Upgrades, Downgrades and Target Changes - Nov 1 2012

Company	Rating/Target Change
Acadian Timber	Salman Partners raises to buy from hold; target to C$14.50
Canada Bread	RBC cuts to sector perform from outperform;target to C$53 from C$54
Capital Power	National Bank Financial raises to outperform from sector perform
First National Financial	TD Securities raises target to C$20 from C$19.50
First Quantum Minerals	RBC raises target to C$26 from C$25; rating outperform
First Quantum Minerals	UBS cuts to neutral from buy
Genworth MI Canada	National Bank Financial raises target to C$21.50 from C$21
Labrador Iron Ore Royalty	Raymond James starts with outperform rating
Martinrea International	Canaccord Genuity cuts price target C$10.75 from C$12
Martinrea International	CIBC cuts price target to C$9 from C$10
Martinrea International	BMO cuts target to C$8.50 from C$10
Mediagrif Interactive Tech	LB Securities reinitiates coverage with buy rating
Novadaq Technologies	Needham raises target price to $17; rating buy
Paramount Resources	RBC raises target to C$38 from C$35; rating sector perform
Russel Metals	Raymond James raises target to C$28 from C$26
Russel Metals	TD Securities raises price target to C$27 from C$26; rating hold
Sherritt International	National Bank Financial cuts target to C$6.50 from C$6.70
Strad Energy Services	Raymond James cuts target to C$5.75 from C$6.75
Talisman Energy	Macquarie cuts target price to C$15 from C$17; rating outperform
Tim Hortons	Barclays cuts price target to C$54 from C$56; rating overweight
Torstar Corp	RBC cuts target price to C$9 from C$10; rating sector perform
Torstar Corp	CIBC cuts price target to C$9 from C$10; rating sector performer
Torstar Corp	BMO cuts target price to C$11.50 from C$13; rating outperform
Uni-Select Inc	National Bank Financial cuts price target to C$28.50 from C$32
Valeura Energy	Canaccord Genuity starts with buy
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