Upgrades, Downgrades and Target Changes - Nov 20 2012

Company	Rating/Target Change
Altus Group	CIBC raises target price to C$9 from C$8.75; rating sector performer
Arc Resources	TD Securities raises to buy from hold;target to c$27 from c$26
Arc Resources	Canaccord Genuity ups to buy from hold;target to c$27 from c$26
Arcan Resources	TD Securities cuts target to c$0.70 From C$0.75; rating reduce
Astral Media Inc	TD Securities cuts to hold from buy
Bank Of Montreal	Stonecap Securities raises target price to c$56 from c$52
Bank Of Nova Scotia	Stonecap Securities raises target price to c$58 from c$54
C&C Energia Ltd	D SecuritieS cuts target price to c$11.50 from c$13; rating buy
Canadian Satellite Radio Holdings	National Bank Financial ups target to C$6.50
Canadian Satellite Radio Holdings	Canaccord Genuity raises target to c$6.30
Canfor Corp	Raymond James ups target to C$17.50 from C$16.25; rating outperform
CIBC	Stonecap Securities raises target to c$77 from c$73; rating sector perform
Conifex Timber	Raymond James ups target to C$11.25 from C$11; rating outperform
Copper Mountain Mining Corp	Canaccord Genuity starts with buy, target price c$5
Enerflex Ltd	Raymond James cuts price target to C$13 from C$14
Ensign Energy Services	Raymond James Raises to outperform from market perform
Interfor	Raymond James raises target to C$7.75 from C$7.50; rating outperform
Mag Silver Corp	Canaccord Genuity cuts price target to c$19.25 from c$20.75
Midas Gold Corp	RBC cuts price target to c$6 from c$7.50; rating outperform
National Bank Of Canada	Stonecap Securities raises target to c$84 from c$81
Norbord Inc	Raymond James raises target to C$20 from C$19; rating market perform
Nuvista Energy	Canaccord Genuity ups to buy from sell; target to C$5.75
Partners Real Estate Investment Trust	CIBC cuts target to C$8 from C$8.50
Raging River Exploration Inc	Canaccord Genuity raises target to C$4 from C$3.65
Raging River Exploration Inc	TD Securities raises target to c$3.75 from c$3.50
Raging River Exploration Inc	National Bank Financial ups target to C$4.25 from C$4
Raging River Exploration Inc	BMO ups target to c$3.50 from c$3.25;rates outperform
RBC	Stonecap Securities raises target to c$53 from c$51; rating sector perform
TD Bank	Stonecap Securities raises target to c$72 from c$70; rating underperform
Trevali Mining	PI Financial starts with buy
West Fraser Timber	Raymond James ups target to C$75 from C$68; rating outperform
WesternZagros Resources Ltd	Macquarie raises target price by C$0.75 to C$2.15
Yangarra Resources Ltd	Raymond James Cuts to market perform from outperform
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