Upgrades, Downgrades and Target Changes - May 24 2012

Company	Ticker	Rating/Target Change
Bank of Montreal	BMO	RBC cuts price target to C$65 from C$66, rating sector perform
Bank of Montreal	BMO	CIBC cuts target to C$61 from C$62;rating sector underperformer
Bank of Montreal	BMO	UBS cuts price target to C$60 from C$62; rating neutral
Bank of Montreal	BMO	TD Securities cuts price target to C$64 from C$67; rating hold
Bank of Montreal	BMO	KBW cuts target price by C$1 to C$61, rating market perform
Bank of Montreal	BMO	Macquarie cuts target price to C$61 from C$64, rating neutral
CAE	CAE	Canaccord Genuity raises price target to C$15.50 from C$15, rating buy
CAE	CAE	Paradigm Capital raises target price to C$13.50 from C$12.50; rating buy
CAE	CAE	UBS cuts price target to C$14 from C$14.75; rating buy
Canaccord Financial	CF	KBW cuts target to C$7.50 from C$8.50, rating marketperform
Canaccord Financial	CF	CIBC cuts target to C$12 from C$14,rating sector Outperformer
Canaccord Financial	CF	Macquarie raises target price to C$7 from C$6.50
Canaccord Financial	CF	TD Securities cuts to hold from buy ;TD Securities cuts price target to C$7.50 from C$11
Conifex Timber	CFF	TD Securities cuts price target to C$10 from C$11; rating buy
Goldgroup Mining Inc	GGA	Canaccord Genuity cuts price target to C$1.80 from C$2
Goldgroup Mining Inc	GGA	Stonecap cuts to sector perform from outperform ;Stonecap cuts price target to C$1 from C$1.65
Hanfeng Evergreen	HF	BMO cuts price target to C$3 from C$3.25, rating market perform
Ivanhoe Mines	IVN	BMO raises to outperform;cuts price target to C$13.49 from C$15.53
Laurentian Bank of Canada	LB	Canaccord Genuity cuts target to C$54.50 from C$55.50
Orezone Gold	ORE	Canaccord genuity cuts target price to C$4 from C$5.50
Orezone Gold	ORE	Desjardins cuts price target to C$4.75 from C$6, rating buy
Pan Orient Energy	POE	Macquarie cuts target price to C$5.50, rating outperform
Pan Orient Energy	POE	Raymond James raises price target to C$4.25 from C$3.80
Parex Resources	PXT	Dundee raises target price to C$8.70 from $8.50, rating buy
Romarco Minerals	R	Paradigm Capital cuts target price to C$2 from C$2.75
Romarco Minerals	R	BMO cuts to market perform from outperform;BMO cuts cuts target price to C$0.75 from C$2
Shoppers Drug Mart	SC	Raymond James raises price target to C$48 from C$47
Sterling Resources	SLG	CIBC cuts target to C$2 from C$3.25; rating sector performer
Stornoway Diamond	SWY	Laurentian bank cuts price target to C$2.75 from C$3,rating buy
Westernzagros Resources	WZR	TD securities raises price target to c$1.60 from c$1.50
Yoho Resources	YO	Acumen Capital cuts target price to C$4 from C$4.25; rating buy
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