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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