Upgrades, Downgrades and Target Changes - Jan 18 2012

Company	Ticker	Rating/Target Change
Canadian Natural Resources	CNQ	target raised to C$52 from C$48	Canaccord
Cenovus Energy Inc	CVE	raised to C$45 from C$42	Canaccord
Connacher Oil and Gas	CLL	target raised to C$1.15 from C$1	Canaccord
Endeavour Mining	EDV	price cut to C$4 from C$4.50	Canaccord
Nexen Inc	NXY	target raised to C$22 from C$20	Canaccord
Suncor Energy Inc	SU	target raised to C$45 from C$43	Canaccord
Total Energy Services	TOT	price target raised to C$18 from C$17	RBC
Yellow Media	YLO	Target $0.25, Rating Sector underperform	ScotiaBank
Zargon Oil	ZAR	Target $18.00, Sector perform	ScotiaBank
Dundee REIT	D.UN	New Target $36.25 from $35.50	ScotiaBank
TransGlobe Energy	TGL	New Target $14.00 from $13.50	ScotiaBank

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