Upgrades, Downgrades and Target Changes - May 4 2012

Company	Ticker	Rating/Target Change
AGF Management	AGF.B	Canaccord Genuity cuts target to C$14 from C$15.50; rating hold
Bankers Petroleum	BNK	NBF starts with outperform rating; price target of C$6.50
Barrick Gold	ABX	Canaccord Genuity cuts to $49 from $53; rating hold
Barrick Gold	ABX	Jefferies cuts price target to $53 from $60; rating buy
Barrick Gold	ABX	CIBC cuts price target to $60 from $61; rating sector performer
Barrick Gold	ABX	Macquarie cuts target price to C$58 from C$65; rating outperform
Barrick Gold	ABX	Dundee cuts price target to C$60 from C$61; rating buy
BCE Inc	BCE	TD Securities raises price target to C$39 from C$38; rating hold
Bonavista Energy	BNP	RBC cuts price target to C$22 from C$23; rating sector perform
Bonavista Energy	BNP	Macquarie cuts target by C$1.50 to C$19.50; rating neutral
Canadian Natural	CNQ	RBC cuts target to C$47 from C$48; rating outperform
Canadian Natural	CNQ	TD cuts target to C$46 from C$47;rating action list buy
CCL Industries Inc	CCL.B	BMO raises price target to C$44 from C$40; rating outperform
CI Financial	CI	NBF raises target to C$24 from C$23; keeps sector perform rating
Constellation Software	CSU	NBF cuts target to C$105 from C$110; rating outperform
Constellation Software	CSU	BMO cuts target to C$96 from C$100; rating market perform
Constellation Software	CSU	TD Securities raises to buy from hold
Davis + Henderson	DH	NBF raises price target to C$21 from C$20.50; rating outperform
Dragonwave	DRA	Canaccord Genuity cuts target to $5 from $6; rating speculative buy
Dragonwave	DRA	Jefferies cuts to hold from buy
Dragonwave	DRA	Raymond James cuts price target to C$4 from C$6; rating outperform
Dragonwave	DRA	TD Securities cuts price target to $4 from $4.50; rating hold
Estrella International	EEN	Canaccord Genuity cuts to hold from speculative buy ;cuts price target to C$0.23 from C$0.45
Feronia Inc	FRN	NBF cuts price target to C$0.225 from C$0.325; rating sector perform
Gildan Activewear Inc	GIL	Canaccord Genuity raises to buy from hold ;raises price target to $31 from $27
Gildan Activewear Inc	GIL	CIBC ups target to $34 from $28; rating sector outperformer
Gildan Activewear Inc	GIL	Raymond James raises target to $32 from $28; rating outperform
Gildan Activewear Inc	GIL	Stonecap raises target to C$33 from C$28; rating outperform
Great-West Lifeco	GWO	Canaccord Genuity cuts target to C$25 from C$26; rating hold
Great-West Lifeco	GWO	BMO cuts to market perform from outperform
Home Capital Group	HCG	NBF cuts target to C$60 from C$66; outperform rating
Inter Pipeline Fund	IPL.UN	Canaccord Genuity ups target by C$1 to C$20; rating hold
Inter Pipeline Fund	IPL.UN	NBF ups price target to C$20.50 from C$20
Inter Pipeline Fund	IPL.UN	CIBC ups target to C$20 from C$19; rating sector performer
Inter Pipeline Fund	IPL.UN	RBC raises target to C$22 from C$21; rating outperform
Inter Pipeline Fund	IPL.UN	BMO raises target to C$20 from C$19; rating market perform
Inter Pipeline Fund	IPL.UN	TD raises price target to C$20 from C$19.50; rating hold
Jean Coutu	PJC.A	Canaccord Genuity raises price target to C$15 from C$14; rating hold
Jean Coutu	PJC.A	Barclays raises price target to C$15 from C$14; rating equal weight
Jean Coutu	PJC.A	NBF raises price target to C$16 from C$15; rating sector perform
Jean Coutu	PJC.A	BMO raises price target to C$17 from C$16; rating outperform
Jean Coutu	PJC.A	TD Securities raises price target to C$16 from C$14; rating hold
K Bro Linen Inc	KBL	National Bank Financial raises price target to C$27 from C$24
Manulife Financial	MFC	Barclays ups target to C$14 from C$13; rating overweight
Manulife Financial	MFC	NBF cuts target to C$13.50 from C$14; sector perform rating
Manulife Financial	MFC	Macquarie ups target to C$15 from C$14.50; rating neutral
Manulife Financial	MFC	TD cuts price target to C$16 from C$17; rating buy
Niko Resources	NKO	Raymond James raises target to C$60 from C$53; rating outperform
Niko Resources	NKO	TD Securities raises price target to C$46 from C$40; rating hold
Paladin Labs Inc	PLB	Paradigm raises target price to C$47 from C$45; rating hold
Pason Systems	PLB	CIBC ups price target to C$17 from C$16; rating sector performer
Pembina Pipeline Corp	PPL	Canaccord Genuity raises price target to C$33 from C$30
Pembina Pipeline Corp	PPL	NBF raises target to C$33 from C$32; outperform rating
Pengrowth Energy	PGF	Salman Partners cuts price target to C$9 from C$10; rating hold
PHX Energy	PHX	Paradigm Capital cuts price target to C$11 from C$12; rating hold
PHX Energy	PHX	CIBC cuts price target to C$11 from C$12; rating sector performer
PHX Energy	PHX	RBC cuts price target to C$11 from C$13; rating sector perform
PHX Energy	PHX	Canaccord Genuity cuts price target to C$12.50 from C$14; rating hold
Pizza Pizza Royalty Income Fund	PZA.UN	TD ups target to C$10 from C$9.50; rating hold
Points International	PTS	RBC raises target to $12 from $11; rating sector perform
Points International	PTS	PI Financial raises target to C$18 from C$14; rating buy
Primero Mining	P	Macquarie raises target to C$3.25 from C$3.10, rating neutral
Queenston Mining	QMI	CIBC cuts target to C$7.75 from C$8; rating sector performer
Riocan REIT	REI.UN	Canaccord Genuity ups target to C$28 from C$26.25; rating hold
Riocan REIT	REI.UN	CIBC ups target to C$30 from C$29.50; rating sector outperformer
Sierra Wireless	SW	Canaccord Genuity ups price target to $12 from $11; rating buy
SNC Lavalin	SNC	Canaccord Genuity cuts price target to C$48 from C$49; rating buy
SNC Lavalin	SNC	Versant Partners cuts price target to C$48 from C$56; rating buy
SNC Lavalin	SNC	BMO cuts price target to C$43 from C$46; rating market perfrom
SNC Lavalin	SNC	TD Securities cuts price target to C$48 from C$50; rating buy
Stella Jones	SJ	RBC raises price target to C$59 from C$54; rating outperform
Stella Jones	SJ	Acumen raises target price to C$52.50 from C$51.80; rating buy
Stella Jones	SJ	LB Securities raises price target to C$60 from C$52; rating buy
Superior Plus	SPB	BMO raises price target to C$7.50 from C$7; rating market perform
SXC Health	SXC	Paradigm raises price target to $107 from $105; rating buy
Talisman	TLM	Raymond James cuts target to C$13 from C$13.50, rating market perform
Trilogy Energy	TET	CIBC raises price target to C$36 from C$34
Veresen	VER	CIBC cuts price target to C$16.25 from C$17
Westport Innovations	WPT	JP Morgan raises to neutral from underweight
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