Upgrades, Downgrades and Target Changes - Oct 12 2012

Company	Rating/Target Change
Canacol Energy Ltd	CIBC cuts to sector underperformer from sector performer
Churchill Corp	Canaccord Genuity raises to buy from hold; price target to C$9.50
Churchill Corp	Paradigm Capital cuts price target to C$8.25 from C$10.75
Churchill Corp	RBC cuts target price to C$9 from C$13
Encana Corp	National Bank Financial starts with sector perform;price target C$23
Lake Shore Gold Corp	CIBC cuts target to C$1.75 from C$2; rates sector performer
Partners REIT	RBC starts with sector perform rating
Petrobakken Energy	Barclays cuts target to C$14 from C$15; rating overweight
San Gold Corp	National Bank Financial cuts price target to C$2.50 from C$2.85
Volta Resources	National Bank Financial cuts target to C$2.25 from C$4
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