Upgrades, Downgrades and Target Changes - Jul 04 2012

Company	Rating/Target Change
Algonquin Power	NBF raises target to C$6.75 from C$6.50; sector perform
Bauer Performance Sports	RBC raises target to C$11 from C$9; rating outperform
Cequence Energy	Canaccord cuts price target to C$2.10 from C$2.25; rating buy
Cequence Energy	CIBC raises price target to C$1.55 from C$1.45
Crombie REIT	NBF resumes with sector perform rating; price target C$14.75
Migao Corp	Canaccord Genuity cuts price target to C$2 from C$2.75; rating sell
Open Range Energy	Canaccord raises target to C$1.30 from C$1.20; rating hold
Pan American Silver	Canaccord cuts target to $25.05 from $26.88; rating hold
Pan American Silver	Raymond James cuts target to $26.50 from $30; outperform
Peyto Exploration	Barclays raises target to C$21 from C$20; rating equal weight
Peyto Exploration	Canaccord raises price target to C$23 from C$20; rating buy
Richmont Mines	NBF cuts price target to C$4.50 from C$7.30; rating underperform
Russel Metals Inc	RBC cuts price target to C$27 from C$30; rating sector perform
Trican Well Service	RBC cuts target to C$15 from C$17; rating sector perform
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