Upgrades, Downgrades and Target Changes - Jan 26 2012

Company	Ticker	Rating/Target Change
AGF Management	AGF.B	cut to Underperform from Market Perform	BMO
Crescent Point Energy Corp	CPG	rating cut to hold from buy	Salman Partners
Great-West Lifeco	GWO	target price increased from $23.00 to $24.00
Industrial-Alliance	IAG	target price reduced from $37.00 to $31.00	Scotia
Manulife	MFC	Target price reduced from $16.00 to $15.50	Scotia
Manulife	MFC	cut to Neutral from Buy	UBS
Polaris Minerals	PLS	rating cut to hold from speculative buy; price target raised to C$0.60 from C$0.55	Canaccord Genuity
Sunlife	SLF	cut to Neutral from Buy	UBS
Sunlife	SLF	Target price reduced from $30.00 to $25.00	Scotia
Thompson Rueters	TRI	cut to Sell from Neutral	Goldman
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