Upgrades, Downgrades and Target Changes - May 31 2013

Company	Rating/Target Change
Allied Properties REIT	National Bank Financial starts with sector perform
Americas Petrogas	Mackie Research cuts target to C$5.25 from C$5.60; rating buy
Atlantic Power	National Bank Financial resumes coverage with sector perform
Canadian Apartment Properties	National Bank Financial starts with outperform
CIBC	BMO cuts price target to C$87 from C$89; rating outperform
CIBC	Canaccord Genuity cuts price target to C$89 from C$92; rating hold
CIBC	KBW cuts price target to C$76 from C$81; rating market perform
Descartes Systems Group	Canaccord Genuity ups target to $12.50 from $11.50; buy
Descartes Systems Group	Paradigm Capital raises target to $12.75 from $12
Descartes Systems Group	TD Securities raises to $12.50 from $11.50; rating buy
Forbes & Manhattan Coal Corp	Canaccord Genuity cuts to speculative buy from buy
Manitok Energy	RBC raises target price to C$4 from C$3.50;outperform
RBC	BMO raises price target to C$66 from C$65.50; rating market perform
RBC	Canaccord Genuity cuts price target to C$70 from C$72; rating buy
Savanna Energy Services	TD Securities cuts price target to C$8 from C$8.50
Sulliden Exploration	Raymond James reinitiates with outperform; target price C$2
Timmins Gold Corp	BMO starts with market perform rating; target price C$3
Valeant Pharmaceuticals	BMO starts with outperform rating
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Upgrades, Downgrades and Target Changes - May 30 2013

Company	Rating/Target Change
Altagas Ltd	TD Securities raises target to C$43 from C$42; action list buy
Amaya Gaming Group	Canaccord Genuity raises to buy from speculative buy
Bank of Montreal	KBW cuts target price by C$1 to C$62; rating market perform
Bank of Montreal	Canaccord Genuity cuts target to C$69 from C$70; rating hold
Canadian Pacific Railway	Canaccord Genuity raises target to C$137 from C$111;hold
K-Bro Linen	National Bank Financial raises target to C$38 from C$36; outperform
Major Drilling Group	RBC cuts target to C$9 from C$11; rating sector perform
Manitoba Telecom	TD Securities raises target to C$39 from C$37; rating buy
Mega Brands Inc	National Bank Financial starts with outperform; price target C$20
New Zealand Energy	M Partners cuts target price to C$0.85 from C$1; rating buy
Paramount Resources	TD Securities raises price target to C$46 from C$40;buy
Pason Systems Inc	Global Hunter Securities starts with buy; price target $22
SilverCrest Mines	Canaccord Genuity cuts target to C$4 from C$4.25; speculativebuy
SilverCrest Mines	Stonecap Securities cuts target to C$2.75 from C$3; outperform
Strategic Oil and Gas	Raymond James cuts to outperform from strong buy
aleant Pharma	Deutsche Bank raises price target to $103 from $82; rating buy
Xcite Energy	TD Securities raises price target to C$2.50 from C$2
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Upgrades, Downgrades and Target Changes - May 29 2013

Company	Rating/Target Change
Bank of Nova Scotia	Canaccord Genuity cuts target to C$67 from C$69; rating buy
Bank of Nova Scotia	National Bank Financial cuts target price to C$67 from C$68
Bird Construction	Raymond James raises to outperform from market perform
Domtar Corp	BMO raises target price to $90 from $85; rating outperform
Domtar Corp	Raymond James raises target price to $95 from $90; rating outperform
Domtar Corp	RBC raises price target to $95 from $90; rating outperform
Enerplus Corp	RBC cuts to sector perform from outperform
Esperanza Resources	Canaccord Genuity cuts price target to C$1.55 from C$1.60
Gran Tierra Energy	Paradigm Capital raises target to C$9 from C$8; rating buy
Indigo Books and Music	RBC raises target to C$11 from C$9; rating sector perform
MTY Food Group	National Bank Financial raises price target to C$27 from C$25
Redknee Solutions	TD Securities raises to action list buy from buy
Surge Energy	CIBC raises target to C$6.50 from C$5.50; sector outperformer
Valeant Pharmaceuticals	Jefferies raises price target to $120 from $77; rating buy
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Upgrades, Downgrades and Target Changes - May 28 2013

Company	Rating/Target Change
Canfor Corp	CIBC cuts price target to C$24 from C$25; rating sector outperformer
Capstone Mining	Laurentian Bank starts with buy rating; price target of C$3.50
Conifex Timber	CIBC cuts target price to C$9.50 from C$10.50; cuts to sector underperformer
Energold Drilling Corp	Salman Partners raises target price to C$2.45 from C$2.40;buy
Kinross Gold Corp	RBC raises target price to $8 from $7; rating outperform
Perseus Mining	CIBC cuts target to C$2.25 from C$2.50; rating sector performer
Silver Wheaton	CIBC cuts target price to $42 from $45; ratingsector outperformer
TAG Oil Ltd	M Partners cuts target price to C$8 from C$11; rating buy
Teck Resources	Raymond James cuts target to C$37 from C$38; rating outperform
Valeant Pharma	Susquehanna raises target price to $105 from $84; rating positive
Valeant Pharma	TD Securities raises price target to $117 from $85; rating buy
Valeant Pharma	Paradigm Capital raises target price to $115 from $82; rating buy
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Upgrades, Downgrades and Target Changes - May 27 2013

Company	Rating/Target Change
Alaris Loyalty	NBF raises price target to C$33 from C$31; rating outperform
Alaris Loyalty	RBC raises price target to C$34 from C$32; rating outperform
Heroux-Devtek	Desjardins raises to buy from hold; target to C$11 from C$10.50
Heroux-Devtek	TD Securities cuts target to C$9.50 from C$10.50; rating hold
Heroux-Devtek	Raymond James cuts target to C$8.50 from C$10.25
Interfor	RBC raises target price to C$14 from C$13; rating top pick
Major Drilling Group	Mackie Research cuts target to C$7.50 from C$10; rating hold
Manitoba Telecom	RBC raises price target to C$37from C$33; outperform
Manitoba Telecom	Canaccord Genuity raises price target to C$35 fromC$29;hold
Manitoba Telecom	TD raises taget price to $37 from $36
National Bank of Canada	Canaccord Genuity raises price target to C$89 fromC$88;buy
National Bank of Canada	BMO ups target to C$83 from C$82; rating market perform
National Bank of Canada	RBC raises target to C$86 from C$84; rating outperform
Niko Resources	TD raises target price to $13 from $12.50
Santonia Energy Inc	NBF raises price target to C$2.50 from C$2.25
Sempra Energy	RBC cuts price target to $87 from $88; rating outperform
TransAtlantic Petroleum	TD lowers target prices to $2.00 from $2.25; buy
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Upgrades, Downgrades and Target Changes - May 24 2013

Company	Rating/Target Change
Alaris Royalty	Canaccord Genuity raises target to C$32.50 from C$31.50; buy
Arcan Resources	Paradigm Capital cuts target to C$0.70 from C$0.85; rating hold
ATS Automation Tooling	Canaccord Genuity ups target to C$10.75 from C$10; hold
ATS Automation Tooling	Paradigm Capital cuts to sell from hold
Computer Modelling	National Bank Financial raises target to C$22 from C$21
Computer Modelling	RBC raises target to C$25 from C$24; rating sector perform
Enbridge Inc	RBC raises target price to C$56 from C$50; rating outperform
Nordion Inc	Paradigm Capital raises target price to $9 from $8; rating hold
Nuvista Energy	RBC raises target price to C$9 from C$8; rating outperform
Silvercorp Metals	Raymond James cuts target to $6 from $6.60; rating outperform
TD Bank	Canaccord Genuity cuts price target to C$95 from C$97; rating buy
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Upgrades, Downgrades and Target Changes - May 22 2013

Company	Rating/Target Change
Advantage Oil and Gas	CIBC raises target to C$4.50 from C$4; sector performer
Advantage Oil and Gas	National Bank Financial ups target to C$5.50 from C$4.75
Advantage Oil and Gas	Raymond James ups target to C$4.50 from C$4.25; outperform
Advantage Oil and Gas	RBC raises target to C$5 from C$4; rating sector perform
Advantage Oil and Gas	TD Securities raises target to C$6 from C$5; rating buy
Bird Construction	Canaccord Genuity cuts target to C$12.50 from C$13; hold
Enerflex Ltd	Raymond James cuts to market perform from outperform
Kirkland Lake Gold	BMO cuts target to C$4.50 from C$6.75; rating market perform
Loblaw Companies	RBC raises target price to C$44 from C$39; rating outperform
Pure Technologies	Mackie Research starts with buy rating; price target of C$5.40
Secure Energy Services	BMO cuts to market perform from outperform
TransGaming Inc	M Partners raises to buy from sell
Trevali Mining	M Partners cuts target price to C$2.40 from C$2.70; rating buy
Trilogy Energy Corp	TD Securities cuts to hold from buy
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Upgrades, Downgrades and Target Changes - May 21 2013

Company	Rating/Target Change
Allied Properties REIT	Dundee Capital re-initiates coverage with buy rating
Aurcana Corp	RBC cuts price target to C$3.50 from C$5.20
Aurcana Corp	Stonecap Securities cuts target price to C$4.75 from C$8
Bank of Montreal	KBW raises target to C$63 from C$62; rating market perform
CIBC	KBW cuts price target to C$81 from C$82; rating market perform
RBC	KBW raises price target to C$62 from C$61; rating market perform
Stornoway Diamond Corp	RBC cuts target to C$1.20 from C$2.05; rating outperform
Whitecap Resources	National Bank Financial raises target to C$14 from C$12.50
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Upgrades, Downgrades and Target Changes - May 17 2013

Company	Rating/Target Change
CAE Inc	Canaccord Genuity raises target to C$13.50 from C$12.50; rating buy
CAE Inc	PI Financial raises price target to C$11.50 from C$11; rating neutral
CAE Inc	RBC cuts to sector perform from outperform; target to C$12 from C$13
Canaccord Financial	KBW cuts target price to C$7 from C$9; rating market perform
Chemtrade Logistics	BMO ups target to C$17.50 from C$17; rating market perform
Chieftain Metals	Mackie Research cuts target to C$2.90 from C$7; speculative buy
Copper Mountain Mining	Laurentian Bank cuts target to C$3.30 from C$3.80; buy
Copper Mountain Mining	Paradigm Capital cuts target to C$6 from C$6.25; buy
Glacier Media	Canaccord Genuity cuts target to C$1.70 from C$2.05; rating hold
Thomson Reuters	BMO raises price target to C$39 from C$36; rating outperform
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Upgrades, Downgrades and Target Changes - May 16 2013

Company	Rating/Target Change
B2Gold	Stonecap cuts price target to C$4.75 from C$5.20; rating outperform
B2Gold	BMO starts with outperform rating; target price C$3.50
Birchcliff Energy	Raymond James raises target price to C$8.25 from C$8
Caledonia Mining	WH Ireland starts with buy rating
Copper Mountain	BMO cuts target to C$2 from C$3.50; market perform speculative
Copper Mountain	Raymond James cuts price target to C$5 from C$5.40
Exchange Income	Raymond James cuts target price to C$28.50 from C$31.50
Glacier Media	RBC cuts target price to C$1.75 from C$2; rating sector perform
Glentel Inc	Canaccord Genuity cuts price target to C$22 from C$23; rating buy
High Arctic Energy	NBF cuts target to C$2.50 from C$2.70; rating sector perform
Imperial Metals	Canaccord Genuity cuts target to C$16.50 from C$17; rating buy
Lipari Energy	Canaccord Genuity ups target to C$1.20 from C$0.90; raing buy
Magna International	Morgan Stanley ups target to $71 from $60; rating overweight
MBAC Fertilizer	Paradigm Capital cuts target price to C$2.80 from C$3.50
New Gold	RBC raises target price to $9.50 from $9; rating outperform
Paladin energy	BMO raises to outperform from market perform
Premier Royalty Inc	RBC cuts target price to C$1.55 from C$1.65
SilverCrest Mines	Stonecap cuts target to C$3 from C$3.55; rating outperform
Strongco	Raymond James cuts target price to C$4.25 from C$5
Strongco	PI Financial cuts price target to C$5 from C$7.50; rating buy
Valeura Energy	NBF cuts price target to C$2 from C$2.25; rating sectorperform
WesternOne Inc	Raymond James Cuts price target to C$10 from C$11
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Upgrades, Downgrades and Target Changes - May 15 2013

Company	Rating/Target Change
Aimia Inc	Canaccord Genuity cuts target to C$18.30 from C$18.60; rating buy
Aimia Inc	RBC cuts target price to C$19 from C$20;sector perform
Argonaut Gold	Canaccord Genuity cuts target price to C$11 from C$12; rating buy
Argonaut Gold	Stonecap Securities cuts target price to C$9.50 from C$10.75
Asanko Gold	Canaccord Genuity raises target to C$5 from C$4.50; speculative buy
Atrium Innovations	Canaccord Genuity raises target to C$17.50 from C$13.50; buy
Bird Construction	Canaccord Genuity cuts target to C$13 from C$13.50;rating hold
Bird Construction	Raymond James cuts target to C$14 from C$15; market perform
Blackberry	Bernstein cuts to market perform from outperform
BTB REIT	National Bank Financial raises price target to C$5.15 from C$4.95
Copper Mountain Mining	PI Financial cuts price target to C$3 from C$4
DHX Media	Canaccord Genuity raises target price to C$3.50 from C$3; rating buy
DHX Media	RBC raises price target to C$3.50 from C$3.25; rating outperform
Fiera Capital	Canaccord Genuity raises target to C$11.25 from C$11; rating buy
Fortress Paper	Canaccord Genuity cuts target price to C$8 from C$13
Granite REIT	RBC raises price target to C$43 from C$42; rating sector perform
InterRent REIT	Raymond James raises target price to C$7 from C$6.50
Labrador Iron Mines	Canaccord Genuity cuts target price to C$1.60 from C$2.30
Legacy Oil + Gas Inc	Raymond James raises to strong buy from outperform
Premier Royalty Inc	Stonecap Securities cuts price target to C$1.60 from C$1.80
Rio Alto Mining	BMO cuts target to C$4.75 from C$5.50; rating market perform
Rio Alto Mining	Desjardins cuts target price to C$4.75 from C$5; rating hold
Rocky Mountain Dealerships	Canaccord Genuity ups target to C$16.75 from C$15; buy
Rocky Mountain Dealerships	Raymond James cuts to market perform from outperform
Stonegate Agricom	Paradigm Capital cuts target price to C$1.40 from C$1.50
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Upgrades, Downgrades and Target Changes - May 14 2013

Company	Rating/Target Change
Alliance Grain Traders	Canaccord Genuity cuts target to C$17 from C$17.50; buy
Bank of Montreal	Morgan Stanley cuts to underweight
Fortress Paper	Raymond James cuts target to C$11.50 from C$14.50; market perform
Lone Pine Resources	Raymond James cuts price target to C$0.70 from C$2;cuts to underperform
RBC	Morgan Stanley raises to equal weight from underweight
Semafo Inc	BMO cuts target price to C$2.75 from C$4; rating outperform
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Upgrades, Downgrades and Target Changes - May 13 2013

Company	Rating/Target Change
Ag Growth	TD Securities raises price target to C$38 from C$33;Buy
Algonquin Power	BMO raises price target to C$8.75 from C$8.50; rating outperform
Algonquin Power	TD Securities ups target to C$8.50 from C$8; rating hold
Asanko Gold Inc	BMO raises to market perform from underperform
AuRico Gold Inc	Dundee cuts target price to C$6.50 from C$7.50; rating neutral
AuRico Gold Inc	Desjardins cuts price target to C$7.50 from C$8
Cervus Equipment	RBC cuts price target to C$21 from C$22; rating sector perform
Chorus Aviation	TD Securities cuts target to C$3.50 from C$4.25; rating hold
Chorus Aviation	Canaccord Genuity cuts target price to C$1.50 from C$4.75
Crombie REIT	BMO ups target to C$16 from C$15.75; rating market perform
Dundee Int'l REIT	M Partners cuts target to C$12.50 from C$12.75; rating buy
Dundee Int'l REIT	TD Securities cuts target to C$12 from C$12.50; rating buy
EGI Financial	BMO cuts target price to C$11.50 from C$12; rating market perform
Enerplus Corp	BMO raises price target to C$16 from C$15; rating market perform
Enerplus Corp	TD Securities ups target to C$19.50 from C$18.50; rating buy
Equitable Group	BMO cuts to market perform from outperform
Equitable Group	M Partners raises price target to C$49 from C$48; rating buy
Equitable Group	TD Securities raises price target to C$46 from C$45; rating buy
Gluskin Sheff + Associates	M partners ups target to C$21.25 from C$18.75
IBI Group Inc	Dundee cuts target price to C$4 from C$5.50; rating neutral
IBI Group Inc	TD Securities cuts price target to C$3.50 from C$6.50; rating hold
IBI Group Inc	Raymond James cuts target to C$4 from C$6; rating market perform
Leisureworld Senior Care	Canaccord raises target to C$15 from C$14; rating buy
Lithium Americas	Dundee cuts target price to C$2 from C$2.60
Magna International Inc	RBC raises price target to $74 from $65;rating outperform
Magna International Inc	BMO raises target price to $75 from $65;rating outperform
Mainstreet Equity	Canaccord raises target to C$37 from C$36.70; rating hold
Onex Corp	BMO raises target price to C$51 from C$49.50; rating market perform
Onex Corp	TD Securities raises price target to C$50 from C$48; rating
Pembina Pipeline	RBC raises target price to C$37 from C$35; rating outperform
Pembina Pipeline	BMO ups target to C$34 from C$33; rating market perform
Pembina Pipeline	TD Securities ups target to C$35 from C$32; rating hold
Premium Brands	BMO raises target to C$19 from C$18.50; rating market perform
Renegade Petroleum	Raymond James cuts target to C$2 from C$2.25
Renegade Petroleum	Dundee cuts target price to C$2.10 from C$2.50; rating buy
Rogers Communications	TD Securities ups target to C$52 from C$51; rating hold
ShawCor	TD Securities ups target price to C$50 from C$49; rating action list buy
Silver Wheaton Corp	TD Securities cuts target price to $35 from$36; rating buy
Surge Energy Inc	Raymond James ups target to C$6 from C$5.50; rating outperform
Surge Energy Inc	TD Securities raises target price to C$5 from C$4
TMX Group	RBC cuts price target to C$48 from C$55
TMX Group	BMO cuts target price to C$58 from C$64.50; rating outperform
TMX Group	TD Securities cuts target price to C$47 from C$48; rating reduce
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Upgrades, Downgrades and Target Changes - May 10 2013

Company	Rating/Target Change
Alexco Resource	Canaccord Genuity cuts target to C$2.65 from C$3.75; rating hold
Algonquin Power & Utilities	Canaccord Genuity raises target to C$8.50 from C$8
Artis REIT	Canaccord Genuity raises price target to C$18.80 from C$18.25
Aston Hill Financial	Canaccord Genuity cuts target to C$1.75 from C$1.85; buy
Baytex Energy	Canaccord Genuity cuts price target to C$50 from C$52; rating buy
BCE Inc	RBC raises price target to C$48 from C$47; rating sector perform
Black Diamond	National Bank Financial raises target to C$26.50 from C$25.50
Bombardier	Canaccord Genuity raises target price to C$5.75 from C$5.25; buy
Bombardier	Raymond James raises target price to c$6 from c$5; rating outperform
Canadian Tire Corp	Canaccord Genuity raises target to C$84 from C$80
Canadian Tire Corp	National Bank Financial raises target to C$91 from C$78
Cascades Inc	RBC cuts target price to C$6 from C$6.50; rating outperform
Centerra Gold Inc	Canaccord Genuity raises to speculative buy from hold
Cineplex Inc	RBC raises target price to C$37 from C$36; rating outperform
Finning International	Raymond James cuts target to C$25.50 from C$30; outperform
IAG	Canaccord Genuity cuts price target to C$40 from C$41
Osisko Mining	Canaccord Genuity cuts target to C$7.50 from C$7.65; rating buy
Osisko Mining	RBC raises price target to C$5.75 from C$5.50; rating outperform
Secure Energy	National Bank Financial raises target to C$16 from C$14; outperform
Stantec Inc	Canaccord Genuity cuts to hold from buy
Strad Energy Services	Raymond James raises target to C$3.50 from C$3.30
Surge Energy	Raymond James raises target to C$6 from C$5.50; rating outperform
TELUS Corp	Canaccord Genuity raises target price to C$40 from C$38; rating buy
TELUS Corp	RBC raises price target to C$38 from C$37; rating outperform
Trican Well Service	Canaccord Genuity raises target to C$14.75 from C$12.50
Trinidad Drilling	Canaccord Genuity raises target to C$8.50 from C$8.10; buy
WaterFurnace Renewable	Canaccord Genuity raises target to C$25 from C$24; buy
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Upgrades, Downgrades and Target Changes - May 8 2013

Company	Rating/Target Change
Altus Group	BMO cuts price target to C$9 from C$9.50; rating market perform
Autocanada Inc	Canaccord Genuity raises target price to C$29 from C$24
Canyon Services	Raymond James cuts target to C$13 from C$13.50; outperform
Canyon Services	TD Securities cuts target price to C$12.50 from C$13; rating buy
CI Financial	Canaccord Genuity raises target to C$31.75 from C$31; rating buy
CI Financial	BMO raises price target to C$31 from C$29; rating market perform
CI Financial	GMP Securities raises price target to C$30 from C$28; rating buy
CI Financial	TD Securities raises target price to C$30 from C$29; rating hold
Descartes Systems	M Partners raises target to C$12.45 from C$12.25; rating buy
easyhome Ltd	BMO cuts price target to C$10.50 from C$11; rating market perform
Emera Inc	CIBC raises price target to C$27.50 from C$25; rating sector performer
Endeavour Silver	Salman Partners cuts price target to C$8 from C$10; rating buy
Ensign Energy Services	CIBC cuts target to C$19 from C$20; sector performer
Essential Energy Services	National Bank Financial ups target to C$3.30 from C$3
First Capital Realty	TD Securities raises target to C$22 from C$21; rating buy
First Capital Realty	Canaccord Genuity raises price target to C$21 from C$20
Foraco International	Canaccord Genuity cuts target to C$2.50 from C$3.25; buy
Foraco International	CIBC cuts target to C$1.25 from C$2.50; sector performer
Foraco International	Haywood cuts target price by C$1.50 to C$2; rating buy
Fortis Inc	Canaccord Genuity raises target price to C$35 from C$34
Fortis Inc	National Bank Financial cuts to underperform from sector perform
George Weston	BMO raises price target to C$85 from C$82; rating market perform
George Weston	CIBC raises price target to C$84 from C$77; rating sector performer
Gibson Energy	National Bank Financial ups target to C$31 from C$30; outperform
Keyera Corp	CIBC raises target to C$60 from C$57.50; rating sector outperformer
Keyera Corp	National Bank Financial raises target to C$65 from C$62; outperform
Paramount Resources	Canaccord Genuity raises price target to C$44 from C$40
Parkland Fuel	National Bank Finanical raises to outperform from sector perform
Solium Capital	M Partners raises price target to C$6 from C$4.75; rating buy
Solium Capital	PI Financial raises price target to C$5.75 from C$5
TransGlobe Energy	CIBC cuts target to C$14.25 from C$15; sector outperformer
TransGlobe Energy	Dundee cuts target price to C$14 from C$14.50; rating buy
TVA Group Inc	TD Securities raises price target to C$11 from C$10; rating hold
Westjet Airlines	Cowen raises price target to C$28 from C$26; rating buy
Westjet Airlines	Canaccord Genuity cuts target to C$30 from C$32; rating buy
Westjet Airlines	CIBC cuts price target toC$27 from C$28
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