Upgrades, Downgrades and Target Changes - May 17 2012

Company	Ticker	Rating/Target Change
Agnico Eagle Mines	AEM	Macquarie cuts price target to C$39 from C$41; rating neutral
Alacer Gold Corp	ASR	Haywood Research cuts price target by C$1.50 to C$11
Alamos Gold Inc	AGI	Macquarie cuts price target to C$20 from C$21; rating neutral
Allied Nevada Gold	ANV	Macquarie cuts price target to C$29 from C$31;rating neutral
Allied Properties REIT	AP.UN	Canaccord ups target to C$28 from C$27;rating hold
Allied Properties REIT	AP.UN	NBF ups target price to C$28.75 from C$27.50
Allied Properties REIT	AP.UN	Macquarie raises price target to C$29 from C$28
Allied Properties REIT	AP.UN	TD Securities raises price target to C$30 from C$29
Argonaut Gold	AR	Macquarie cuts price target to C$9 from C$9.75
AuraMinerals	ORA	Macquarie cuts price target to C$1 from C$1.10
Aura Minerals	ORA	Canaccord cuts target to C$1.50 from C$1.70;rating speculative buy
AuRico Gold	AUQ	Macquarie cuts price target to C$11.50 from C$12;rating outperform
Avion Gold Corp	AVR	NBF cuts price target to C$1.60 from C$2.10; rating outperform
Baja Mining	BAJ	Canaccord Genuity cuts to hold from buy; target to C$0.50 from C$1
Barrick Gold	ABX	Macquarie cuts price target to C$56 from C$58; rating outperform
Bird Construction	BDT	Raymond James cuts price target to C$16 from C$16.50
Boardwalk REIT	BEI.UN	Macquarie ups price target to C$65 from C$60;rating outperform
Boardwalk REIT	BEI.UN	TD Securities raises price target to C$61 from C$57; ratng hold
Boardwalk REIT	BEI.UN	Dundee raises price target to C$62 from C$56; rating neutral
B2Gold	BTO	Macquarie cuts price target to C$5.25 from C$5.50
CAE Inc	CAE	Canaccord Genuity raises target price to C$15 from C$14.50;rating buy
CAE Inc	CAE	BMO cuts price target to C$13 from C$14; rating outperform
CAE Inc	CAE	TD Securities raises price target to C$15 from C$14.50; rating buy
Canadian National	CNR	Barclays ups target to C$88 from C$84; rating underweight
Canadian Pacific Railway	CP	Barclays raises to overweight from equal weight
Canadian Pacific Railway	CP	Barclays raises price target to C$92 from C$80
Canadian Zinc	CZN	Canaccord cuts target to C$1.40 from C$1.60;rating speculative buy
Carmanah Technologies	CMH	Canaccord cuts target to C$0.85 from C$0.90; rating buy
Centerra Gold	CG	CIBC raises price target to C$26 from C$23
Centerra Gold	CG	BMO cuts price target to C$17.50 from C$22.25; rating outperform
Centerra Gold	CG	TD Securities raises to buy from hold
Centerra Gold	CG	TD Securities cuts price target to C$15 from C$19.50
Claude Resources	CRJ	Dundee cuts target price to C$1.80 from C$2; rating buy
Crocodile Gold	CRK	Raymond James cuts price target to C$0.90 from C$1.30
Eldorado Gold	ELD	Macquarie cuts price target to C$13.50 from C$14.50
Enbridge	ENB	CIBC raises price target to C$46 from C$44; rating sector outperformer
Enbridge	ENB	Barclays raises price target to C$41 from C$38; rating equal weight
Enbridge	ENB	National Bank Financial raises price target to C$48 from C$46
Goldcorp	G	Macquarie cuts price target to C$55 from C$58; rating outperform
Golden Star Resources	GSC	Macquarie cuts price target to C$1.75 from C$2
H&R REIT	HR.UN	Canaccord Genuity raises target price to C$27 from C$26.75; rating buy
IAMGOLD Corp	IMG	Macquarie cuts price target to C$15.50 from C$16; rating outperform
International Minerals	IMZ	TD Securities cuts price target to C$7 from C$7.50
Ivanhoe Mines	IVN	CIBC cuts price target to C$19 from C$20;rating sector outperformer
Kinross Gold	K	Macquarie cuts price target to C$11.50 from C$12.50;rating outperform
Lachlan Star	LSA	Macquarie cuts price target to C$2.25 from C$2.60
Lipari Energy	LIP	Canaccord Genuity cuts target price to C$1 from C$1.75; rating buy
Lone Pine Resources	LPR	Raymond James cuts target price to C$7.50 from C$10
North American Palladium	PDL	CIBC cuts price target to C$3.75 from C$4
Oceanagold	OGC	Macquarie cuts price target to C$2.50 from C$3.10; rating outperform
Osisko	OSK	Macquarie cuts price target to C$11 from C$12
Pan American Silver	PAA	Canaccord Genuity cuts target to $20 from $25.50;rating hold
Pan American Silver	PAA	CIBC cuts price target to $21 from $26; rating overweight
Pan American Silver	PAA	UBS cuts price target to $24 from $25.5; rating buy
Perseus Mining	PRU	Macquarie cuts price target to C$3.50 from C$3.70;rating outperform
Ritchie Bros Auctioneers	RBA	TD Securities cuts price target to $22 from $23
Semafo	SMF	TD Securities raises to buy from hold
Semafo	SMF	Macquarie cuts price target to C$8 from C$9.50; rating outperform
Semafo	SMF	Desjardins cuts price target to C$8.25 from C$11; rating buy
Silver Wheaton	SLW	Macquarie cuts price target to C$35 from C$38; rating outperform
Timmins Gold	TMM	Canaccord Genuity raises to hold from sell cuts target price to C$1.60 from C$1.85
Timmins Gold	TMM	Macquarie cuts price target to C$2.85 from C$3.10;rating outperform
Troy	TRY	Macquarie cuts price target to C$6 from C$6.25; rating outperform
Yamana Gold	YRI	Macquarie cuts price target to C$16.50 from C$17.50; rating neutral
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