Upgrades, Downgrades and Target Changes - May 18 2012

Company	Ticker	Rating/Target Change
Armtec Infrastructure	ARF	BMO cuts target to C$1.50 from C$2.25
Artis REIT	AX.UN	Canaccord Genuity raises target price to C$17.50 from C$17
Astur Gold Corp	AST	National Bank cuts target to C$2 from C$3; rating outperform
Boardwalk REIT	BEI.UN	National Bank raises price target to C$63.75 from C$59.75
Boardwalk REIT	BEI.UN	CIBC raises price target to C$65 from C$60
Canaco Resources Inc	CAN	CIBC cuts price target to C$0.40 from C$2.80
Canadian Pacific Railway	CP	Citigroup raises to buy from neutral
Canadian Pacific Railway	CP	BMO ups target to C$81 from C$78, market perform rating
Enbridge	ENB	Canaccord Genuity raises to buy from hold; target to C$43 from C$41
Enbridge	ENB	Citigroup raises price target to C$41.50 from C$35.68, rating neutral
Golden Star Resources	GSC	National Bank raises to sector perform from underperform
Kirkland Lake Gold	KGI	CIBC cuts target to C$24 from C$26;rating sector outperformer
Kirkland Lake Gold	KGI	Dundee cuts target price to C$16 from C$19, rating buy
Leons Furniture	LNF	BMO cuts price target to C$12 from C$13; rating market perform
Partners Real Estate Investment Trust	PAR.UN	CIBC raises target to C$8 from C$7.75
Pure Industrial REIT	AAR.UN	Dundee raises target to C$5.50 from C$5.25, rating buy
Tahoe Resources Inc	THO	RBC cuts price target to C$28 from C$30; rating outperform
Taseko Mines Ltd	TKO	Canaccord Genuity cuts price target to C$3.75 from C$4.10
Transcontinental Inc	TCL.A	TD Securities cuts to hold from buy;TD Securities cuts price target to C$12 from C$15
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