Upgrades, Downgrades and Target Changes - Jul 24 2012

Company	Rating/Target Change
Altagas	CIBC cuts target price to C$35 from C$36
Capital Power	Canaccord Genuity cuts target price to C$28 from C$30, rating buy
Churchill Corp	Canaccord Genuity cuts to hold from buy
Churchill Corp	CIBC cuts target price to C$12 from C$15
Churchill Corp	RBC cuts price target to C$13 from C$17; rating outperform
Churchill Corp	Paradigm Capital cuts target to C$14.50 from C$17.50; rating buy
Hanfeng Evergreen	Canaccord cuts target to C$1.85 from C$2.15, rating sell
Churchill Corp	TD cuts target: to C$11.50 from C$15.50
Magna International	Canaccord cuts target to $53 from $66; rating buy
Martinrea International	Canaccord cuts target to C$12.50 from C$16; rating buy
Merus Labs	Paradigm raises price target to C$3.75 from C$2.75; rating buy
New Millennium Iron	Raymond James cuts target to C$3 from C$3.50; outperform
Nexen Inc	Canaccord Genuity cuts to sell from buy
Nexen Inc	National Bank Financial raises price target to C$27.50 from C$22
Nexen Inc	CIBC cuts to sector underperformer from sector outperformer
Nexen	TD raises Target to: C$27.50 from C$22.00
Orvana Minerals Corp	Raymond James raises to outperform from market perform
Power Corporation of Canada	CIBC cuts target price to C$27.50 from C$28.50
Power Financial Corp	CIBC cuts target price to C$29.50 from C$30.50
Sprott Power	National Bank Financial starts with outperform, price target C$1.25
Talisman Energy	Canaccord Genuity raises to buy from hold
Tembec	Canaccord Genuity cuts price target to C$4 from C$4.50,rating buy
TransAlta Corp	Canaccord Genuity cuts target price to C$21 from C$22
TransAlta Corp	CIBC cuts target price to C$16 from C$17.50
TransAlta Corp	NBF cuts target to C$15.50 from C$16.50, rating underperform
TransAlta Corp	TD lowers target by $1.00 to $16.50 and maintaining our HOLD recommendation.
TransCanada Corp	CIBC cuts target price to C$44.50 from C$45
Yellow Media	Desjardins raises to hold from sell; Desjardins raises price target to C$0.11 from C$0.01
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