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	Impact on Share Price
12/19/2024	VZLA Vizsla Silver	Initiated Coverage	$2.00		Outperform	N/A
12/18/2024	NVA NuVista Energy	Downgrade	C$12.00		Strong-Buy ➝ Hold	N/A
12/15/2024	TIH Toromont Industries	Upgrade	C$114.00		Hold ➝ Strong-Buy	N/A
12/13/2024	TU TELUS	Downgrade	$14.00		Outperform ➝ Sector Perform	N/A
12/12/2024	T TELUS	Downgrade	C$20.00		Strong-Buy ➝ Hold	N/A
12/10/2024	TECK Teck Resources	Downgrade	$41.00		Outperform ➝ Sector Perform	N/A
12/10/2024	TGB Taseko Mines	Upgrade	$2.00		Sector Perform ➝ Outperform	N/A
12/9/2024	TKO Taseko Mines	Upgrade	C$3.00		Hold ➝ Strong-Buy	N/A
12/9/2024	HCU Horizon Copper	Upgrade	C$1.00		Hold	N/A
12/4/2024	DOL Dollarama	Downgrade	C$139.00		Strong-Buy ➝ Hold	N/A
12/3/2024	ARE Aecon Group	Downgrade	C$27.00		Strong-Buy ➝ Hold	N/A
12/3/2024	AGI Alamos Gold	Upgrade	$18.00		Sector Perform ➝ Outperform	N/A
12/2/2024	AGI Alamos Gold	Upgrade	C$26.00		Hold ➝ Strong-Buy	N/A
11/25/2024	TVK TerraVest Industries	Downgrade	C$115.00		Strong-Buy ➝ Hold	N/A
11/13/2024	ACQ AutoCanada	Upgrade	C$17.00		Hold ➝ Strong-Buy	N/A
11/8/2024	NVA NuVista Energy	Upgrade	C$12.00		Hold ➝ Strong-Buy	N/A
11/8/2024	HL Hecla Mining	Downgrade	$5.00		Strong-Buy ➝ Hold	N/A
11/8/2024	ECN ECN Capital	Upgrade	C$3.00		Hold ➝ Strong-Buy	N/A
11/5/2024	CIGI Colliers International Group	Upgrade	$135.00		Hold ➝ Strong-Buy	N/A
10/24/2024	CTS Converge Technology Solutions	Downgrade	C$3.00		Strong-Buy ➝ Hold	N/A
10/24/2024	IAG iA Financial	Downgrade	C$132.00		Strong-Buy ➝ Hold	N/A
10/22/2024	EMX EMX Royalty	Initiated Coverage	$2.00		Outperform	N/A
10/22/2024	MTA Metalla Royalty & Streaming	Initiated Coverage	$3.00		Outperform	N/A
10/21/2024	TIH Toromont Industries	Downgrade	C$114.00		Strong-Buy ➝ Hold	N/A
10/21/2024	ELE Elemental Altus Royalties	Upgrade	C$1.00		Hold	N/A
10/21/2024	EMX EMX Royalty	Upgrade	C$2.00		Strong-Buy	N/A
10/21/2024	MTA Metalla Royalty & Streaming	Upgrade	C$4.00		Strong-Buy	N/A
10/17/2024	LAC Lithium Americas	Upgrade	$3.00		Sector Perform ➝ Outperform	High
10/16/2024	LAC Lithium Americas	Upgrade	C$4.00		Hold ➝ Strong-Buy	N/A
10/10/2024	IAG IAMGOLD	Upgrade	$5.00		Sector Perform ➝ Outperform	High
10/10/2024	WPM Wheaton Precious Metals	Upgrade	$57.00		Sector Perform ➝ Outperform	High
10/10/2024	BBD.B Bombardier, Inc. Class B	Boost Price Target	C$97.00	C$128.00	Outperform	N/A
10/9/2024	IAUX i-80 Gold	Downgrade	$1.00		Strong-Buy ➝ Hold	N/A
10/9/2024	CXB Calibre Mining	Upgrade	C$2.00		Hold ➝ Strong-Buy	N/A
10/9/2024	IAU i-80 Gold	Downgrade	C$1.00		Strong-Buy ➝ Hold	N/A
10/9/2024	IMG IAMGOLD	Upgrade	C$7.00		Hold ➝ Strong-Buy	N/A
10/9/2024	TXG Torex Gold Resources	Upgrade	C$28.00		Hold ➝ Strong-Buy	N/A
10/9/2024	WPM Wheaton Precious Metals	Upgrade	C$82.00		Hold ➝ Strong-Buy	N/A
10/8/2024	AAVVF Advantage Energy	Downgrade	$6.00		Strong-Buy ➝ Hold	Low
10/8/2024	AAV Advantage Energy	Downgrade	C$8.00		Strong-Buy ➝ Hold	N/A
10/3/2024	LGN Logan Energy	Upgrade	C$1.00		Strong-Buy	N/A
9/30/2024	BCE BCE	Downgrade	$23.00		Strong-Buy ➝ Hold	Medium
9/30/2024	BCE BCE	Downgrade	C$33.00		Strong-Buy ➝ Hold	N/A
9/30/2024	WRN Western Copper and Gold	Upgrade	C$1.00		Strong-Buy	N/A
9/30/2024	WRN Western Copper & Gold	Upgrade	$1.00		Strong-Buy	Low
9/27/2024	AAV Advantage Energy	Set Price Target	C$8.00	C$11.50	Sell	N/A
9/26/2024	WJX Wajax	Upgrade	C$21.00		Hold	N/A
9/25/2024	WPK Winpak	Upgrade	C$48.00		Strong-Buy	N/A
9/25/2024	DSGX The Descartes Systems Group	Upgrade	$115.00		Strong-Buy	Low
9/25/2024	DSG The Descartes Systems Group	Upgrade	C$164.00		Strong-Buy	N/A
9/19/2024	CCA Cogeco Communications	Upgrade	C$66.00		Hold ➝ Strong-Buy	N/A
9/9/2024	TRI Thomson Reuters	Upgrade	$162.00		Sector Perform ➝ Outperform	Medium
9/8/2024	AGI Alamos Gold	Downgrade	$18.00		Strong-Buy ➝ Hold	High
9/8/2024	AGI Alamos Gold	Downgrade	C$26.00		Strong-Buy ➝ Hold	N/A
9/8/2024	TRI Thomson Reuters	Upgrade	C$233.00		Hold ➝ Strong-Buy	N/A
9/6/2024	PPTA Perpetua Resources	Initiated Coverage	$12.00		Outperform	Low
9/3/2024	CCJ Cameco	Upgrade	$52.00		Strong-Buy	Low
9/3/2024	DNN Denison Mines	Upgrade	$2.00		Strong-Buy	N/A
9/3/2024	NXE NexGen Energy	Upgrade	$7.00		Strong-Buy	Low
9/3/2024	CCO Cameco	Upgrade	C$75.00		Strong-Buy	N/A
9/3/2024	DML Denison Mines	Upgrade	C$3.00		Strong-Buy	N/A
9/3/2024	NXE NexGen Energy	Upgrade	C$10.00		Strong-Buy	N/A
8/22/2024	TD Toronto-Dominion Bank	Upgrade	$52.00		Underperform ➝ Sector Perform	Low
8/22/2024	TD Toronto-Dominion Bank	Upgrade	C$75.00		Strong Sell ➝ Hold	N/A
8/21/2024	DOOO BRP	Downgrade	$53.00		Outperform ➝ Sector Perform	Low
8/20/2024	DOO BRP	Downgrade	C$76.00		Strong-Buy ➝ Hold	N/A
8/18/2024	TWM Tidewater Midstream and Infrastructure	Downgrade	C$0.00		Hold ➝ Strong Sell	N/A
8/15/2024	EXROF Exro Technologies	Downgrade	$0.00		Strong-Buy ➝ Hold	Low
8/12/2024	AQN Algonquin Power & Utilities	Upgrade	$4.00		Hold ➝ Strong-Buy	Low
8/12/2024	AQN Algonquin Power & Utilities	Upgrade	C$6.00		Hold ➝ Strong-Buy	N/A
8/2/2024	OTEX Open Text	Downgrade	$28.00		Outperform ➝ Sector Perform	Low
7/28/2024	ARE Aecon Group	Upgrade	C$27.00		Hold ➝ Strong-Buy	N/A
7/28/2024	FSZ Fiera Capital	Downgrade	C$9.00		Hold ➝ Strong Sell	N/A
7/26/2024	TFII TFI International	Downgrade	$138.00		Strong-Buy ➝ Hold	Low
7/24/2024	NG NovaGold Resources	Downgrade	$3.00		Strong-Buy ➝ Hold	N/A
7/24/2024	NG NovaGold Resources	Downgrade	C$5.00		Strong-Buy ➝ Hold	N/A
7/22/2024	SIA Sienna Senior Living	Upgrade	C$16.00		Strong-Buy	N/A
7/22/2024	MAU Montage Gold	Upgrade	C$2.00		Strong-Buy	N/A
7/17/2024	SVI StorageVault Canada	Upgrade	C$4.00		Hold ➝ Strong-Buy	N/A
7/16/2024	SPB Superior Plus	Downgrade	C$6.00		Strong-Buy ➝ Hold	N/A
7/14/2024	TVK TerraVest Industries	Upgrade	C$115.00		Strong-Buy	N/A
7/7/2024	LUG Lundin Gold	Upgrade	C$31.00		Hold ➝ Strong-Buy	N/A
6/27/2024	CNI Canadian National Railway	Upgrade	$101.00		Sector Perform ➝ Outperform	Low
6/26/2024	CNR Canadian National Railway	Upgrade	C$145.00		Hold ➝ Strong-Buy	N/A
6/13/2024	CJT Cargojet	Upgrade	C$104.00		Hold ➝ Strong-Buy	N/A
6/10/2024	SLS Solaris Resources	Upgrade	C$6.00		Strong-Buy	N/A
6/6/2024	LI American Lithium	Upgrade	C$1.00		Strong-Buy	N/A
6/5/2024	AMLI American Lithium	Upgrade	$0.00		Strong-Buy	Low
6/5/2024	LAAC Lithium Americas (Argentina)	Upgrade	$3.00		Hold	Low
6/5/2024	LAC Lithium Americas	Upgrade	$3.00		Hold	Low
6/5/2024	LAC Lithium Americas	Upgrade	C$4.00		Hold	N/A
6/2/2024	EFXT Enerflex	Downgrade	$9.00		Strong-Buy ➝ Hold	Low
6/2/2024	EFX Enerflex	Downgrade	C$13.00		Strong-Buy ➝ Hold	N/A
5/23/2024	TD Toronto-Dominion Bank	Downgrade	$52.00		Sector Perform ➝ Underperform	Low
5/23/2024	TD Toronto-Dominion Bank	Downgrade	C$75.00		Hold ➝ Strong Sell	N/A
5/17/2024	NGD New Gold	Upgrade	$3.00		Hold ➝ Strong-Buy	Low
5/17/2024	NGD New Gold	Upgrade	C$4.00		Hold ➝ Strong-Buy	N/A
5/15/2024	BYD Boyd Group Services	Upgrade	C$215.00		Hold ➝ Strong-Buy	N/A
5/15/2024	KNT K92 Mining	Downgrade	C$9.00		Strong-Buy ➝ Hold	N/A
5/14/2024	HBM Hudbay Minerals	Upgrade	$8.00		Hold ➝ Strong-Buy	Low