Upgrades, Downgrades and Target Changes - May 8 2012

Company	Ticker	Rating/Target Change
Absolute Software	ABT	TD Securities raises price target to C$8 from C$7; rating buy
Absolute Software	ABT	Versant Partners ups target to C$8.25 from C$7; rating buy
Allied Nevada Gold	ANV	NBF cuts target to C$40.75 from C$45.50; rating outperform
Avalon Rare Metals	AVL	CIBC cuts price target to C$7.90 from C$8.50
Baja Mining	BAJ	Mackie Research cuts to speculative buy from buy
Baja Mining	BAJ	Raymond James cuts price target to C$0.70 from C$0.85
Bonavista Energy	BNP	Raymond James cuts price target to C$19.50 from C$20
Brookfield Renewable	BEP.UN	BMO ups target to C$31 from C$28.50; rating outperform
Brookfield Renewable	BEP.UN	NBF raises price target to C$29 from C$28.50
Brookfield Renewable	BEP.UN	RBC ups target to C$30 from C$28; rating outperform
Canadian REIT	REF.UN	CIBC raises price target to C$41.25 from C$40
Cargojet Inc	CJT	Canaccord Genuity cuts target to C$8.50 from C$9.00; rating hold
Cathedral Energy	CET	CIBC cuts price target to C$7.50 from C$8
Capstone Mining	CS	RBC cuts price target to C$3.90 from C$4; rating sector perform
Cineplex Inc	CGX	NBF raises price target to C$28.50 from C$28; rating underperform
Crew Energy	CR	Macquarie cuts price target to C$13.50 from C$15; rating outperform
Eldorado Gold	ELD	Macquarie cuts price target to C$14.50 from C$17; rating neutral
Enbridge Income Fund	ENF	NBF raises target to C$25 from C$24.50; rating outperform
Enbridge Income Fund	ENF	Canaccord Genuity ups target to C$22 from C$21; rating hold
Enbridge Income Fund	ENF	TD Securities ups target to C$22 from C$21; rating hold
Ensign Energy Services	ESI	BMO cuts target to C$16 from C$21; rating market perform
Ensign Energy Services	ESI	Canaccord Genuity cuts to hold from buy
Ensign Energy Services	ESI	CIBC cuts to sector performer from sector outperformer
Ensign Energy Services	ESI	Raymond James raises price target to C$19.50 from C$19
Ensign Energy Services	ESI	TD Securities cuts target to C$17 from C$19; rating hold
Ensign Energy Services	ESI	UBS raises price target to C$18 from C$17; rating buy
Gasfrac Energy Services	GFS	BMO cuts target to C$4.50 from C$6; rating underperform
Industrial Alliance	IAG	Macquarie ups target to C$34 from C$31.50; rating neutral
Inmet Mining	IMN	CIBC cuts price target to C$68 from C$84
Inmet Mining	IMN	Desjardins cuts target price to c$72.40 from c$80.10; rating buy
Inmet Mining	IMN	Macquarie cuts price target to C$80 from C$85; rating outperform
InterRent REIT	IIP.UN	Dundee raises price target to C$5 from C$4.80; rating buy
Lumina Copper	LCC	Canaccord Genuity cuts price target to C$19.55 from C$21.50
Lumina Copper	LCC	Raymond James ups target to C$24 from C$21.50; rating strong buy
Lumina Copper	LCC	LB Securities raises price target to C$26 from C$21.50; rating buy
Niko Resources	NKO	Raymond James cuts target to C$56 from C$60; rating outperform
Nuvista Energy	NVA	UBS cuts price target to C$5 from C$5.50; rating buy
Penn West Petroleum	PWT	CIBC cuts price target to C$27 from C$29
Quebecor	QBR.A	NBF cuts price target to C$40 from C$41; rating outperform
Tahoe Resources	THO	Canaccord Genuity cuts price target to C$36 from C$37.50
Thompson Creek Metals	TCM	Paradigm Capital cuts target to C$9 from C$10.50
Tim Hortons Inc	THI	Canaccord Genuity ups target to C$55 from C$52; rating hold
Tricon Capital	TCN	Canaccord Genuity cuts target to C$5.50 from C$5.90; rating buy
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