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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