Upgrades, Downgrades and Target Changes - May 25 2012

Company	Ticker	Rating/Target Change
Agrium	AGU	NBF starts with underperform rating; price target of $71
Allana Potash	AAA	NBF price target to C$1.25 from C$1.55; rating outperform
ATS Automation Tooling Systems	ATA	Canaccord Genuity cuts to hold from buy
Cogeco Cable Inc	CCA	TD Securities raises to buy from hold
Computer Modelling Group	CMG	NBF raises price target to C$18.50 from C$17
Computer Modelling Group	CMG	BMO raises target to C$23 from C$17.50; rating outperform
Fortis Inc	FTS	BMO cuts price target to C$35 from C$35.50; rating outperform
IC Potash	ICP	NBF cuts price target to C$1.45 from C$1.75; rating outperform
Lululemon Athletica In	LLL	Keybanc cuts to hold from buy
MBAC Fertilizer	MBC	NBF cuts price target to C$5.25 from C$5.50; rating outperform
Phoscan Chemical	FOS	NBF cuts price target to C$0.40 from C$0.60; rating outperform
Premier Gold Mines	PG	Stonecap Securities raises price target to C$8.75 from C$8.70
RBC	RY	Barclays cuts price target to C$55 from C$57; rating equal weight
RBC	RY	CIBC cuts price target to C$58 from C$62; rating sector performer
RBC	RY	National Bank Financial cuts target to C$60 from C$62; rating sector perform
RBC	RY	TD Securities cuts price target to C$60 from C$65; rating hold
RBC	RY	Canaccord Genuity cuts price target to C$61 from C$65; rating buy
RBC	RY	Macquarie cuts target price to C$58 from C$61; rating neutral
Rogers Communications	RCI.B	TD Securities raises to buy from hold
TD Bank	TD	RBC cuts price target to C$98 from C$99; rating outperform
TD Bank	TD	Canaccord Genuity cuts price target to C$93 from C$95; rating buy
TD Bank	TD	Macquarie cuts target price to C$90 from C$94.50; rating outperform
TD Bank	TD	National Bank Financial cuts target to C$93 from C$94
Verde Potash	NPK	NBF cuts price target to C$9.25 from C$11.50; rating outperform
Western Potash	WPX	NBF cuts price target to C$0.75 from C$1; rating underperform
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