Upgrades, Downgrades and Target Changes - May 3 2012

Company	Ticker	Rating/Target Change
Agnico Eagle Mines	AEM	RBC raises price target to $45 from $37; rating sector perform
Alimentation Couche	ATD.B	CIBC raises to sector outperformer from sector performer
ARC Resources	ARX	NBF raises price target to C$23 from C$22; rating sector perform
ARC Resources	ARX	Macquarie raises to outperform from neutral
Barrick Gold	ABX	RBC cuts price target to $56 from $59; rating sector perform
Barrick Gold	ABX	TD Securities cuts price target to $58 from $60; rating buy
Barrick Gold	ABX	UBS cuts price target to $57 from $59; rating buy
Black Diamond Group	BDI	CIBC raises target price to C$26 from C$24
Black Diamond Group	BDI	Acumen raises target to C$23.70 from C$21.90, rating buy
Canada Bread Company	CBY	RBC cuts price target to C$52 from C$54; rating outperform
Bombardier	BBD.B	Canaccord Genuity cuts price target to C$6.75 from C$7; rating buy
Colabor Group	GCL	NBF raises to sector perform from underperform
Colabor Group	GCL	TD Securities cuts price target to C$7.50 from C$8; rating hold
Colabor Group	GCL	LB Securities cuts price target to C$6.75 from C$7.25; rating hold
Colabor Group	GCL	Versant Partners cuts target price to C$6 from C$6.75; rating sell
Cott Corp	BCB	JP Morgan cuts price target to $9 from $11; rating overweight
Ecosynthetix	ECO	CIBC starts with a sector outperformer rating
Element Financial Corp	EFN	BMO starts with outperform; price target C$7
Finning International	FNN	UBS raises price target to C$38 from C$36; rating buy
First National	FN	TD Securities cuts target price to C$18 from C$18.50; rating hold
Fortis Inc	FTS	RBC raises price target to C$35 from C$34; rating sector perform
Fortis Inc	FTS	TD Securities raises to buy from hold; price target to C$37 from C$35
Fortis Inc	FTS	BMO raises price target to C$35.50 from C$34.50; rating outperform
Fortis Inc	FTS	UBS cuts to neutral from buy; UPS price target to C$37 from C$36
Genworth MI Canada	MIC	TD Securities cuts price target to C$30 from C$33; rating buy
Genworth MI Canada	MIC	BMO cuts target to C$24 from C$25, rating market perform
Glentel Inc	GLN	Canaccord Genuity cuts price target to C$17 from C$19.50; rating buy
Glentel Inc	GLN	Paradigm Capital cuts to hold from buy ;cuts price target to C$14.50 from C$21
Hemisphere GPS	HEM	Canaccord Genuity cuts target to C$1.30 from C$1.40; rating buy
Hemisphere GPS	HEM	Paradigm Capital cuts target to C$1.50 from C$1.75; rating buy
Home Capital Group	HCG	RBC cuts target to C$56 from C$57; rating sector perform
Horizon North Logistics	HNL	Raymond James raises target to C$8.50 from C$8.25
Loblaw	L	Barclays cuts price target to C$35 from C$36; rating equal weight
Loblaw	L	CIBC cuts target price to C$39 from C$40, rating sector performer
Loblaw	L	TD Securities cuts price target to C$36 from C$37; rating hold
Loblaw	L	Desjardins cuts price target to C$35 from C$38; rating hold
Novacopper Inc	NCQ	RBC starts with outperform rating; price target of C$4.50
Nuvo Research	NRI	Bloomburton cuts price target to C$0.10 from C$0.14; rating hold
Open Text	OTC	CIBC cuts price target to $68 from $71; rating sector outperformer
Pengrowth Energy	PGF	Macquarie cuts price target by C$1 to C$9.50; rating neutral
Petrobakken Energy	PBN	Macquarie cuts price target to C$19.50, rating outperform
Progress Energy	PRQ	Salman Partners cuts target price to C$10 from C$12; rating sell
Progress Energy	PRQ	CIBC raises target to C$11.50 from C$10.50
Student Transportation	STB	NBF raises target to C$8.50 from C$8; rating outperform
Superior Plus	SPB	NBF raises target to C$7.25 from C$6.50; rating sector perform
Tembec	TMB	BMO cuts price target to C$3 from C$3.25, rating underperform
Trilogy Energy	TET	Barclays raises price target to C$34 from C$33; rating overweight
Veresen Inc	VSN	TD Securities cuts price target to C$16.50 from C$17, rating buy
Veresen Inc	VSN	BMO cuts price target to C$16 from C$17, rating outperform
Westernzagros Resources	WZR	RBC raises target to C$2 from C$1.50; rating outperform
Yamana Gold	YRI	RBC cuts price target to $21 from $22; rating outperform
Yamana Gold	YRI	Desjardins cuts price target to $22 from $22.25; rating buy
Zargon Oil & Gas	ZAR	Raymond James cuts target to C$13 from C$14.50
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