024	SPB Superior Plus	Lower Price Target	C$6.00	C$13.00 ➝ C$12.00		N/A
8/15/2024	CJT Cargojet	Boost Price Target	C$83.00	C$160.00 ➝ C$165.00		N/A
8/14/2024	ACQ AutoCanada	Lower Price Target	C$16.00	C$25.00 ➝ C$20.00		N/A
8/12/2024	EIF Exchange Income	Boost Price Target	C$50.00	C$66.00 ➝ C$67.00	Outperform	N/A
8/9/2024	CEU CES Energy Solutions	Boost Price Target	C$8.00	C$8.50 ➝ C$9.75		N/A
8/9/2024	TOT Total Energy Services	Boost Price Target	C$9.00	C$16.50 ➝ C$18.00		N/A
8/9/2024	BDT Bird Construction	Boost Price Target	C$21.00	C$29.00 ➝ C$33.00		N/A
8/8/2024	PHX PHX Energy Services	Boost Price Target	C$9.00	C$11.75 ➝ C$12.25		N/A
8/8/2024	AC Air Canada	Lower Price Target	C$14.00	C$28.00 ➝ C$27.00		N/A
8/8/2024	SHOP Shopify	Boost Price Target	C$138.00	C$115.00 ➝ C$120.00		N/A
8/2/2024	CFW Calfrac Well Services	Lower Price Target	C$4.00	C$6.00 ➝ C$5.00	Sector Perform	N/A
8/2/2024	REAL Real Matters	Boost Price Target	C$6.00	C$10.00 ➝ C$11.00	Outperform	N/A
8/2/2024	NFI NFI Group	Boost Price Target	C$12.00	C$18.00 ➝ C$22.00	Outperform	N/A
8/2/2024	NOA North American Construction Group	Lower Price Target	C$23.00	C$45.00 ➝ C$40.00		N/A
8/2/2024	PKI Parkland	Lower Price Target	C$36.00	C$54.00 ➝ C$52.00	Outperform	N/A
8/2/2024	KXS Kinaxis	Lower Price Target	C$155.00	C$215.00 ➝ C$205.00	Outperform	N/A
8/1/2024	PD Precision Drilling	Boost Price Target	C$65.00	C$120.00 ➝ C$123.00		N/A
8/1/2024	WSP WSP Global	Boost Price Target	C$241.00	C$225.00 ➝ C$235.00	Sector Perform	N/A