Upgrades, Downgrades and Target Changes - Mar 28 2013

Company	Rating/Target Change
Advantage Oil	TD Securities ups to buy from hold; target to C$4.75 from C$4
AGF Management	Canaccord Genuity cuts target to C$11.50 from C$12; rating hold
Autocanada	Canaccord Genuity raises target to C$22 from C$19.50; rating buy
Autocanada	RBC raises target price to C$22 from C$19; rating outperform
Canexus	BMO cuts to market perform from outperform
CanWel Building Materials	Paradigm Capital cuts to hold from buy
Exfo	National Bank Financial cuts target to $5 from $6; rating sector perform
Foran	Mackie Research cuts target to C$1 from C$1.20; rating speculative buy
HNZ Group	TD Securities cuts target price to C$23 from C$25; rating hold
Innergex Renewable Energy	Canaccord Genuity raises to buy from hold
Innergex Renewable Energy	RBC cuts target to C$11 from C$12;rating sector perform
Longview Oil	CIBC cuts target to C$5.40 from C$6.10; rating sector performer
Magellan Aerospace	TD Securities raises to speculative buy from hold
Redline Communications	Cantor ups target to C$8.25 from C$7.50; rating buy
Tamarack Valley Energy	Dundee Capital ups target to C$3.75 from C$3.50; rating buy
Westernzagros	Raymond James ups target to C$1.65 from C$1.65; rating outperform
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Upgrades, Downgrades and Target Changes - Mar 27 2013

Company	Rating/Target Change
Alliance Grain	Canaccord Genuity cuts target to C$17.50 from C$18; rating buy
Argonaut Gold	RBC cuts target price to C$13 from C$14; rating outperform
Argonaut Gold	Stonecap ups target to $10.75 fom $10.60; rating outperform
Argonaut Gold	Mackie Research cuts target price to C$11.50 from C$12; rating buy
Atlantic Power	BMO raises to market perform from underperform ;cuts target price to C$5 from C$7
AuRico Gold	BMO Capital cuts target to C$8 from C$9.50; rating market perform
AuRico Gold	Mackie Research cuts target price to C$9 from C$10; rating buy
AuRico Gold	TD Securities cuts price target to C$6 from C$6.50; rating reduce
AuRico Gold	Desjardins cuts target price to C$8 from C$8.50; rating hold
Carillion	RBC cuts target price to 285p from 300p; rating sector perform
Cascades	TD Securities raises price target to C$5.50 from C$5; rating buy
Gold Canyon	CIBC cuts target price to C$2.15 from C$2.55; rating sector performer
Inter Pipeline	CIBC ups target to C$27 from C$26; rating sector outperformer
Inter Pipeline	NBF ups target to C$25 from C$24.50; rating sector perform
Inter Pipeline	TD Securities ups to buy from hold; target to C$26 from C$24
Just Energy	CIBC cuts target to C$6.50 from C$8; rating sector underperformer
Longview Oil	RBC cuts target price to C$6 from C$7; rating sector perform
Mega Brands	BMO raises target price to C$16 from C$15; rating outperform
Partners REIT	RBC cuts target price to C$8.50 from C$9; rating sector perform
Primero Mining	Mackie Research raises target price to C$9.50 from C$9; rating buy
San Gold	Stonecap cuts price target to $0.25 from $0.30, rating underperform
SouthGobi Resources	Salman Partners cuts target to C$2.20 from C$2.80;rating hold
Tembec Inc	Canaccord Genuity raises target price to C$4 from C$3.50; rating buy
Tembec Inc	TD Securities raises price target to C$3.50 from C$3.25; rating hold
Turquoise Hill	CIBC cuts target to C$11 from C$13.50; rating sector outperformer
Turquoise Hill	BMO cuts target price to C$10 from C$13.75; rating outperform
Turquoise Hill	TD Securities cuts target to C$9.50 from C$11.50; rating hold
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Upgrades, Downgrades and Target Changes - Mar 26 2013

Company	Rating/Target Change
Air Canada	PI Financial raises target price to C$4 from C$3.25; rating buy
Alliance Grain	Stonecap cuts target to C$14.50 from C$16; rating sector perform
Colabor	TD Securities cuts target price to C$7 from C$8; rating hold
Fiera Capital	NBF starts with outperform; price target C$11
First Quantum	Nomura cuts target price to C$26 from C$28; rating buy
Just Energy	RBC cuts price target to C$7.50 from C$9; rating sector perform
Keyera	TD Securities raises target price to C$56 from C$52; rating hold
KEYreit	CIBC raises target price to C$8 from C$7.50; rating sector performer
Methanex	BMO raises target price to $45 from $38; rating market perform
New Flyer	Canaccord Genuity raises price target to C$10 from C$9.75; rating hold
North American Palladium	Mackie Research initiates with buy; target C$2.20
Premium Brands	Canaccord Genuity ups price target to C$20 from C$19; rating buy
SouthGobi	CIBC cuts target to C$5 from C$6; rating sector outperformer
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Upgrades, Downgrades and Target Changes - Mar 25 2013

Company	Rating/Target Change
American Hotel Income	NBF starts with outperform; price target C$13
Atna	Canaccord Genuity cuts target to C$2 from C$2.25; rating speculative buy
Boyd Group	NBF raises target price to C$21 from C$19; rating
Bengal Energy	NBF starts with outperform; price target C$1.25
Directcash Payments	Acumen Capital ups target to C$30.30 from C$29.40; rating buy
Eagle Energy	CIBC cuts target to C$8 from C$9.50; rating sector performer
Fiera Capital	Canaccord Genuity ups target to C$11 from C$10.50; rating buy
Harry Winston Diamond	BMO capital markets cuts to market perform from outperform
IBI Group	Canaccord Genuity cuts price target to C$6.50 from C$8.50
IBI Group	CIBC cuts price target to C$7.50 from C$8.50; rating sector performer
IBI Group	Stonecap Securities cuts target to C$6.75 from C$8;rating sector perform
IBI Group	TD custs target to $6.50 from $7.50
North American Palladium	Raymond James raises target price to C$2.50 from C$2.20
Pembina Pipeline	NBF resumes coverage with outperform; price target C$36
Renegade Petroleum	Paradigm Capital cuts target to C$2.50 from C$4; rating buy
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Upgrades, Downgrades and Target Changes - Mar 22 2013

Company	Rating/Target Change
Argent Energy	RBC starts with outperform rating; target price C$12
Athabasca Oil	BMO cuts price target to C$15 from C$18; rating outperform
Axia NetMedia	National Bank Financial raises target to C$2 from C$1.50
Bonterra Energy	CIBC ups target to C$55 from C$52; rating sector outperformer
Dalradian	Dundee Capital starts with buy rating; price target of C$2.60
Dundee Industrial REIT	M Partners cuts target to C$12 from C$13; rating buy
Legumex Walker	Laurentian Bank cuts target to C$10 from C$11.75; rating buy
Martinrea	Canaccord Genuity raises target to C$11.50 from C$10.75; rating buy
Medical Facilities	National Bank Financial ups target to C$15.50 from C$14.50
Medical Facilities	Canaccord Genuity ups target to C$15 from C$14.50; rating hold
Parallel Energy	CIBC cuts target to C$4.50 from C$5.50;rating sector performer
Parallel Energy	RBC starts with sector perform; target price C$5
Regal Lifestyle	Dundee Capital raises target to C$9.70 was C$9.60;rating neutral
Renegade Petroleum	Stonecap cuts target to C$3 from C$3.50; rating outperform
Renegade Petroleum	National Bank Financial cuts target to C$2.75 from C$3.50
Renegade Petroleum	Dundee Capital cuts target to C$2.75 from C$3; rating buy
Renegade Petroleum	TD Securities cuts target price to C$3 from C$3.25; rating buy
Teck Resources	Raymond James cuts target to C$38 from C$39; rating outperform
Twin Butte Energy	CIBC ups target to C$2.80 from C$2.65; rating sector
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Upgrades, Downgrades and Target Changes - Mar 21 2013

Company	Rating/Target Change
Alimentation Couche-Tard	Barclays ups target to C$58 from C$55;rating overweight
Coast Wholesale	BMO raises target price to C$3 from C$2.25; rating underperform
Corus Entertainment	RBC cuts to sector perform from outperform
Element Financial	RBC raises target price to C$11 from C$10; rating outperform
Franco-Nevada	RBC cuts target price to C$60 from C$65; rating sector perform
Franco-Nevada	National Bank Financial cuts target to C$60 from C$66
Franco-Nevada	CIBC cuts target to C$63 from C$65; rating sector outperformer
Franco-Nevada	TD Securities cuts target price to C$60 from C$66; rating buy
Lake Shore Gold	Haywood Securities cuts target price
MCAN Mortgage	BMO raises target price to C$15 from C$14; rating market perform
Pershimco	Stonecap Securities cuts target to C$1 from C$1.10; rating outperform
Polaris Minerals	Paradigm Capital raises price target to C$1.25 from C$0.85
Raging River	CIBC ups target to C$5 from C$4.50; rating sector outperformer
Raging River	TD Securities raises target price to C$5 from C$4.25; rating buy
Raging River	BMO raises target price to C$4.50 from C$4; rating outperform
Solium Capital	PI Financial raises target price to C$5 from C$4.50; rating buy
Sterling Resources	TD Securities ups target to C$1.20 from C$0.95
Strongco	Canaccord Genuity cuts target price to C$7 from C$8; rating buy
Strongco	Desjardins cuts price target to C$7 from C$8; rating buy
Strongco	PI Financial cuts target price to C$7.50 from C$8.50; rating buy
Strongco	M Partners cuts target price to C$9.75 from C$11.50; rating buy
Strongco	Raymond James cuts target to C$5 from C$5.75; rating market perform
Taseko Mines	Raymond James resumes coverage with outperform rating
Teck Resources	TD Securities cuts target price to C$35 from C$38; rating hold
Whitecap Resources	BMO raises target price to C$11 from C$10; rating outperform
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Upgrades, Downgrades and Target Changes - Mar 20 2013

Company	Rating/Target Change
Alimentation Couche-Tard	National Bank Financial cuts target to C$58 from C$62
Alimentation Couche-Tard	CIBC raises target to C$58 from C$50
Alimentation Couche-Tard	TD Securities raises target to C$67 from C$65
Aurizon Mines	BMO cuts target price to C$4.50 from C$4.65; rating underperform
Aurizon Mines	National Bank Financial cuts target to C$4.75 from C$5
Aurizon Mines	Desjardins cuts target price to C$4.55 from C$5.50
Copper Mountain	Haywood cuts target by C$1.25 to C$3.75;rating sector outperform
Lake Shore Gold	BMO raises target to C$0.75 from C$0.65; rating underperform
Lake Shore Gold	National Bank Financial ups target to C$1.60 from C$3
Lake Shore Gold	RBC cuts target price to C$1 from C$1.70; rating sector perform
Lake Shore Gold	CIBC cuts target to C$1.30 from C$1.50; rating sector performer
Lake Shore Gold	TD Securities cuts target to C$1.15 from C$1.30; rating buy
Lake Shore Gold	M Partners cuts target price to C$2 from C$2.90; rating buy
LGX Oil + Gas	Raymond James cuts target to C$1.25 from C$1.70; rating outperform
Orbit Garant	Mackie Research starts with hold rating; price target of C$1.75
Pacific Rubiales Energy	Raymond James cuts target price to C$30 from C$32.50 ; cuts to outperform from strong buy
Pinecrest Energy	TD Securities cuts target price to C$2 from C$2.25; rating buy
Pinecrest Energy	CIBC cuts target to C$1.50 from C$1.65; rating sector performer
Premier Royalty	Stonecap Securities starts with outperform rating; target C$1.80
Saputo	BMO raises target price to C$57 from C$55; rating outperform
TAG Oil	M Partners cuts target price to C$11 from C$11.50; rating buy
Tourmaline Oil	RBC raises target price to C$45 from C$40; rating outperform
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Upgrades, Downgrades and Target Changes - Mar 19 2013

Company	Rating/Target Change
Air Canada	BMO raises target to C$3.50 from C$3; rating outperform
Atico Mining	Stonecap Securities starts with outperform rating;price target C$1.50
Badger Daylighting	Canaccord Genuity raises target to C$40 from C$36; rating buy
BNK Petroleum	TD Securities ups target to C$1.65 from C$1.40
Copper Mountain Mining	BMO cuts target to c$3.50 from c$4; rating market perform
Enbridge	Canaccord Genuity cuts to hold from buy
Ensign Energy	RBC raises target price to c$19 from c$16; rating sector perform
Ensign Energy	PI Financial ups target price to C$19.50 from C$19.25; rating buy
Ensign Energy	BMO raises target price to c$18 from c$17; rating market perform
Essential Energy	Paradigm Capital starts with buy rating; price target of C$3
Genivar	National Bank Financial raises target to C$26 from C$25;rating outperform
Innergex	CIBC cuts price target to C$11.25 from C$11.50;rates sector outperformer
Innvest REIT	RBC raises to outperform from sector perform
Legacy Oil + Gas	National Bank Financial cuts target to c$10 from c$11
Lundin Mining	Goldman Sachs cuts price target to C$6.15 from C$6.25; rating buy
Roxgold	Raymond James starts with outperform rating; target price C$1.40
Sterling Resources	National Bank Financial resumes with sector perform rating
Sterling Resources	CIBC ups target to C$1.25 from C$0.85; rating sector performer
Vista Gold	National Bank Financial cuts target to C$4 from C$4.5;rating outperform
Wesdome Gold Mines	Mackie cuts target price to C$0.75 from C$0.80; rating hold
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Upgrades, Downgrades and Target Changes - Mar 18 2013

Company	Rating/Target Change
Alaris Royalty	Acumen Capital ups target price to C$33 from C$32.70; rating buy
Algonquin Power & Utilities	Cantor raises target by C$0.25 to C$8.75; rating buy
Algonquin Power & Utilities	BMO ups target to C$8.50 from C$8;rating outperform
Alimentation Couche-Tard	Desjardins ups target to c$64 from c$54; rating buy
Amaya Gaming	Cantor Fitzgerald starts with buy rating
Bankers Petroleum	Salman Partners raises target by C$0.25 to C$4.25; rating buy
Canexus	Acumen Capital raises target price to C$10.20 from C$10.10; rating buy
Capstone Mining	Canaccord Genuity cuts price target to C$3 from C$3.30; rating buy
Cardiome Pharma	Canaccord Genuity raises target to $0.50 from $0.40; rating hold
Cervus Equipment	Raymond James ups target to C$22.5 from C$21.5;rating outperform
CGI Group	RBC raises target price to C$28 from C$26; rating sector perform
Cominar REIT	CIBC cuts target to C$24.25 from C$25.50; rating sector performer
Eastern Platinum	CIBC cuts target to C$0.35 from C$0.45;rating sector outperformer
Innergex Renewable	Canaccord Genuity cuts target to C$10.75 from C$11;rating hold
Innergex Renewable	BMO cuts target to c$11.25 from c$11.50;rating market perform
InnVest REIT	CIBC raises target to C$5.25 from C$5; rating sector outperformer
InnVest REIT	TD Securities raises target to c$4.50 from c$4.25; rating hold
KeyREIT	CIBC raises price target to C$7.50 from C$7; rating sector performer
Lone Pine	TD Securities cuts to speculative buy from buy;target to c$1.75 from c$2
McCoy	Paradigm Capital cuts target price to C$6.50 from C$7; rating buy
Northern Property REIT	CIBC cuts price target to C$33 from C$34; rating sector
Pacific Rubiales	CIBC cuts target to C$25 from C$29.50; rating sector performer
Pure Technologies	Canaccord Genuity raises target to C$6.25 from C$6; rating buy
Shawcor	TD Securities raises to action list buy from buy
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Upgrades, Downgrades and Target Changes - Mar 15 2013

Company	Rating/Target Change
Advantage Oil & Gas	CIBC ups target to C$4 from C$3.75; rating sector performer
Ag Growth Int'l	NBF raises to sector perform from underperform
Ag Growth Int'l	CIBC cuts target to C$33 from C$36; rating sector performer
Ainsworth Lumber	Salman Partners starts with buy rating; target price $5
Alaris Royalty	Canaccord raises target price to C$31 from C$30.50; rating buy
BCE Inc	NBF raises target price to C$50 from C$47; ratingoutperform
Capstone Mining	CIBC cuts target to C$4.80 from C$5.20; sector outperformer
Petrominerales Ltd	RBC cuts target price to C$9 from C$12; rating sector perform
RMP Energy Inc	CIBC ups target to C$5 from C$4.25; rating sector outperformer
Sandstorm Gold	Canaccord raises target price to C$11 from C$10.75; rating hold
Smart Technologies	CIBC cuts target to $4.50 from $5
Transat AT	Canaccord ups target price to C$8.50 from C$8; rating buy
Transat AT	CIBC cuts target to C$5.25 from C$6.25; rating sector underperformer
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Upgrades, Downgrades and Target Changes - Mar 14 2013

Company	Rating/Target Change
Advantage Oil and Gas	Raymond James raises target price to C$4 from C$3.75
Advantage Oil and Gas	Stifel raises rating to buy from hold
Alimentation Couche-Tard	NBF ups target to C$58 from C$56; rating outperform
Birchcliff Energy	Canaccord ups target price to C$7 from C$6.50; rating sell
Brookfield Renewable Energy	NBF resumes with sector perform; target C$32
Brookfield Renewable Energy	CIBC raises target price to C$32 from C$31
Canadian Natural Resources	Stifel raises to buy from hold
Capstone Mining Corp	RBC raises target price to C$3 from C$3.25
GENIVAR Inc	CIBC cuts target to C$25.50 from C$26.50; rating sector outperformer
Great-West Lifeco Inc	Canaccord raises target to C$28 from C$26; rating hold
First Quantum Minerals Ltd	Raymond James raises price target to C$25 from C$22
Fortress Paper Ltd	RBC raises target to C$10 from C$9; rating sector perform
Fortress Paper Ltd	Canaccord raises target price to C$13 from C$11; rating buy
Fortress Paper Ltd	Raymond James raises target price to C$14.50 from C$13.50
Great-West Lifeco Inc	Canaccord raises target to C$28 from C$26; rating hold
Great-West Lifeco Inc	Credit Suisse raises target price to C$28 from C$25
High Arctic Energy Services	National Bank cuts target price to C$2.70 from C$3
Pacific Rubiales Energy	Fraser Mackenzie cuts target price to C$30 from C$35
Parex Resources Inc	CIBC cuts price target to C$7.50 from C$8
Parex Resources Inc	Raymond James cuts target price to C$6.50 from C$7
Power Corporation of Canada	RBC raises target price to C$28 from C$27
Power Corporation of Canada	CIBC raises target price to C$29.50 from C$28.50
Power Financial Corp	CIBC raises target price to C$32.50 from C$31
RMP Energy Inc	NBF raises target price to C$5.50 from C$5; rating outperform
RMP Energy Inc	Dundee Capital raises price to C$4.75 from C$4.50; rating buy
Silver Standard Resources	CIBC cuts price target to $21 from $23
Transcontinental Inc	Canaccord Genuity cuts target price to C$9.40 from C$10.50
Transcontinental Inc	CIBC raises target price to C$13.50 from C$12
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Upgrades, Downgrades and Target Changes - Mar 13 2013

Company	Rating/Target Change
Aecon Group Inc	Desjardins raises target price to C$16 from C$14.50; rating buy
Air Canada	CIBC raises target to C$4.00 from C$3.00; rating sector outperformer
Alliance Grain Traders	NBF cuts target to C$13.50 from C$14; sectorperform
Altus Group Ltd	Canaccord cuts target price to C$11 from C$11.25; rating buy
Altus Group Ltd	CIBC raises target to C$9.25 from C$9; rating sector performer
ARC Resources Ltd	TD Securities cuts to hold from buy
Armtec Infrastructure	Canaccord raises target to C$2.10 from C$1.50; rating hold
Colossus Minerals	Canaccord cuts target to C$7.75 from C$9; speculative buy
Detour Gold Corp	RBC cuts target price to C$30 from C$32; rating outperform
Empire Company Ltd	CIBC ups target to C$69 from C$62; rating sector performer
Endeavour Mining	Canaccord cuts target to C$3.50 from C$4; speculative buy
Fortress Paper Ltd	RBC cuts target price to C$9 from C$12; rating sector perform
Great-West Lifeco	NBF resumes with sector perform; target price C$29
Great-West Lifeco	CIBC raises to sector performer from sector underperformer ;target price to C$27 from C$29
Great-West Lifeco	RBC raises target to C$26 from C$24; rating sector perform
Great-West Lifeco	TD Securities raises target to C$28 from C$25; rating hold
Hudson's Bay Co	TD Securities starts with buy rating and target price of $19
Labrador Iron Mines	RBC ups target to C$1.50 from C$1.25; rating sector perform
Pembina Pipeline Corp	Haywood raises target price to C$35 from C$34
Rocky Mountain Dealerships	Canaccord ups target to C$15 from C$14.75; rating buy
Rocky Mountain Dealerships	CIBC ups target to C$17 from C$16
Rocky Mountain Dealerships	TD Securities raises target to C$14.50 from C$13.50
Rocky Mountain Dealerships	RBC raises target to C$16 from C$15
Supremex Inc	NBF raises to sector perform from underperform
Total Energy Services	RBC ups target to C$16.50 from C$16; rating sector perform
Tourmaline Oil	NBF resumes with outperform rating; target price C$50
Tourmaline Oil	CIBC ups target to C$48 from C$46; rating sector outperformer
Tourmaline Oil	TD Securities raises target price to C$46 from C$43; rating buy
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Upgrades, Downgrades and Target Changes - Mar 12 2013

Company	Rating/Target Change
5N Plus Inc	National Bank Financial cuts target price to C$3.50 from C$4
Agrium Inc	BMO cuts to market perform from outperform
Alimentation Couche-Tard	Canaccord Genuity raises target to C$62 from C$58
Allied Properties REIT	CIBC raises target price to C$36 from C$34
Canacol Energy Ltd	CIBC raises to sector outperformer from sector performer
Cargojet Inc	Canaccord Genuity raises target price to C$10.75 from C$8.50
Com Dev International Ltd	Salman Partners raises target to C$3.40 from C$3.10
Com Dev International Ltd	CIBC raises target price to C$4.75 from C$4
Element Financial	GMP Securities raises target to C$10.25 from C$8.50
Labrador Iron Mines Holdings	Stonecap raises target price to C$1.90 from C$1.75
Pan American Silver Corp	CIBC cuts target price to C$23 from C$25
Petrobank Energy And Resources	Raymond James cuts target to C$0.85 from C$1.25
Petrobakken Energy Ltd	Fraser Mackenzie cuts target price to C$12.50 from C$17
Petrobakken Energy Ltd	Salman Partners raises to buy from hold
Rathdowney Resources Ltd	PI Financial starts with buy rating
WesternOne Inc	National Bank Financial raises target price to C$10 from C$9.50
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