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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