Upgrades, Downgrades and Target Changes - May 31 2012

Company	Ticker	Rating/Target Change
Canada Lithium		Mackie cuts target to C$0.74 from C$1; rating speculative buy
Cominar REIT		Dundee raises price target to C$26 from C$25.25; rating buy
Eagle Energy Trust		Acumen resumes with buy rating; price target of C$13
Eastern Platinum		Raymond James cuts target price to C$0.45 from C$0.55
Eastern Platinum		UBS cuts price target to C$0.5 from C$0.6; rating buy
Extorre Gold Mines		Canaccord Genuity cuts target price to C$5.90 from C$9.10
Extorre Gold Mines		TD Securities cuts price target to C$7 from C$11
Forbes and Manhattan Coal		Canaccord Genuity cuts target to C$3 from C$3.60
Forbes & Manhattan		Paradigm cuts price target to C$3.25 from C$4.75, rating buy
Innovative Composites		Canaccord Genuity cuts target price to C$1.25 from C$2.25
Lake Shore Gold		TD Securities cuts to hold from buy; target to C$1 from C$2
Legacy Oil + Gas		Dahlman Rose raises to buy rating
Mansfield Minerals		Haywood cuts target price to C$1, rating sector outperform
Methanex Corp		TD Securities raises to buy from hold
Reitmans		CIBC cuts price target to C$15 from C$16, rating sector performer
Strategic Oil and Gas		Raymond James raises target price to C$1.75 from C$1.60
Veresen		Canaccord Genuity raises to buy
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Upgrades, Downgrades and Target Changes - May 30 2012

Company	Ticker	Rating/Target Change
Africa Oil Corp		Dundee raises price target to C$13.30 from C$12; rating buy
Air Canada		Canaccord Genuity raises price target to C$5 from C$4.75; rating buy
Bank of Nova Scotia		TD Securities cuts price target to C$66 from C$68
Bank of Nova Scotia		Barclays raises target to C$55 from C$51, rating underweight
Bank of Nova Scotia		RBC cuts price target by C$1 to C$60, rating outperform
Bank of Nova Scotia		Canaccord Genuity raises to buy from hold
Bank of Nova Scotia		National Bank Financial raises target to C$60 from C$58
Bank of Nova Scotia		Macquarie cuts target price to C$57.50 from C$59.50
Belo Sun Mining		CIBC cuts price target to C$2.50 from C$3
Birchcliff Energy		Macquarie raises to neutral from underperform
Border Petroleum		National Bank Financial starts with outperform
Kinross Gold Corp		UBS raises price target to $12.25 from $12; rating buy
Lululemon Athletica Inc		Wedbush starts with outperform; price target $90
Major Drilling Group		RBC cuts price target to C$19 from C$21; rating outperform
MethylGene		JMP starts with market outperform rating
Pan Orient Energy		Raymond James Raises price target to C$4.50 from C$4.25
Research In Motion		JMP raises to market perform from market underperform
Research In Motion		BMO cuts target price to $9 from $11, market perform rating
Research In Motion		Citigroup cuts target price to $9.50 from $11.75, sell rating
Research In Motion		Baird cuts target price to $8 from $10, rating underperform
Research In Motion		Nomura cuts target price to $9.10 from $13.25, rating neutral
Research In Motion		CIBC cuts price target to $20 from $25
Research In Motion		Evercore cuts target to $13 from $20, equal-weight rating
Research In Motion		Jefferies cuts target to $10 from $12; rating underperform
Research In Motion		Wedbush cuts target to $9.50 from $11.50, neutral rating
Research In Motion		FBR cuts price target to $9.50 from $11, rating underperform
Research In Motion		Raymond James cuts price target to $12 from $15
Research In Motion		Canaccord Genuity cuts price target to $10 from $12
Research In Motion		RBC cuts price target to $11 from $13; rating sector perform
Research In Motion		Credit Suisse cuts target price to $11 from $14.50
Research In Motion		Barclays cuts target to $8 from $10, rating equal weight
Research In Motion		ThinkEquity cuts price target to $10 from $13
Research In Motion		TD Securities cuts price target to $12.50 from $16
Research In Motion		S&P Capital IQ cuts target by $0.50 to$9.50; rating sell
Sabina Gold & Silver		RBC cuts price target to C$4 from C$5, rating outperform
Sabina Gold & Silver		Desjardins cuts price target to C$6.75 from C$8
Secure Energy Services Inc		BMO starts with outperform; price target C$11
Silvercorp Metals Inc		Raymond James Cuts target price to C$11 from C$12.50
Strateco Resources		Dundee cuts price target to C$1.05 from C$1.15; rating buy
Transat A.T		Canaccord Genuity raises to buy from hold
Western Energy Services		Global Hunter Securities starts with buy.
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Upgrades, Downgrades and Target Changes - May 29 2012

Company	Ticker	Rating/Target Change
Africa Oil Corp		Canaccord Genuity starts with speculative buy
Arcan Resources		BMO cuts target to C$3.50 from C$4.50, rating market perform
Arcan Resources		PI Financial cuts price target to C$5 from C$10; rating buy
Bankers Petroleum		Canaccord Genuity starts with buy; C$5 target price
Bear Creek Mining		Haywood cuts price target to C$5.85, rating sector outperform
Black Iron		Macquarie cuts target price to C$0.50 from C$0.65
Charger Energy		National Bank Financial cuts price target to C$1.50 from C$1.75
Charger Energy		Paradigm Capital starts with buy; C$2 target price
Coastal Energy		Canaccord Genuity starts with buy recommendation
Leisureworld Senior Care		CIBC raises price target to C$12.50 from C$12.25
Leisureworld Senior Care		Canaccord Genuity raises target to C$13.50 from C$13.25
Macarthur Minerals		Macquarie cuts target price to C$1.50 from C$3
Niko Resources		Canaccord Genuity starts with hold; C$50 target price
Oceanic Iron Ore		Macquarie cuts target price to C$0.65 from C$0.80
Parex Resources		CIBC raises to sector outperformer from sector performer
Probe Mines Ltd		Stonecap initiates coverage of with outperform rating
Raging River Exploration		Dundee cuts price target to C$3 from C$3.15
Research In Motion		Macquarie cuts price target to $14.50 from $17.50 and expects further cost realignment apart from the job-cuts announced by RIM
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Upgrades, Downgrades and Target Changes - May 28 2012

Company	Ticker	Rating/Target Change
Advantage Oil and Gas		CIBC cuts price target to C$4.25 from C$4.75
ATAC		Macquarie cuts price target to C$5.75 from C$6.25
Carpathian Gold		Macquarie cuts price target to C$0.90 from C$1
Chesapeake Gold Corp		Stonecap raises price target to C$23 from c$22
Colossus Minerals		Macquarie cuts price target to C$8.25 from C$9
Detour Gold		Macquarie cuts price target to C$33 from C$35
Eastmain		Macquarie cuts price target to C$2 from C$2.50, rating outperform
Extorre Gold Mines		Macquarie cuts target price to C$7.50 from C$10.25 * Glacier Media : Canac
Heroux Devtek		TD securities raises price target to C$11.50 from C$10.50
Inmet Mining		Canaccord Genuity cuts price target to C$70 from C$74, rating buy
Martinrea International		BMO cuts price target to C$12.50 from C$14
Midas Gold		Macquarie cuts price target to C$8.50 from C$9.50, rating outperform
Mirasol		Macquarie cuts price target to C$4.75 from C$6.25, rating outperform
Paramount Resources		TD securities raises to buy from hold
Prodigy Gold		Macquarie cuts price target to C$1.20 from C$1.30, rating outperform
Progress Energy Resources		TD securities raises to buy from hold
Raging River Exploration Inc		TD securities cuts to hold from buy
Rockwell Diamonds		Northland Capital starts with buy
Strategic Metals		Macquarie cuts target to C$2 from C$2.75, rating outperform
Tahoe Resources		Macquarie cuts price target to C$27 from C$28
Torex Gold		Macquarie cuts price target to C$3 from C$3.50, rating outperform
Trilogy Energy Corp		TD securities raises to action list buy from buy
5n Plus Inc		Versant raises to buy (speculative) from neutral
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Upgrades, Downgrades and Target Changes - May 25 2012

Company	Ticker	Rating/Target Change
Agrium	AGU	NBF starts with underperform rating; price target of $71
Allana Potash	AAA	NBF price target to C$1.25 from C$1.55; rating outperform
ATS Automation Tooling Systems	ATA	Canaccord Genuity cuts to hold from buy
Cogeco Cable Inc	CCA	TD Securities raises to buy from hold
Computer Modelling Group	CMG	NBF raises price target to C$18.50 from C$17
Computer Modelling Group	CMG	BMO raises target to C$23 from C$17.50; rating outperform
Fortis Inc	FTS	BMO cuts price target to C$35 from C$35.50; rating outperform
IC Potash	ICP	NBF cuts price target to C$1.45 from C$1.75; rating outperform
Lululemon Athletica In	LLL	Keybanc cuts to hold from buy
MBAC Fertilizer	MBC	NBF cuts price target to C$5.25 from C$5.50; rating outperform
Phoscan Chemical	FOS	NBF cuts price target to C$0.40 from C$0.60; rating outperform
Premier Gold Mines	PG	Stonecap Securities raises price target to C$8.75 from C$8.70
RBC	RY	Barclays cuts price target to C$55 from C$57; rating equal weight
RBC	RY	CIBC cuts price target to C$58 from C$62; rating sector performer
RBC	RY	National Bank Financial cuts target to C$60 from C$62; rating sector perform
RBC	RY	TD Securities cuts price target to C$60 from C$65; rating hold
RBC	RY	Canaccord Genuity cuts price target to C$61 from C$65; rating buy
RBC	RY	Macquarie cuts target price to C$58 from C$61; rating neutral
Rogers Communications	RCI.B	TD Securities raises to buy from hold
TD Bank	TD	RBC cuts price target to C$98 from C$99; rating outperform
TD Bank	TD	Canaccord Genuity cuts price target to C$93 from C$95; rating buy
TD Bank	TD	Macquarie cuts target price to C$90 from C$94.50; rating outperform
TD Bank	TD	National Bank Financial cuts target to C$93 from C$94
Verde Potash	NPK	NBF cuts price target to C$9.25 from C$11.50; rating outperform
Western Potash	WPX	NBF cuts price target to C$0.75 from C$1; rating underperform
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Upgrades, Downgrades and Target Changes - May 24 2012

Company	Ticker	Rating/Target Change
Bank of Montreal	BMO	RBC cuts price target to C$65 from C$66, rating sector perform
Bank of Montreal	BMO	CIBC cuts target to C$61 from C$62;rating sector underperformer
Bank of Montreal	BMO	UBS cuts price target to C$60 from C$62; rating neutral
Bank of Montreal	BMO	TD Securities cuts price target to C$64 from C$67; rating hold
Bank of Montreal	BMO	KBW cuts target price by C$1 to C$61, rating market perform
Bank of Montreal	BMO	Macquarie cuts target price to C$61 from C$64, rating neutral
CAE	CAE	Canaccord Genuity raises price target to C$15.50 from C$15, rating buy
CAE	CAE	Paradigm Capital raises target price to C$13.50 from C$12.50; rating buy
CAE	CAE	UBS cuts price target to C$14 from C$14.75; rating buy
Canaccord Financial	CF	KBW cuts target to C$7.50 from C$8.50, rating marketperform
Canaccord Financial	CF	CIBC cuts target to C$12 from C$14,rating sector Outperformer
Canaccord Financial	CF	Macquarie raises target price to C$7 from C$6.50
Canaccord Financial	CF	TD Securities cuts to hold from buy ;TD Securities cuts price target to C$7.50 from C$11
Conifex Timber	CFF	TD Securities cuts price target to C$10 from C$11; rating buy
Goldgroup Mining Inc	GGA	Canaccord Genuity cuts price target to C$1.80 from C$2
Goldgroup Mining Inc	GGA	Stonecap cuts to sector perform from outperform ;Stonecap cuts price target to C$1 from C$1.65
Hanfeng Evergreen	HF	BMO cuts price target to C$3 from C$3.25, rating market perform
Ivanhoe Mines	IVN	BMO raises to outperform;cuts price target to C$13.49 from C$15.53
Laurentian Bank of Canada	LB	Canaccord Genuity cuts target to C$54.50 from C$55.50
Orezone Gold	ORE	Canaccord genuity cuts target price to C$4 from C$5.50
Orezone Gold	ORE	Desjardins cuts price target to C$4.75 from C$6, rating buy
Pan Orient Energy	POE	Macquarie cuts target price to C$5.50, rating outperform
Pan Orient Energy	POE	Raymond James raises price target to C$4.25 from C$3.80
Parex Resources	PXT	Dundee raises target price to C$8.70 from $8.50, rating buy
Romarco Minerals	R	Paradigm Capital cuts target price to C$2 from C$2.75
Romarco Minerals	R	BMO cuts to market perform from outperform;BMO cuts cuts target price to C$0.75 from C$2
Shoppers Drug Mart	SC	Raymond James raises price target to C$48 from C$47
Sterling Resources	SLG	CIBC cuts target to C$2 from C$3.25; rating sector performer
Stornoway Diamond	SWY	Laurentian bank cuts price target to C$2.75 from C$3,rating buy
Westernzagros Resources	WZR	TD securities raises price target to c$1.60 from c$1.50
Yoho Resources	YO	Acumen Capital cuts target price to C$4 from C$4.25; rating buy
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Upgrades, Downgrades and Target Changes - May 23 2012

Company	Ticker	Rating/Target Change
Abitibibowater	abh	Canaccord Genuity cuts target price to $14 from $25, rating buy
Canadian Apartment Properties REIT	CAR.UN	NBF resumes coverage with target C$25.25
Cogeco	CGO	CIBC raises to sector performer from sector underperformer
Eagle Energy Trust	EGL.UN	CIBC raises price target to C$14.75 from C$12.50
Labrador Iron Mines	LIM	Canaccord Cuts price target to C$8.25 from C$10, rating buy
Northern Dynasty Minerals	NDM	Canaccord Genuity cuts to hold rating
Mercer International	MRI.UN	Canaccord Genuity cuts to hold from buy
Primaris Retail REIT	PMZ.UN	Canaccord raises target to C$25.75 from C$24, rating buy
Primaris Retail REIT	PMZ.UN	CIBC raises price target to C$24 from C$23.75
Veresen	VSN	National Bank Financial raises to sector perform from underperform
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Upgrades, Downgrades and Target Changes - May 22 2012

Company	Ticker	Rating/Target Change
Absolute Software Corp	ABT	BMO raises target to C$7 from C$6.50; rating outperform
Argonaut Gold	AR	Stonecap cuts target to C$9.20 from C$9.40; rating sector perform
Artis Real Estate Investment Trust	AX.UN	CIBC ups price target to C$18 from C$17.50
Canaccord Financial	CF	KBW cuts target to C$8.50 from C$10, rating market perform
Canaccord Financial	CF	Macquarie cuts target price to C$6.50 from C$9
Champion Minerals Inc	CHM	Raymond James raises target price to C$3 from C$2.90
Domtar	UFS	JP Morgan cuts price target to $90 from $100, rating neutral
Edleun Group Inc	EDU	Paradigm capital cuts price target to C$2 from C$2.50
Enbridge Inc	ENB	BMO raises price target to C$44 from C$42 ; rating market perform
Hudbay Minerals Inc	HUM	TD Securities cuts price target to C$11 from C$12
IGM Financial Inc	IGM	BMO cuts price target to C$45 from C$48; rating market perform
IGM Financial Inc	IGM	CIBC cuts price target to C$47 from C$50, sector performer rating
IGM Financial Inc	IGM	National Bank Financial cuts price target to C$49 from C$51
Sabina Gold and Silver Corp	SBB	RBC cuts target to C$5 from C$9, outperform rating
Sterling Resources Ltd	SLG	National Bank cuts price target to C$2.85 from C$3.20
Student Transportation	STB	Stifel starts with buy rating
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Upgrades, Downgrades and Target Changes - May 18 2012

Company	Ticker	Rating/Target Change
Armtec Infrastructure	ARF	BMO cuts target to C$1.50 from C$2.25
Artis REIT	AX.UN	Canaccord Genuity raises target price to C$17.50 from C$17
Astur Gold Corp	AST	National Bank cuts target to C$2 from C$3; rating outperform
Boardwalk REIT	BEI.UN	National Bank raises price target to C$63.75 from C$59.75
Boardwalk REIT	BEI.UN	CIBC raises price target to C$65 from C$60
Canaco Resources Inc	CAN	CIBC cuts price target to C$0.40 from C$2.80
Canadian Pacific Railway	CP	Citigroup raises to buy from neutral
Canadian Pacific Railway	CP	BMO ups target to C$81 from C$78, market perform rating
Enbridge	ENB	Canaccord Genuity raises to buy from hold; target to C$43 from C$41
Enbridge	ENB	Citigroup raises price target to C$41.50 from C$35.68, rating neutral
Golden Star Resources	GSC	National Bank raises to sector perform from underperform
Kirkland Lake Gold	KGI	CIBC cuts target to C$24 from C$26;rating sector outperformer
Kirkland Lake Gold	KGI	Dundee cuts target price to C$16 from C$19, rating buy
Leons Furniture	LNF	BMO cuts price target to C$12 from C$13; rating market perform
Partners Real Estate Investment Trust	PAR.UN	CIBC raises target to C$8 from C$7.75
Pure Industrial REIT	AAR.UN	Dundee raises target to C$5.50 from C$5.25, rating buy
Tahoe Resources Inc	THO	RBC cuts price target to C$28 from C$30; rating outperform
Taseko Mines Ltd	TKO	Canaccord Genuity cuts price target to C$3.75 from C$4.10
Transcontinental Inc	TCL.A	TD Securities cuts to hold from buy;TD Securities cuts price target to C$12 from C$15
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Upgrades, Downgrades and Target Changes - May 17 2012

Company	Ticker	Rating/Target Change
Agnico Eagle Mines	AEM	Macquarie cuts price target to C$39 from C$41; rating neutral
Alacer Gold Corp	ASR	Haywood Research cuts price target by C$1.50 to C$11
Alamos Gold Inc	AGI	Macquarie cuts price target to C$20 from C$21; rating neutral
Allied Nevada Gold	ANV	Macquarie cuts price target to C$29 from C$31;rating neutral
Allied Properties REIT	AP.UN	Canaccord ups target to C$28 from C$27;rating hold
Allied Properties REIT	AP.UN	NBF ups target price to C$28.75 from C$27.50
Allied Properties REIT	AP.UN	Macquarie raises price target to C$29 from C$28
Allied Properties REIT	AP.UN	TD Securities raises price target to C$30 from C$29
Argonaut Gold	AR	Macquarie cuts price target to C$9 from C$9.75
AuraMinerals	ORA	Macquarie cuts price target to C$1 from C$1.10
Aura Minerals	ORA	Canaccord cuts target to C$1.50 from C$1.70;rating speculative buy
AuRico Gold	AUQ	Macquarie cuts price target to C$11.50 from C$12;rating outperform
Avion Gold Corp	AVR	NBF cuts price target to C$1.60 from C$2.10; rating outperform
Baja Mining	BAJ	Canaccord Genuity cuts to hold from buy; target to C$0.50 from C$1
Barrick Gold	ABX	Macquarie cuts price target to C$56 from C$58; rating outperform
Bird Construction	BDT	Raymond James cuts price target to C$16 from C$16.50
Boardwalk REIT	BEI.UN	Macquarie ups price target to C$65 from C$60;rating outperform
Boardwalk REIT	BEI.UN	TD Securities raises price target to C$61 from C$57; ratng hold
Boardwalk REIT	BEI.UN	Dundee raises price target to C$62 from C$56; rating neutral
B2Gold	BTO	Macquarie cuts price target to C$5.25 from C$5.50
CAE Inc	CAE	Canaccord Genuity raises target price to C$15 from C$14.50;rating buy
CAE Inc	CAE	BMO cuts price target to C$13 from C$14; rating outperform
CAE Inc	CAE	TD Securities raises price target to C$15 from C$14.50; rating buy
Canadian National	CNR	Barclays ups target to C$88 from C$84; rating underweight
Canadian Pacific Railway	CP	Barclays raises to overweight from equal weight
Canadian Pacific Railway	CP	Barclays raises price target to C$92 from C$80
Canadian Zinc	CZN	Canaccord cuts target to C$1.40 from C$1.60;rating speculative buy
Carmanah Technologies	CMH	Canaccord cuts target to C$0.85 from C$0.90; rating buy
Centerra Gold	CG	CIBC raises price target to C$26 from C$23
Centerra Gold	CG	BMO cuts price target to C$17.50 from C$22.25; rating outperform
Centerra Gold	CG	TD Securities raises to buy from hold
Centerra Gold	CG	TD Securities cuts price target to C$15 from C$19.50
Claude Resources	CRJ	Dundee cuts target price to C$1.80 from C$2; rating buy
Crocodile Gold	CRK	Raymond James cuts price target to C$0.90 from C$1.30
Eldorado Gold	ELD	Macquarie cuts price target to C$13.50 from C$14.50
Enbridge	ENB	CIBC raises price target to C$46 from C$44; rating sector outperformer
Enbridge	ENB	Barclays raises price target to C$41 from C$38; rating equal weight
Enbridge	ENB	National Bank Financial raises price target to C$48 from C$46
Goldcorp	G	Macquarie cuts price target to C$55 from C$58; rating outperform
Golden Star Resources	GSC	Macquarie cuts price target to C$1.75 from C$2
H&R REIT	HR.UN	Canaccord Genuity raises target price to C$27 from C$26.75; rating buy
IAMGOLD Corp	IMG	Macquarie cuts price target to C$15.50 from C$16; rating outperform
International Minerals	IMZ	TD Securities cuts price target to C$7 from C$7.50
Ivanhoe Mines	IVN	CIBC cuts price target to C$19 from C$20;rating sector outperformer
Kinross Gold	K	Macquarie cuts price target to C$11.50 from C$12.50;rating outperform
Lachlan Star	LSA	Macquarie cuts price target to C$2.25 from C$2.60
Lipari Energy	LIP	Canaccord Genuity cuts target price to C$1 from C$1.75; rating buy
Lone Pine Resources	LPR	Raymond James cuts target price to C$7.50 from C$10
North American Palladium	PDL	CIBC cuts price target to C$3.75 from C$4
Oceanagold	OGC	Macquarie cuts price target to C$2.50 from C$3.10; rating outperform
Osisko	OSK	Macquarie cuts price target to C$11 from C$12
Pan American Silver	PAA	Canaccord Genuity cuts target to $20 from $25.50;rating hold
Pan American Silver	PAA	CIBC cuts price target to $21 from $26; rating overweight
Pan American Silver	PAA	UBS cuts price target to $24 from $25.5; rating buy
Perseus Mining	PRU	Macquarie cuts price target to C$3.50 from C$3.70;rating outperform
Ritchie Bros Auctioneers	RBA	TD Securities cuts price target to $22 from $23
Semafo	SMF	TD Securities raises to buy from hold
Semafo	SMF	Macquarie cuts price target to C$8 from C$9.50; rating outperform
Semafo	SMF	Desjardins cuts price target to C$8.25 from C$11; rating buy
Silver Wheaton	SLW	Macquarie cuts price target to C$35 from C$38; rating outperform
Timmins Gold	TMM	Canaccord Genuity raises to hold from sell cuts target price to C$1.60 from C$1.85
Timmins Gold	TMM	Macquarie cuts price target to C$2.85 from C$3.10;rating outperform
Troy	TRY	Macquarie cuts price target to C$6 from C$6.25; rating outperform
Yamana Gold	YRI	Macquarie cuts price target to C$16.50 from C$17.50; rating neutral
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