Upgrades, Downgrades and Target Changes - Apr 16 2012

Company	Ticker	Rating/Target Change
Agnico Eagle	AEM	cuts target price to C$41.00 from C$44.00	Macquarie
Alderon Iron	ADV	raises price target to C$5.30 from C$5.10	National Bank Financial
Allied Nevada	ANV	cuts to neutral from outperform	Macquarie
Alamos	AGI	cuts target price to C$21.00 from C$22.00	Macquarie
Argonaut GOLD	AR	cuts target price to C$9.75 from C$10.00	Macquarie
Aura	ORA	cuts target price to C$1.10 from C$1.25	Macquarie
Aurico	AUQ	cuts target price to C$12.00 from C$13.00	Macquarie
Aurizon Mines	ARZ	cuts target price to C$6.50 from C$7.00	Macquarie
B2Gold	BTO	cuts target price to C$5.25 from C$5.75	Macquarie
Bankers Petroleum Ltd	BNK	cuts price target to C$9 from C$10	TD securitie
	BNK	cuts price target to C$5 from C$7; rating buy	UBS
Barrick	ABX	cuts target price to C$65.00 from C$70.00	Macquarie
BIOX	BX	cuts to sector perform from outperform	National Bank Financial
Cathedral	CET	cuts price target to C$10 from C$11.75	National bank financial
Calmena	CEZ	cuts price target to C$0.40 from C$0.45	National bank financial
Canelson	CDI	cuts price target to C$6.60 from C$7	National bank financial
Canyon	FRC	cuts price target to C$16.50 from C$17.50	National bank financial
CEU	CEU	cuts price target to C$14.50 from C$15	National bank financial
Chorus Aviation	CRJ.B	cuts price target to C$4.50 from C$5	CIBC
	CRJ.B	cuts price target to C$5.25 from C$5.75	Canaccord genuity
Cline Mining Corp	CMK	cuts target price to C$2 from C$3.25	Paradigm capital
Eldorado	ELD	cuts target price to C$16.50 from C$17.00	Macquarie
Electrovaya Inc	EFL	assumes coverage with speculative buy	Mackie research
Essential	ESN	cuts price target to C$3.30 from C$3.50	National bank financial
Goldcorp	G	cuts target price to C$59.00 from C$63.00	Macquarie
Great West	GWO	raises price target to C$25 from C$23.50	CIBC
IAMGOLD	IMG	cuts target price to C$19.00 from C$20.00	Macquarie
Katanga Mining	KAT	cuts price target to C$0.7 from C$1.1; rating sell	UBS
Kinross	K	cuts target price to C$14.00 from C$15.50	Macquarie
Lachlan	LSA	cuts target price to C$2.60 from C$2.90	Macquarie
Manulife Financial	MFC	raises price target to C$14 from C$13	CIBC
North American Energy	NOA	raises to sector performer from sector underperformer	CIBC
Parex Resources	PXT	cuts price target to C$9 from C$11.25	CIBC
	PXT	cuts price target to C$6 from C$7.5; rating neutral	UBS
PHX	PHX	downgrades to sector perform from outperform ;cuts price target to C$11 from C$13.75	National bank financial
Primero	P	cuts target price to C$3.10 from C$3.25	Macquarie
Postmedia Network	PNC.A	cuts price target to C$4.15 from C$6.75	Canaccord Genuity
Poseidon	PSN	cuts price target to C$20.50 from C$21	National bank financial
Rainy River Resources Ltd	RR	raises to outperform	Macquarie
Secure Energy	SES	raises to sector outperformer from sector performer	CIBC
	SES	cuts target to C$10.75 from C$11.25	National bank financial
Silver Wheaton	SLW	cuts target price to C$38.00 from C$39.00	Macquarie
Shaw Communications	SJR.B	cuts price target to C$23 from C$24	CIBC
	SJR.B	cuts price target to C$23 from C$24	TD securities
	SJR.B	cuts target price to C$20 from C$21	BMO
	SJR.B	cuts price target to C$20 from C$22	RBC
	SJR.B	cuts target price to C$21.50 from C$22.50	Desjardins
	SJR.B	cuts price target to C$21.50 from C$23	Stifel
SNC Lavalin	SNC	cuts to sector perform from outperform	RBC
Strad	SDY	cuts price target to C$7 from C$7.25	National bank financial
Sulliden	SUE	cuts price target to C$2.80 from C$3.50	National bank financial
Sun Life	SLF	raises price target to C$24 from C$23	CIBC
Theratechnologies	TH	cuts price target to C$5.50 from C$7	Canaccord Genuity
Thompson Creek Metals Company Inc	TCM	upgrades to buy from neutral	UBS
Timmins Gold	TMM	cuts target price to C$3.10 from C$3.25	Macquarie
Trinidad	TDG	cuts price target to C$10.75 from C$11.25	National bank financial
Yamana	YRI	target price to C$17.50 from C$18.50	Macquarie cuts
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