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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