Upgrades, Downgrades and Target Changes - Apr 25 2012

Company	Ticker	Rating/Target Change
AG Growth International	AFN	LB Securities raises target to C$40.50 from C$38.50
Canadian National Railway	CNR	Raymond James raises to outperform from market perform
Celestica	CLS	Citigroup raises price target to $8 from $7; rating sell
Celestica	CLS	Canaccord Genuity raises price target to $10.50 from $10; rating buy
Dundee REIT	D.UN	RBC cuts to sector perform from outperform ;raises price target to C$38 from C$37
FirstService	FSV	CIBC cuts price target to C$37 from C$40
FirstService	FSV	JMP cuts target to $34 from $39; market outperform rating
FirstService	FSV	RBC cuts target to $31 from $34; rating sector perform
FirstService	FSV	BMO cuts price target to $31 from $33
FirstService	FSV	Raymond James cuts target to $33 from $36;rating outperform
Genworth MI Canada Inc	MIC	Canaccord Genuity cuts price target to C$26.50 from C$28
IBI Group	IBG	Stonecap cuts price target to C$16 from C$17; rating outperform
Miranda Tech	MT	National Bank Financial cuts to sector perform from outperform ;cuts price target to C$14 from C$16
PetroMagdalena Energy Corp	PMD	CIBC cuts price target to C$1.75 from C$2.50
Rogers Communications	RCI.B	Canaccord Genuity cuts price target to C$37 from C$39
Rogers Communications	RCI.B	Macquarie cuts target to C$40 from C$42; rating neutral
Rogers Communications	RCI.B	NBF cuts price target to C$41.50 from C$42.50; rating outperform
Teck Resources	TCK.B	UBS cuts price target to C$47 from C$50; rating buy
TSO3 Inc	TOS	Desjardins cuts price target to C$2.50 from C$2.75; rating buy
Western Energy	WRG	Raymond James raises to strong buy from outperform
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