Upgrades, Downgrades and Target Changes - Jan 30 2012

Company	Ticker	Rating/Target Change
Agnoco-Eagle Mines	AEM	downgraded to Neutral from Buy. The 12-month target price is $44.00 per share	Dundee
AR Resources	ARX	Raised target from $27 to $28	National Bank
Canadian Natual Resource	CNQ	cut to Outperform from Top Pick	FirstEnergy Capital
Canadian Oil Sands	COS	cut to Underperform from Market Perform	FirstEnergy Capital
Capstone Mining Corp	CS	raises price target to C$6.60 from C$6.20	National Bank
Centerra Gold Inc	CG	cuts price target to C$32 from C$33	CIBC
CIBC	CM	cuts to C$85.00 from C$86.00	Canaccord genuity
CIBC	CM	raised to Buy from Neutral	Bank of American
European GoldField	EGU	cut to Neutral from Conviction Buy	Goldman Sucks
Exco Tech	XTC	raises price target to C$5.75 from	Canaccord genuity
First Quantum Minerals	FM	cuts price target to C$30 from C$31	CIBC
Guyanna GoldFields	GUY	raised to Speculative Buy from Hold	TD
Hana Mining Ltd	HMG	raises price target to C$3.15 from C$3.05	Salman Partners
HudBay Minerals Inc	HBM	cuts price target to C$20 from C$21.50	CIBC
Husky Energy	HSE	raised to Market Perform from Underperform	FirstEnergy
Imperial Metals Corp	III	raises price target to C$21 from C$18	CIBC
Lundin Mining Corp	LUN	cuts price target to C$7.50 from C$8	CIBC
Mercator Minerals Ltd	ML	to sector outperformer from sector performer	CIBC
Rio Alto Mining Ltd	RIO	raises price target to C$5.80 from C$5	CIBC
Teck Resources	RCK.b	cuts price target to C$65 from C$70	CIBC
Thompson Creek Metals	TCM	raises price target to C$14 from C$13	CIBC
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