Upgrades, Downgrades and Target Changes - Jul 12 2012

Company	Rating/Target Change
Alderon Iron Ore	Raymond James raises price target to C$4 from C$3.80
Angle Energy Inc	Dahlman Rose cuts price target to C$6 from C$8
ATS Automation Tooling Systems	Paradigm cuts target price to C$7 from C$12
Blackpearl Resources Inc	Dahlman Rose cuts price target to C$5 from C$6
Canadian Satellite Radio	RBC raises price target to C$5 from C$4.75
Canadian Pacific Railway	UBS raises price target to C$79 from C$78
Canfor Pulp	Raymond James cuts price target to C$13 from C$15
Cline Mining Corp	Paradigm Capital cuts to hold from speculative buy ;Paradigm Capital cuts target price to C$0.40 from C$2
Dragonwave Inc	Raymond James cuts to market perform from outperform; Raymond James cuts price target to C$3.50 from C$4
Fortress Paper Ltd	TD securities cuts price target to C$20 from C$26
Great Canadian Gaming	TD securities raises price target to C$11.50 from C$9.50
Legacy Oil + Gas Inc	Dahlman Rose cuts price target to C$10 from C$12
New Millennium Iron	Stonecap Securities Starts with outperform
Norbord	Raymond James raises target price to C$17 from C$14
Semafo	BMO cuts to market perform from outperform
Semafo	TD securities cuts to hold from buy
Semafo	CIBC cuts price target to C$7 from C$10; rating sector outperformer
Trilogy Energy Corp	Dahlman Rose cuts price target to C$32 from C$35
Vitran Corp	TD securities cuts price target to $7 from $8.50, rating hold .
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