Upgrades, Downgrades and Target Changes - Mar 15 2012

Company	Ticker	Rating/Target Change
AG Growth	AGN	raises target to C$36 from C$34	National Bank Financial
	AGN	raises price target to C$39 from C$35; rating hold	TD Securities
	AGN	raises price target to C$48 from C$45; rating buy	Paradigm Capital
	AGN	raises target to C$38.50 from C$35.50, rating hold	Laurentian Bank
Artis REIT	AX.UN	raises price target to C$16.50 from C$16; rating sector perform	RBC
Bankers Petroleum	BNK	cuts to outperform from strong buy	Raymond James
Baytex	BTE	cuts price target to C$60 from C$63	National Bank Financial
	BTE	raises price target to C$64 from C$62; rating outperform	BMO
	BTE	cuts price target to C$62 from C$64, rating buy	UBS
Birchcliff	BIR	cuts price target to C$12 from C$14	CIBC
	BIR	cuts target C$10.50 from C$11; rating market perform	Raymond James
Capstone Mining Corp	CS	cuts price target to C$4.25 from C$4.75	TD Securities
Cervus Equipment	CVL	raises target to C$21 from C$20, rating buy	Canaccord
Exchange Income	EIF	raises target to C$34 from C$29	Stonecap Securities
Freehold Royalties	FRU	raises target to C$20 from C$19, rating hold	TD Securities
GMP Capital	GMP	cuts price target to C$14 from C$15	CIBC
	GMP	cuts target price to C$6.50 from C$7; rating underperform	Macquarie
Liquor Stores	LIQ	raises price target to C$18 from C$16, rating sector perform	RBC
Mega Brands	MB	cuts price target to C$12 from C$15; rating buy	PI Financial
	MB	cuts to market perform from outperform	BMO
Onex	OCX	raises target price to C$41.50 from C$39, rating hold	Canaccord
Pacific Rubiales	PRE	cuts to hold from buy	TD Securities
	PRE	cuts to hold from buy	Mackie
Power Financial Corp	PWF	cuts to hold from buy on valuation	TD Securities
Pure Energy	PSV	raises target to C$12.50 from C$12, rating buy	Canaccord
	PSV	raises price target to C$11.75 from C$11.25	Raymond James
Semafo	SMF	CIBC cuts price target to C$11 from C$13	CIBC
Tahoe Resources	THO	raises target to C$37.50 from C$32.50	Canaccord
Total Energy	TOT	raises price target to C$20 from C$18, rating sector perform	RBC
	TOT	raises price target to C$22.50 from C$22	CIBC
	TOT	raises price target to C$23 from C$19; rating outperform	BMO
Transcontinental	TCL.A	cuts Target to C$13 from C$14; rating neutral	Credit Suisse
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