Upgrades, Downgrades and Target Changes - Mar 5 2012

Company	Ticker	Rating/Target Change
Alderon Iron Ore	ADV	starts with outperform	National Bank Financial
Argonaut Gold	AR	starts with neutral	Macquarie
Black Diamond Group	BDI	cuts to market perform from outperform	Raymond James
Carpathian Gold	CPN	starts with outperform	Macquarie
Canfor	CPF	raises to outperform from market perform	BMO
Chemtrade Logistics	CHE.UN	raises price target to C$18 from C$16	BMO
Foraco	FAR	Canaccord Genuity aises price target to C$6 from C$5.50	Canaccord Genuity
Geodrill Ltd	GEO	starts with buy	Pi financial
Guyana Goldfields	GUY	cuts price target to C$8.50 from C$10	Raymond James
Heritage Oil Corp	HOC	cuts price target to 250P from 282P; rating overweight	HSBC
Lachlan	LSA	starts with outperform	Macquarie
National Bank of Canada	NA	raises price target to C$83 from C$80	CIBC
	NA	raises price target to C$87 from C$82	BMO
	NA	raises price target to C$85 from C$81	TD Securites
	NA	raises target price to C$85 from C$83	Macquarie
Neo Material Technologies	NEM	cuts price target to C$13 from C$14	RBC
NorthWest Healthcare Properties	NWH.UN	raises price target to C$13 fom C$12.50	RBC
Primaris Retail	PMZ.UN	raises price target to C$24 from C$23.25	Canaccord Genuity
	PMZ.UN	raises price target to C$23.50 from C$22.50	Macquarie
Plazacorp Retail Properties		raises price target to C$5 from C$4.75	RBC
Rio Verde Minerals Development Corp	RVD	raises to buy from neutral	Dundee
Surge Energy	SGY	raises price target to C$13.50 from C$11	CIBC
	SGY	raises price target to C$13 from C$12.50; rating outperform	BMO
	SGY	raises price target to C$14 from C$13, rating outperform	Macquarie
Shawcor	SCL.A	raises price target to C$38 from C$35; rating outperform	RBC
	SCL.A	cuts to market perform from outperform on valuation	BMO
Strad Energy Services	SDY	raises price target to C$9 from C$7	Paradigm capital
Silver Wheaton	SLW	cuts to neutral from outperform	Macquarie
TransAlta Corp	TA	cuts price target to c$23 from C$25	Canaccord Genuity
	TA	cuts price target by C$1 to C$19	National Bank Financial
	TA	cuts price target to C$19 from C$20	RBC
	TA	cuts price target to C$19 from C$20; rating hold	TD Securites
Trimac Transportation	TMA	raises price target to C$4.50 from C$5	BMO
Timmins Gold	TMM	starts with neutral	Macquarie
Troy Resources	TRY	starts with outperform	Macquarie
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