Upgrades, Downgrades and Target Changes - Apr 17 2013

Company	Rating/Target Change
Aecon Group	Canaccord Genuity cuts target price to C$12 from C$13; rating hold
Air Canada	RBC cuts to sector perform from outperform
ARC Resources	Canaccord Genuity ups target to C$29.50 from C$27.08; rating buy
Bellatrix Exploration	Canaccord Genuity ups target to C$9.50 from C$9; rating buy
Bonavista Energy	Canaccord Genuity ups target to C$17.50 from C$16.50; rating buy
Canfor Corp	RBC raises target price to C$20 from C$16; rating sector perform
Cascades Inc	RBC raises target price to C$6.50 from C$5.50; rating outperform
Conifex Timber	RBC raises target price to C$10 from C$8; rating sector perform
Fortress Paper	RBC cuts target price to C$8 from C$10; rating sector perform
International Forest Products	RBC raises target price to C$13 from C$12
Jean Coutu	Canaccord Genuity raises price target to C$16 from C$15
MBAC Fertilizer	Canaccord Genuity cuts target to C$3.70 from C$5.30; rating buy
MBAC Fertilizer	Salman Partners cuts target to C$3.20 from C$5.40; rating buy
Paramount Resources	Canaccord Genuity ups target to C$40 from C$38; rating hold
Pengrowth Energy	Canaccord Genuity cuts target to C$7 from C$7.50; rating buy
Peyto exploration & Development	Canaccord Genuity ups target to C$32 from C$28
Sandstorm Gold	Canaccord Genuity raises to speculative buy from hold
San Gold Corp	BMO cuts to underperform from market perform
Santonia Energy	Canaccord Genuity raises target price to C$2 from C$1.90
Tembec Inc	RBC raises target price to C$5.50 from C$4.50; rating outperform
Twin Butte Energy	Canaccord Genuity ups target to C$3.20 from C$3.10; rating buy
West Fraser Timber	RBC raises target to C$100 from C$80; rating sector perform
Westjet Airlines	RBC cuts to sector perform from outperform
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