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EQUITY RESEARCH CIBCWMInc. CIBCWMInc. April 28, 2021 Industry Update Canadian Research Review And Common Stock Universe The Canadian Research Review compiles the ratings, price targets and estimates for all companies under our coverage. Our Research analysts offer their three main sector takeaways and provide their current top picks. All figures in Canadian dollars unless otherwise stated. For required regulatory disclosures please refer to "Important Disclosures" beginning on page 42. Canadian Research Review And Common Stock Universe - April 28, 2021 In This Issue Company Ratings ...............................................................................................................3 Economics – Avery Shenfeld and Katherine Judge ............................................................6 Analyst Coverage Bryce Adams .....................................................................................................................12 Robert Bek ........................................................................................................................14 Jacob Bout ........................................................................................................................16 Robert Catellier .................................................................................................................18 Kevin Chiang .....................................................................................................................19 Cosmos Chiu ....................................................................................................................21 Todd Coupland .................................................................................................................22 Dennis Fong ......................................................................................................................23 Scott Fromson ...................................................................................................................24 Paul Holden ......................................................................................................................25 Alex Hunchak ....................................................................................................................26 Mark Jarvi .........................................................................................................................27 Jamie Kubik ......................................................................................................................29 Hamir Patel .......................................................................................................................30 Mark Petrie ........................................................................................................................31 David Popowich ................................................................................................................33 Stephanie Price .................................................................................................................35 Nik Priebe .........................................................................................................................37 Anita Soni ..........................................................................................................................39 Dean Wilkinson .................................................................................................................40 2 Canadian Research Review And Common Stock Universe - April 28, 2021 Company Ratings Ticker Company Rating Ticker Company Rating Ticker Company Rating ADN Acadian Timber Corp. UN BIP Brookfield Infrastructure Partners R CRT.UN CT Real Estate Investment Trust NT AAV Advantage Oil & Gas Ltd. OP BPY Brookfield Property Partners LP NT DSGX Descartes Systems Group Inc. NT ARE Aecon Group Inc. OP BEP Brookfield Renewable Partners LP NT DIV Diversified Royalty Corp. OP AFN Ag Growth International Inc. OP DOO BRP Inc. NT DCBO Docebo, Inc. OP AGF.B AGF Management Limited NT HOM.U BSR Real Estate Investment Trust OP DOL Dollarama Inc. NT AEM Agnico Eagle Mines Limited OP CAE CAE Inc. OP UFS Domtar Corp. NT AC Air Canada OP GOOS Canada Goose Holdings Inc. OP DIR.UN Dream Industrial REIT R BOS AirBoss of America Corp. OP CAR.UN CAP REIT NT DRM DREAM Unlimited Corp. OP AGI Alamos Gold Inc. OP CNR Canadian National Railway Co. NT DPM Dundee Precious Metals Inc. OP AD.UN Alaris Equity Partners OP CNQ Canadian Natural Resources Ltd. OP ECN ECN Capital Corp. OP CLIQ Alcanna Inc. OP CP Canadian Pacific Railway Ltd. OP EGO Eldorado Gold Corporation OP AQN Algonquin Power & Utilities Corp. OP CTC.A Canadian Tire Corporation, Ltd. OP EFN Element Fleet Management Corp. OP ATD.B Alimentation Couche-Tard Inc. OP CU Canadian Utilities Ltd. NT EMA Emera Inc. NT AP.UN Allied Properties REIT OP CWB Canadian Western Bank OP EMP.A Empire Company Limited OP ALA AltaGas Ltd. OP CFP Canfor Corporation OP ENB Enbridge Inc. OP AIF Altus Group Limited NT CFX Canfor Pulp Products Inc. NT EDV Endeavour Mining Corporation OP HOT.U AHIP REIT NT WEED Canopy Growth Corporation NT EDR Endeavour Silver Corp. NT AND Andlauer Healthcare Group, Inc. NT CWX CanWel Building Materials Group R EFX Enerflex Ltd. NT APHA Aphria Inc. OP CPX Capital Power Corporation NT ERF Enerplus Corporation OP ARX ARC Resources Ltd. OP CS Capstone Mining Corp. OP ENGH Enghouse Systems OP ATZ Aritzia Inc. OP CJT Cargojet Inc. OP ESI Ensign Energy Services Inc. NT AX.UN Artis Real Estate Investment Trust NT CAS Cascades Inc. OP EQX Equinox Gold Corp. NT ACO.X ATCO Ltd. OP CCL.B CCL Industries Inc. OP ERO Ero Copper Corp. NT ACB Aurora Cannabis Inc. NT CLS Celestica Inc. NT ERE.UN European Residential REIT OP ACQ AutoCanada Inc. NT CVE Cenovus Energy Inc. OP EIF Exchange Income Corporation R APR.UN Automotive Properties REIT OP CG Centerra Gold Inc. NT FDGE Farmers Edge Inc OP BTG B2Gold Corporation OP CDAY Ceridian HCM Holding, Inc. NT FSZ Fiera Capital Corporation NT BLDP Ballard Power Systems, Inc. NT CERV Cervus Equipment Corporation NT FTT Finning International Inc. OP BMO Bank of Montreal OP GIB.A CGI Inc. NT FCR.UN First Capital REIT OP BNS Bank of Nova Scotia OP CHE.UN Chemtrade Logistics Income Fund OP FM First Quantum Minerals Ltd. OP GOLD Barrick Gold Corporation OP CHP.UN Choice Properties REIT NT FSV FirstService Corporation OP BTE Baytex Energy Corp. NT CHR Chorus Aviation OP FTS Fortis Inc. OP BBTV BBTV Holdings, Inc. OP CIX CI Financial Corp. NT FVI Fortuna Silver Mines Inc. NT BCE BCE Inc. NT CGX Cineplex Inc. NT FNV Franco-Nevada Corporation OP BIR Birchcliff Energy Ltd. OP CCA Cogeco Communications Inc. OP FRU Freehold Royalties Ltd. OP BDT Bird Construction Inc. OP CGO Cogeco Inc. NT GATO Gatos Silver, Inc. OP BB BlackBerry Limited NT CIGI Colliers International Group Inc. OP GDI GDI Integrated Facility Services NT BEI.UN Boardwalk REIT NT CFF Conifex Timber Inc. NT WN George Weston Limited OP BBD.B Bombardier Inc. UN CSU Constellation Software Inc. OP GFL GFL Environmental Inc. OP BNE Bonterra Energy Corp. NT CMMC Copper Mountain Mining Corp. OP GEI Gibson Energy Inc. NT BLX Boralex Inc. Class A OP CJR.B Corus Entertainment Inc. OP GIL Gildan Activewear Inc. OP BYD Boyd Group Services Inc. OP CPG Crescent Point Energy Corp. OP GSS Golden Star Resources Ltd. NT BAM Brookfield Asset Management OP CRR.UN Crombie REIT OP GRT.UN Granite REIT OP BBU Brookfield Business Partners LP OP CRON Cronos Group Inc. NT GBR Great Bear Resources Ltd. OP 3 Canadian Research Review And Common Stock Universe - April 28, 2021 Company Ratings (continued) Ticker Company Rating Ticker Company Rating Ticker Company Rating GWO Great-West Lifeco Inc. OP MAXR Maxar Technologies Ltd. NT PD Precision Drilling Corporation OP GCG.A Guardian Capital Group Limited OP MEG MEG Energy Corp. NT PBH Premium Brands Holdings Corp. NT HR.UN H&R REIT OP MERC Mercer International Inc. OP PVG Pretivm Resources Inc. NT HDI Hardwoods Distribution Inc. OP MEOH Methanex Corporation NT PRMW Primo Water Corp. OP HL Hecla Mining Company NT MRU Metro Inc. NT PRB Probe Metals, Inc. OP HEXO HEXO Corp. OP MI.UN Minto Apartment REIT OP QTRH Quarterhill Inc. OP HBM Hudbay Minerals Inc. OP MRC Morguard Corp. OP QBR.B Quebecor Inc. OP H Hydro One Limited OP MRG.UN Morguard N.A. Residential REIT OP RECP Recipe Unlimited Corporation NT IAU i-80 Gold Corp. OP MSI Morneau Shepell Inc. OP RSG Republic Services Inc. NT IAG iA Financial Corporation Inc. OP MOS Mosaic Company NT RFP Resolute Forest Products OP IAG IAMGOLD Corporation NT MTY MTY Food Group Inc. OP QSR Restaurant Brands International OP IGM IGM Financial Inc. OP MTL Mullen Group Ltd. OP RCH Richelieu Hardware Ltd. NT IMO Imperial Oil Limited NT NA National Bank Of Canada NT REI.UN RioCan REIT OP ISV Information Services Corp. NT NGD New Gold Inc. NT RIV RIV Capital Inc. OP INE Innergex Renewable Energy Inc. NT NCM Newcrest Mining Ltd. NT RCI.B Rogers Communications Inc. R IFC Intact Financial Corp. R NEM Newmont Corporation OP RY Royal Bank of Canada NT IPL Inter Pipeline Ltd. NT NFI NFI Group Inc. OP RGLD Royal Gold, Inc. NT IFP Interfor Corporation OP NSR Nomad Royalty Company Ltd NT SSL Sandstorm Gold Ltd. OP IIP.UN InterRent REIT NT NWC North West Company Inc. NT SAP Saputo Inc. OP ITP Intertape Polymer Group Inc. OP NPI Northland Power Inc. OP SES SECURE Energy Services Inc. R JWEL Jamieson Wellness Inc. OP NTR Nutrien Ltd. OP SJR.B Shaw Communications Inc. R JENGQ Just Energy Group Inc. UN NVEI Nuvei Corp. OP SHOP Shopify Inc. NT KEL Kelt Exploration