Upgrades, Downgrades and Target Changes - May 9 2012

Company	Ticker	Rating/Target Change
Avalon Rare Metals	AVL	Dahlman rose cuts price target to $3.65 from $8; rating buy
Avion Gold	AVR	NBF cuts price target to C$2.10 from C$2.50; rating outperform
Avion Gold	AVR	BMO cuts price target to C$1 from C$1.25; rating market perform
Canelson Drilling	CDI	NBF raises price target to C$7.50 from C$6.60
Cathedral Energy	CET	RBC cuts target price to C$8 from C$9, sector perform rating
CanElson Drilling	CDI	PI Financial ups target to C$7 from C$6.75; rating buy
Canexus Corp	CUS	NBF raises to outperform from sector perform
Canexus Corp	CUS	NBF raises price target to C$9 from C$8
Canyon Services	FRC	TD Securities cuts price target to C$18.50 from C$20; rating buy
CI Financial Corp	CIX	Canaccord genuity cuts price target to C$26.25 from C$27.25
CI Financial Corp	CIX	NBF cuts to underperform from sector perform
CI Financial Corp	CIX	NBF cuts price target to C$23 from C$24
CI Financial Corp	CIX	CIBC cuts price target to C$21 from C$21.50
CI Financial Corp	CIX	RBC cuts price target to C$24 from C$25; rating sector perform
CI Financial Corp	CIX	BMO ups target to C$24 from C$23; rating market perform
Davis + Henderson Corp	DH	NBF cuts to sector perform from outperform
Easyhome	EH	BMO cuts price target to C$8 from C$8.50; rating market perform
Easyhome	EH	Paradigm Capital cuts price target to C$10 from C$11; rating buy
Fairborne Energy	FEL	Macquarie cuts price target to c$2 from c$2.50; rating neutral
Finning International	FTT	price target to C$36 from C$35; rating buy
First Capital Realty	FCR	RBC ups target to C$20 from C$18.50; rating outperform
First Capital Realty	FCR	NBF ups target to C$20 from C$19; rating outperform
First Capital Realty	FCR	TD Securities raises price target to C$21 from C$20
Foraco International	FAR	CIBC raises price target to C$6.75 from C$6.50
Franco Nevada	FNV	NBF cuts price target to C$49 from C$49.50; rating outperform
Franco Nevada	FNV	UBS raises price target to C$49 from C$46.5; rating buy
George Weston	WN	Barclays cuts price target to C$62 from C$64, rating equal weight
George Weston	WN	CIBC cuts price target to C$71 from C$74
Gibson Energy	GEI	NBF raises price target to C$24 from C$23.50; rating outperform
Gibson Energy	GEI	Macquarie raises target to c$25 from $24.50; rating outperform
Inmet Mining	IMN	Dundee raises price target to C$85 from C$83; rating buy
Jaguar Mining	JAG	NBF cuts to underperform from sector perform
Jaguar Mining	JAG	NBF cuts price target to C$1 from C$2.60
Jaguar Mining	JAG	TD Securities cuts price target to C$1 from C$3; rating reduce
Kinross Gold	K	Macquarie cuts price target to c$12.50 from c$14; rating outperform
Mainstreet Equity	MEQ	Canaccord genuity raises price target to C$29 from C$27.50
NAL Energy	NAE	RBC cuts price target to C$7.25 from C$8; rating sector perform
NAL Energy	NAE	Macquarie cuts price target to C$8 from C$9; rating neutral
NAL Energy	NAE	TD Securities cuts price target to C$7.19 from C$8.56
NexJ Systems	NXJ	Canaccord Genuity cuts price target to C$10 from C$11, rating buy
NexJ Systems	NXJ	RBC cuts price target to C$9 from C$10; rating outperform
Nuvista Energy	NVA	Salman Partners cuts price target to $3 from $4
Parallel Energy	PLT.UN	TD Securities cuts to hold from buy
Parallel Energy	PLT.UN	TD Securities cuts price target to C$8.50 from C$9.50
Parkland Fuel Corp	PKI	CIBC cuts price target to C$15 from C$15.25
Second Wave Petroleum	SCS	NBF cuts price target to C$4.50 from C$5,rating outperform
Shawcor Ltd	SCL.A	TD Securities raises to buy from hold
Shawcor Ltd	SCL.A	TD Securities raises price target to C$41 from C$36
Sierra Wireless	SW	Raymond James raises to outperform from market perform
Sierra Wireless	SW	Raymond James raises target price to $11.25 from $9
Southern Pacific Resource	STP	Canaccord genuity raises to buy
St Andrew Goldfields	SAS	Stonecap ups target to C$0.90 from C$0.85
Thompson Creek Metals	TCM	CIBC cuts price target to C$10 from C$13
Thompson Creek Metals	TCM	TD Securities raises to buy from hold
Trican Well Service	TCW	TD Securities cuts target to C$20 from C$23; rating buy
Trinidad Drilling	TDG	Raymond James raises to strong buy from outperform
TVA Group	TVA.B	TD Securities cuts price target to C$10 from C$11
Uni Select	UNS	NBF raises price target to C$34.50 from C$33.50; rating outperform
Wajax Corp	WJX	Desjardins cuts to hold from buy
Wajax Corp	WJX	Raymond James ups target to C$50 from C$49; rating market perform
Wajax Corp	WJX	TD Securities cuts to hold from buy
Wajax Corp	WJX	TD Securities raises price target to C$54 from C$52
Westport Innovations	WPT	Canaccord cuts price target to $34 from $44, rating hold
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