Upgrades, Downgrades and Target Changes - Mar 9 2012

Company	Ticker	Rating/Target Change
Artis	AX.UN	raises price target to C$16 from C$15, rating sector perform	RBC
Bird Construction	BDT	raises price target to C$15 from C$13	CIBC
Canadian Energy Services	CEU	raises price target to C$15.50 from C$14.50;	RBC
Canadian Natural Resources	CNQ	cuts price target to C$46 from C$49	CIBC
Canadian Western Bank	CWB	raises price target to C$32 from C$31	NBF
Canexus	CUS	raises price target to C$8 from C$7.5, rating sector perform	NBF
Capstone Infrastructure	CSE	raises price target to C$4.50 from C$4;  raises to sector outperformer from sector performer	CIBC
Celtic Exploration	CLT	cuts price target to C$40 from C$42	Canaccord Genuity
	CLT	cuts price target to C$23 from C$26	CIBC
	CLT	cuts price target to C$26 from C$32; rating outperform	RBC
Cervus Equipmen	CVL	raises price target to C$19 from C$18.50, rating outperform	NBF
CIBC	CM	raises target price by C$3 to C$81; rating market perform	KBW
Cml Healthcare	CLC	raises price target to C$11.50 from C$11	NBF
Descartes Systems Group	DSG	cuts to sector performer from sector outperformer	CIBC
Dorel	DII.B	cuts price target to C$34 from C$36; rating outperform	RBC
	DII.B	raises price target to C$32 from C$31	CIBC
	DII.B	raises price target to C$27.50 from C$26, rating sector perform	NBF
Fortress Paper Ltd	FTP	raises to outperform from sector perform	RBC
HudBay Minerals	HBM	raises to outperform from sector perform	NBF
	HBM	cuts target price to C$14 from C$14.50	Canaccord Genuity
Intrepid Mines	IAU	cuts price target to C$1.45 from C$2.15, rating outperform	NBF
Killam Properties	KMP	raises target price to C$14 from C$13.50	CIBC
Petrobakken	PBN	raises target price to C$24 from C$23	CIBC
Peyto Exploration	PEY	cuts to sector performer from sector outperformer	CIBC
Stornoway Diamond	SWY	cuts price target to C$2 from C$2.05	NBF
Trinidad Drilling	TDG	cuts price target to C$9.50 from C$10.75	Canaccord Genuity
Western Energy Services Corp	WRG	raises price target to $15 from $13; starts with outperform	RBC
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