Upgrades, Downgrades and Target Changes - Jan 24 2013

Company	Rating/Target Change
ARC Resources Ltd	Barclays raises to overweight from equal weight ; cuts price target to C$26 from C$28
Baytex Energy Corp	Barclays cuts price target to C$49 from C$54
Bonavista Energy Corp	Barclays cuts price target to C$14 from C$16
Celtic Exploration	National Bank Financial raises target to C$27.50 from C$26.50
Crescent Point Energy Corp	Barclays cuts price target to C$45 from C$50
Dundee Industrial REIT	TD Securities starts with buy rating; target C$12.50
Enerplus Corp	Barclays cuts price target to C$13 from C$17
Fortress Paper Ltd	RBC cuts to sector perform from outperform ;cuts target price to C$12 from C$14
IAMGOLD Corp	TD Securities cuts target price to C$15 from C$17.50
Imperial Metals Corp	Canaccord Genuity raises price target to C$22 from C$21
Imperial Metals Corp	TD Securities raises target price to C$17 from C$16
International Forest Products Ltd	CIBC raises target to C$11.00 from C$9.30
Major Drilling Group International	RBC cuts to sector perform from outperform
Major Drilling Group International	Mackie Research cuts to hold from buy
Methanex Corp	CIBC raises target price to C$32 from C$31
New Flyer Industries	National Bank Financial raises target to C$11 from C$10
Paramount Resources	Barclays cuts price target to C$36 from C$37
Pengrowth Energy Corp	Barclays cuts price target to C$5 from C$6
Penn West Petroleum	Barclays cuts price target to C$10 from C$12
Petrobakken Energy Ltd	Barclays cuts price target to C$9 from C$13
Peyto Exploration & Development	Barclays cuts price target to C$26 from C$28
Storm Resources	National Bank Financial raises price target to C$2.50 from C$2.15
Trilogy Energy Corp	Barclays raises price target to C$31 from C$30
Vermilion Energy	Barclays raises price target to C$55 from C$53
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