Upgrades, Downgrades and Target Changes - May 1 2012

Company	Ticker	Rating/Target Change
Advantage Oil & Gas	AAV	NBF raises target to $3.35 from $2.80
Alaris Royalty	AD	Canaccord raises price target to C$21.25 from C$21; rating buy
Autocanada	ACQ	Canaccord starts with buy rating, C$13.50 target price
Baytex Energy	BTE	Macquarie adds to buy-list in Macquarie's high conviction calls
Brookfield Canada Office Properties	BPO	NBF raises target to C$29.50 from C$28.50
Canadian Oil Sands Ltd	COS	UBS raises price target to C$26 from C$25; rating buy
Canfor Pulp	CFX	CIBC cuts to sector performer from sector outperformer
Cervus Equipment Corp	CVL	NBF cuts to sector perform from outperform ;NBF raises price target to C$20 from C$19
Discovery Air	DA.A	Canaccord cuts price target to C$5.25 from C$8.25, rating buy
Dundee Precious Metals	DPM	RBC cuts target to C$12 from C$13; rating outperform
Dundee Precious Metals	DPM	BMO cuts target to C$11.50 from C$12, rating outperform
Fortress Paper	FTP	Canaccord Genuity cuts price target to C$50 from C$55; rating buy
Gibson Energy	GEI	Macquarie adds to buy-list in Macquarie's high conviction calls
Gran Tierra Energy Inc	GTE	UBS raises price target to C$8 from C$7; rating buy
Ivanhoe Australia	IVA	Macquarie cuts target to C$2.25 from C$2.50; rating outperform
Metro Inc	MRU	BMO raises price target to C$58 from C$57; rating market perform
North American Palladium	PDL	Macquarie resumes coverage with outperform
Pacific Rubiales Energy	PRE	UBS raises price target to C$32 from C$30; rating buy
Parkland Fuel	PKI	RBC raises price target to C$14 from C$12; rating sector perform
Perpetual Energy	PMT	BMO cuts target to $1.25 from $1.50; rating market perform
Petrominerales Ltd	PMG	UBS cuts price target to C$13.5 from C$17; rating sell
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