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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