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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