Upgrades, Downgrades and Target Changes - Nov 5 2012

Company	Rating/Target Change
Air Canada	PI Financial raises price target to C$2.50 from C$1.80; rating buy
Altagas Ltd	BMO raises target price to C$37 from C$35; rating outperform
Bellatrix Exploration	CIBC raises target to C$6 from C$5.50
Belo Sun Mining Corp	Dundee Capital starts with buy rating
Bonavista Energy Corp	UBS cuts target price to C$21 from C$23; rating buy
Brookfield Office Properties	RBC ups to outperform from sector perform
Cequence Energy	CIBC raises target to C$2.25 from C$1.55;rating sector performer
Cogeco Cable	National Bank Financial cuts target price to C$44.50 from C$45
Cogeco Cable	Canaccord Genuity raises target to C$43 from C$42; rating hold
Constellation Software	National Bank Financial ups target to C$125 from C$115
Constellation Software	RBC raises target to C$140 from C$125; rating top pick
Constellation Software	BMO raises target price to C$116 from C$96
Delphi Energy	CIBC cuts target to C$1.75 from C$1.95; rating sector performer
Dorel Industries	RBC raises target price to C$40 from C$37; rating outperform
Fortis Inc	Barclays cuts target price to C$33 from C$35; rating equal weight
Fortress Paper	Canaccord Genuity cuts to hold from buy rating
Fortress Paper	Raymond James cuts to market perform from outperform
Geodrill Ltd	PI Financial cuts to neutral from buy; target to C$2.50 from C$4
Husky Energy	Macquarie raises target price to C$30 from C$28; rating neutral
Hudbay Minerals	Canaccord Genuity raises target price to C$10.50 from C$10
Hudbay Minerals	Raymond James raises target to C$11.50 from C$11
Inmet Mining	BMO raises target price to C$71.50 from C$70; rating outperform
Inmet Mining	Raymond James raises target to C$77 from C$74; rating outperform
Interfor Ltd	RBC raises target price to C$8 from C$7; rating outperform
Interfor Ltd	TD Securities raises target to C$8 from C$7
Longview Oil	CIBC cuts price target to C$7.75 from C$9.00; rating performer
Morguard REIT	RBC raises price target to C$20 from C$19.50; rating outperform
Orbit Garant Drilling	National Bank Financial cuts target to C$3.75 from C$4
Painted Pony Petroleum	CIBC raises target to C$14.50 from C$12.50
Pengrowth Energy	CIBC cuts target to C$7.25 from C$8; rating sector performer
Penn West Petroleum	Barclays cuts target to C$13 from C$14; rating underweight
Penn West Petroleum	Canaccord Genuity cuts to hold rating
Penn West Petroleum	Macquarie cuts target to C$12 from C$14; rating underperform
Penn West Petroleum	BMO cuts target to C$16 from C$17; rating market perform
Penn West Petroleum	RBC cuts target to C$15 from C$16; rating sector perform
Penn West Exploration	National Bank Financial cuts target to C$14 from C$15
Porto Energy	Raymond James cuts target to C$0.05 from C$0.15; rating underperform
RMP Energy	CIBC raises target to C$2.80 from C$2.35; rating sector performer
Saputo Inc	RBC cuts target price to C$48 from C$49; rating outperform
SNC Lavalin Group	BMO raises target to C$44 from C$43; rating market perform
SNC Lavalin Group	Raymond James ups target to C$52 from C$46; rating outperform
SNC Lavalin Group	TD Securities raises target to C$52 from C$46; rating buy
Stella-Jones	BMO raises to outperform from market perform
Stella-Jones	National Bank Financial raises target price to C$76 from C$70
Suncor Energy	Macquarie raises target price to C$43 from C$40; rating outperform
Superior Plus	CIBC raises target to C$10.50 from C$9.50; rating sector performer
Surge Energy	CIBC cuts target to C$10.50 from C$11.50;rating sector outperformer
Thomson Reuters	TD Securities cuts target price to C$31 from C$34; rating hold
Tim Hortons	RBC cuts target price to C$58 from C$61; rating sector perform
TMX Group	CIBC raises price target to C$53.50 from C$48; rating sector performer
Tricon Capital Group Inc	Paradigm Capital starts with buy rating
Twin Butte Energy	CIBC raises target to C$3.40 from C$3; rating sector performer
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