National Bank Financial Analyst Recommendations & Stock Picks

Name: Community Performance Rating
Item: National Bank Financial
Rating: 2.7
Author: MarketBeat

This page lists the most recent publicly-reported stock recommendations and ratings issued by analysts at National Bank Financial. These ratings and price targets were collected from public media reports and are believed to be accurate, but cannot be verified with 100% certainty. MarketBeat and its parent company are in no way affiliated with or endorsed by National Bank Financial.

Company	Date	Action	Brokerage	Analyst	Rating	Price Target	Impact on Price
CGAU Centerra Gold	5/18/2023	Target Lowered by	National Bank Financial			C$13.00 -> C$12.50	Low
TD Toronto-Dominion Bank	5/18/2023	Target Lowered by	National Bank Financial			C$98.00 -> C$94.00	N/A
RY Royal Bank of Canada	5/18/2023	Target Lowered by	National Bank Financial			C$145.00 -> C$142.00	N/A
RBA Ritchie Bros. Auctioneers	5/18/2023	Upgraded by	National Bank Financial		Sector Perform -> Outperform	$61.00	Low
PAAS Pan American Silver	5/17/2023	Target Raised by	National Bank Financial			C$32.00 -> C$33.00	N/A
IAG iA Financial	5/17/2023	Target Lowered by	National Bank Financial			C$5.00 -> C$4.75	N/A

BTG B2Gold	5/12/2023	Target Raised by	National Bank Financial	Analyst D. Demarco		C$7.25 -> C$7.75	N/A
ERO Ero Copper	5/10/2023	Target Raised by	National Bank Financial			C$25.50 -> C$26.50	N/A
TRI Thomson Reuters	5/7/2023	Upgraded by	National Bank Financial	Analyst A. Shine	Sector Perform -> Outperform		N/A
WPM Wheaton Precious Metals	5/8/2023	Target Raised by	National Bank Financial			C$80.00	N/A
AETUF ARC Resources	5/8/2023	Target Raised by	National Bank Financial			C$18.50 -> C$23.00	Low
ACDVF Air Canada	5/8/2023	Target Raised by	National Bank Financial			C$29.00 -> C$32.00	Low
TRI Thomson Reuters	5/8/2023	Upgraded by	National Bank Financial	Analyst A. Shine	Sector Perform -> Outperform		Low
AY Atlantica Sustainable Infrastructure	5/8/2023	Upgraded by	National Bank Financial		Sector Perform -> Outperform	$31.00	Low
NFI NFI Group	5/4/2023	Upgraded by	National Bank Financial	Analyst C. Doerksen	Sector Perform Market Weight -> Outperform Market Weight		N/A
SHOP Shopify	5/5/2023	Target Raised by	National Bank Financial			$60.00 -> $80.00	Low
TRI Thomson Reuters	5/3/2023	Target Raised by	National Bank Financial	Analyst A. Shine		C$170.00 -> C$184.00	N/A
AEM Agnico Eagle Mines	5/3/2023	Target Raised by	National Bank Financial			C$95.00 -> C$98.00	N/A
FRFHF Fairfax Financial	5/2/2023	Target Raised by	National Bank Financial			C$1,300.00 -> C$1,350.00	Low
PAAS Pan American Silver	5/2/2023	Target Lowered by	National Bank Financial			C$34.50 -> C$32.00	N/A
NEM Newmont	5/2/2023	Target Raised by	National Bank Financial			C$91.00 -> C$94.00	Low
CPPMF Copper Mountain Mining	5/1/2023	Target Lowered by	National Bank Financial			C$2.65 -> C$2.60	Low
TOY Spin Master	4/27/2023	Upgraded by	National Bank Financial	Analyst A. Shine	Sector Perform Under Weight -> Outperfrom Under Weight		N/A
NOA North American Construction Group	4/28/2023	Target Raised by	National Bank Financial			C$33.00	N/A
NGD New Gold	4/28/2023	Target Lowered by	National Bank Financial			C$2.25 -> C$2.00	N/A
SU Suncor Energy	4/28/2023	Upgraded by	National Bank Financial		Sector Perform -> Outperform		Low
FM First Quantum Minerals	4/26/2023	Upgraded by	National Bank Financial	Analyst S. Nagle	Sector Perform Spec Overwgt -> Outperform Spec Market Weight		N/A
TECK Teck Resources	4/27/2023	Downgraded by	National Bank Financial		Outperform -> Sector Perform		Low
FQVLF First Quantum Minerals	4/27/2023	Upgraded by	National Bank Financial		Sector Perform -> Outperform		Low
PSI Pason Systems	4/24/2023	Upgraded by	National Bank Financial	Analyst D. Payne	Sector Perform Overweight -> Outperform Market Weight		N/A
CNSWF Constellation Software	4/21/2023	Target Raised by	National Bank Financial			C$2,750.00 -> C$3,000.00	Low
SLS Solaris Resources	4/18/2023	Reiterated by	National Bank Financial	Analyst S. Nagle	Outperform-Speculative		N/A
INGXF Innergex Renewable Energy	4/19/2023	Target Raised by	National Bank Financial			C$20.00 -> C$21.00	Low
ANRGF Anaergia	4/19/2023	Downgraded by	National Bank Financial		Sector Perform -> Underperform		Low
BOWFF Boardwalk Real Estate Investment Trust	4/18/2023	Target Raised by	National Bank Financial			C$68.00 -> C$74.00	Low
ODV Osisko Development	4/18/2023	Target Raised by	National Bank Financial			C$8.50 -> C$11.25	N/A
NG NovaGold Resources	4/18/2023	Target Lowered by	National Bank Financial			C$11.00 -> C$10.75	N/A
MAG MAG Silver	4/18/2023	Target Lowered by	National Bank Financial			C$26.00 -> C$24.50	N/A
WPM Wheaton Precious Metals	4/18/2023	Target Raised by	National Bank Financial			C$72.50	N/A
TFPM Triple Flag Precious Metals	4/18/2023	Target Raised by	National Bank Financial	Analyst S. Nagle		C$22.00 -> C$25.00	Low

SAND Sandstorm Gold	4/18/2023	Target Raised by	National Bank Financial			C$8.00 -> C$9.25	Low
RGLD Royal Gold	4/18/2023	Target Raised by	National Bank Financial			C$155.00 -> C$165.00	Low
OR Osisko Gold Royalties	4/18/2023	Target Raised by	National Bank Financial			C$23.00 -> C$27.00	N/A
FNV Franco-Nevada	4/18/2023	Target Raised by	National Bank Financial			C$200.00 -> C$210.00	N/A
PAAS Pan American Silver	4/18/2023	Target Raised by	National Bank Financial			C$32.00 -> C$34.50	N/A
FSM Fortuna Silver Mines	4/18/2023	Target Raised by	National Bank Financial			C$6.00 -> C$7.00	Low
SSRM SSR Mining	4/18/2023	Target Raised by	National Bank Financial			C$22.50 -> C$25.00	N/A
NGD New Gold	4/18/2023	Target Raised by	National Bank Financial			C$1.75 -> C$2.25	N/A
IAG iA Financial	4/18/2023	Target Raised by	National Bank Financial			C$4.00 -> C$5.00	N/A
EQX Equinox Gold	4/18/2023	Target Raised by	National Bank Financial			C$7.25 -> C$9.00	N/A
EGO Eldorado Gold	4/18/2023	Target Raised by	National Bank Financial	Analyst M. Parkin		C$16.50 -> C$17.50	Low
CGAU Centerra Gold	4/18/2023	Target Raised by	National Bank Financial			C$12.50 -> C$13.00	Low
AGI Alamos Gold	4/18/2023	Target Raised by	National Bank Financial			C$18.25 -> C$21.50	N/A
NEM Newmont	4/18/2023	Target Raised by	National Bank Financial			C$86.00 -> C$91.00	Low
GOLD GoldMining	4/18/2023	Target Raised by	National Bank Financial			C$28.00 -> C$32.00	N/A
BTG B2Gold	4/18/2023	Target Raised by	National Bank Financial	Analyst D. Demarco		C$6.50 -> C$7.25	N/A
AEM Agnico Eagle Mines	4/18/2023	Target Raised by	National Bank Financial			C$76.00 -> C$95.00	N/A
VET Vermilion Energy	4/18/2023	Target Lowered by	National Bank Financial			C$29.00 -> C$26.00	N/A
PRMRF Paramount Resources	4/18/2023	Target Raised by	National Bank Financial			C$37.50 -> C$40.00	Low
CPG Crescent Point Energy	4/18/2023	Target Raised by	National Bank Financial			C$16.00 -> C$18.00	N/A
BIREF Birchcliff Energy	4/18/2023	Target Lowered by	National Bank Financial			C$11.00 -> C$10.00	Low
AETUF ARC Resources	4/18/2023	Target Lowered by	National Bank Financial			C$20.00 -> C$18.50	Low
AAVVF Advantage Energy	4/18/2023	Target Lowered by	National Bank Financial			C$15.00 -> C$12.00	Low
SU Suncor Energy	4/18/2023	Target Raised by	National Bank Financial			C$57.00 -> C$60.00	N/A
IMO Imperial Oil	4/18/2023	Target Raised by	National Bank Financial			C$85.00 -> C$88.00	N/A
CVE Cenovus Energy	4/18/2023	Target Lowered by	National Bank Financial			C$39.00 -> C$38.00	N/A
CNQ Canadian Natural Resources	4/18/2023	Target Raised by	National Bank Financial			C$100.00 -> C$110.00	N/A
TECK Teck Resources	4/18/2023	Target Raised by	National Bank Financial			C$70.00 -> C$72.50	Low
LUNMF Lundin Mining	4/18/2023	Target Raised by	National Bank Financial			C$8.75 -> C$10.50	Low
HBM Hudbay Minerals	4/18/2023	Target Raised by	National Bank Financial			C$8.00 -> C$9.25	N/A
FQVLF First Quantum Minerals	4/18/2023	Target Raised by	National Bank Financial			C$36.00 -> C$38.00	Low
ERO Ero Copper	4/18/2023	Target Raised by	National Bank Financial			C$24.50 -> C$25.50	N/A
CPPMF Copper Mountain Mining	4/18/2023	Target Lowered by	National Bank Financial			C$2.73 -> C$2.65	Low
AAV Advantage Energy	4/18/2023	Target Lowered by	National Bank Financial			C$15.00 -> C$12.00	N/A
TFII TFI International	4/18/2023	Target Raised by	National Bank Financial			C$171.00 -> C$173.00	N/A
CP Canadian Pacific Kansas City	4/17/2023	Target Raised by	National Bank Financial			C$106.00 -> C$107.00	N/A
CNI Canadian National Railway	4/17/2023	Target Raised by	National Bank Financial			C$175.00 -> C$178.00	Low
BOS AirBoss of America	4/13/2023	Reiterated by	National Bank Financial	Analyst A. Abdullah	Outperfrom Under Weight		N/A
CJREF Corus Entertainment	4/14/2023	Target Lowered by	National Bank Financial			C$2.50 -> C$2.25	Low
CPPMF Copper Mountain Mining	4/14/2023	Downgraded by	National Bank Financial		Outperform		Low
THTX Theratechnologies	4/13/2023	Target Lowered by	National Bank Financial			C$3.25 -> C$2.25	Low
ANRGF Anaergia	4/11/2023	Target Lowered by	National Bank Financial			C$6.00 -> C$4.00	Low
AY Atlantica Sustainable Infrastructure	4/10/2023	Initiated by	National Bank Financial		Sector Perform	$31.00	Low
EGO Eldorado Gold	4/6/2023	Target Raised by	National Bank Financial	Analyst M. Parkin		C$13.50 -> C$16.50	Low
SES Secure Energy Services	4/4/2023	Upgraded by	National Bank Financial	Analyst P. Kenny	Sector Perform Overweight -> Outperform Market Weight		N/A
CEU CES Energy Solutions	3/30/2023	Reiterated by	National Bank Financial	Analyst E. Leno	Outperform Market Weight		N/A
EQX Equinox Gold	3/30/2023	Target Raised by	National Bank Financial			C$6.00 -> C$7.25	N/A
OFSTF Carbon Streaming	3/30/2023	Target Lowered by	National Bank Financial			C$7.50 -> C$5.00	Low
CPG Crescent Point Energy	3/29/2023	Target Raised by	National Bank Financial			C$14.50 -> C$16.00	N/A
GUD Knight Therapeutics	3/24/2023	Downgraded by	National Bank Financial	Analyst E. Leno	Outperform Market Weight -> Sector Perform Market Weight		N/A

DOOO BRP	3/24/2023	Target Raised by	National Bank Financial			C$139.00 -> C$143.00	Low
BYD Boyd Group Services	3/22/2023	Upgraded by	National Bank Financial	Analyst Z. Evershed	Sector Perform Under Weight -> Outperfrom Under Weight		N/A
FSM Fortuna Silver Mines	3/23/2023	Target Raised by	National Bank Financial			C$5.75 -> C$6.00	Low
CJREF Corus Entertainment	3/22/2023	Target Lowered by	National Bank Financial			C$2.75 -> C$2.50	Low
BIREF Birchcliff Energy	3/16/2023	Target Lowered by	National Bank Financial			C$12.00 -> C$11.00	Low
FRFHF Fairfax Financial	3/15/2023	Target Raised by	National Bank Financial			C$1,200.00 -> C$1,300.00	Low
MTL Mullen Group	3/13/2023	Reiterated by	National Bank Financial	Analyst C. Doerksen	Outperfrom Under Weight		N/A
TWM Tidewater Midstream and Infrastructure	3/10/2023	Downgraded by	National Bank Financial	Analyst P. Kenny	Outperform Overweight -> Sector Perform Market Weight		N/A
WPM Wheaton Precious Metals	3/13/2023	Target Lowered by	National Bank Financial			C$68.00 -> C$65.00	N/A
ERO Ero Copper	3/8/2023	Target Raised by	National Bank Financial			C$22.00 -> C$24.50	N/A
SES Secure Energy Services	3/5/2023	Downgraded by	National Bank Financial	Analyst P. Kenny	Outperform Overweight -> Sector Perform Overweight		N/A
NTIOF National Bank of Canada	3/2/2023	Target Raised by	National Bank Financial			C$102.00 -> C$104.50	Low
RY Royal Bank of Canada	3/2/2023	Target Lowered by	National Bank Financial			C$147.00 -> C$145.00	N/A
DOOO BRP	3/2/2023	Target Raised by	National Bank Financial			C$130.00 -> C$139.00	Low
PAAS Pan American Silver	2/28/2023	Reiterated by	National Bank Financial	Analyst D. Demarco	Outperform Spec Overweight		Low
SSRM SSR Mining	3/1/2023	Target Lowered by	National Bank Financial			C$23.00 -> C$22.50	N/A
PAAS Pan American Silver	3/1/2023	Target Lowered by	National Bank Financial			C$32.50 -> C$32.00	N/A
BTE Baytex Energy	3/1/2023	Target Raised by	National Bank Financial			C$7.75 -> C$8.50	N/A
TRI Thomson Reuters	2/27/2023	Downgraded by	National Bank Financial	Analyst A. Shine	Outperfrom Under Weight -> Sector Perform Under Weight		N/A
EGO Eldorado Gold	2/28/2023	Target Lowered by	National Bank Financial	Analyst M. Parkin		C$14.00 -> C$13.50	Low
BTG B2Gold	2/28/2023	Target Lowered by	National Bank Financial	Analyst D. Demarco		C$6.75 -> C$6.50	N/A
TRI Thomson Reuters	2/28/2023	Downgraded by	National Bank Financial	Analyst A. Shine	Outperform -> Sector Perform		Low
TGB Taseko Mines	2/27/2023	Target Raised by	National Bank Financial			C$2.50 -> C$2.75	N/A
LUN Lundin Mining	2/23/2023	Upgraded by	National Bank Financial	Analyst S. Nagle	Underperform Overweight -> Sector Perform Overweight		N/A
AGI Alamos Gold	2/24/2023	Target Raised by	National Bank Financial			C$18.00 -> C$18.25	N/A
LUNMF Lundin Mining	2/24/2023	Upgraded by	National Bank Financial		Underperform -> Sector Perform		Low
SAND Sandstorm Gold	2/23/2023	Target Lowered by	National Bank Financial			C$9.00 -> C$8.00	Low
GOLD Barrick Gold	2/23/2023	Target Lowered by	National Bank Financial			C$29.00 -> C$28.00	Low
FPLSF 5N Plus	2/23/2023	Target Raised by	National Bank Financial			C$3.75 -> C$4.00	Low
GIL Gildan Activewear	2/23/2023	Target Raised by	National Bank Financial			C$45.00 -> C$46.00	Low
ABX Barrick Gold	2/23/2023	Reiterated by	National Bank Financial		Sector Perform	C$28.00	N/A
NOA North American Construction Group	2/17/2023	Target Raised by	National Bank Financial			C$27.00	Low
PAAS Pan American Silver	2/17/2023	Target Raised by	National Bank Financial			C$32.50	Low
MAG MAG Silver	2/17/2023	Target Lowered by	National Bank Financial			C$26.50 -> C$26.00	N/A
Y Yellow Pages	2/15/2023	Reiterated by	National Bank Financial	Analyst A. Shine	Sector Perform Market Weight		N/A
SCL Shawcor	2/10/2023	Reiterated by	National Bank Financial	Analyst Z. Evershed	Outperform Overweight		N/A
BTO B2Gold	2/14/2023	Reiterated by	National Bank Financial	Analyst D. Demarco	Outperform Overweight		N/A
BTG B2Gold	2/14/2023	Reiterated by	National Bank Financial	Analyst D. Demarco	Outperform Overweight		N/A
MFC Manulife Financial	2/16/2023	Target Raised by	National Bank Financial			C$26.00 -> C$27.00	Low
HEOFF H2O Innovation	2/15/2023	Target Raised by	National Bank Financial			C$3.00 -> C$3.25	Low
WPM Wheaton Precious Metals	2/14/2023	Target Lowered by	National Bank Financial			C$70.00 -> C$68.00	Low
TFPM Triple Flag Precious Metals	2/14/2023	Target Lowered by	National Bank Financial	Analyst S. Nagle		C$23.00 -> C$22.00	Low
SAND Sandstorm Gold	2/14/2023	Target Lowered by	National Bank Financial	Analyst S. Nagle		C$9.50 -> C$9.00	Low
FSM Fortuna Silver Mines	2/14/2023	Target Lowered by	National Bank Financial			C$6.00 -> C$5.75	Low
AG First Majestic Silver	2/14/2023	Target Lowered by	National Bank Financial			C$14.50 -> C$11.00	Low
SSRM SSR Mining	2/14/2023	Target Lowered by	National Bank Financial			C$26.00 -> C$23.00	Low
IAG IAMGOLD	2/14/2023	Target Lowered by	National Bank Financial			C$4.10 -> C$4.00	Low
EQX Equinox Gold	2/14/2023	Target Lowered by	National Bank Financial			C$6.25 -> C$6.00	N/A
EGO Eldorado Gold	2/14/2023	Target Raised by	National Bank Financial	Analyst M. Parkin		C$13.75 -> C$14.00	Low
CGAU Centerra Gold	2/14/2023	Target Raised by	National Bank Financial			C$11.50 -> C$12.50	Low

AGI Alamos Gold	2/14/2023	Target Raised by	National Bank Financial			C$17.50 -> C$18.00	Low
AEM Agnico Eagle Mines	2/14/2023	Target Lowered by	National Bank Financial			C$89.00 -> C$88.00	Low
TECK Teck Resources	2/13/2023	Target Raised by	National Bank Financial			C$65.00 -> C$70.00	Low
TGB Taseko Mines	2/13/2023	Target Raised by	National Bank Financial			C$2.40 -> C$2.50	N/A
LUNMF Lundin Mining	2/13/2023	Target Raised by	National Bank Financial			C$8.75 -> C$9.00	Low
HBM Hudbay Minerals	2/13/2023	Target Raised by	National Bank Financial			C$8.50 -> C$8.75	Low
FQVLF First Quantum Minerals	2/13/2023	Target Raised by	National Bank Financial			C$28.00 -> C$29.00	Low
ERO Ero Copper	2/13/2023	Target Raised by	National Bank Financial			C$21.00 -> C$22.00	Low
CPPMF Copper Mountain Mining	2/13/2023	Target Raised by	National Bank Financial			C$2.25 -> C$2.50	Low
AETUF ARC Resources	2/13/2023	Target Lowered by	National Bank Financial			C$21.00 -> C$20.00	Low
FTS Fortis	2/13/2023	Target Raised by	National Bank Financial			C$55.00 -> C$56.00	Low
TRI Thomson Reuters	2/10/2023	Target Raised by	National Bank Financial			C$162.00 -> C$170.00	Low
TU TELUS	2/10/2023	Target Lowered by	National Bank Financial			C$31.00 -> C$30.00	Low
SLF Sun Life Financial	2/10/2023	Target Raised by	National Bank Financial			C$69.00 -> C$71.00	Low
FTT Finning International	2/6/2023	Downgraded by	National Bank Financial	Analyst M. Sytchev	Outperform Market Weight -> Sector Perform Market Weight		N/A
FRFHF Fairfax Financial	2/7/2023	Target Raised by	National Bank Financial			C$1,100.00 -> C$1,200.00	Low
TFII TFI International	2/7/2023	Target Raised by	National Bank Financial			C$162.00 -> C$171.00	Low
AFN Ag Growth International	2/2/2023	Reiterated by	National Bank Financial	Analyst M. Sytchev	Outperform Market Weight		N/A
TRP TC Energy	2/2/2023	Target Lowered by	National Bank Financial			C$56.00 -> C$53.00	Low
PSI Pason Systems	1/30/2023	Reiterated by	National Bank Financial	Analyst D. Payne	Sector Perform Overweight		N/A
GFL GFL Environmental	1/31/2023	Reiterated by	National Bank Financial	Analyst R. Merer	Outperfrom Under Weight		N/A
EFX Enerflex	1/30/2023	Reiterated by	National Bank Financial	Analyst D. Payne	Sector Perform Overweight		N/A
GFL GFL Environmental	1/31/2023	Reiterated by	National Bank Financial	Analyst R. Merer	Outperfrom Under Weight		Low
EFXT Enerflex	1/31/2023	Downgraded by	National Bank Financial		Outperform -> Sector Perform		Low
TCN Tricon Residential	1/30/2023	Target Lowered by	National Bank Financial			C$15.00 -> C$13.00	Low
IIPZF InterRent Real Estate Investment Trust	1/30/2023	Target Raised by	National Bank Financial			C$14.00 -> C$15.75	Low
BOWFF Boardwalk Real Estate Investment Trust	1/30/2023	Target Raised by	National Bank Financial			C$63.00 -> C$65.00	Low
FTS Fortis	1/27/2023	Target Raised by	National Bank Financial			C$51.00 -> C$55.00	Low
TRP TC Energy	1/27/2023	Target Lowered by	National Bank Financial			C$58.00 -> C$56.00	Low
ENB Enbridge	1/27/2023	Target Raised by	National Bank Financial			C$54.00 -> C$56.00	Low
PBA Pembina Pipeline	1/27/2023	Target Raised by	National Bank Financial			C$46.00 -> C$47.00	Low
GBNXF Gibson Energy	1/27/2023	Target Raised by	National Bank Financial			C$24.00 -> C$25.00	Low
TAC TransAlta	1/27/2023	Upgraded by	National Bank Financial		Sector Perform -> Outperform		Low
CNSWF Constellation Software	1/26/2023	Target Raised by	National Bank Financial			C$2,750.00	Low
SLF Sun Life Financial	1/25/2023	Target Raised by	National Bank Financial			C$66.00 -> C$69.00	Low
MFC Manulife Financial	1/25/2023	Target Raised by	National Bank Financial			C$24.00 -> C$26.00	Low
TFPM Triple Flag Precious Metals	1/19/2023	Upgraded by	National Bank Financial	Analyst S. Nagle	Sector Perform Overweight -> Outperform Overweight		Low
AAPL Apple	1/20/2023	Target Lowered by	National Bank Financial		Outperform	$54.00	Low
IAG IAMGOLD	1/19/2023	Target Raised by	National Bank Financial			C$4.00 -> C$4.10	Low
ERO Ero Copper	1/19/2023	Target Raised by	National Bank Financial			C$20.00 -> C$21.00	Low
ELD Eldorado Gold	1/16/2023	Downgraded by	National Bank Financial	Analyst M. Parkin	Outperform Overweight -> Sector Perform Spec Overwgt		N/A
FQVLF First Quantum Minerals	1/17/2023	Target Lowered by	National Bank Financial			C$30.00 -> C$28.00	Low
EGO Eldorado Gold	1/17/2023	Downgraded by	National Bank Financial	Analyst M. Parkin	Outperform -> Sector Perform		Low
LUN Lundin Mining	1/13/2023	Downgraded by	National Bank Financial	Analyst S. Nagle	Sector Perform Overweight -> Underperform Overweight		N/A
LAC Lithium Americas	1/16/2023	Target Lowered by	National Bank Financial			$42.50 -> $38.50	Low
BCE BCE	1/12/2023	Downgraded by	National Bank Financial	Analyst A. Shine	Outperform Market Weight -> Sector Perform Market Weight		N/A
ODV Osisko Development	1/13/2023	Target Raised by	National Bank Financial			$8.25 -> $8.50	Low
NG NovaGold Resources	1/13/2023	Target Raised by	National Bank Financial			C$10.00 -> C$11.00	N/A
MAG MAG Silver	1/13/2023	Target Raised by	National Bank Financial			C$24.50 -> C$26.50	N/A
ITRG Integra Resources	1/13/2023	Target Raised by	National Bank Financial			C$1.00 -> C$1.05	N/A

IAUX i-80 Gold	1/13/2023	Target Raised by	National Bank Financial	Analyst D. Demarco		C$4.25 -> C$5.50	N/A
WPM Wheaton Precious Metals	1/13/2023	Target Raised by	National Bank Financial			C$60.00 -> C$70.00	Low
SAND Sandstorm Gold	1/13/2023	Target Lowered by	National Bank Financial	Analyst S. Nagle		C$10.50 -> C$9.50	Low
RGLD Royal Gold	1/13/2023	Target Raised by	National Bank Financial			C$120.00 -> C$150.00	Low
OR Osisko Gold Royalties	1/13/2023	Target Raised by	National Bank Financial			C$22.00 -> C$23.00	Low
FNV Franco-Nevada	1/13/2023	Target Raised by	National Bank Financial	Analyst S. Nagle		C$190.00 -> C$200.00	Low
FSM Fortuna Silver Mines	1/13/2023	Target Raised by	National Bank Financial			C$5.25 -> C$6.00	Low
AG First Majestic Silver	1/13/2023	Target Raised by	National Bank Financial			C$13.00 -> C$14.50	Low
SSRM SSR Mining	1/13/2023	Target Raised by	National Bank Financial			C$23.00 -> C$26.00	Low
NGD New Gold	1/13/2023	Target Raised by	National Bank Financial			C$1.60 -> C$1.75	N/A
IAG IAMGOLD	1/13/2023	Target Raised by	National Bank Financial			C$3.75 -> C$4.00	Low
EQX Equinox Gold	1/13/2023	Target Raised by	National Bank Financial	Analyst M. Parkin		C$5.50 -> C$6.25	N/A
EGO Eldorado Gold	1/13/2023	Target Raised by	National Bank Financial			C$13.50 -> C$14.00	Low
CGAU Centerra Gold	1/13/2023	Target Raised by	National Bank Financial			C$10.50 -> C$11.50	Low
AGI Alamos Gold	1/13/2023	Target Raised by	National Bank Financial			C$15.00 -> C$17.50	Low
NEM Newmont	1/13/2023	Target Raised by	National Bank Financial	Analyst M. Parkin		C$76.00 -> C$86.00	Low
KGC Kinross Gold	1/13/2023	Target Raised by	National Bank Financial			C$8.25 -> C$8.50	Low
BTG B2Gold	1/13/2023	Target Raised by	National Bank Financial			C$6.75 -> C$7.25	N/A
GOLD Barrick Gold	1/13/2023	Target Raised by	National Bank Financial			C$25.00 -> C$30.00	Low
AEM Agnico Eagle Mines	1/13/2023	Target Raised by	National Bank Financial			C$75.00 -> C$89.00	Low
BCE BCE	1/11/2023	Downgraded by	National Bank Financial	Analyst A. Shine	Outperform Market Weight -> Sector Perform Market Weight		N/A
TU TELUS	1/12/2023	Target Lowered by	National Bank Financial			C$34.00 -> C$31.00	Low
RCI Rogers Communications	1/12/2023	Target Raised by	National Bank Financial			C$75.00 -> C$78.00	Low
TIH Toromont Industries	1/10/2023	Upgraded by	National Bank Financial	Analyst M. Sytchev	Sector Perform Market Weight -> Outperform Market Weight		N/A
SJ Stella-Jones	1/10/2023	Downgraded by	National Bank Financial	Analyst M. Sytchev	Outperform Market Weight -> Sector Perform Market Weight		N/A
VET Vermilion Energy	1/11/2023	Target Lowered by	National Bank Financial			C$50.00 -> C$29.00	Low
PRMRF Paramount Resources	1/11/2023	Target Lowered by	National Bank Financial			C$40.00 -> C$37.50	Low
CPG Crescent Point Energy	1/11/2023	Target Lowered by	National Bank Financial			C$17.00 -> C$15.00	Low
BTEGF Baytex Energy	1/11/2023	Target Lowered by	National Bank Financial			C$9.00 -> C$7.75	Low
BIREF Birchcliff Energy	1/11/2023	Target Lowered by	National Bank Financial			C$13.50 -> C$12.00	Low
AETUF ARC Resources	1/11/2023	Target Lowered by	National Bank Financial			C$23.00 -> C$21.00	Low
SU Suncor Energy	1/11/2023	Target Raised by	National Bank Financial			C$54.00 -> C$57.00	Low
IMO Imperial Oil	1/11/2023	Target Raised by	National Bank Financial			C$80.00 -> C$85.00	N/A
CVE Cenovus Energy	1/11/2023	Target Raised by	National Bank Financial			C$36.00 -> C$39.00	Low
TFII TFI International	1/11/2023	Target Raised by	National Bank Financial			C$145.00 -> C$162.00	Low
CS Capstone Copper	1/8/2023	Upgraded by	National Bank Financial	Analyst S. Nagle	Sector Perform Spec Overwgt -> Outperform Spec Overweight		N/A
TMQ Trilogy Metals	1/9/2023	Target Lowered by	National Bank Financial			C$1.15 -> C$1.00	N/A
TECK Teck Resources	1/9/2023	Target Raised by	National Bank Financial			C$56.00 -> C$65.00	Low
TGB Taseko Mines	1/9/2023	Target Raised by	National Bank Financial			C$1.90 -> C$2.40	N/A
LUNMF Lundin Mining	1/9/2023	Target Raised by	National Bank Financial			C$8.25 -> C$9.25	Low
HBM Hudbay Minerals	1/9/2023	Target Raised by	National Bank Financial	Analyst S. Nagle		C$7.50 -> C$8.50	Low
ERO Ero Copper	1/9/2023	Target Raised by	National Bank Financial			C$17.50 -> C$20.00	Low
CPPMF Copper Mountain Mining	1/9/2023	Target Lowered by	National Bank Financial			C$2.75 -> C$2.25	Low
IAG IAMGOLD	12/22/2022	Target Raised by	National Bank Financial			C$2.50 -> C$3.75	Low
TU TELUS	12/20/2022	Target Lowered by	National Bank Financial			C$35.00 -> C$34.00	Low
BCE BCE	12/20/2022	Target Lowered by	National Bank Financial			C$68.00 -> C$66.00	Low
FM First Quantum Minerals	12/15/2022	Downgraded by	National Bank Financial	Analyst S. Nagle	Outperform Spec Overweight -> Sector Perform Spec Overwgt		N/A
ALS Altius Minerals	12/14/2022	Reiterated by	National Bank Financial	Analyst S. Nagle	Outperform Overweight		N/A
CP Canadian Pacific Kansas City	12/16/2022	Target Raised by	National Bank Financial			C$105.00 -> C$106.00	Low
CNI Canadian National Railway	12/16/2022	Target Raised by	National Bank Financial			C$173.00 -> C$175.00	Low
FQVLF First Quantum Minerals	12/16/2022	Downgraded by	National Bank Financial		Outperform -> Sector Perform		Low
LIACF American Lithium	12/15/2022	Initiated by	National Bank Financial		Outperform		Low
ANRGF Anaergia	12/9/2022	Target Lowered by	National Bank Financial			C$10.00 -> C$6.00	Low
EQX Equinox Gold	12/7/2022	Target Raised by	National Bank Financial	Analyst M. Parkin		C$5.00 -> C$5.50	N/A
CM Canadian Imperial Bank of Commerce	12/1/2022	Downgraded by	National Bank Financial	Analyst G. Dechaine	Outperform Market Weight -> Sector Perform Market Weight		N/A
SGML Sigma Lithium	12/1/2022	Reiterated by	National Bank Financial	Analyst L. Aganga	Outperform Spec Market Weight		Low
CM Canadian Imperial Bank of Commerce	12/1/2022	Downgraded by	National Bank Financial	Analyst G. Dechaine	Outperform -> Sector Perform		Low
RY Royal Bank of Canada	12/1/2022	Target Lowered by	National Bank Financial			C$148.00 -> C$147.00	Low
CNQ Canadian Natural Resources	12/1/2022	Target Raised by	National Bank Financial			C$88.00 -> C$105.00	Low
RSI Rogers Sugar	11/29/2022	Reiterated by	National Bank Financial	Analyst E. Leno	Sector Perform Overweight		N/A

MarketBeat Community Rating for National Bank Financial

Community Ranking:		2.7 out of 5 ( 2.7 of 5 stars)
Outperform Votes:		20,204 (Vote Outperform)
Underperform Votes:		16,831 (Vote Underperform)
Total Votes:		37,035

MarketBeat's community ratings are surveys of what our community members think about National Bank Financial and other research firms. Vote "Outperform" if you believe National Bank Financial's recommendations will outperform the S&P 500 over the long term. Vote "Underperform" if you believe National Bank Financial's recommendations will underperform the S&P 500 over the long term. You may vote once every thirty days.

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