Upgrades, Downgrades and Target Changes - Feb 28 2013

Company	Rating/Target Change
AG Growth International	National Bank cuts to underperform from sector perform
Aimia Inc	TD Securities raises target price to C$19 from C$18; rating buy
Canadian Apartment Properties REIT	Canaccord Genuity ups target to C$28.25 from C$26.50
Canacol Energy	TD Securities raises target to C$7.50 from C$7
Canadian Apartment Properties REIT	Raymond James ups target to C$26.50 from C$26
Davis + Henderson Corp	TD Securities raises to buy from hold ;raises price target to C$25 from C$23
Enbridge Income Fund Holdings	National Bank Financial resumes coverage with sector perform rating
Equitable Group Inc	BMO raises target price to C$40 from C$36; rating outperform
Equitable Group Inc	TD Securities raises target to C$45 from C$40; rating buy
Equitable Group Inc	M Partners raises target price to C$48 from C$46; rating buy
Exchange Income Corp	Stonecap securities raises target price to C$33 from C$31
First National Financial	National Bank Financial ups target to C$19 from C$18
First National Financial	BMO ups target to C$18 from C$17; rating market perform
First National Financial	TD Securities cuts target price to C$19.50 from C$20
Gibson Energy	CIBC raises target to C$25 from C$24.50; rating sector performer
IBI Group	Canaccord Genuity raises to buy from hold; target to C$8.50 from C$7
Industrial Alliance Insurance	CIBC cuts target to C$39 from C$41
Major Drilling Group International Inc	RBC cuts target price to C$11 from C$13
MDA	Raymond James raises target price to C$69 from C$63; rating market perform
Progressive Waste Solutions	PI Financial raises target price to C$23 from C$21
Sears Canada Inc	Desjardins cuts price target to C$8.50 from C$9; rating hold
Sherritt International Corp	CIBC cuts target to C$6.50 from C$6.90
Sherritt International Corp	National Bank Financial cuts target to C$6.30 from C$6.75
Sherritt International Corp	Desjardins cuts target price to C$7.40from C$8; rating buy
Trican Well Service	RBC raises target to C$14 from C$13; rating sector perform
Trican Well Service	RBC raises target to C$14 from C$13; rating sector perform
Trican Well Service	Canaccord Genuity raises target to C$12.50 from C$10.50
Trican Well Service	Paradigm Capital cuts target price to C$15 from C$16
Trican Well Service	Raymond James raises target price to C$12 from C$11.50
Twin Butte Energy	Canaccord Genuity cuts target to C$3.10 from C$3.15
Twin Butte Energy	CIBC cuts target to C$2.65 from C$2.75
Yoho Resources	Paradigm Capital raises target price to C$3.75 from C$3; rating buy
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Upgrades, Downgrades and Target Changes - Feb 27 2013

Company	Rating/Target Change
Bank of Montreal	Canaccord Genuity raises target to C$70 from C$68; rating hold
Bank of Montreal	CIBC ups target to C$66 from C$65; rating sector underperformer
Bank of Montreal	KBW raises target price by c$1 to c$62; rating market perform
Bank of Montreal	RBC raises target to C$66 from C$65; rating sector perform
Bank of Montreal	BMO raises target to c$66 from c$64; rating market perform
Bank of Montreal	TD Securities raises target to C$66 from C$65; rating hold
Blackpearl Resources	Canaccord Genuity cuts target to C$4.50 from C$5.25
Blackpearl Resources	RBC cuts to sector perform from outperform
Calfrac Well Services	RBC raises target to C$30 from C$27; rating sector perform
Calfrac Well Services	TD Securities cuts price target to C$28 from C$30
Davis + Henderson Corp	RBC cuts to sector perform from outperform
EGI Financial Holdings Inc	BMO raises target price to c$12 from c$11
Eldorado Gold	Mackie Research cuts target to C$13.50 from C$14.55; rating buy
Equitable Group Inc	RBC cuts target price to C$45 from C$46; rating outperform
Equitable Group Inc	National Bank Financial raises target to C$43 from C$36
First Majestic Silver Corp	Raymond James cuts target price to C$24 from C$24.50
Gran Tierra Energy	TD Securities cuts target price to C$8.50 from C$9
IAMGOLD Corp	SocGen cuts target price to C$8.40 from C$9.60; rating hold
Linamar Corp	RBC raises target price to C$31 from C$29; rating outperform
Maple Leaf Foods	CIBC raises target to C$14 from C$13; rating sector performer
Maple Leaf Foods	BMO raises target price to $14 from $13; rating market perform
Maple Leaf Foods	TD Securities raises target price to C$17 from C$15; rating buy
MBAC Fertilizer	Raymond James cuts target to C$4.25 from C$4.50
New Zealand Energy	Dundee Capital cuts target to C$1.10 from C$3.15; rating buy
Parkland Fuel	PI Financial cuts target price to C$19 from C$21; rating buy
Parkland Fuel	Canaccord Genuity cuts target to C$20.50 from C$21.50; rating buy
Parkland Fuel	RBC cuts target price to C$19 from C$20; rating sector perform
Parkland Fuel	National Bank Financial cuts target to C$19 from C$20
Parkland Fuel	CIBC cuts price target to C$19.50 from C$20.50
Parkland Fuel	TD Securities cuts target to C$17 from C$19; rating hold
Plazacorp Retail Properties	M Partners raises target price to C$6.25 from C$5.60
Sandstorm Gold	Canaccord Genuity cuts target to C$10.75 from C$11
Taseko Mines	Dundee Capital starts with buy rating; price target of C$4
TeraGo Inc	TD Securities raises target price to C$13 from C$12; rating buy
Trican Well Service	TD Securities raises target to C$15.50 from C$14
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Upgrades, Downgrades and Target Changes - Feb 25 2013

Company	Rating/Target Change
Centerra Gold	Canaccord Genuity cuts to hold from buy ;cuts price target to C$7 from C$15
Conifex Timber Inc	RBC cuts target price to C$8 from C$9
Dundee International REIT	M Partners raises target to C$12.75 from C$12
Eldorado Gold	Haywood cuts target by C$0.50 to C$19.25; rating sector outperform
Essential Energy Services	Global Hunter Securities raises to buy from accumulate
Fortress Paper	Raymond James ups target to C$13.50 from C$11; rating outperform
Guyana Goldfields	TD Securities cuts target to C$7 from C$10; speculative buy
Iroc Energy Services	Stonecap Securities cuts target price to C$3.10 from C$3.25
Keegan Resources	RBC cuts target price to C$3.25 from C$5; rating sector perform
Leisureworld Senior Care	Canaccord Genuity raises target to C$14 from C$13.50
Leisureworld Senior Care	TD Securities ups target to c$13.50 from c$13;rating hold
Leisureworld Senior Care	Dundee Capital raises target to C$13.10 from C$12.70
MDA	CIBC raises target price to C$72 from C$66; rating sector outperformer
MDA	RBC raises target price to C$78 from C$70; rating outperform
Niko Resources	TD Securities raises price target to C$12.50 from C$12
Northland Power	TD Securities raises target to C$19 from C$18.50; rating hold
Onex Corp	CIBC raises target to C$52.50 from C$45; rating sector outperformer
Onex Corp	BMO raises target price to C$49.50 from C$47.25; rating market perform
Onex Corp	TD Securities raises target to C$48 from C$46; rating hold
Pan American Silver	Canaccord Genuity raises target price to $23.50 from $22
Pason Systems	BMO raises target price to C$19 from C$17; rating market perform
Western Energy Services	RBC raises target to C$12 from C$10; rating outperform
Western Forest Products	RBC ups target to C$1.50 from C$1.40; rating outperform
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Upgrades, Downgrades and Target Changes - Feb 21 2013

Company	Rating/Target Change
Canam Group Inc	Raymond James raises target price to C$9 from C$7
Canam Group Inc	National Bank Financial raises target price to C$8 from $6.50
Catamaran	Cantor Fitzgerald raises target price to C$65 from C$60; rating buy
Horizon North Logistics	National Bank Financial cuts target to C$8 from C$8.25
Hudbay Minerals Inc	Desjardins cuts target price to C$13.35 from C$13.65
InterRent REIT	Canaccord Genuity raises target price to C$7 from C$6.50
Mullen Group Ltd	Raymond James cuts to underperform from market perform
Sirius XM Canada	RBC raises target price to C$8.50 from C$7; rating outperform
Softchoice	Raymond James raises target price to C$16.50 from C$13.50
Thomson Reuters	National Bank Financial cuts to underperform from sector perform
Yamana Gold	National Bank Financial cuts target to C$20.50 from C$21.50
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Upgrades, Downgrades and Target Changes - Feb 20 2013

Company	Rating/Target Change
Amica Mature Lifestyles Inc	Dundee Capital starts with buy rating
Bank of Nova Scotia	Barclays raises to overweight from equal weight; raises price target to C$61 from C$58
Cameco Corp	Cantor Fitzgerald starts with buy rating; price target of C$30.50
Cardero Resource Corp	BMO starts with outperform
Chartwell Seniors Housing REIT	Dundee Capital starts with neutral rating
CIBC	Barclays cuts to underweight from equal weight; price target $81
Colonial Coal International	BMO starts with market perform
Dundee Precious Metals	RBC cuts target price to C$12 from C$13
Energold Drilling Corp	TD Securities cuts target price to C$4.25 from C$4.75
Fortress Paper Ltd	Canaccord Genuity raises price target to C$11 from C$9
National Bank Of Canada	Barclays cuts price target to C$81 from C$82
Geodrill Ltd	TD Securities cuts target price to C$2.50 from C$3
Healthlease Properties REIT	undee Capital starts with buy rating
Industrial Alliance Insurance	Canaccord Genuity cuts target to C$40 from C$42
InterRent REIT	Raymond James raises target price to C$6.50 from C$6
Keegan Resources Inc	Canaccord Genuity cuts target price to C$5.50 from C$7
Northland Power	Cantor Fitzgerald starts with buy rating; price target of C$20
Parex Resources	RBC cuts price target to C$6.50 from C$7.50
Parkland Fuel Corp	Canaccord Genuity raises target price to C$21.50 from C$19
Platino Energy	Haywood starts with sector outperform rating
RBC	Barclays raises to equal weight from underweight;raises price target to C$65 from C$61
Ridgeline Energy Services	Mackie Research cuts target price to C$2.30 from C$2.75
Sandstorm Gold Ltd	Canaccord Genuity raises price target to C$11 from C$10.75
SNC Lavalin Group	Credit Suisse raises target price to $52 from $47
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Upgrades, Downgrades and Target Changes - Feb 19 2013

Company	Rating/Target Change
Alexco Resource	Stonecap Securities raises target price to C$5.80 from C$5.55
Amica Mature Lifestyles	Dundee starts with buy rating; target price C$10.85
Bank Of Montreal	CIBC raises target price to C$65 from C$63
Bank Of Nova Scotia	CIBC raises target price to C$64 from C$63
Burcon Nutrascience	Paradigm Capital cuts target price to C$7 from C$17
Canadian Western Bank	CIBC raises target price to C$32 from C$31
Canfor Corp	Salman Partners raises target price to C$18.75 from C$16.25
Chartwell Seniors Housing	Dundee starts with neutral; target price C$11.40
Canadian REIT	TD Securities raises target price to C$50 from C$49; rating buy
Dundee Precious Metals	BMO cuts target price to C$10.50 from C$11
Enbridge	TD Securities raises target price to C$50 from C$48
Encana Corp	Raymond James cuts target price to C$20 from C$21.50
Goldcorp Inc	Mackie Research cuts target price to C$49 from C$58; rating buy
Healthlease Properties REIT	Dundee starts with buy; target price C$12.05
Iamgold	Dundee Capital cuts target price to C$10.25 from C$11.50; rating neutral
Industrial Alliance Insurance	CIBC raises target price to C$41 from C$35
Industrial Alliance Insurance	TD Securities raises target to C$38 from C$34
International Forest Products	TD Securities ups target to C$11 from C$10.50
International Forest Products	Salman Partners ups target to C$11.50 from C$10
International Minerals	TD Securities cuts target price to C$5 from C$6
Killam Properties Inc	M Partners raises target price to C$13.50 from C$13
Labrador Iron Mines	Paradigm Capital cuts target price to C$1.25 from C$1.50
Labrador Iron Mines	Stonecap Securities cuts price target to C$1.75 from C$2.70
Laurentian Bank Of Canada	CIBC cuts target price to C$50 from C$51
Long Run Exploration	TD Securities starts with buy rating
Leisureworld Senior Care	Dundee starts with neutral rating; target price C$12.70
National Bank Of Canada	CIBC raises target price to C$81 from C$80
Orvana Minerals	Stonecap Securities raises target price to C$2.10 from C$1.50
Pizza Pizza Royalty	TD Securities raises target price to C$11.50 from C$10.50
RBC	CIBC raises target price to C$68 from C$66; rating sector outperformer
Regal Lifestyle Communities	Dundee starts with neutral rating;target price C$9.60
Revett Minerals Inc	Stonecap Securities raises target price to C$3.35 from C$3
Rogers Communications	RBC raises target price to C$51 from C$48
Rogers Communications	CIBC raises target price to C$53 from C$50
Rogers Communications	National Bank Financial ups target to C$48 from C$46.50
Rogers Communications	Stifel raises target price to C$50 from C$46.50
Sandstorm Gold Ltd	Canaccord Genuity cuts target price to C$10.75 from C$14
Seabridge Gold Inc	Stonecap Securities cuts target price to C$23 from C$24.45
Telus Corp	RBC raises target price to C$72 from C$71; rating outperform
Telus Corp	CIBC raises target price to C$71 from C$70
Telus Corp	National Bank Financial raises target price to C$72 from C$70
West Fraser Timber Co	Salman Partners raises price target to C$85 from C$76
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Upgrades, Downgrades and Target Changes - Feb 15 2013

Company	Rating/Target Change
Agnico Eagle Mines	Salman Partners cuts target price to C$56.00 from C$59.50
Boardwalk REIT	Dundee raises target price to C$66.25 from C$64.50
Canfor Pulp Products	RBC raises target price to C$9 from C$8
Canfor Pulp Products	Salman Partners raises target price to C$12.50 from C$12
CI Financial	Canaccord Genuity raises target price to C$29.50 from C$28.50
CI Financial	RBC raises price target to C$28 from C$26
CI Financial	Barclays raises target price to C$26 from C$24; rating equal weight
Canadian Real Estate Inv.	BMO raises target price to C$46
Encana Corp	Deutsche Bank cuts price target to C$16 from C$17; rating sell
Home Capital Group	M Partners raises target price to C$72 from C$69; rating buy
Kinross Gold Corp	National Bank Financial cuts target to C$12.50 from C$15
Industrial Alliance	NBF raises target price to C$37 from C$30
Lundin Mining Corp	RBC cuts target price to C$5.75 from C$5.85
Manitoba Telecom Services	Canaccord Genuity ups target price to C$30 from C$27
Manitoba Telecom Services	National Bank Financial cuts target to C$33 from C$34;
MTY Food Group	National Bank Financial raises target price to C$25 from C$21
Neptune Technologies & Bioressources	JMP Securities starts with target price C$6
Newalta Corp	RBC cuts target price to C$18 from C$19
Newalta Corp	National Bank Financial cuts target price to C$17 from C$19
Penn West Petroleum	Salman Partners cuts target price by C$0.50 to C$13.25
Peyto Exploration & Development Corp	RBC raises target price to C$28 from C$26
Parex Resources Inc	Dundee cuts target price to C$8.50 from C$9; rating buy
Precision Drilling	RBC raises target price to C$11 from C$10; rating outperform
Silvercorp Metals	Salman Partners cuts target price to C$7.50 from C$9.25
Westshore Terminals Investment	Haywood cuts price target by C$1.50 to C$26
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Upgrades, Downgrades and Target Changes - Feb 14 2013

Company	Rating/Target Change
Agnico Eagle Mines Ltd	BMO cuts target price to $50 from $55
Birchcliff Energy Ltd	CIBC raises target price to C$9.25 from C$8.75
Birchcliff Energy Ltd	RBC raises target price to C$8.50 from C$7.50
Birchcliff Energy Ltd	Raymond James raises target price to C$7.50 from C$7.25
Blackpearl Resources	BMO cuts target price to C$3.75 from C$4
Eagle Energy Trust	PI Financial starts with buy rating; target price C$11
CAE Inc	Paradigm Capital cuts to hold from buy;Paradigm Capital cuts price target to C$12 from C$12.50
CAE Inc	Stonecap Securities cuts price target to C$12 from C$12.50
CAE Inc	CIBC cuts price target b yC$0.50 to C$11.50
Canacol Energy Ltd	Mackie Research cuts target price to C$7 from C$7.50
Canacol Energy Ltd	Fraser Mackenzie cuts price target to C$5.75 from C$6.00
Enbridge Income Fund	CIBC raises price target to C$26.50 from C$25.75
Equity Financial	Acumen Capital raises target price to C$13.90 from C$10.95
Equity Financial	M Partners raises price target to C$11.60 from C$8.50
Finning International Inc	RBC raises target price to C$30 from C$26
Finning International Inc	Raymond James raises target price to C$30 from C$27.50
Finning International Inc	M Partners cuts target price to C$40.50 from C$41.25
Finning International Inc	Credit Suisse raises target price to C$32 from C$30
Home Capital Group	RBC cuts target price to C$66 from C$67
Home Capital Group	National Bank Financial ups target price to C$72 from C$62
Home Capital Group	GMP Securities raises price target to C$68 from C$59
Katanga Mining Ltd	CIBC cuts price target to C$1.10 from C$1.20
Manitok Energy Inc	Raymond James cuts target price to C$3.25 from C$3.50
Marquee Energy	Acumen Capital cuts target price to C$1.20 from C$1.40
Orezone Gold Corp	Desjardins cuts target price to C$3.50 from C$4.50
Peyto Exploration	National Bank Financial raises target to C$29 from C$28
Poseidon Concepts Corp	Canaccord Genuity cuts to sell from hold
Progressive Waste Solutions	Octagon cuts to hold from buy
Orbit Garant Drilling	CIBC cuts to sector underperformer from sector performer ;CIBC cuts price target to C$2 from C$3.25
Pembina Pipeline Corp	CIBC raises target price to C$30.50 from C$30
Pembina Pipeline Corp	TD Securities raises target price to C$30 from C$28
Russel Metals Inc	CIBC raises target price to C$32 from C$28.75
Sterling Resources	CIBC cuts price target to C$0.85 from C$1.50
San Gold Corp	Stonecap Securities cuts target price to C$0.30 from C$0.5
Sun Life Financial	RBC raises target price to C$28 from C$25
Sun Life Financial	CIBC raises price target to C$32 from C$28
Sun Life Financial	National Bank Financial ups target price to C$31 from C$27
Solium Capital	M Partners starts with buy rating; price target of C$4.75
Telus Corp	National Bank Financial raises target price to C$70 from C$69
Winpak Ltd	PI Financial raises price target to C$19.50 from C$18.00; rating buy
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Upgrades, Downgrades and Target Changes - Feb 13 2013

Company	Rating/Target Change
Absolute Software	Paradigm Capital raises target price to C$6.50 from C$6
Absolute Software	TD Securities raises target price to C$7.50 from C$5.50
Absolute Software	PI Financial raises target price to C$5.50 from C$5
Absolute Software	Cantor Fitzgerald raises target price to C$7.50 from C$6.50
Algonquin Power & Utilities	Mackie ups price target to C$8.50 from C$7.50
Almaden Minerals	Salman Partners starts with price target of C$3.75;starts with speculative buy rating
Computer Modelling	National Bank Financial ups target price to C$21 from C$19.50
Enbridge Income Fund	Canaccord Genuity cuts to sell from hold
Russel Metals Inc	RBC raises target price to C$32 from C$31
Stantec	National Bank Financial starts with sector perform; price target of C$43
Tourmaline Oil Corp	CIBC raises target price to C$46 from C$41
Tourmaline Oil Corp	RBC raises target price to C$40 from C$37; rating outperform
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Upgrades, Downgrades and Target Changes - Feb 12 2013

Company	Rating/Target Change
Alacer Gold Corp	Raymond James cuts target price to C$6 from C$8
Algonquin Power	National Bank Financial raises target to C$7.25 from C$7
Computer Modelling Group	TD Securities raises price target to C$22 from C$21
Entrec Corp	National Bank Financial raises target price to C$3 from C$2.75
Fiera Capital	Canaccord Genuity starts with buy rating; price target of C$10.50
Guardian Capital	Canaccord Genuity starts with hold rating; price target of C$14
Hanfeng Evergreen Inc	Canaccord Genuity raises target price to C$2.25 from C$2.20
Hanfeng Evergreen Inc	TD Securities raises target price to C$2.25 from C$2.20
Keyreit	Dundee Capital raises target price to C$7 from C$6.50; rating neutral
Mainstreet Equity	TD Securities ups target price to C$36 from C$35; rating hold
Mainstreet Equity	M Partners cuts price target to C$37.75 from C$38.50
Mainstreet Equity	Dundee raises target price to C$36.50 from C$36
MBAC Fertilizer Corp	BMO cuts target price to C$4.25 from C$4.50
Medical Facilities	TD Securities raises target price to C$15 from C$13.50
Mullen Group Ltd	BMO starts with market perform rating; price target of C$26
Pure Industrial	Raymond James ups target price to C$5.75 from C$5.50
San Gold Corp	BMO cuts to market perform from outperform
San Gold Corp	CIBC cuts to sector underperformer from sector performer ;cuts target price to C$0.65 from C$1.25
Sprott Power	TD Securities raises target price to C$1.50 from C$1.45; rating buy
Taseko Mines	Laurentian Bank starts with buy rating; price target of C$4
Toromont Industries	Canaccord Genuity raises target price to C$24.50 from C$24
Toromont Industries	RBC raises target price to C$25 from C$22
Toromont Industries	TD Securities raises target price to C$26 from C$25
Toromont Industries	Raymond James raises to outperform from market perform ;Raises price target to C$25.75 from C$21
Toromont Industries	BMO raises target price to C$24.50 from C$21
Toromont Industries	Desjardins raises target price to C$24 from C$20
Toromont Industries	M Partners raises price target to C$27.25 from C$26.75
Toromont Industries	Salman Partners raises target price to C$24.50 from C$21.75
Valener Inc	TD Securities cuts rating to hold from buy
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Upgrades, Downgrades and Target Changes - Feb 11 2013

Company	Rating/Target Change
Calfrac Well Services Ltd	Dahlman rose cuts to hold from buy
Eastern Platinum	Canaccord Genuity cuts target price to C$0.22 from C$0.50
Emera Inc	TD Securities cuts to hold from buy
Ensign Energy Services Inc	Dahlman Rose cuts to hold from buy
Entrec Corp	Stonecap Securities cuts target price to C$2.20 from C$2.25
Foraco International	Haywood starts with sector outperform rating ;starts with price target of C$3.50
Heroux-Devtek Inc	Raymond James cuts target price to C$10.25 from C$13.50
IGM Financial	BMO raises target price to C$45 from C$42; rating market perform
IGM Financial	TD Securities raises target price to C$43 from C$42; rating hold
IGM Financial	GMP Securities raises to buy from hold ;raises target price to C$46.50 from C$40
Norbord Inc	BMO raises target price to C$40 from C$37; rating outperform
Norbord Inc	RBC raises target price to C$40 from C$36; rating outperform
San Gold Corp	Stonecap Securities cuts to underperform from outperform
SNC Lavalin Group	TD Securities raises target price to C$57 from C$52
Teck Resources	Haywood cuts target price by C$2.50 to C$35
Trican Well Service Ltd	Dahlman Rose cuts to hold from buy
Winpak Ltd	Raymond James cuts to market perform from outperform
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