Upgrades, Downgrades and Target Changes - Jul 16 2012

Company	Rating/Target Change
Alacer Gold	NBF cuts price target to C$10.75 from C$11; rating outperform
Astur Gold	NBF cuts price target to C$1.40 from C$2; rating outperform
Aura Minerals	NBF raises price target to C$1.25 from C$1.20; rating outperform
AuRico Gold	NBF cuts price target to C$9 from C$10; rating sector perform
Baja Mining	Raymond James cuts target to C$0.25 from C$0.40;rating marketperform
Black Diamond	NBF starts with sector perform rating; price target of C$25.50
Calfrac Well Services	UBS cuts price target to C$35 from C$37; rating buy
Canaccord	KBW cuts price target to C$5.50 from C$7.50;rating market perform
Copper Mountain	NBF cuts price target to C$5.55 from C$5.80; rating outperform
First Quantum	NBF cuts price target to C$21.50 from C$22; rating sector perform
Horizon North Logistics	NBF starts with outperform and price target of C$8.75
Hudbay Minerals	NBF cuts price target to C$10.50 from C$11; rating outperform
International Minerals	NBF cuts target price to C$4.55 from C$4.75
Jaguar Mining	NBF cuts price target toC$0.70 from C$1; rating underperform
La Mancha Resources	Canaccord Genuity cuts price target to C$3.50 from C$5
Lundin Mining	NBF cuts price target to C$5.15 from C$5.25; rating outperform
Lydian	NBF cuts price target to C$4 from C$4.20; rating outperform
Manulife	CIBC cuts target price to C$13 from C$14; rating sector performer
Manulife	UBS cuts price target to C$11.50 from C$13.50; rating neutral
Power Corp of Canada	NBF starts with sector perform rating; price target of C$28
Power Financial	NBF starts with outperform rating; price target of C$31
Precision Drilling	UBS cuts price target to C$12 from C$13;rating buy
Sherritt	NBF cuts price target to C$6.70 from C$6.75; rating sector perform
Taseko Mines	NBF cuts price target to C$4.90 from C$4.95; rating outperform
Teck Resources	NBF cuts price target to C$37from C$38; rating sector perform
Trinidad Drilling	UBS raises price target to C$7.50 from C$7; rating buy
Western Energy Services	UBS cuts price target to C$9 from C$10; rating buy .
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