Upgrades, Downgrades and Target Changes - May 10 2012

Company	Ticker	Rating/Target Change
Avion Gold	AVR	Canaccord Genuity cuts price target to C$1.75 from C$2.50; rating buy
Calfrac Well	CFW	RBC cuts price target to C$34 from C$41; rating sector perform
Calfrac Well	CFW	Canaccord Genuity cuts price target to C$35 from C$37; rating buy
Candente Copper	DNT	Raymond James cuts price target to C$2.10 from C$2.55
Canfor Pulp Products	CFX	Canaccord Genuity cuts target to C$2.30 from C$2.60; rating hold
Canyon Services Group	FRC	RBC cuts price target to $17 from $19; rating outperform
Champion Minerals	CHM	Canaccord Genuity cuts price target to C$3 from C$3.50
Chartwell Seniors	CSH.UN	Canaccord Genuity raises price target to C$9.75 from C$9.50
Churchill Corp	CUQ	CIBC cuts target to C$15 from C$15.50; rating sector performer
Enbridge	ENB	Canaccord Genuity raises target to C$41 from C$40; rating hold
Endeavour Mining	EDV	Canaccord Genuity cuts price target to C$3.50 from C$3.60
Exchange Income	EIF	Canaccord Genuity raises to buy from hold
Exchange Income	EIF	Canaccord genuity raises price target to C$27.50 from C$26.50
Genivar Inc	GNV	Canaccord Genuity cuts price target to C$26 from C$28; rating hold
Genivar Inc	GNV	CIBC cuts price target to C$30 from C$32; rating sector performer
Great Canadian Gaming	GC	Canaccord Genuity ups target to C$11 from C$10; rating buy
Intermap Technologies	IMP	Canaccord Genuity cuts price target to C$0.45 from C$0.50
Linamar Corp	LNR	Canaccord Genuity raises price target to C$27 from C$26; rating buy
Martinrea International	MRE	Canaccord Genuity raises target to C$16 from C$15.75
Minera IRL	IRL	RBC cuts price target to C$1.50 from C$2; rating outperform
Nexen	NXY	Canaccord Genuity raises to buy from hold
Onex Corp	OCX	Canaccord Genuity raises target to C$42.50 from C$41.50; rating hold
Onex Corp	OCX	CIBC raises price target to C$44 from C$43; rating sector outperformer
Peyto Exploration	PEY	Barclays raises target to C$20 from C$19, rating equal weight
Peyto Exploration	PEY	NBF raises price target to C$22 from C$20; rating outperform
Polaris Minerals	PLS	Canaccord Genuity cuts target to C$0.50 from C$0.60;rating hold
Shawcor Ltd	SCL.A	RBC raises price target to C$44 from C$38; rating outperform
Silverwillow Energy	SWE	NBF starts with rating outperform
Sprott Inc	SII	CIBC cuts price target to C$5.50 from C$7; rating sector performer
Sprott Resource	SCP	Canaccord Genuity cuts target to C$5.50 from C$6; rating hold
Tourmaline Oil	TOU	NBF raises price target to C$32 from C$30.50; rating outperform
Trican Well Service	TCW	RBC cuts target to C$17 from C$22; rating sector perform
Trican Well Service	TCW	Canaccord Genuity cuts target to C$19 from C$20; rating buy
Trinidad Drilling	TDG	CIBC raises to sector outperformer from sector performer
Trinidad Drilling	TDG	NBF cuts target to C$9.75 from C$10.75; rating outperform
Westernone Equity	WEQ.UN	NBF raises price target to C$9 from C$8; rating outperform
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