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
5/9/2025	DCBO Docebo	Downgrade	$26.00		Outperform ➝ Sector Perform	Medium
5/9/2025	TIXT TELUS Digital	Upgrade	$3.00		Sector Perform ➝ Outperform	High
5/7/2025	TOY Spin Master	Upgrade	C$26.00		Hold ➝ Strong-Buy	N/A
5/6/2025	ERO Ero Copper	Upgrade	$13.00		Hold ➝ Strong-Buy	Low
5/6/2025	CAE CAE	Upgrade	C$34.00		Hold ➝ Strong-Buy	N/A
5/6/2025	ERO Ero Copper	Upgrade	C$19.00		Hold ➝ Strong-Buy	N/A
5/6/2025	CAE CAE	Upgrade	$24.00		Hold ➝ Strong-Buy	Low
5/4/2025	MAI Minera Alamos	Upgrade	C$0.00		Strong-Buy	N/A
5/2/2025	TVK TerraVest Industries	Upgrade	C$168.00		Hold ➝ Strong-Buy	N/A
5/1/2025	DSV Discovery Silver	Upgrade	C$2.00		Strong-Buy	N/A
4/30/2025	MTAL Metals Acquisition	Downgrade	$10.00		Strong-Buy ➝ Hold	Low
4/29/2025	MUX McEwen Mining	Upgrade	$7.00		Strong-Buy	Medium
4/29/2025	MUX McEwen Mining	Upgrade	C$10.00		Strong-Buy	N/A
4/24/2025	TECK Teck Resources	Upgrade	$37.00		Hold ➝ Strong-Buy	Low
4/23/2025	TFPM Triple Flag Precious Metals	Upgrade	$20.00		Strong-Buy	Low
4/23/2025	PNG Kraken Robotics	Upgrade	C$2.00		Strong-Buy	N/A
4/10/2025	S Sherritt International	Upgrade	C$0.00		Hold	N/A
4/3/2025	BCE BCE	Upgrade	$21.00		Hold ➝ Strong-Buy	High
4/3/2025	BCE BCE	Upgrade	C$30.00		Hold ➝ Strong-Buy	N/A
4/3/2025	TFII TFI International	Upgrade	$91.00		Hold ➝ Strong-Buy	High
4/3/2025	SGD Snowline Gold	Upgrade	C$8.00		Strong-Buy	N/A
4/1/2025	EXROF Exro Technologies	Downgrade	$0.00		Hold ➝ Strong Sell	High
3/27/2025	DOL Dollarama	Upgrade	C$165.00		Hold ➝ Strong-Buy	N/A
3/21/2025	AEM Agnico Eagle Mines	Upgrade	$105.00		Strong-Buy	Low
3/21/2025	AGI Alamos Gold	Upgrade	$24.00		Strong-Buy	Medium
3/21/2025	CDE Coeur Mining	Upgrade	$7.00		Strong-Buy	Low
3/21/2025	CGAU Centerra Gold	Upgrade	$6.00		Strong-Buy	High
3/21/2025	EGO Eldorado Gold	Upgrade	$17.00		Strong-Buy	High
3/21/2025	EQX Equinox Gold	Upgrade	$6.00		Strong-Buy	N/A
3/21/2025	FSM Fortuna Silver Mines	Upgrade	$5.00		Hold	Low
3/21/2025	B Barrick Gold	Upgrade	$18.00		Hold	Medium
3/21/2025	HL Hecla Mining	Upgrade	$5.00		Hold	Medium
3/21/2025	IAG IAMGOLD	Upgrade	$6.00		Strong-Buy	Low
3/21/2025	KGC Kinross Gold	Upgrade	$13.00		Strong-Buy	Low
3/21/2025	NEM Newmont	Upgrade	$48.00		Hold	Low
3/21/2025	NG NovaGold Resources	Upgrade	$3.00		Hold	N/A
3/21/2025	NGD New Gold	Upgrade	$4.00		Strong-Buy	High
3/21/2025	PPTA Perpetua Resources	Upgrade	$11.00		Strong-Buy	High
3/21/2025	SSRM SSR Mining	Upgrade	$10.00		Hold	Medium
3/21/2025	ABX Barrick Gold	Upgrade	C$25.00		Hold	N/A
3/21/2025	AEM Agnico Eagle Mines	Upgrade	C$146.00		Strong-Buy	N/A
3/21/2025	AGI Alamos Gold	Upgrade	C$34.00		Strong-Buy	N/A
3/21/2025	CG Centerra Gold	Upgrade	C$9.00		Strong-Buy	N/A
3/21/2025	EDV Endeavour Mining	Upgrade	C$38.00		Strong-Buy	N/A
3/21/2025	ELD Eldorado Gold	Upgrade	C$24.00		Strong-Buy	N/A
3/21/2025	EQX Equinox Gold	Upgrade	C$8.00		Strong-Buy	N/A
3/21/2025	FVI Fortuna Silver Mines	Upgrade	C$7.00		Hold	N/A
3/21/2025	IMG IAMGOLD	Upgrade	C$9.00		Strong-Buy	N/A
3/21/2025	K Kinross Gold	Upgrade	C$19.00		Strong-Buy	N/A
3/21/2025	NG NovaGold Resources	Upgrade	C$5.00		Hold	N/A
3/21/2025	NGD New Gold	Upgrade	C$5.00		Strong-Buy	N/A
3/21/2025	NGT Newmont	Upgrade	C$68.00		Hold	N/A
3/21/2025	OGC OceanaGold	Upgrade	C$6.00		Strong-Buy	N/A
3/21/2025	MAU Montage Gold	Upgrade	C$4.00		Strong-Buy	N/A
3/9/2025	ARE Aecon Group	Upgrade	C$19.00		Hold ➝ Strong-Buy	N/A
2/26/2025	FSZ Fiera Capital	Upgrade	C$6.00		Strong Sell ➝ Hold	N/A
2/25/2025	INGXF Innergex Renewable Energy	Downgrade	$10.00		Strong-Buy ➝ Hold	Low
2/25/2025	INE Innergex Renewable Energy	Downgrade	C$14.00		Strong-Buy ➝ Hold	N/A
2/21/2025	CVE Cenovus Energy	Downgrade	$14.00		Outperform ➝ Sector Perform	High
2/20/2025	CVE Cenovus Energy	Downgrade	C$19.00		Strong-Buy ➝ Hold	N/A
2/19/2025	GBNXF Gibson Energy	Downgrade	$16.00		Strong-Buy ➝ Hold	Low
2/19/2025	GEI Gibson Energy	Downgrade	C$23.00		Strong-Buy ➝ Hold	N/A
2/18/2025	PRMRF Paramount Resources	Downgrade	$13.00		Strong-Buy ➝ Hold	Low
2/18/2025	POU Paramount Resources	Downgrade	C$18.00		Strong-Buy ➝ Hold	N/A
2/17/2025	ANCTF Alimentation Couche-Tard	Upgrade	$49.00		Hold ➝ Strong-Buy	Low
2/12/2025	UEC Uranium Energy	Initiated Coverage	$6.00	$10.00	Outperform	N/A
2/12/2025	UROY Uranium Royalty	Initiated Coverage	$2.00		Sector Perform	Medium
2/11/2025	URC Uranium Royalty	Upgrade	C$3.00		Hold	N/A
2/11/2025	UEC Uranium Energy	Upgrade	$6.00		Strong-Buy	N/A
2/11/2025	ISO IsoEnergy	Upgrade	C$4.00		Strong-Buy	N/A
2/6/2025	TNZ Tenaz Energy	Upgrade	C$15.00		Strong-Buy	N/A
2/2/2025	ECN ECN Capital	Downgrade	C$3.00		Strong-Buy ➝ Hold	N/A
1/30/2025	LNF Leon's Furniture	Upgrade	C$25.00		Strong-Buy	N/A
1/30/2025	SDE Spartan Delta	Upgrade	C$3.00		Strong-Buy	N/A
1/22/2025	CAE CAE	Downgrade	$24.00		Outperform ➝ Sector Perform	Low
1/22/2025	BIREF Birchcliff Energy	Upgrade	$5.00		Hold ➝ Strong-Buy	Low
1/22/2025	BIR Birchcliff Energy	Upgrade	C$6.00		Hold ➝ Strong-Buy	N/A
1/21/2025	CAE CAE	Downgrade	C$34.00		Strong-Buy ➝ Hold	N/A
1/20/2025	AAVVF Advantage Energy	Upgrade	$8.00		Hold ➝ Strong-Buy	Low
1/20/2025	AAV Advantage Energy	Upgrade	C$11.00		Hold ➝ Strong-Buy	N/A
1/15/2025	LI American Lithium	Downgrade	C$0.00		Strong-Buy ➝ Hold	N/A
1/15/2025	SLF Sun Life Financial	Upgrade	$62.00		Sector Perform ➝ Outperform	High
1/14/2025	SLF Sun Life Financial	Upgrade	C$87.00		Hold ➝ Strong-Buy	N/A
1/8/2025	IAUX i-80 Gold	Upgrade	$0.00		Hold ➝ Strong-Buy	Medium
1/8/2025	IAU i-80 Gold	Upgrade	C$1.00		Hold ➝ Strong-Buy	N/A
1/7/2025	ATD Alimentation Couche-Tard	Upgrade	C$68.00		Hold ➝ Strong-Buy	N/A
12/23/2024	AMC Arizona Metals	Upgrade	C$1.00		Strong-Buy	N/A
12/19/2024	VZLA Vizsla Silver	Initiated Coverage	$2.00		Outperform	N/A
12/18/2024	NVA NuVista Energy	Downgrade	C$14.00		Strong-Buy ➝ Hold	N/A
12/15/2024	TIH Toromont Industries	Upgrade	C$119.00		Hold ➝ Strong-Buy	N/A
12/13/2024	TU TELUS	Downgrade	$15.00		Outperform ➝ Sector Perform	N/A
12/12/2024	T TELUS	Downgrade	C$22.00		Strong-Buy ➝ Hold	N/A
12/10/2024	TECK Teck Resources	Downgrade	$37.00		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$165.00		Strong-Buy ➝ Hold	N/A
12/3/2024	AGI Alamos Gold	Upgrade	$24.00		Sector Perform ➝ Outperform	N/A
12/3/2024	ARE Aecon Group	Downgrade	C$19.00		Strong-Buy ➝ Hold	N/A
12/2/2024	AGI Alamos Gold	Upgrade	C$34.00		Hold ➝ Strong-Buy	N/A