Upgrades, Downgrades and Target Changes - May 11 2012

Company	Ticker	Rating/Target Change
Advantage Oil	AAV	Raymond James cuts target to C$4.25from C$4.50; rating outperform
Alliance Grain	AGT	NBF cuts to underperform from sector perform;NBF cuts target to C$10.50 from C$12
Alliance Grain	AGT	Stonecap cuts target to C$13.50 from C$17.50
Baytex Energy	BTE	National Bank cuts to sector perform from outperform
Baytex Energy	BTE	Canaccord Genuity cuts price target by C$4 toC$60; rating buy
Baytex Energy	BTE	BMO cuts target price to C$60 from C$62; rating outperform
Baytex Energy	BTE	UBS cuts price target to C$54 from C$58; ratingbuy
Bellatrix	BXE	Canaccord Genuity raises target to C$8.75 from C$8.25; rating buy
BIOX Corp	BX	National Bank raises to outperform from sector perform
Bombardier	BBD.B	Canaccord Genuity raises target to C$7.25 from C$6.75; rating buy
Bombardier	BBD.B	Stonecap cuts target to C$6.50 from C$6.75; rating outperform
C&C Energia Ltd	CZE	CIBC cuts target to C$12 from C$13; rating sector outperformer
Calfrac Well	CFW	Raymond James cuts to outperform from strong buy
Calfrac Well	CFW	Canaccord Genuity ups target to C$28.45 from C$27.90;rating hold
Calfrac Well	CFW	RBC raises price target to C$30 from C$28.50; rating outperform
Canadian Tire	C	CIBC raises price target to C$79 from C$76
Canadian Tire	CTC.A	Barclays raises price target to C$78 from C$74,rating overweight
Canadian Tire	CTC.A	National Bank Financial raises price target to C$77 from C$76
Canadian Tire	CTC.A	Canaccord Genuity ups price target to C$77 from C$75, rating buy
Cascades	CAS	National Bank Financial raises price target to C$5.50 from C$5.25
Celtic Exploration	CLT	NBF cuts price target to C$19.50 from C$20, rating outperform
Celtic Exploration	CLT	Canaccord genuity cuts price target to C$33 from C$33.50
Celtic Exploration	CLT	Macquarie cuts price target by C$1 to C$19;rating outperform
Cervus Equipment	CVL	Raymond James ups target to C$22 from C$21; rating strong buy
Cervus Equipment	CVL	LB Securities raises to buy from hold
Cineplex Inc	CGX	RBC cuts to underperform from sector perform ;RBC raises price target to C$29 from C$28
Cineplex Inc	CGX	BMO raises target price to C$34 from C$32; rating outperform
Cineplex Inc	CGX	CIBC raises price target to C$32 from C$30; rating sector performer
Cineplex Inc	CGX	Raymond James raises to outperform from market perform
Chartwell Seniors housing REIT	CSH.UN	CIBC raises price target to C$11 from C$10
CML HealthCare	CLC	Canaccord Genuity cuts target to C$10.75 from C$11; rating hold
CML HealthCare	CLC	NBF cuts price target to C$11 from C$11.50, rating sector perform
CML HealthCare	CLC	aymond James cuts target price to C$10.50 from C$11.25
Copper Mountain Mining	CUM	Raymond James Cuts price target to C$6.20 from C$6.50
Crescent Point	CPG	Barclays raises target to C$50 from C$49, rating overweight
Crescent Point	CPG	National Bank Financial raises price target to C$50 from C$49
Crescent Point	CPG	Canaccord Genuity ups price target to C$48.50 from C$46.50
Crescent Point	CPG	Raymond James ups target to C$45from C$44; rating market perform
Crew Energy	CR	BMO cuts price target to C$9 from C$13; rating outperform
Crew Energy	CR	CIBC cuts price target to C$12.50 from C$15.25
Crew Energy	CR	Canaccord genuity cuts price target to C$16.75 from C$21.75
Crew Energy	CR	RBC cuts price target to C$8 from C$12; rating sectorperform
Crew Energy	CR	Macquarie cuts target price to C$11 from C$13.50;rating outperform
Crew Energy	CR	Raymond James cuts target to C$11 from C$14.25; rating outperform
Delphi Energy Corp	DEE	CIBC cuts price target to C$1.90 from C$2.30
Fortuna Silver	FVI	Canaccord Genuity cuts price target to C$6.50 from C$7.04
Gasfrac Energy	GFS	Raymond James raises to market perform from underperform
Gasfrac Energy	GFS	UBS raises to neutral from sell
Genivar Inc	GNV	Raymond James cuts target price to C$28 from C$31; rating outperform
Gibson Energy	GEI	CIBC raises target to C$22.25 from C$22; rating sector performer
Gibson Energy	GEI	BMO cuts to market perform from outperform
Gluskin Sheff + Associates Inc	GS	Canaccord genuity raises to buy from hold
Hudbay Minerals	HBM	Canaccord Genuity cuts target to C$14.50 from C$15, rating buy
Industrial Alliance	IAG	BMO cuts target to C$29 from C$30; rating market perform
Industrial Alliance	IAG	CIBC cuts price target to C$30 from C$32
Industrial Alliance	IAG	Canaccord Genuity cuts price target to C$30, rating hold
Industrial Alliance	IAG	RBC cuts target to C$27 from C$28, rating sector perform
Industrial Alliance	IAG	National Bank cuts target to C$30 from C$33
Magna International	MG	RBC raises price target to $60 from $59;rating outperform
Manitoba Telecom Services Inc	MBT	CIBC raises price target to C$37 from C$35
Manitoba Telecom Services Inc	MBT	Macquarie cuts to neutral from outperform
McCoy Corp	MCB	Raymond James cuts target price to C$5 from C$5.50; rating outperform
North American Palladium Ltd	PDL	CIBC rates sector outperformer
Northern Property	NPR.UN	RBC ups target to C$33 fromC$32.50; rating sector perform
Orbit Garant Drilling Inc	OGD	CIBC cuts price target to C$6.50 from C$7.25
Osisko Mining	OSK	RBC cuts to sector perform from outperform ;cuts price target to C$10 from C$17
Petrominerales	PMG	BMO cuts price target to C$20 from C$23; ratingoutperform
Petrominerales	PMG	CIBC cuts price target to C$21.75 from C$23.25
Peyto Exploration	PEY	BMO raises target to C$20from C$18; rating market perform
Platinum Group Metals	PTM	CIBC rates sector outperformer
Premium Brands	PBH	National Bank Financial cuts price target to C$20.50 from C$21.50
Premium Brands	PBH	BMO raises target price to C$19 from C$17; rating market perform
Premium Brands	PBH	LB Securities raises target to C$17.25from C$16.75; rating hold
Pure Energy	PSV	Canaccord Genuity cuts price target to C$12 from C$12.50; rating buy
Richmont Mines	RIC	NBF cuts price target to C$7.30 fromC$7.80; rating underperform
RMP Energy Inc	RMP	CIBC cuts target to C$2.75 from C$3; rating sector performer
Savanna Energy	SVY	RBC raises to outperform from sector perform ;RBC raises to price target to C$12 from C$10
Southern Pacific	STP	RBC raises price target to C$2.75from C$2.50; rating outperform
Stantec	STN	BMO raises to outperform from market perform
Stantec	STN	LB Securities raises price target to C$31 from C$30.50; rating hold
Strad Energy	SDY	Raymond James ups target to C$7from C$6.75; rating outperform
Sun Life Financial	SLF	CIBC raises price target to C$25 from C$24
Sun Life Financial	SLF	RBC cuts target to C$22 from C$23, rating sector perform
Sun Life Financial	SLF	Canaccord cuts target to C$26 from C$26.50, rating hold
Sun Life Financial	SLF	BMO raises target to C$25 from C$24; ratingmarket perform
Sun Life Financial	SLF	UBS cuts price target to C$23 from C$24; rating neutral
Telus Corp	T.A	CIBC raises price target to C$60 from C$58; rating sector performer
Tim Hortons	THI	CIBC raises price target to C$62 from C$57; rating sector performer
Trican Well	TCW	Raymond James cuts target to C$18.50 from C$20; rating outperform
Trican Well	TCW	UBS cuts price target to C$18 from C$20;rating buy
WaterFurnace	WFI	Canaccord Genuity cuts price target to C$24 from C$25; rating buy
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