Upgrades, Downgrades and Target Changes - May 7 2012

Company	Ticker	Rating/Target Change
Aimia Inc	AIM	CIBC raises price target to C$16 from C$14
Air Canada	AC.B	Canaccord Genuity cuts price target to C$4.75 from C$6.50; rating buy
Bank of Nova Scotia	BNS	Barclays cuts price target to C$51 from C$53
Bonavista Energy Corp	BNP	CIBC cuts price target to C$27 from C$29
Canadian REIT	REF.UN	RBC raises price target to C$41 from C$40; rating outperform
Canadian Imperial Bank of Commerce	CM	Barclays cuts price target to C$78 from C$80
Canadian Natural Resources	CNQ	Canaccord Genuity cuts price target by C$1 to C$47
Carmanah Technologies Corp	CMH	National Bank Financial raises to outperform
Chemtrade Logistics	CHE.UN	National Bank Financial cuts price target to C$18.75
Crescent Point Energy Corp	CPG	CIBC raises price target to C$57 from C$56
Dundee REIT	D.UN	Canaccord Genuity raises target price to C$40 from C$39; rating buy
Dundee REIT	D.UN	CIBC raises price target to C$41 from C$39
First Quantum Minerals	FM	Raymond James cuts target to C$21 from C$22
GMP Capital Inc	GMP	CIBC cuts price target to C$13.50 from C$14
IGM Financial Inc	IGM	CIBC cuts price target to C$50 from C$51
IGM Financial Inc	IGM	Canaccord Genuity cuts price target to C$50 from C$50.75
Mercator Minerals	ML	National Bank Financial cuts target to C$1.50 from C$
Mercator Minerals	ML	Canaccord Genuity cuts to speculative buy from buy
Mercator Minerals	ML	Raymond James cuts target to C$2.10 from C$2.20
Mercator Minerals	ML	RBC cuts target to C$1.80 from C$1.90, rating sector perform
Mercer International Inc	MRI.UN	RBC cuts target to $8 from $9; rating sector perform
National Bank of Canada	NA	Barclays cuts price target to C$78 from C$79
NorthWest Healthcare Properties	NWH.UN	National Bank Financial cuts to sector perform
Nuvista Energy Ltd	NVA	National Bank Financial cuts price target to C$3.75 from C$4
Pembina Pipeline	PPL	RBC raises target to C$31 from C$30, rating sector perform
Penn West Petroleum Ltd	PWT	Canaccord Genuity cuts target to C$22 from C$23.50
Penn West	PWT	Macquarie cuts to neutral from outperform
RioCan REIT	REI.UN	National Bank Financial raises price target to C$28 from C$27.90
Russel Metals Inc	RUS	CIBC raises price target to C$26 from C$25
Suncor Energy Inc	SU	Canaccord Genuity raises price target by C$2 to C$46
Thompson Creek Metals	TCM	Canaccord Genuity cuts price target to C$9.25 from C$9.50
Vermilion Energy	VET	RBC raises target to C$53 from C$52; rating sector perform
Vermilion Energy	VET	Barclays raises target to C$51 from C$50; rating equal weight
Vermilion Energy	VET	National Bank Financial raises to outperform
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