Upgrades, Downgrades and Target Changes - Jul 31 2013

Company	Rating/Target Change
5N Plus Inc	National Bank Financial cuts target priceto C$3 from C$3.50
Agrium Inc	CIBC cuts target price to $113 from $118; rating sector outperformer
Agrium Inc	Desjardins cuts target price to C$113.65 from C$125; rating buy
Agrium Inc	NBF cuts target price to $83 from$84.50; rating underperform
Agrium Inc	Canaccord Genuity cuts target price to $106 from $114; rating buy
Firstservice	Raymond James raises target to $40 from $35; rating outperform
Firstservice	BMO raises target price to $40 from $35
Genworth MI Canada	NBF raises target to C$30 from C$28; rating sector perform
George Weston Ltd	CIBC raises target to C$96 from C$84; rating sector performer
H&R REIT	RBC cuts target to C$25 from C$26; rating outperform
H&R REIT	TD Securities raises target price to C$27 from C$25
Home Capital Group	M Partners raises target price to C$76 from C$72; rating buy
Karnalyte Resources	Canaccord Genuity cuts target price to C$2.50 from C$10.25
Karnalyte Resources	Cantor cuts target price to C$10 from C$14; rating buy
Karnalyte Resources	LB Securities cuts target price to C$3.50 from C$15.50
Keyera Corp	TD Securities raises target price to C$62 from C$61; rating hold
Meg Energy	NBF raises target to C$44 from C$42; rating outperform
Potash Corp	Raymond James cuts target price to $30 from $41;rating market perform
Potash Corp	CIBC cuts target price to $33 from $38; rating sector performer
Potash Corp	NBF cuts target price to $33.50 from $39; rating sector perform
Potash Corp	Canaccord Genuity cuts target price to $30 from $37; rating hold
Potash Corp	TD Securities cuts price target to $38 from $49; rating buy
Progressive Waste	NBF raises target to $27 from $25.50; rating outperform
Progressive Waste	PI Financial raises target to C$26 from C$24
TD Bank	BMO cuts target price to C$90 from C$92; rating outperform
Thomson Reuters	NBF raises target price to C$33 from C$30; rating underperform
TransAlta Corp	NBF cuts target price to C$13 from C$14; rating underperform
Trinidad Drilling	RBC raises target price to C$10 from C$9; rating outperform
Trinidad Drilling	Raymond James raises target to C$10.75 from C$9.75
Trinidad Drilling	Paradigm Capital raises target to C$11 from C$10; rating buy
Westjet Airlines	BMO cuts target price to C$23 from C$24; rating market perform
Westjet Airlines	CIBC cuts target to C$25.50 from C$26.50
Westjet Airlines	Raymond James cuts target to C$22 from C$24;rating market perform
Westjet Airlines	RBC raises target price to C$24 from C$23
Westjet Airlines	TD Securities raises target price to C$30 from C$28; rating buy
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Upgrades, Downgrades and Target Changes - Jul 30 2013

Company	Rating/Target Change
Alaris Royalt	Stonecap securities starts with outperform; target price to C$37
Allied Properties	National Bank Financial cuts target to C$35 from C$36.25
Americas Petrogas	RBC cuts target price to C$4 from C$5; rating outperform
Artis REIT	National Bank Financial cuts target to C$17.75 from C$18; outperform
CAP REIT	National Bank Financial cuts target price to C$25.75 from C$27.25
Chorus Aviation Inc	TD Securities raises to speculative buy from hold
CI Financial	National Bank Financial raises target price to C$35 from C$33
Cominar REIT	National Bank Financial cuts target to C$25.50 from C$26.25
Dundee Industrial	National Bank Financial cuts target to C$11 from C$12.50
Fiera Capital	National Bank Financial raises target price to C$12.50 from C$11
Franco-Nevada	UBS cuts to neutral from buy
Hudson's Bay	TD Securities raises price target to C$23 from C$18; rating buy
IGM Financial	National Bank Financial raises target price to C$51 from C$48
Northwest HP REIT	National Bank Financial cuts target to C$12.75 from C$13.50
Partners REIT	National Bank Financial cuts target to C$7.75 from C$8
Potash Corp	Cantor Fitzgerald cuts to hold from buy; target price to $36 from $46
Pure Industrial	National Bank Financial cuts target to C$5.25 from C$5.50
Toromont Industries	Desjardins raises target to C$24 from C$23; rating hold
Toromont Industries	Raymond James raises price target to C$26.50 from C$25
Toromont Industries	RBC cuts target price to C$26 from C$27; rating outperform
TransForce	CIBC cuts target to C$23 from C$23.50; rating sector outperformer
TransForce	TD Securities cuts price target to C$25 from C$26
Turquoise Hill	CIBC cuts price target to C$5.50 from C$9.50
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Upgrades, Downgrades and Target Changes - Jul 29 2013

Company	Rating/Target Change
Alamos Gold	RBC raises target prioce to C$18 from C$16; rating outperform
Alaris Royalty	Canaccord Genuity raises target to C$36 from C$35; rating buy
Canadian Natural Resources	TD Securities cuts target price to C$38 from C$40 ;TD Securities cuts to hold from buy
Canadian Utilities	Canaccord Genuity raises to buy from hold
Canelson Drilling	NBF raises target to C$7 from C$6.50; rating outperform
Canfor Corp	BMO raises target price to C$27 from C$23.50; rating outperform
Canfor Corp	TD Securities raises target price to C$27 from C$24; rating buy
Canfor Pulp Products	BMO raises target to C$11 fromC$10; rating market perform
Canfor Pulp Products	RBC raises target to C$10 from C$9; rating sector perform
Celestica	Canaccord Genuity raises target price to $11.75 from $8.50
Celestica	CIBC raises target price to C$13 from C$11; rating sector outperformer
Cenovus Energy	NBF cuts target price to C$40 from C$42; rating outperform
Encana Corp	NBF cuts target price to C$21 from C$22; rating sector perform
Gildan Activewear	TD Securities raises target price to $52 from$47; rating buy
Mullen Group	NBF raises target price to C$26 from C$23.50; rating outperform
Potash Corp	CIBC cuts target price to $38 from $40; rating sector performer
Precision Drilling	CIBC ups target to C$13 from C$12; rating sector outperformer
Precision Drilling	Jefferies raises target price to $11 from $9; rating hold
Stella-Jones Inc	TD Securities starts with hold rating; price target of C$110
Thomson Reuters	RBC raises target price to $34 from $33;rating sector perform
TransCanada	TD Securities raises to buy from hold; target to C$52 from C$51
urquoise Hill Resources	BMO cuts target price to C$5.50 from C$10
UEX Corp	Raymond James cuts to market perform from outperform
Uranium Participation Corp	Raymond James cuts target price to C$6.50 from C$7
UR-Energy Inc	Raymond James cuts to outperform from strong buy
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Upgrades, Downgrades and Target Changes - Jul 26 2013

Company	Rating/Target Change
Agrium Inc	Canaccord Genuity cuts price target to $114 from $115; rating buy
Exco Technologies	Canaccord Genuity raises target to C$7.25 from C$6.50; buy
Genworth MI Canada	National Bank Financial raises target to C$28 from C$27
Goldcorp Inc	RBC raises target price to $37 from $36; rating outperform
Husky Energy	RBC raises target price to C$36 from C$34; rating sector perform
MDC Partners	RBC raises target price to $26 from $22; rating outperform
Potash Corp	Canaccord Genuity cuts price target to $37 from $40; rating hold
Potash Corp	National Bank Financial raises price target to $39 from $37
Precision Drilling	RBC raises price target to C$12 from C$11; rating outperform
SilverCrest Mines	Canaccord Genuity cuts price target to C$2.75 from C$3.25
Teck Resources	Canaccord Genuity raises target to C$28 from C$26; rating hold
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Upgrades, Downgrades and Target Changes - Jul 25 2013

Company	Rating/Target Change
Agnico Eagle Mines	Credit Suisse cuts target to $38 from $39; rating outperform
Agnico Eagle Mines	RBC cuts target price to $38 from $40; rating outperform
B2Gold Corp	National Bank Financial starts with outperform; price target C$4.35
Bombardier Inc	National Bank Financial raises target to C$5.50 from C$5.25
Canadian Pacific Railway	Canaccord Genuity ups target to C$138 from C$134; hold
Canadian Pacific Railway	CIBC ups target C$126 from C$122; rating sector performer
Canadian Pacific Railway	Desjardins cuts target price to C$123 from C$125; hold
Canadian Pacific Railway	TD Securities raises target to C$117 from C$109; reduce
Cenovus Energy	BMO cuts target price to C$38 from C$39; rating outperform
Cenovus Energy	Canaccord Genuity cuts price target by C$1 to C$40; rating buy
Cenovus Energy	National Bank Financial cuts target to C$40 from C$42; outperform
Cenovus Energy	RBC cuts target price to C$39 from C$40; rating outperform
Encana Corp	National Bank Financial cuts target to $21 from $22; sector perform
Encana Corp	TD Securities raises to buy
Healthlease Properties	LB Securities starts with buy rating; C$12 price target
Leisureworld Senior	LB Securities starts with buy rating; C$13.75 price target
Loblaw Companies	Desjardins raises price target to C$56 from C$55; rating buy
Loblaw Companies	Raymond James raises target to C$56 from C$54; rating outperform
Loblaw Companies	TD Securities raises price target to C$60 from C$57; rating buy
Mainstreet Equity	Canaccord Genuity raises target to C$38 from C$37; rating hold
Mullen Group	National Bank Financial raises target price to C$26 from C$23.50
Mullen Group	Raymond James raises target price to C$24 from C$23
Mullen Group	TD Securities raises target price to C$25 from C$23; rating hold
Rogers Communications	Canaccord Genuity raises target to C$46 from C$44; buy
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Dividend Increase Announced in Jul 2013

There has been no dividend increase announced so far in this month.

Upgrades, Downgrades and Target Changes - Jul 24 2013

Company	Rating/Target Change
AG Growth	National Bank Financial raises target to C$35.50 from C$33.50
Agnico-Eaglbe Mines	TD cuts target price to US$33 from $41. Rating hold from Buy
Alpha Minerals	Canaccord Genuity starts with speculative buy rating
Avigilon Corp	RBC starts with outperform rating; price target C$22
Franco-Nevada	TD cuts target price to $49 from $52. Rating hold from Buy
Canexus Corp	CIBC raises target to C$11 from C$10; rating sector outperformer
First Quantum Minerals	CIBC cuts target to C$26 from C$27; sector performer
Fission Uranium	Canaccord Genuity starts with speculative buy rating
Lundin Mining	CIBC cuts target price to C$6 from C$6.15; rating sector performer
Teck Resources	CIBC cuts target price to C$41 from C$42
Xtreme Drilling	National Bank Financial starts with outperform rating
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Upgrades, Downgrades and Target Changes - Jul 23 2013

Company	Rating/Target Change
ARC Resources	CIBC raises price target to C$30 from C$29
Argent Energy Trust	CIBC raises target to C$12.25 from C$12
Athabasca Oil	TD Securities cuts price target to C$13.50 from C$14; rating buy
Baytex Energy	CIBC raises target to C$52 from C$51; rating sector outperformer
Bonavista Energy	CIBC raises target to C$16 from C$15.50;rating sector performer
Bonterra Energy	CIBC raises target to C$59 from C$55; rating sector outperformer
Canadian National Railway	Euro Pacific Capital raises target to $98 from $97
Canadian National Railway	Jefferies raises target to $91 from $85
Canadian National Railway	TD Securities raises price target to C$110 from C$107
Crescent Point Energy	CIBC raises target to C$46 from C$45
Eagle Energy Trust	CIBC raises target to C$8.50 from C$8
Enbridge Income Fund	CIBC raises to sector outperformer from sector performer
Enerplus	CIBC raises price target to C$17.50 from C$16; rating sector performer
Intact Financial	TD Securities cuts target price to C$62 from C$63; rating hold
Pengrowth Energy	CIBC raises target to C$6.50 from C$6.25;rating sector peformer
Penn West Petroleum	CIBC raises target to C$13 from C$11;rating sector performer
Peyto Exploration & Development	CIBC raises price taret to C$38 from C$33
Superior Plus	National Bank Financial resumes with outperform; target price C$14
Trilogy Energy	CIBC raises target to C$38 from C$36; rating sector outperformer
Twin Butte Energy	CIBC cuts target to C$2.25 from C$2.40;rating sector performer
Valeura Energy	Canaccord Genuity cuts target to C$1.25 from C$2.25; rating buy
Vermilion Energy	CIBC raises target to C$63 from C$62;rating sector outperformer
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Upgrades, Downgrades and Target Changes - Jul 22 2013

Company	Rating/Target Change
Alaris Royalty	Acumen Capital raises target to C$37.10 from C$35.60; rating buy
ARC Resources Ltd	Canaccord Genuity cuts to hold from buy
Baytex Energy Corp	Canaccord Genuity raises target to C$51 from C$50; rating buy
Bellatrix Exploration	Paradigm Capital raises target price to C$9.50 from C$8
Bonavista Energy	Canaccord Genuity cuts target to C$17 from C$18; rating buy
Canadian Natural Resources	Canaccord Genuity raises target to C$37 from C$36
Canyon Services Group	BMO cuts target price to C$13 from C$14
Cenovus Energy	Canaccord Genuity raises target to C$41 from C$40; rating buy
CGI Group	Raymond James raises target to C$38 from C$35; rating outperform
Crescent Point Energy	Canaccord Genuity raises target to C$45 from C$42
Crew Energy	Canaccord Genuity cuts target price to C$9.50 from C$10; rating buy
Crocotta Energy	Canaccord Genuity cuts target to C$4.25 from C$4.50; rating buy
Crocotta Energy	Paradigm Capital cuts target price to C$3.75 from C$4
Encana Corp	Canaccord Genuity cuts target price to $19.50from $20.50; rating hold
Legacy Oil + Gas	Paradigm Capital raises target price to C$12 from C$11.50
Meg Energy Corp	Canaccord Genuity raises target to C$39 from C$38; rating hold
Painted Pony Petroleum	Canaccord Genuity cuts target price to C$16 from C$18
Paramount Resources	Canaccord Genuity cuts target to C$43 from C$44; rating buy
Peyto Exploration & Development Corp	Canaccord Genuity cuts to hold from buy
Rogers Communications	TD Securities cuts target price to C$44 from C$49
Stella-Jones	RBC capital raises target to C$120 from C$105; rating outperform
Surge Energy Inc	Paradigm Capital raises target price to C$8.50 from C$8
Teck Resources	Brean capital starts with hold rating; price target C$23
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Upgrades, Downgrades and Target Changes - Jul 18 2013

Company	Rating/Target Change
Alexco Resource	Canaccord Genuity cuts to sell from hold
Altagas Ltd	RBC cuts to sector perform from outperform
Atlantic Power	RBC cuts price target to C$4 from C$6; underperform
Canadian Utilities	RBC raises to outperform from sector perform
Cineplex Inc	Raymond James ups target to C$42 from C$40; rating outperform
Colabor Group	TD Securities raises to hold from reduce; target to C$4 from C$3
Colabor Group	Desjardins raises target price to C$4.25 from C$4; rating hold
Crown Point Energy	M Partners cuts target price to C$1.25 from C$1.50; rating buy
Intact Financial	National Bank Financial cuts target price to C$71 from C$72
K-Bro Linen	LB Securities raises target price to C$40 from C$37; rating buy
Klondex Mines Ltd	M Partners starts with buy rating; target price C$2
Keyera Corp	RBC cuts price target to C$61 from C$65
Potash Corp	Raymond James cuts price target to $44 from $48; ratingoutperform
Ritchie Bros.	Credit Suisse cuts price target to $20 from $23; rating neutral
Russel Metals	Raymond James cuts target to C$26 from C$29; rating market perform
Twin Butte Energy	Acumen cuts target price to C$2.50 from C$3; rating buy
Valener Inc	RBC cuts to underperform from sector perform
West Fraser Timber	Raymond James raises target to C$110 from C$105; strong buy
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Upgrades, Downgrades and Target Changes - Jul 17 2013

Company	Rating/Target Change
Agrium Inc	Canaccord Genuity cuts target price to $115 from $118; rating buy
Alaris Royalty	Raymond James Raises target to C$37 from C$32; rating outperform
Alamos Gold Inc	Canaccord Genuity cuts price target to $15.50 from $18
Aastra Technologies Ltd	TD Securities raises price target to C$23 from C$21
B2Gold	Canaccord Genuity cuts price target to C$3.50 from C$5; rating buy
Bear Creek Mining	Canaccord Genuity cuts target to C$3.65 from C$4.80
Canadian Energy Services	Paradigm Capital raises target price to C$18 from C$16
Cascades	TD Securities cuts to hold from buy; target price to C$6.50 from C$6
Detour Gold	Canaccord Genuity cuts price target to C$16.50 from C$27.50
Eldorado Gold	TD Securities cuts price to C$13 from C$14; rating action list buy
Fortuna Silver Mines Inc	Canaccord Genuity cuts target price to C$5 from C$6.25
Labrador Iron Ore Royalty	Canaccord Genuity cuts target to C$40 from C$41.50
Mag Silver Corp	Canaccord Genuity cuts target price to C$10.80 from C$15.25
Osisko Mining Corp OSK.TO	Canaccord Genuity cuts target price to C$5.50 from C$7.50
Pulse Seismic	Paradigm Capital cuts to sell from hold
Pulse Seismic	Cantor Fitzgerald raises to buy; cuts target to C$4.20 from C$4.60
Quebecor	National Bank Financial raises target to C$53 from C$52
Raging River Exploration	CIBC raises target to C$5.25 from C$5
Raging River Exploration	Paradigm Capital raises target to C$5.70 from C$5.25
Silvercrest	Canaccord Genuity cuts target price to C$3.25 from C$4
Santacruz Silver Mining Ltd	Canaccord Genuity cuts target to C$2.85 from C$3.35;
Sterling Resources	RBC raises target to C$1.10 from C$1; rating sector perform
Timmins Gold Corp	Canaccord Genuity cuts target price to C$2 from C$2.25
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Upgrades, Downgrades and Target Changes - Jul 16 2013

Company	Rating/Target Change
Alliance Grain Traders	CIBC raises target to C$16.50 from C$14
Loblaw Companies	CIBC raises target to C$53 from C$48; rating sector performer
Loblaw Companies	TD raises traget price to $57 from $55
Mercer International Inc	RBC cuts to sector perform from outperform
Pengrowth Energy	TD raises target price to $6.00 from $5.50
Shoppers Drug Mart	TD raises target price to $64 from $48
Turquoise Hill Resources	CIBC cuts price target to C$9.50 from C$11
Tembec	RBC cuts to sector perform from outperform; target to C$3 from C$5.50
Twin Butte Energy Ltd	Raymond James cuts target price to C$2.75 from C$3.25
Twin Butte Energy Ltd	TD cuts target price to $2.25 from $3.25
WiLan Inc	CIBC cuts price target to C$7.25 from C$8; rating sector outperformer
WiLan Inc	Canaccord Genuity cuts target price to C$6.60 from C$7; rating buy
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Upgrades, Downgrades and Target Changes - Jul 12 2013

Company	Rating/Target Change
Cogeco Cable Inc	CIBC raises target price to C$51 from C$47
Cogeco Cable Inc	National Bank Financial raises target to C$58 from C$49.50
Cogeco Cable Inc	RBC raises target price to C$54 from C$51; rating outperform
Cogeco Cable Inc	Desjardins raises price target to C$53.50 from C$50; rating buy
Cogeco Cable Inc	TD Securities raises price target to C$65 from C$60; rating buy
Cogeco Cable Inc	Canaccord Genuity raises target price to C$55 from C$50; rating buy
Cogeco Inc	CIBC raises target price to C$47 from C$43.50
Cogeco Inc	TD Securities raises price target to C$67 from C$62; rating action buy
Corus Entertainment	BMO cuts target to C$25 from C$26; rating market perform
Corus Entertainment	Credit Suisse raises target to C$24 from C$23;rating neutral
Corus Entertainment	Canaccord Genuity cuts target to C$21.50 from C$22.50
Corus Entertainment	TD cuts target to C$26  from C$25
Copper Mountain Mining	LB Securities raises target price to C$3.50 from C$3.30
DragonWave	Canaccord Genuity raises target to $2.60 from $1.90; rating hold
DragonWave	Jefferies raises target price to $2.75 from $2; rating hold
George Weston Ltd	BMO resumes coverage market perform rating
Gluskin Sheff + Associates	M Partners raises target price to C$24 from C$21.25
Loblaw Companies Ltd	BMO raises target price to C$53 from C$51; rating outperform
Martinrea International	Paradigm Capital raises target to C$18 from C$15
MDC Partners Inc	RBC raises price target to $22 from $18; rating outperform
Pulse Seismic Inc	Cantor Fitzgerald raises target price to C$4.60 from C$4
Rio Alto Mining	Stonecap securities cuts price target to C$3.25 from C$3.60
Shoppers Drug Mart	Raymond James raises target to C$50 from C$48;rating outperform
Secure Energy Services	Raymond James raises target to C$16.50 from C$14.50
Uni-Select Inc	Desjardins raises target price to C$24 from C$23; rating hold
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Upgrades, Downgrades and Target Changes - Jul 11 2013

Company	Rating/Target Change
American Hotel Income Properties	Canaccord Genuity starts with C$12.30 target; starts with buy rating
Cineplex Inc	Canaccord Genuity raises target price by C$1 to C$31; rating hold
Conifex Timber	Raymond James cuts target C$10 from C$11.25; rating strong buy
Constellation Software	TD Securities raises target to C$165 from C$150;rating buy
Canfor Corp	Raymond James raises to strong buy from outperform
Detour Gold	TD Securities cuts target price to C$18.50 from C$20; rating buy
Fortress Paper Ltd	Raymond James cuts target price to C$10 fromC$11.50
Interfor	Raymond James raises traget price to C$14 from C$12
Oryx Petroleum Corporation	RBC starts with sector perform rating; target of C$17
Parex Resources	CIBC raises target to C$8.50 from C$7.50
Paladin Energy Ltd	TD Securities starts with hold; price targetC$1.15
Sirius XM Canada Holdings	Canaccord Genuity raises target to C$8.20 from C$7.75
Sirius XM Canada Holdings	TD Securities raises target to C$8.50 from C$8
West Fraser Timber Co Ltd	Raymond James raises to strong buy from outperform
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Upgrades, Downgrades and Target Changes - Jul 10 2013

Company	Rating/Target Change
Alimentation Couche-Tard	CIBC raises target to C$60 from C$58
Argonaut Gold	RBC cuts target price to C$10 from C$11; rating outperform
Dundee Precious Metals	CIBC cuts price target to C$5 from C$11
Endeavour Silver Corp	CIBC cuts target price to C$3.10 from C$9.50
Fortuna Silver Mines	CIBC cuts target price to C$3 from C$6
Great-West Lifeco	Canaccord Genuity raises target to C$30 from C$29; rating hold
Great-West Lifeco	Barclays raises target to C$33 from C$31; rating overweight
Industrial Alliance Insurance	Canaccord Genuity raises target to C$43 from C$40
Le Groupe Jean Coutu	BMO raises target price to C$20 from C$18
Le Groupe Jean Coutu	Desjardins raises price target to C$18 from C$16.50
Lundin Mining	Goldman Sachs cuts target price to C$4.90 from C$5.40; rating buy
Manulife Financial	Canaccord Genuity raises target to C$19 from C$17.5
Manulife Financial	Barclays raises target price to C$19 from C$18
Parex Resources	Mackie Research raises target price to C$10.25 from C$9.75
Parex Resources	TD Securities raises target price to C$9.50 from C$8.50
Premium Brands Holdings	Janney raises fair value to $38 from $33; rating buy
Ritchie Bros Auctioneers	Raymond James cuts target price to $20 from $22
Sun Life Financial	Canaccord Genuity raises target to C$30 from C$28
Tahoe Resources Inc	CIBC cuts target price to C$15.50 from C$20.50;sector outpuerformer
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