Upgrades, Downgrades and Target Changes - Mar 22 2012

Company	Ticker	Rating/Target Change
Brick	BRK	Raises price target to C$4 from C$3.50; rating sector perform	RBC
Canadian Natural	CNQ	Starts with outperform	National Bank Financial
Canadian Oil Sands	COS	Starts with sector perform	National Bank Financial
Canfor Pulp	CFX	Raises target to C$19 from C$17; rating strong buy	Raymond James
Cenovus Energy Inc	CVE	Starts with sector perform	National Bank Financial
Cineplex	CGX	Raises target price to C$28 from C$27	National Bank Financial
Ithaca Energy Inc	IAE	Cuts to hold from buy	Canaccord Genuity
Colabor Group Inc	GCL	cuts price target to C$7.50 from C$10.50; underperform	NBF
Delphi Energy	DEE	cuts price target to C$2.25 from C$2.50	National Bank Financial
Equal Energy Ltd	EQU	cuts target to C$7 from C$8; speculative risk	PI Financial
Franco Nevada	FNV	raises price target to C$46 from C$45	National Bank Financial
Legacy Oil + Gas Inc	LEG	Cuts price target to C$15.50 from C$16	CIBC
	LEG	Cuts price target to C$16 from C$17	National Bank Financial
	LEG	raises to action list buy from buy	TD Securities
	LEG	cuts target price to C$16.50 from C$17	Canaccord Genuity
Nevsun Resources Ltd	NSU	Cuts price target to C$4.75 from C$5.50	CIBC
Raging River	RRX	Starts with outperform	National Bank Financial
Rocky Mountain Dealerships Inc	RME	raises target to $15 from $12; outperform	RBC
San Gold Corp	SGR	cuts price target to C$2.50 from C$3	Stonecap Securities
Suncor Energy Inc	SU	Starts with outperform	National Bank Financial
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