Upgrades, Downgrades and Target Changes - Apr 30 2012

Company	Ticker	Rating/Target Change
Agnico Eagle Mines	AEM	CIBC raises price target to $42 from $38
Alimentation Couche Tard	ATD.B	TD Securities raises target price to C$54 from $50
Arcan Resources	ARN	National Bank Financial cuts price target to C$6.50 from C$7.25
Arcan Resources	ARN	BMO cuts to market perform from outperform
Arcan Resources	ARN	Paradigm Capital cuts price target to C$5.75 from C$7
Arcan Resources	ARN	RBC cuts price target to C$6.50 from C$7.50; rating outperform
Atco	ACO.X	National Bank Financial raises price target to C$75 from C$74
Atco	ACO.X	RBC raises price target to C$78 from C$71; rating sector perform
Atco	ACO.X	TD securities raises target price to C$87 from C$78, action list buy
Augusta Resource	AZC	National Bank Financial cuts target to C$5.25 from C$6
Canam Group	CAM	Canaccord Genuity raises price target to C$7 from C$6, rating buy
Canam Group	CAM	RBC raises price target to C$5.25 from C$5; rating sector perform
Capital Power	CPX	National Bank Financial cuts target price to C$26 from C$27
Capital Power	CPX	Canaccord Genuity cuts target price to C$30 from C$31
Canadian Utilities	CU	National Bank Financial raises target to C$69 from C$68
Canadian Utilities	CU	Canaccord Genuity raises target price to C$70 from C$66
Canadian Utilities	CU	RBC raises target to C$70 from C$63; rating sector perform
Canadian Utilities	CU	TD Securities raises price target to C$74 from C$69
Canadian Utilities	CU	BMO raises target to C$73 from C$70, rating outperform
Cascades	CAS	National Bank Financial starts with outperform rating
Charger Energy	CHX	Macquarie cuts target price to C$2.25 from C$2.70
Constellation Software	CSU	Versant Partners raises price target to C$107 from C$95
Encana Corp	ECA	Barclays cuts price target to $14 from $16; rating equal weight
Endeavour Silver	EDR	BMO raises to market perform
Energold Drilling	EGD	TD securities raises price target to C$7.50 from C$6
First National Financial Services	FN	RBC raises to sector perform from underperform
Gildan Activewear Inc	GIL	Canaccord Genuity raises price target to $27 from $25
Goldcorp Inc	G	RBC cuts price target to $62 from $64; rating outperform
IAMGOLD	IMG	BMO cuts price target to $16.75 from $18; rating market perform
IAMGOLD	IMG	TD Securities cuts price target to C$22 from C$23; rating buy
Inmet Mining	IMN	Paradigm Capital cuts price target to C$78 from C$83; rating buy
Manulife Financial	MFC	Macquarie raises target to C$14.50 from C$13, neutral rating
Magna International	MG	Canaccord Genuity raises price target by $1 to $65
Norbord Inc	NBD	RBC cuts price target to C$15 from C$16; rating outperform ;
Pacific Rubiales	PRE	Canaccord genuity ups price target to C$45 from C$43
Pacific Rubiales	PRE	RBC raises price target to C$39 from C$38; rating outperform
Pacific Rubiales	PRE	Macquarie raises target by C$1.50 to C$35.50, neutral rating
Pacific Rubiales	PRE	TD securities raises price target to C$34 from C$33
Petrominerales	PMG	CIBC cuts target to C$23.25 from C$26; rating sector performer
Progressive Waste Solutions	BIN	CIBC cuts price target to $24 from $24.50
Progressive Waste Solutions	BIN	BMO cuts to market perform from outperform
Stella Jones	SJ	LB Securities raises price target to C$52 from C$51; rating buy
TransCanada	TRP	CIBC cuts to sector performer from sector outperformer
TransCanada	TRP	National Bank Financial raises price target to C$43 from C$42.50
TransForce	TFI	BMO raises price target to C$22.50 from C$21, rating outperform
Vicwest Inc	VIC	National Bank Financial cuts to sector perform from outperform ;raises price target to C$13 from C$12.50
Wajax Corp	WJX	PI Financial starts with buy rating, target price C$58
Westport Innovations Inc	WPT	Macquarie cuts price target to $44 from $51
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Upgrades, Downgrades and Target Changes - Apr 27 2012

Company	Ticker	Rating/Target Change
Agnico Eagle Mines Ltd		Canaccord Genuity raises target price to $44 from $41
Air Canada	AC.B	Canaccord Genuity raises to C$6.50 from C$5.25; rating buy
Exco Technologies	XTC	Canaccord genuity raises price target to C$6.25 from C$5.75
Goldcorp	G	Jefferies cuts price target to $39 from $52; rating hold
Guide Exploration	GO	RBC starts with sector perform rating; price target of C$3
Intact Financial	IFC	NBF cuts price target to C$70 from C$71
Legacy Oil + Gas	LEG	RBC starts with outperform rating; price target of C$13
Linamar	LNR	CIBC raises price target to C$25 from C$24.50; rating sector performer
Lundin Mining	LUN	Canaccord Genuity ups price target to C$6.50 from C$6; rating buy
Methanex Corp	MX	RBC raises price target to $36 from $31; rating sector perform
Petrominerales	PMG	Macquarie cuts target price by C$1 to C$23; rating neutral
Potash Corp	POT	Canaccord Genuity cuts target price to $56 from $57; rating buy
Potash Corp	POT	RBC cuts price target to $50 from $52; rating outperform
Precision Drilling	PD	Canaccord Genuity cuts price target to C$15 from C$17
Precision Drilling	PD	RBC cuts price target to C$13 from C$14; rating outperform
Quest Rare Minerals	QRM	NBF cuts price target to C$3.70 from C$4.30
Sonde Resources	SOQ	RBC starts with sector perform rating; price target of C$3
Shoppers Drug Mart	SC	CIBC raises price target to C$44 from C$43
Tembec	TMB	RBC cuts price target to C$5 from C$6; rating outperform
TransAlta	TA	NBF cuts price target to C$16.50 from C$19; rating underperform
TransAlta	TA	CIBC cuts price target to C$17.50 from C$21;rating sector underperformer
TransAlta	TA	RBC cuts price target to C$15 from C$19; rating underperform
TransForce	TFI	NBF raises to outperform from sector perform ;NBF raises to outperform from sector perform
Valeant Pharma	VRX	RBC raises price target to C$60 from C$58; rating outperform
WestFire Energy	WFE	RBC starts with outperform rating; price target of C$8
Whitecap Resources	WCP	RBC starts with outperform rating; price target of C$13
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Upgrades, Downgrades and Target Changes - Apr 26 2012

Company	Ticker	Rating/Target Change
Bell Aliant	BA	CIBC cuts price target to C$27 from C$28; rating sector performer
Boardwalk REIT	BEI.UN	Canaccord genuity raises price target to C$60.50 from C$55.10
Canfor Pulp Products Inc	CFX	BMO cuts price target to C$12.50 from C$14
Cenovus Energy	CVE	CIBC cuts target to C$44 from C$45; rating sector outperformer
Constellation Software Inc	CSU	RBC raises to top pick from outperform
CGI Group	GIB.A	Canaccord Genuity raises price target to C$23 from C$22; rating hold
CGI Group	GIB.A	BMO raises price target to C$25 from C$23; rating outperform
CGI Group	GIB.A	Raymond James raises target price to C$26.50 from C$25.50
Goldcorp	G	TD Securities cuts price target to $62 from $65; rating buy
Goldcorp	G	Macquarie cuts target price to C$58 from C$59; rating outperform
Encana Corp	ECA	Macquarie raises price target to $4.59 from $4.36; rating neutral
Guyana Goldfields Inc	GUY	Jennings Capital cuts price target to C$7.25 from C$11.50
InterRent	IIP.UN	Canaccord genuity raises to buy from hold
Killam Properties	KMP	Canaccord genuity raises to buy from hold
Mullen Group	MTL	Raymond James raises to outperform from market perform
Neptune Technologies	NTB	Rodman Renshaw starts with market outperform rating
New Flyer Industries	NFL	Canaccord Genuity raises target to C$7.25 from C$6.25
New Zealand Energy Corp	NZ	Stonecap starts with outperform; target price of C$3.75
Northern Property	NPR.UN	Canaccord genuity raises target to C$36.80 from C$35.10
Paladin Energy	PLB	Haywood Research cuts price target by C$0.40 to C$2.60
Potash Corp	POT	National Bank Financial cuts to underperform from sector perform
Sherritt International Corp	S	Desjardins cuts price target to C$9 from C$9.50
Talisman Energy Inc	TLM	Raymond James Cuts price target to C$13.50 from C$14
Toromont Industries	TIH	RBC cuts target to C$25 from C$27; rating sector perform
Toromont Industries	TIH	TD Securities raises target to C$28 from C$27; rating buy
Toromont Industries	TIH	Raymond James cuts price target to C$25 from C$27
Transglobe Energy	TGL	Canaccord genuity raises target price to C$14.25 from C$12.70
Vitran Corp	VTN	BMO raises target to $9.50 from $8.50; rating market perform
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Upgrades, Downgrades and Target Changes - Apr 25 2012

Company	Ticker	Rating/Target Change
AG Growth International	AFN	LB Securities raises target to C$40.50 from C$38.50
Canadian National Railway	CNR	Raymond James raises to outperform from market perform
Celestica	CLS	Citigroup raises price target to $8 from $7; rating sell
Celestica	CLS	Canaccord Genuity raises price target to $10.50 from $10; rating buy
Dundee REIT	D.UN	RBC cuts to sector perform from outperform ;raises price target to C$38 from C$37
FirstService	FSV	CIBC cuts price target to C$37 from C$40
FirstService	FSV	JMP cuts target to $34 from $39; market outperform rating
FirstService	FSV	RBC cuts target to $31 from $34; rating sector perform
FirstService	FSV	BMO cuts price target to $31 from $33
FirstService	FSV	Raymond James cuts target to $33 from $36;rating outperform
Genworth MI Canada Inc	MIC	Canaccord Genuity cuts price target to C$26.50 from C$28
IBI Group	IBG	Stonecap cuts price target to C$16 from C$17; rating outperform
Miranda Tech	MT	National Bank Financial cuts to sector perform from outperform ;cuts price target to C$14 from C$16
PetroMagdalena Energy Corp	PMD	CIBC cuts price target to C$1.75 from C$2.50
Rogers Communications	RCI.B	Canaccord Genuity cuts price target to C$37 from C$39
Rogers Communications	RCI.B	Macquarie cuts target to C$40 from C$42; rating neutral
Rogers Communications	RCI.B	NBF cuts price target to C$41.50 from C$42.50; rating outperform
Teck Resources	TCK.B	UBS cuts price target to C$47 from C$50; rating buy
TSO3 Inc	TOS	Desjardins cuts price target to C$2.50 from C$2.75; rating buy
Western Energy	WRG	Raymond James raises to strong buy from outperform
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Upgrades, Downgrades and Target Changes - Apr 24 2012

Company	Ticker	Rating/Target Change
Atco Ltd	ACO.X	National Bank Financial raises price target to C$74 from C$71
Baja Mining	BAJ	Canaccord Genuity cuts target to to C$1 from C$1.65; rating buy
Baja Mining	BAJ	Mackie cuts price target to C$1.10 from C$2, rating buy
Baja Mining	BAJ	Raymond James Cuts to market perform from outperform
Baja Mining	BAJ	Haywood Research cuts price target by C$0.90 to C$0.85
BNK Petroleum Inc	BKX	Paradigm capital cuts price target to C$5 from C$7
Calmena Energy Services Inc	CZE	TD Securities starts with buy
Canadian National Railway	CNR	CIBC raises price target to C$92 from C$90
Canadian National Railway	CNR	Canaccord Genuity raises to buy from hold
Canadian National Railway	CNR	Barclays raises price target to C$84 from C$82
Canadian National Railway	CNR	TD Securities raises price target to C$93 from C$90
Canadian National Railway	CNR	National Bank Financial raises to outperform
Canadian National Railway	CNR	Citigroup raises target to $85 from $80; rating neutral
Canadian Utilities Ltd	CU	National Bank Financial raises target to C$68 from C$65
Canfor Pulp Products Inc	CFX	Raymond James Cuts to outperform from strong buy
GMP Capita	GMP	Macquarie cuts target price to C$6 from C$6.50, underperform rating
Dundee REIT	D.UN	RBC Capital Markets cuts to sector perform from outperform
IC Potash	ICP	Macquarie starts with an outperform rating
Intact Financial Corp	IFC	TD Securities raises price target to C$66 from C$65
Mirabela Nickel	MBN	CIBC cuts target to C$0.65 from C$0.75; rating sector performer
Mirabela Nickel	MBN	UBS cuts price target to C$1.25 from C$2, rating neutral
MBAC Fertilizer	MBC	Canaccord Genuity ups target to C$4.75 from C$4.70; rating buy
New Gold Inc	NGD	RBC cuts price target to C$12 from C$14; rating sector perform
NovaGold Resources Inc	NG	National Bank Financial cuts price target to C$8 from C$9
Rocky Mountain Dealerships	RME	TD Securities ups target price to C$14.50 from C$13.50
Scott's REIT	SRQ.UN	Dundee raises price target to C$4.75 from C$4.50; rating sell
Shoppers Drug Mart	SC	RBC raises price target to C$49 from C$48, rating outperform
Shoppers Drug Mart	SC	TD Securities cuts price target to C$44 from C$46
Torstar Corp	TS.B	Canaccord genuity cuts to hold from buy; cuts price target to C$10.75 from C$11.75
TSO3	TOS	Canaccord Genuity cuts price target to C$3.25 from C$3.40
Western Forest Products Inc	WEF	TD securities starts with buy rating
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Upgrades, Downgrades and Target Changes - Apr 23 2012

Company	Ticker	Rating/Target Change
Algonquin Power & Utilities	AQN	raises price target to C$7 from C$6.50	CIBC
ATS Automation	ATA	downgrades to sector underperformer from sector performer	CIBC
AutoCanada	ACQ	raises target price to C$13.75 from C$12.70; rating buy	Clarus
Blackpearl resource	PXX	starts with buy; price target C$6.75	Dundee
Boralex	BLX	cuts price target to C$10.50 from C$12	CIBC
Brookfield Renewable Energy	BEP.UN	raises price target to C$28 from C$26.75	CIBC
Canadian Pacific Railway	CP	raises price target to C$78 from C$75	TD Securities
Canadian Pacific Railway	CP	raises price target to C$78 from C$76	BMO
Canadian Pacific Railway	CP	raises price target to C$92 from C$89	Canaccord Genuity
Canadian Pacific Railway	CP	raises price target to C$79 from C$72	Jefferies
Canadian Pacific Railway	CP	raises price target to C$77 from C$75	Raymond James
Canadian Pacific Railway	CP	raises price target to C$78 from C$75	UBS
Cervus Equipment Corp	CVL	raises price target to C$20 from C$18.25	LB Securities
Fortress Paper Ltd	FTP	reinstates with buy rating; price target of C$42	Dundee
Great West Lifeco Inc	GWO	N raises to outperform	ational Bank Financial
IBI Group Inc	IBI	resumes coverage of with buy; price target C$17.50	LB Securities
Innergex Renewable	INE	downgrades to sector performer from sector outperformer	CIBC
Northland Power	NPI	raises price target to C$17.50 from C$16.50	CIBC
Research In Motion	RIM	starts with hold rating	TD Securities
Westport Innovations	WPT	raises to sector performer from sector underperformer	CIBC
Whistler Blackcomb	WB	ups to buy from hold; target to C$13 from C$12	TD Securities
Whitecap Resources	WCP	resumes coverage with outperform; price target C$14	NBF
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Upgrades, Downgrades and Target Changes - Apr 20 2012

Company	Ticker	Rating/Target Change
Alliance Grain Traders	AGT	raises to sector outperformer from sector performer	CIBC
Birchcliff Energy	BIR	cuts price target to C$8.25 from C$12	CIBC
	BIR	resumes coverage with sector perform	National Bank Financial
Canfor Pulp Products Inc	CFX	cuts to hold from buy	TD Securities
Eastern Platinum	ELR	Cuts price target to C$0.70 from C$0.75	Raymond James
First Quantum	FM	cuts to buy from action list buy	TD securities
Garda World	GW	raises price target to C$9.25 from C$8.75; rating hold	LB Securities
Gran Tierra Energy Inc	GTE	starts with an outperform rating	Credit Suisse
Home Capital	HCG	cuts price target to C$57 from C$58; rating neutral	Macquarie
IAMGOLD	IMG	starts with sell	Societe generale
Ivanhoe Mines Ltd	IVN	cuts target to C$18 from C$23.50; rating outperform	Macquarie
	IVN	cuts price target to C$20 from C$26	CIBC
Nexen	NXY	raises to outperform from neutral	Credit Suisse
Transat A T Inc	TRZ.B	raises to sector performer from sector underperformer	CIBC
Thompson Creek Metals	TCM	cuts price target to C$9.50 from C$9.75	Canaccord Genuity
	TCM	cuts target to C$8.50 from C$9; rating hold	TD Securities
Valeura Energy Inc	VLE	cuts price target to C$8 from C$9	Jennings Capital
Westshore Terminals	WTE.UN	cuts to sector underperformer from sector performer	CIBC
Winpak Ltd	WPK	Raises target price to C$16 from C$14	Raymond James
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Upgrades, Downgrades and Target Changes - Apr 19 2012

Company	Ticker	Rating/Target Change
Alimentation Couche Tard	ATD.B	raises price target to C$43 from C$33	CIBC
	ATD.B	raises price target to C$44 from C$36.50	Canaccord
	ATD.B	raises price target to C$44 from C$36	NBF
	ATD.B	cuts to market perform	BMO
	ATD.B	cuts to hold from buy ;raises target price to C$42 from C$35	Desjardins
Alliance Grain Traders Inc	AGT	cuts price target to C$12 from C$17.50	NBF
ARC Resources Ltd	ARX	cuts price target to C$25 from C$28	Canaccord Genuity
Baytex Energy Corp	BTE	raises price target to C$58 from C$56; rating outperform	NBF
	BTE	raises price target to C$5.32 from C$5.30	Macquarie
Bellatrix Exploration	BXE	cuts price target to C$8.25 from C$9.75	Canaccord Genuity
Birchcliff Energy Lt	BIR	cuts price target to C$5 from C$7	Canaccord Genuity
Blackpearl Resources	PXX	cuts price target to C$6.75 from C$7.25	Canaccord Genuity
Bonavista Energy	BNP	Canaccord Genuity cuts price target to C$22 from C$26	Canaccord Genuity
Boyd Group Income Fund	BYD.UN	starts with outperform rating; price target C$15	NBF
Calfrac Well Services	CFW	cuts price target to C$37 from C$40; rating buy	UBS
Celtic	CLT	cuts price target to C$33.50 from C$40	Canaccord Genuity
Crescent Point	CPG	cuts price target to C$46.50 from C$50.25	Canaccord Genuity
Crew	CQE	cuts price target to C$21.75 from C$24.25	Canaccord Genuity
Crocotta Energy Inc	CTA	cuts price target to C$5.50 from C$6.50	Canaccord Genuity
Delphi Energy Corp	DEE	cuts price target to C$2.25 from C$3	Canaccord Genuity
Ensign Energy Services	ESI	cuts price target to C$17 from C$18; rating buy	UBS
Fairborne	FEL	cuts price target to C$2.75 from C$3	Canaccord Genuity
EXFO	EXF	cuts price target to $9 from $10; rating buy	Stifel
Ivanhoe Mines	IVN	cut price target to C$15.50 from C$18; rating market perform	BMO
	IVN	raises to hold from reduce ; cuts target to C$12 from C$12.50	TD Securities
Legacy Oil + Gas Inc	LEG	cuts price target to C$15.25 from C$16.50	Canaccord Genuity
METRO	MRU	raises price target to C$59 from C$58.50; rating buy	Desjardins
	MRU	raises price target to C$58 from C$57; rating hold	TD Securities
Nuvista Energy Ltd	NVA	Canaccord Genuit cuts price target to C$5 from C$7.75	Canaccord Genuity
Open Range Energy	ONR	C cuts price target to C$2 from C$2.50	Canaccord Genuity
Pacific Rubiales Energy Corp	PRE	cuts price target to C$38	Raymond James
Paramount Resources	POU	cuts price target to C$35 from C$42.50	Canaccord Genuity
Penn West Petroleum	PWT	cuts price target to C$23.50 from C27.50	Canaccord Genuity
Petrobakken Energy	PBN	cuts price target to C$23.25 from C$25.50	Canaccord Genuity
Peyto Exploration & Development	PEY	cuts price target to C$20 from C$22	Canaccord Genuity
Progress Energy Resources	PRQ	cuts price target to C$13.50 from C$15	Canaccord Genuity
SXC Health Solutions	SXC	raises price target to $90 from $64; rating neutral	UBS
Trican Well Service	TCW	cuts price target to C$20 from C$22; rating buy	UBS
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