Upgrades, Downgrades and Target Changes - Jan 23 2013

Company	Rating/Target Change
Bellatrix Exploration	CIBC raises target price to C$6.25 from C$5.75
Bellatrix Exploration	Paradigm Capital raises target price to C$7.75 from C$5.50
Canadian National Railway	Canaccord Genuity raises target to C$101 from C$96
Canadian National Railway	RBC raises target price to C$97 from C$93
Canexus Corp	National Bank Financial raises to outperform from sector perform
Capital Power	National Bank Financial cuts to sector perform from outperform
Centerra Gold	RBC starts with a sector perform rating and price target of C$11
Enbridge Income Fund Holdings	National Bank Financial cuts to sector perform
Endeavour Mining Corp	Canaccord Genuity raises target price to C$4 from C$3.50
First Quantum Minerals	Canaccord Genuity cuts target price to C$20.50 from C$21
First Quantum Minerals	National Bank Financial cuts target to C$26 from C$27
Interfor	Raymond James raises target price to C$11 from C$10
Manitok Energy	Raymond James cuts to market perform from outperform
Metro Inc	RBC raises target price to C$67 from C$65
Revett Minerals	Stonecap Securities cuts target price to C$3 from C$3.50
Semafo Inc	CIBC cuts target price to C$5.50 from C$6
Sonde Resources	RBC raises target price to C$2.25 from C$1.75
Superior Plus	National Bank Financial raises to outperform from sector perform
TransAlta Corp	National Bank Financial cuts to underperform from sector perform
TransCanada	National Bank Financial raises to sector perform from underperform ;National Bank Financial raises target price to C$51 from C$42.50
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