Upgrades, Downgrades and Target Changes - May 15 2012

Company	Ticker	Rating/Target Change
Aimia Inc	AIM	TD Securities raises to buy from hold ; raises price target to C$17 from C$14.50
Algonquin Power & Utilities	AQN	Macquarie starts with an outperform rating
Axia Netmedia	AXX	National Bank Financial raises price target to C$1.50from C$1
Bankers Petroleum	BNK	Macquarie cuts price target by C$1 to C$7; rating outperform
Bankers Petroleum	BNK	NBF cuts target to C$5.90 from C$6.50;rating sector outperform
Bankers Petroleum	BNK	Raymond James cuts target to C$3.20 from C$5;rating outperform
Bankers Petroleum	BNK	TD Securities cuts to buy from action list buy ; cuts price target to C$5.50 from C$9
Celtic Exploration	CLT	BS starts with buy; price target C$19
Chorus Aviation	CHR.B	National Bank Financial ups to sector perform from underperform ;cuts price target to C$3.05 from C$3.25
Claude Resources Inc	CRJ	CIBC cuts price target to C$1.50 from C$1.70
Claude Resources Inc	CRJ	Canaccord Genuity cuts price target to C$2 from C$2.25
Contrans Group	CSS	CIBC raises target to C$10.50 from C$10; rating sector performer
Contrans Group	CSS	BMO raises price target to C$10.50 from C$10; rating outperform
Contrans Group	CSS	TD Securities raises target to C$11 from C$10.50; rating buy
Copper Mountain	CUM	BMO cuts price target to C$5 from C$5.25; rating market perform
Eastern Platinum	ELR	Raymond James Cuts price target to C$0.55 from C$0.70
Eastern Platinum	ELR	Paradigm cuts target price to C$0.75 from C$2, rating buy
EcoSynthetix Inc	ECO	Canaccord Genuity cuts price target to C$10 from C$11.50
EcoSynthetix Inc	ECO	UBS cuts price target to C$4.75 from C$5.5; rating neutral
Fortress Paper	FTP	Raymond James cuts target to C$46 from C$52, rating outperform
Guyana Goldfields	GUY	TD Securities cuts target to C$3.50; rating speculative buy
Hana Mining Lt	HMG	Canaccord genuity cuts to sell from speculative buy
Hudbay Minerals	HBM	TD Securities cuts target to C$12 from C$13.50; rating hold
Hudbay Minerals	HBM	Raymond James cuts price target to C$12 from C$13
IAMGOLD Corp	IMG	Macquarie cuts price target to C$16 from C$19; rating outperform
IBI Group	IBG	Canaccord Genuity cuts price target to C$12 from C$15; rating hold
IBI Group	IBG	Raymond James cuts target to C$15 from C$16.50; rating outperform
IBI Group	IBG	Stonecap cuts price target to C$15 from C$16; rating outperform
IBI Group	IBG	TD Securities cuts price target to C$16 from C$17.50; rating buy
Imperial Metals	III	TD Securities cuts target to C$16 from C$18.50; rating hold
Intact Financial	IFC	Macquarie raises target to C$73 from C$72, rating outperform
Liquor Stores	LIQ.UN	National Bank ups target to C$18 from C$16; rating sector perform
Lone Pine Resources	LRP	TD Securities cuts price target to C$9 from C$11; rating buy
New Flyer Industries	NFI	NBF cuts target to C$8.50 from C$8.75; rating outperform
Parex Resources	PXT	Raymond James cuts target to C$6.50 from C$7; rating outperform
Petrominerales	PMG	Raymond James cuts price target to C$15 from C$16
Power Financial	PWF	CIBC raises target to C$30.50 from C$29.50; sector performer
Silver Wheaton Corp	SLW	CIBC cuts price target to $45 from $48
Silver Wheaton Corp	SLW	Macquarie raises to outperform from neutral
Southern Pacific	STP	TD Securities raises target to C$3.50 from C$2.75; rating buy
Southern Pacific	STP	Raymond James ups target to C$2.75 from C$2.50
Southgobi Resources	SGQ	CIBC cuts target to C$11 from C$13; sector outperformer
TMX Group	X	Macquarie cuts price target to C$41 from C$44; rating neutral
Trevali Mining	TV	Raymond James cuts target to C$2.10 from C$2.15; rating outperform
Valener	VNR	National Bank Financial raises to sector perform from underperform
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