Upgrades, Downgrades and Target Changes - Apr 17 2012

Company	Ticker	Rating/Target Change
ARC Resources	ARX	cuts price target to C$23 from C$27; rating equal weight	Barclays
Barrick Gold Corp	ABX	cuts price traget to $60 from $67; rating buy	TD Securities
Baytex Energy	BTE	cuts price target to C$61 from C$64; rating overweight	Barclays
Bonavista Energy	BNP	cuts price target to C$20 from C$26	Barclays
CGA Mining	CGA	cuts target to C$3.40 from C$4, rating sector outperform	Haywood
Crescent Point Energy	CPG	cuts price target to C$49 from C$51	Barclays
Celestica	CLS	cuts to hold from buy	Deutsche Bank
Denison Mines	DML	cuts price target to C$1.50 from C$2; rating sector perform	RBC
	DML	cuts price traget to C$1 from C$1.50; rating reduce	TD Securities
Enerplus Corp	ERF	cuts price target to C$20 from C$24; rating underweight	Barclays
	ERF	cuts price target to C$23 from C$27; rating sector perform	RBC
	ERF	cuts price target to C$23 from C$26; rating buy	TD Securities
	ERF	cuts price target to C$22.50 from C$27; rating market perform	BMO
Enercare Inc	ECI	starts with outperform; price target C$11	National Bank Financial
Fairborne Energy	FEL	cuts target price to C$3 from C$4	Canaccord Genuity
	FEL	cuts price target to C$3.25 from C$3.50	CIBC
First Quantum Minerals	FM	starts with market perform rating	BMO
Great Panther Silver	GPR	cuts price target to C$2.70 from C$3; rating neutral	Dundee
Hudbay Minerals	HBM	starts with outperform rating	BMO
Inmet Mining Corp	IMN	starts with outperform rating	BMO
Lundin Mining Corp	LUM	starts with outperform rating	BMO
NAL Energy Corp	NAE	cuts price target to C$7 from C$8; rating equal weight	Barclays
Paladin Energy Ltd	PDN	cuts price target to C$3.60 from C$3.80; rating buy	Dundee
Pembina Pipeline Corp	PPL	cuts to hold from buy	Canaccord Genuity
Pengrowth Energy Corp	PGF	cuts price target to C$9 from C$11	Barclays
Penn West Petroleum	PWT	cuts price target to C$20 from C$24	Barclays
Progress Energy Resources	PRQ	cuts to equal weight from overweight ;uts price target to C$12 from C$15	Barclays
Peyto Exploration & Development	PEY	cuts price target to C$19 from C$26	Barclays
Teck Resources	TCK.B	cuts target price to C$48 from C$50; rating outperform	Macquarie
TELUS Corp	T.A	raises price target to C$62 from C$57, rating buy	UBS
TransAlta	TA	Cuts price target to $22 from $23	Canaccord Genuity
Trilogy Energy Corp	TET	cuts price target to C$33 from C$41	Barclays
Vermilion Energy	VET	raises price target to C$50 from C$49	Barclays
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