CIBC Stock Recommendations and Price Targets

This is a list of recent ratings by CIBC.

Company Name	Action	Current Price	Price Target	Rating	Impact on Share Price
CDNAF Canadian Tire	Boost Price Target	$118.00	$141.00 ➝ $162.00	Outperform	Low
CAGDF Centerra Gold	Lower Price Target	$10.00	$23.00 ➝ $20.00	Outperform	Low
CJREF Corus Entertainment	Boost Price Target	$3.00	$4.50 ➝ $5.50	Outperform	High
CJR.B Corus Entertainment	Boost Price Target	C$4.00	C$4.50 ➝ C$5.50		N/A
CTC.A Canadian Tire	Boost Price Target	C$155.00	C$141.00 ➝ C$162.00		N/A
CG Centerra Gold	Lower Price Target	C$13.00	C$23.00 ➝ C$20.00		N/A
TOU Tourmaline Oil Corp. (TOU.TO)	Boost Price Target	C$19.00	C$20.00 ➝ C$25.00		N/A
EFN Element Fleet Management	Boost Price Target	C$13.00	C$13.00 ➝ C$14.00		N/A
ELEEF Element Fleet Management	Boost Price Target	$10.00	$13.00 ➝ $14.00	Outperform	High
CGIFF Chemtrade Logistics Income Fund	Lower Price Target	$4.00	$7.50 ➝ $6.75	Neutral	Low
HRNNF Hydro One	Boost Price Target	$22.00	$30.00 ➝ $31.00	Outperform	N/A
CHE.UN Chemtrade Logistics Income Fund	Lower Price Target	C$5.00	C$7.50 ➝ C$6.75		N/A
H Hydro One	Boost Price Target	C$30.00	C$30.00 ➝ C$31.00		N/A
IPL Inter Pipeline Ltd. (IPL.TO)	Boost Price Target	C$13.00	C$13.50 ➝ C$14.00		N/A
KEY Keyera	Lower Price Target	C$20.00	C$29.00 ➝ C$28.00		N/A
IPPLF Inter Pipeline	Boost Price Target	$10.00	$13.50 ➝ $14.00	Neutral	Low
KEYUF Keyera	Lower Price Target	$15.00	$29.00 ➝ $28.00	Outperform	Low
ALA Altagas	Boost Price Target	C$17.00	C$20.00 ➝ C$21.00		N/A
LNR Linamar	Boost Price Target	C$47.00	C$45.00 ➝ C$47.00		N/A
AIF Altus Group Limited (AIF.TO)	Boost Price Target	C$56.00	C$43.50 ➝ C$47.50		N/A
APHA Aphria Inc. (APHA.TO)	Boost Price Target	C$6.00	C$7.50 ➝ C$8.00		N/A
CSU Constellation Software Inc. (CSU.TO)	Boost Price Target	C$1,461.00	C$1,750.00 ➝ C$1,865.00		N/A
DCBO Docebo Inc. (DCBO.TO)	Boost Price Target	C$52.00	C$60.00 ➝ C$69.00		N/A
ISV Information Services	Boost Price Target	C$19.00	C$20.00 ➝ C$20.50		N/A
KXS Kinaxis Inc. (KXS.TO)	Boost Price Target	C$214.00	C$230.00 ➝ C$288.00		N/A
APHA Aphria	Boost Price Target	$5.00	$7.50 ➝ $8.00	Outperform	Low
CNSWF Constellation Software	Boost Price Target	$1,107.00	$1,750.00 ➝ $1,865.00	Outperform	Low
DCBOF Docebo	Boost Price Target	$41.00	$60.00 ➝ $69.00	Outperform	Low
KXSCF Kinaxis	Boost Price Target	$163.00	$230.00 ➝ $288.00	Outperform	Low
APHA Aphria	Boost Price Target	$5.00	$7.50 ➝ $8.00	Outperform	Low
TRSWF TransAlta Renewables	Downgrade	$13.00		Outperform ➝ Neutral	Low
BLX Boralex	Boost Price Target	C$40.00	C$36.00 ➝ C$43.00		N/A
CPX Capital Power Co. (CPX.TO)	Boost Price Target	C$31.00	C$33.00 ➝ C$34.00		N/A
INE Innergex Renewable Energy	Boost Price Target	C$25.00	C$23.00 ➝ C$26.50		N/A
NPI Northland Power Inc. (NPI.TO)	Boost Price Target	C$43.00	C$38.00 ➝ C$44.00		N/A
RNW TransAlta Renewables	Downgrade	C$18.00	C$16.00 ➝ C$18.00	Outperform ➝ Neutral	N/A
BRLXF TransAlta Renewables	Boost Price Target	$30.00	$36.00 ➝ $43.00	Neutral	Low
CPXWF Capital Power	Boost Price Target	$23.00	$33.00 ➝ $34.00	Outperform	Low
INGXF Innergex Renewable Energy	Boost Price Target	$19.00	$23.00 ➝ $26.50	Neutral	Low
TRRSF Trisura Group	Initiated Coverage	$67.00		Outperform	Low
TSU TIM Participações	Initiated Coverage	$12.00	$110.00	Outperformer	Low
FTMNF Victoria Gold	Boost Price Target	$9.00	$15.50 ➝ $16.50	Outperform	Medium
LUG Lundin Gold Inc. (LUG.TO)	Boost Price Target	C$12.00	C$15.50 ➝ C$16.50		N/A
TSU Trisura Group	Reiterated Rating	C$89.00	C$110.00	Outperform	N/A
CLIQ Alcanna	Boost Price Target	C$5.00	C$5.75 ➝ C$6.75		N/A
TRZ Transat A.T. Inc. (TRZ.TO)	Lower Price Target	C$5.00	C$6.00 ➝ C$5.00		N/A
RCH Richelieu Hardware Ltd. (RCH.TO)	Boost Price Target	C$37.00	C$37.00 ➝ C$40.00		N/A
IPPLF Inter Pipeline	Initiated Coverage	$10.00	$25.00	Buy	High
PRMRF Paramount Resources	Upgrade	$2.00		Underperform ➝ Neutral	Medium
AAVVF Advantage Oil & Gas	Boost Price Target	$2.00	$2.00 ➝ $2.50		Low
ACDVF Air Canada	Lower Price Target	$13.00	$22.00 ➝ $21.00		Medium
AETUF ARC Resources	Boost Price Target	$5.00	$8.50 ➝ $9.00		Low
BTE Baytex Energy	Lower Price Target	$0.00	$0.85 ➝ $0.75		High
BIREF Birchcliff Energy	Boost Price Target	$2.00	$2.00 ➝ $2.25		Low
BDRBF Bombardier	Lower Price Target	$0.00	$0.55 ➝ $0.45		Low
BNEFF Bonterra Energy	Boost Price Target	$1.00	$1.10 ➝ $1.25		Low
CNI Canadian National Railway	Boost Price Target	$105.00	$130.00 ➝ $141.00		Low
CP Canadian Pacific Railway	Boost Price Target	$315.00	$410.00 ➝ $444.00		Low
CGJTF Cargojet	Boost Price Target	$173.00	$205.00 ➝ $250.00		N/A
CPG Crescent Point Energy	Lower Price Target	$1.00	$2.75 ➝ $2.50		Low
FECCF Frontera Energy	Lower Price Target	$2.00	$8.00 ➝ $4.00		High
KELTF Kelt Exploration	Lower Price Target	$1.00	$3.25 ➝ $2.50		High
NUVSF NuVista Energy	Lower Price Target	$1.00	$1.25 ➝ $1.00		High
PEYUF Peyto Exploration & Development	Boost Price Target	$2.00	$3.00 ➝ $3.25		Low
PREKF PrairieSky Royalty	Boost Price Target	$7.00	$12.00 ➝ $12.50		Low
SVRGF Seven Generations Energy	Boost Price Target	$4.00	$5.50 ➝ $6.00		Low
SRMLF Storm Resources	Boost Price Target	$2.00	$2.75 ➝ $3.00		N/A
ZPTAF Surge Energy	Lower Price Target	$0.00	$0.50 ➝ $0.40		Low
TNEYF Tamarack Valley Energy	Lower Price Target	$1.00	$1.75 ➝ $1.50		Low
TFII TFI International	Boost Price Target	$50.00	$62.00 ➝ $65.00		Low
VREYF TORC Oil and Gas	Lower Price Target	$1.00	$2.50 ➝ $2.25		Low
VET Vermilion Energy	Lower Price Target	$3.00	$7.00 ➝ $6.00		Medium
SPGYF Whitecap Resources	Lower Price Target	$2.00	$3.75 ➝ $3.50		High
TFII TFI International	Boost Price Target	$50.00	$62.00 ➝ $65.00		Low
CGX Cineplex	Lower Price Target	C$6.00	C$10.00 ➝ C$6.00		N/A
CPXGF Cineplex	Lower Price Target	$4.00	$10.00 ➝ $6.00	Neutral	High
JE Just Energy Group	Lower Price Target	$6.00	$14.00	Neutral	Low
JE Just Energy Group Inc. (JE.TO)	Lower Price Target	C$7.00	C$14.00		N/A
CADNF Cascades	Upgrade	$12.00		Neutral ➝ Outperform	Low
CAS Cascades	Upgrade	C$16.00	C$17.00 ➝ C$21.00	Neutral ➝ Outperform	N/A
VNWTF Vecima Networks	Boost Price Target	$10.00	$11.00 ➝ $15.50	Neutral	N/A
MGDPF Marathon Gold	Initiated Coverage	$2.00		Outperform	Low
GTBAF Great Bear Resources	Initiated Coverage	$13.00		Outperform	Low
PROBF Probe Metals	Initiated Coverage	$1.00		Outperform	Medium
VET Vermilion Energy	Lower Price Target	$3.00	$8.00 ➝ $7.00	Neutral	Medium
WLDBF WildBrain	Upgrade	$1.00		Underperform ➝ Neutral	High
ACB Aurora Cannabis	Lower Price Target	C$6.00	C$20.00 ➝ C$12.00		N/A
PKI Parkland Co. (PKI.TO)	Boost Price Target	C$37.00	C$46.00 ➝ C$49.00		N/A
ACB Aurora Cannabis	Lower Price Target	$5.00	$20.00 ➝ $12.00	Neutral	Low
PKIUF Parkland	Boost Price Target	$29.00	$46.00 ➝ $49.00	Outperform	Low
MMX Maverix Metals	Boost Price Target	$5.00	$8.00 ➝ $8.50	Outperform	Low
SNMSF Spin Master	Boost Price Target	$23.00	$27.00 ➝ $33.00	Neutral	N/A
WIPKF CCL Industries	Upgrade	$33.00		Neutral ➝ Outperform	Low
CNPOF Canopy Rivers	Lower Price Target	$1.00	$2.00 ➝ $1.50	Outperform	Low
CCDBF CCL Industries	Boost Price Target	$40.00	$54.00 ➝ $55.00	Outperform	Low
RIV Canopy Rivers	Lower Price Target	C$3.00	C$2.00 ➝ C$1.50		N/A
CCL.B CCL Industries	Boost Price Target	C$55.00	C$54.00 ➝ C$55.00		N/A
WPK Winpak Ltd. (WPK.TO)	Upgrade	C$43.00	C$45.00 ➝ C$52.00	Neutral ➝ Outperform	N/A
RIV Canopy Rivers Inc. (RIV.TO)	Lower Price Target	C$1.00	C$2.00 ➝ C$1.50		N/A
CPPMF Copper Mountain Mining	Boost Price Target	$1.00	$0.80 ➝ $1.20	Neutral	Low