Upgrades, Downgrades and Target Changes - May 14 2012

Company	Ticker	Rating/Target Change
AG Growth International	AFN	NBF raises to sector perform from underperform
AG Growth International	AFN	PI Financial ups target to C$42.50 from C$41; rating buy
Algonquin Power	AQN	Mackie Research raises target to C$7.35 from C$7.25; rating buy
Alliance Grain Traders	AGT	Canaccord Genuity cuts price target to C$13.50 from C$17
Alliance Grain Traders	AGT	CIBC cuts price target to C$17.50 from C$21
Alliance Grain Traders	AGT	Macquarie cuts target price to C$8 from C$14
Alliance Grain Traders	AGT	Raymond James cuts target to C$17.50 from C$22
Altus Group	AIF	CIBC raises price target to C$8.75 from C$8.25
Altus Group	AIF	BMO raises target price to C$9 from C$8, outperform rating
Armtec Infrastructure	ARF	Canaccord Genuity cuts price target to C$1.50 from C$2
Asia Bio Chem	ABC	Raymond James cuts to underperform from market perform
Asia Bio Chem	ABC	Raymond James cuts price target to C$0.15 from C$0.35
B2Gold Corp	BTB	Canaccord Genuity cuts price target to C$5.50 from C$6; rating buy
B2Gold Corp	BTB	Macquarie raises target to C$5.50 from C$5.25; rating outperform
Bank of Montreal	BMO	Macquarie cuts price target to C$64 from C$65
Bank of Nova Scotia	BNS	Macquarie cuts price target to C$59.50 from C$60
Boyd Group Income Fund	BYD.UN	NBF raises price target to C$16 from C$15
Canadian Helicopters	CHL.A	NBF raises price target to C$40 from C$36
Canadian Energy	CEU	Paradigm Capital cuts target to C$12.50 from C$13.50;
Cash Store	CSF	Canaccord Genuity cuts target to C$7.25 from C$8; rating hold
Cash Store	CSF	Stonecap cuts target to C$5.50 from C$7.50; rating sector perform
Cequence Energy	CQE	Canaccord Genuity cuts to hold from speculative buy
Cequence Energy	CQE	Canaccord Genuity cuts price target to C$2.25 from C$2.60
Cervus Equipment	CVL	Macquarie raises target to C$23 from C$20; rating outperform
CIBC	CM	Macquarie cuts price target to C$82.50 from C$83
Crescent Point Energy Corp	CPG	CIBC raises price target to C$60 from C$57
Crombie REIT	CRR.UN	Canaccord Genuity raises price target to C$16.20 from C$15.40
Crombie REIT	CRR.UN	NBF raises price target to C$14.75 from C$14.50
Crombie REIT	CRR.UN	Macquarie raises target to C$15.50 from C$15; rating neutral
CVTech Group	CVT	Stonecap raises to outperform from sector perform
EGI Financial	EFH	BMO raises target price to C$11 from C$9, rating market perform
Enbridge	ENB	has been downgraded by TheStreet Ratings from buy to hold
Emera Inc	EMA	TD Securities raises price target to C$36 from C$35; rating buy
Enerflex	EFX	BMO cuts target price to C$13 from C$14.25, rating market perform
Enerplus Corp	ERF	CIBC cuts target to C$20 from C$21; rating sector underperformer
Enerplus	ERF	Macquarie cuts price target by C$1 to C$19; rating neutral
Equity Financial	EQI	Acumen Capital cuts target to C$12.80 from C$13.30; rating buy
Gabriel Resources	GBU	RBC cuts price target to C$4 from C$9; rating sector perform
Glentel Inc	GLN	Paradigm Capital raises to buy from hold
Gluskin Sheff	GS	TD Securities raises to buy from hold
Gluskin Sheff	GS	TD Securities raises price target to C$20 from C$19
IAMGOLD Corp	IMG	TD Securities cuts price target to C$19 from C$22
Intact Financial	IFC	TD Securities raises target to C$68 from C$66; rating hold
Lake Shore Gold Corp	LSG	Canaccord Genuity cuts price target to C$1.60 from C$1.65
Laurentian Bank of Canada	LB	Macquarie cuts price target to C$50 from C$51
Magna International	MG	Societe Generale raises to hold from sell
Mercator Minerals	ML	Macquarie raises rating to outperform from neutral
Miranda Technologies	MT	Canaccord Genuity cuts price target to C$13.75 from C$14.50
Miranda Technologies	MT	CIBC cuts target to C$12 from C$14; rating sector performer
National Bank of Canada	NB	Macquarie cuts price target to C$84 from C$86
Osisko Mining	OSK	BMO cuts price target to C$11 from C$15; rating outperform
Osisko Mining	OSK	BMO cuts price target to C$11 from C$15; rating outperform
Osisko Mining	OSK	CIBC cuts target to C$15.50 from C$23; rating sector outperformer
Osisko Mining	OSK	Raymond James cuts target price to C$11.50 from C$15
Peer 1 Network Enterprises	PIX	Canaccord Genuity ups target to C$2.80 from C$2.25
Pure Technologies	PUR	Stonecap ups target to C$5.75 from C$4.50; rating outperform
RBC	RY	Macquarie cuts price target to C$61 from C$62.50
Retrocom Mid Market REIT	RMM.UN	CIBC cuts price target to C$6 from C$6.25
Richmont Mines	RIC	CIBC cuts price target to C$9 from C$11; rating sector performer
Savanna Energy	SVY	CIBC raises price target to C$10.50 from C$10
Savanna Energy	SVY	PI Financial raises target to C$11.50 from C$9; rating buy
St Andrew	SAS	Stonecap cuts target to C$0.75 from C$0.90; rating sector perform
TD Bank	TD	Macquarie cuts price target to C$94.50 from C$96
Western Forest Products Inc	WEF	CIBC cuts price target to C$1.50 from C$1.55
Xinergy	XRG	Canaccord Genuity cuts price target to C$1.90 from C$2.30; rating hold
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