Upgrades, Downgrades and Target Changes - Dec 18 2012

Company	Rating/Target Change
Armtec Infrastructure	Canaccord Genuity raises to hold from sell
Athabasca Oil	TD Securities starts with action list buy; price target of C$17
Atlantic Power	BMO starts with market perform rating; price target of C$11.50
AuRico Gold Inc	BMO raises price target to C$9.50 from C$9
Calmena Energy Services	TD Securities cuts to hold from buy
Canaco Resources	Canaccord Genuity cuts target price to C$0.55 from C$0.65
Canfor Pulp Products Inc	Raymond James raises price target to C$14.50 from C$13
First Majestic Silver	Raymond James cuts target price to C$26 from C$26.75
Granite Real Estate	TD Securities ups target price to C$43 from C$42; rating buy
Kirkland Lake Gold	CIBC cuts target to C$9 from C$15; rating sector performer
Primero Mining Corp	RBC cuts target to $8.50 from $9; rating sector perform
Renegade Petroleum	TD Securities cuts target to C$3.25 from C$4.25; rating buy
Revett Minerals Inc	Stonecap cuts price target to C$3.50 from C$5.60
Southern Pacific Resource	CIBC starts with sector performer; target of C$1.75
Sun Life Financial	Canaccord Genuity cuts to sell rating
Sun Life Financial	CIBC ups target to C$26 from C$25; rating sector performer
Surge Energy	Raymond James starts with outperform rating; target price of C$8.75
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