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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