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
12/20/2024	APR.UN Automotive Properties Real Est Invt TR	Set Price Target	C$11.00	C$13.00	Outperform	N/A
12/20/2024	CHP.UN Choice Properties Real Est Invstmnt Trst	Set Price Target	C$13.00	C$15.50	Sector Perform	N/A
12/20/2024	CRT.UN CT Real Estate Investment Trust	Set Price Target	C$15.00	C$16.25	Sector Perform	N/A
12/19/2024	CVE Cenovus Energy	Lower Price Target	C$21.00	C$31.00 ➝ C$29.00	Outperform	N/A
12/19/2024	CEU CES Energy Solutions	Boost Price Target	C$10.00	C$10.00 ➝ C$11.50	Sector Perform	N/A
12/19/2024	EFX Enerflex	Boost Price Target	C$13.00	C$11.00 ➝ C$16.00	Sector Perform	N/A
12/19/2024	HWX Headwater Exploration	Lower Price Target	C$6.00	C$9.50 ➝ C$9.00	Outperform	N/A
12/19/2024	KEL Kelt Exploration	Boost Price Target	C$6.00	C$8.75 ➝ C$9.00	Outperform	N/A
12/19/2024	NVA NuVista Energy	Downgrade	C$12.00	C$16.00	Outperform ➝ Sector Perform	N/A
12/19/2024	PSI Pason Systems	Lower Price Target	C$13.00	C$20.00 ➝ C$19.50	Sector Perform	N/A
12/19/2024	SDE Spartan Delta	Boost Price Target	C$3.00	C$5.75 ➝ C$6.00	Outperform	N/A
12/19/2024	SU Suncor Energy	Lower Price Target	C$50.00	C$76.00 ➝ C$65.00	Outperform	N/A
12/19/2024	TVE Tamarack Valley Energy	Lower Price Target	C$4.00	C$7.00 ➝ C$6.75	Outperform	N/A
12/19/2024	TOU Tourmaline Oil	Boost Price Target	C$61.00	C$72.50 ➝ C$75.00	Outperform	N/A
12/19/2024	VZLA Vizsla Silver	Set Price Target	C$3.00	C$4.75	Outperform	N/A
12/19/2024	WILD WildBrain	Boost Price Target	C$2.00	C$1.25 ➝ C$1.50	Sector Perform	N/A
12/18/2024	BEP Brookfield Renewable Partners	Lower Price Target	$23.00	$33.00 ➝ $32.00	Outperform	N/A
12/18/2024	CPX Capital Power	Boost Price Target	C$63.00	C$56.00 ➝ C$65.00	Outperform	N/A
12/18/2024	IMG IAMGOLD	Boost Price Target	C$7.00	C$12.00 ➝ C$12.50	Outperform	N/A
12/13/2024	T TELUS	Downgrade	C$20.00	C$24.00 ➝ C$22.00	Outperform ➝ Sector Perform	N/A
12/13/2024	TCL.A Transcontinental	Boost Price Target	C$18.00	C$21.00 ➝ C$23.00		N/A
12/10/2024	TKO Taseko Mines	Upgrade	C$3.00	C$4.50 ➝ C$4.25	Sector Perform ➝ Outperform	N/A
12/10/2024	TECK.B Teck Resources	Downgrade	C$59.00	C$85.00 ➝ C$77.50	Outperform ➝ Sector Perform	N/A
12/9/2024	LB Laurentian Bank of Canada	Boost Price Target	C$29.00	C$25.00 ➝ C$27.00	Underperform	N/A
12/9/2024	MTL Mullen Group	Boost Price Target	C$15.00	C$18.00 ➝ C$19.00		N/A
12/6/2024	TD Toronto-Dominion Bank	Lower Price Target	C$75.00	C$85.00 ➝ C$80.00		N/A
12/5/2024	DOL Dollarama	Downgrade	C$139.00		Outperform ➝ Sector Perform	N/A
12/5/2024	EMA Emera	Boost Price Target	C$54.00	C$54.00 ➝ C$55.00		N/A
12/5/2024	RY Royal Bank of Canada	Boost Price Target	C$173.00	C$181.00 ➝ C$188.00		N/A
12/5/2024	TFII TFI International	Boost Price Target	C$199.00	C$198.00 ➝ C$223.00		N/A
12/4/2024	ARE Aecon Group	Downgrade	C$27.00	C$28.00 ➝ C$30.00	Outperform ➝ Sector Perform	N/A
12/3/2024	AGI Alamos Gold	Upgrade	C$26.00	C$35.00	Sector Perform ➝ Outperform	N/A
11/27/2024	ATD Alimentation Couche-Tard	Boost Price Target	C$81.00	C$85.00 ➝ C$87.00		N/A
11/26/2024	TVK TerraVest Industries	Boost Price Target	C$115.00	C$104.00 ➝ C$128.00		N/A
11/25/2024	JWEL Jamieson Wellness	Boost Price Target	C$37.00	C$36.50 ➝ C$42.00		N/A
11/21/2024	DOO BRP	Lower Price Target	C$76.00	C$93.00 ➝ C$84.00		N/A
11/20/2024	BMO Bank of Montreal	Boost Price Target	C$139.00	C$127.00 ➝ C$148.00		N/A
11/20/2024	CM Canadian Imperial Bank of Commerce	Boost Price Target	C$92.00	C$86.00 ➝ C$94.00		N/A
11/20/2024	DOL Dollarama	Boost Price Target	C$139.00	C$143.00 ➝ C$149.00		N/A
11/20/2024	RY Royal Bank of Canada	Boost Price Target	C$173.00	C$169.00 ➝ C$181.00		N/A
11/20/2024	BNS Bank of Nova Scotia	Boost Price Target	C$77.00	C$66.00 ➝ C$78.00		N/A
11/20/2024	TRP TC Energy	Boost Price Target	C$66.00	C$70.00 ➝ C$71.00		N/A
11/15/2024	ALYA Alithya Group	Lower Price Target	C$2.00	C$2.50 ➝ C$2.00		N/A
11/15/2024	KEY Keyera	Boost Price Target	C$43.00	C$38.00 ➝ C$39.00		N/A
11/14/2024	ACQ AutoCanada	Upgrade	C$17.00	C$17.00 ➝ C$21.00	Sector Perform ➝ Outperform	N/A
11/14/2024	EFN Element Fleet Management	Boost Price Target	C$29.00	C$37.00 ➝ C$39.00		N/A
11/14/2024	GDI GDI Integrated Facility Services	Boost Price Target	C$38.00	C$38.50 ➝ C$41.50		N/A
11/14/2024	L Loblaw Companies	Boost Price Target	C$191.00	C$188.00 ➝ C$195.00		N/A
11/14/2024	MFI Maple Leaf Foods	Lower Price Target	C$20.00	C$28.00 ➝ C$26.00		N/A
11/14/2024	SU Suncor Energy	Boost Price Target	C$50.00	C$73.00 ➝ C$76.00		N/A
11/14/2024	FORA VerticalScope	Boost Price Target	C$10.00	C$11.50 ➝ C$13.00		N/A
11/13/2024	CAE CAE	Boost Price Target	C$34.00	C$30.00 ➝ C$34.00		N/A
11/13/2024	SHOP Shopify	Boost Price Target	C$157.00	C$100.00 ➝ C$140.00		N/A
11/13/2024	Y Yellow Pages	Boost Price Target	C$11.00	C$10.00 ➝ C$10.50		N/A
11/12/2024	PAAS Pan American Silver	Boost Price Target	C$30.00	C$40.75 ➝ C$44.25		N/A
11/12/2024	RCI.B Rogers Communications	Lower Price Target	C$44.00	C$77.00 ➝ C$67.00		N/A
11/11/2024	CAR.UN Canadian Apartment Properties REIT	Lower Price Target	C$43.00	C$63.00 ➝ C$61.50		N/A
11/11/2024	EIF Exchange Income	Boost Price Target	C$56.00	C$61.00 ➝ C$68.00		N/A
11/11/2024	NVA NuVista Energy	Upgrade	C$12.00	C$14.50 ➝ C$16.00	Sector Perform ➝ Outperform	N/A
11/8/2024	BBD.B Bombardier, Inc. Class B	Boost Price Target	C$97.00	C$128.00 ➝ C$130.00		N/A
11/8/2024	CCO Cameco	Boost Price Target	C$75.00	C$85.00 ➝ C$87.00		N/A
11/8/2024	TRP TC Energy	Boost Price Target	C$66.00	C$60.00 ➝ C$70.00		N/A
11/7/2024	ARX ARC Resources	Boost Price Target	C$24.00	C$31.00 ➝ C$32.00		N/A
11/7/2024	BEI.UN Boardwalk Real Estate Investment Trust	Lower Price Target	C$64.00	C$96.00 ➝ C$90.00		N/A
11/7/2024	MFC Manulife Financial	Boost Price Target	C$44.00	C$45.00 ➝ C$47.00		N/A
11/6/2024	BYD Boyd Group Services	Lower Price Target	C$215.00	C$270.00 ➝ C$245.00		N/A
11/6/2024	IAG iA Financial	Boost Price Target	C$132.00	C$118.00 ➝ C$121.00		N/A
11/6/2024	IFC Intact Financial	Boost Price Target	C$262.00	C$294.00 ➝ C$296.00		N/A
11/5/2024	VNP 5N Plus	Boost Price Target	C$7.00	C$8.00 ➝ C$8.50		N/A
11/5/2024	BCE BCE	Lower Price Target	C$33.00	C$48.00 ➝ C$42.00		N/A
11/5/2024	TIH Toromont Industries	Lower Price Target	C$114.00	C$135.00 ➝ C$132.00		N/A
11/4/2024	AC Air Canada	Boost Price Target	C$22.00	C$22.00 ➝ C$27.00		N/A
11/1/2024	AEM Agnico Eagle Mines	Boost Price Target	C$112.00	C$143.00 ➝ C$144.00	Outperform	N/A
11/1/2024	AP.UN Allied Properties Real Estate Investment Trust	Lower Price Target	C$18.00	C$20.00 ➝ C$19.50	Sector Perform	N/A
11/1/2024	GIL Gildan Activewear	Boost Price Target	C$67.00	C$68.00 ➝ C$74.00	Outperform	N/A
11/1/2024	NOA North American Construction Group	Boost Price Target	C$29.00	C$39.00 ➝ C$40.00	Outperform	N/A
11/1/2024	PKI Parkland	Lower Price Target	C$32.00	C$47.00 ➝ C$45.00	Buy	N/A
11/1/2024	TVE Tamarack Valley Energy	Boost Price Target	C$4.00	C$6.75 ➝ C$7.00	Outperform	N/A
11/1/2024	VRN Veren	Lower Price Target	C$7.00	C$13.50 ➝ C$13.00	Outperform	N/A
10/31/2024	CPX Capital Power	Boost Price Target	C$63.00	C$47.00 ➝ C$56.00	Outperform	N/A
10/31/2024	SES Secure Energy Services	Boost Price Target	C$16.00	C$14.00 ➝ C$17.00	Outperform	N/A
10/30/2024	DFY Definity Financial	Boost Price Target	C$57.00	C$62.00 ➝ C$65.00	Outperform	N/A
10/30/2024	FFH Fairfax Financial	Boost Price Target	C$1,998.00	C$2,100.00 ➝ C$2,200.00	Outperform	N/A
10/30/2024	FSZ Fiera Capital	Boost Price Target	C$9.00	C$8.00 ➝ C$8.50	Underperform	N/A
10/30/2024	FN First National Financial	Boost Price Target	C$40.00	C$41.00 ➝ C$42.00	Sector Perform	N/A
10/30/2024	GSY goeasy	Boost Price Target	C$164.00	C$235.00 ➝ C$240.00	Outperform	N/A
10/30/2024	IGM IGM Financial	Boost Price Target	C$46.00	C$47.00 ➝ C$50.00	Outperform	N/A
10/30/2024	IFC Intact Financial	Boost Price Target	C$262.00	C$280.00 ➝ C$294.00	Outperform	N/A
10/30/2024	POW Power Co. of Canada	Boost Price Target	C$45.00	C$42.00 ➝ C$47.00	Sector Perform	N/A
10/30/2024	TF Timbercreek Financial	Boost Price Target	C$7.00	C$8.00 ➝ C$8.50	Sector Perform	N/A
10/30/2024	X TMX Group	Boost Price Target	C$44.00	C$43.00 ➝ C$44.00	Sector Perform	N/A
10/25/2024	CTS Converge Technology Solutions	Downgrade	C$3.00	C$6.00 ➝ C$4.50	Outperform ➝ Sector Perform	N/A
10/25/2024	IAG iA Financial	Downgrade	C$132.00	C$102.00 ➝ C$118.00	Outperform ➝ Sector Perform	N/A
10/24/2024	CCO Cameco	Boost Price Target	C$75.00	C$74.00 ➝ C$85.00	Outperform	N/A
10/24/2024	CP Canadian Pacific Kansas City	Boost Price Target	C$104.00	C$107.00 ➝ C$119.00	Sector Perform	N/A
10/24/2024	CSU Constellation Software	Boost Price Target	C$4,453.00	C$4,800.00 ➝ C$5,000.00	Outperform	N/A
10/24/2024	DML Denison Mines	Boost Price Target	C$3.00	C$3.50 ➝ C$4.15	Outperform	N/A
10/24/2024	FM First Quantum Minerals	Boost Price Target	C$19.00	C$21.00 ➝ C$22.50	Outperform	N/A
10/24/2024	NXE NexGen Energy	Boost Price Target	C$10.00	C$11.00 ➝ C$13.00	Outperform	N/A
10/24/2024	PBH Premium Brands	Boost Price Target	C$79.00	C$101.00 ➝ C$109.00	Sector Perform	N/A