Upgrades, Downgrades and Target Changes - Jan 22 2013

Company	Rating/Target Change
Advantage Oil and Gas Ltd	CIBC cuts price target to C$3.75 from C$4.20
Algonquin Power & Utilities Corp	Cantor Fitzgerald starts with target of C$8.50
Angle Energy	Paradigm Capital cuts target price to C$6.50 from C$8
ARC Resources Ltd	CIBC cuts price target to C$27 from C$27.50
ARC Resources Ltd	Canaccord Genuity cuts target price to C$26.50 from C$27
Argent Energy Trust	CIBC cuts price target to C$12 from C$12.25
Athabasca Oil	Canaccord Genuity cuts target price to C$14 from C$15
Aurora Oil & Gas Ltd	CIBC raises price target to C$4.75 from C$4.50
Baytex Energy Corp	Canaccord Genuity cuts target price to C$55 from C$56
Bellatrix Exploration Ltd	CIBC cuts price target to C$5.75 from C$6
Bellatrix Exploration Ltd	Paradigm Capital raises target to C$5.75 from C$5.50
Birchcliff Energy Ltd	CIBC cuts price target to C$8.75 from C$9.75
Blackpearl Resources	Canaccord Genuity cuts target price to C$5.50 from C$6
Bonavista Energy Corp	CIBC cuts price target to C$15.50 from C$16
Bonavista Energy Corp	Canaccord Genuity cuts target price to C$17.50 from C$18
Bonterra Energy Corp	Paradigm Capital raises target price to C$57.50 from C$55
Canacol Energy Ltd	CIBC raises price target to C$4.50 from C$4
Canadian Natural Resources Ltd	CIBC cuts price target to C$34 from C$35
Canadian Natural Resources Ltd	Canaccord Genuity cuts target to C$35 from C$37
Canadian Oil Sands Ltd	CIBC raises price target to C$19 from C$18
Canadian Oil Sands Ltd	Canaccord Genuity raises target price to C$21 from C$20
Cenovus Energy	Canaccord Genuity cuts target price to C$41 from C$44
Cequence Energy Ltd	CIBC cuts price target to C$1.80 from C$2.25
CI Financial	National Bank Financial raises to outperform from sector perform
Coastal Energy	CIBC raises price target to C$24.50 from C$22.50
Connacher Oil And Gas Ltd	CIBC cuts price target to C$0.50 from C$0.60
Connacher Oil And Gas Ltd	Canaccord Genuity cuts to sell from hold
Crew Energy Inc	CIBC cuts price target to C$8 from C$8.50
Delphi Energy Corp	CIBC cuts price target to C$1.25 from C$1.35
Eagle Energy Trust	CIBC cuts price target to C$9.50 from C$11
Gran Tierra Energy Inc	CIBC raises price target to C$7.75 from C$7.50
Husky Energy Inc	CIBC raises price target to C$31 from C$30
Husky Energy Inc	Canaccord Genuity raises target price to C$33 from C$29
Imperial Oil	Canaccord Genuity starts with hold rating; target price C$47
Inter Pipeline Fund	UBS starts with buy rating; price target of C$26
Keyera Corp	UBS starts with buy rating; price target of C$56
Legacy Oil + Gas Inc	CIBC raises price target to C$9.75 from C$9.25
Longview Oil Corp	CIBC cuts price target to C$6.50 from C$6.75
Meg Energy	Canaccord Genuity cuts to hold from buy; target to C$39 from C$47
New Zealand Energy Corp	Canaccord Genuity cuts to speculative buy from buy
Nexen Inc	Canaccord Genuity raises to hold from sell
Novus Energy	Paradigm Capital cuts to hold from buy
Pacific Rubiales Energy Corp	CIBC raises price target to C$29.50 from C$26
Painted Pony Petroleum Ltd	CIBC cuts price target to C$14 from C$14.50
Paramount Resources Ltd	CIBC cuts price target to C$36 from C$36.25
Pengrowth Energy Corp	Canaccord Genuity cuts target price to C$8.00 from C$8.50
Petrominerales Ltd	CIBC raises price target to C$11.50 from C$10.25
Peyto Exploration	Canaccord Genuity cuts target price to C$27 from C$28
Precision Drilling	TD Securities raises price target to C$11 from C$10.50
Rona Inc	National Bank Financial raises target price to C$12 from C$11
Rona Inc	Desjardins raises price target to C$12 from C$11
Shaw Communications	CIBC raises target price to C$26 from C$23
Suncor Energy	Canaccord Genuity raises target price to C$46 from C$45
Tourmaline Oil Corp	CIBC cuts price target to C$41 from C$42.50
Torc Oil and Gas Ltd	CIBC raisegarimas price target to C$3.75 from C$3.50
Transglobe Energy Corp	CIBC raises price target to C$13.50 from C$13
Twin Butte Energy	CIBC cuts price target to C$3.15 from C$3.40
Veresen Inc	UBS starts with neutral; price target of C$12
Vermilion Energy	CIBC raises price target to C$62 from C$61
Whitecap Resources	CIBC raises price target to C$11.50 from C$10.50
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