Upgrades, Downgrades and Target Changes - Sep 4 2012

Company	Rating/Target Change
Bonterra Energy	NBF starts with sector perform rating; price target of C$44
Foraco International SA	CIBC cuts price target to C$5 from C$6.75
Hyperion Exploration	NBF starts with outperform rating; price target of $1.15
Laurentian Bank of Canada	Canaccord raises price target to C$54.25 from C$52.50
Lydian International Ltd	NBF starts with outperform rating; price target of C$4
Major Drilling Group International	CIBC cuts price target to C$15 from C$20
National Bank of Canada	CIBC cuts price target to C$78 from C$81
Novus Energy	NBF starts with outperform rating; price target of C$1.35
Orbit Garant Drilling Inc	CIBC cuts price target to C$4.50 from C$5.50
Orezone Gold	NBF raises price target to C$3.15 from C$2.75; rating outperform
Rainy River Resources	RBC cuts price target to C$7 from C$11
Rainy River Resources	CIBC cuts price target to C$7.25 from C$8
Renegade Petroleum	NBF starts with outperform rating; price target of C$5
Spartan Oil Corp	NBF starts with outperform rating; price target of C$6.50
Timmins Gold	NBF starts with outperform rating; price target of C$3
Volta Resources	NBF raises price target to C$2.50 from C$2.15; rating outperform
Zargon Oil & Gas Ltd	NBF starts with sector perform rating
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