Upgrades, Downgrades and Target Changes - Feb 28 2014

Company	Rating/Target Change
Aimia	RBC cuts target price to C$19 from C$20; rating outperform
Altagas Ltd	BMO raises target price to C$45 from C$44
Altagas Ltd	RBC raises target price to C$44 from C$40; rating sector perform
Argent Energy Trust	BMO cuts target price to C$7.50 from C$9; market perform
Anisworth Lumber (ANS)	Scotia lowers target to $4.25 from $4.5
Bonavista Energy	RBC raises target price to C$18 from C$16; sector perform
Catamaran Corp	BMO cuts target price to C$52 from C$63; rating outperform
Catamaran Corp	CIBC cuts target to C$60 from C$70
Catamaran Corp	TD cuts target to US$60 from US$70
Catamaran Corp	Scotia cuts target to US$58 from US$61
CIBC:	TD raises target to $105 from $101
CIBC:	BMO raises target price to C$99 from C$95; rating outperform
CIBC:	National Bank Financial raises target to C$97 from C$93; sector perform
CIBC:	RBC raises target price to C$98 from C$97; rating sector perform
CIBC:	Scotia raises target to $101 from $98
Crombie REIT	Canaccord Genuity raises to buy from hold
Crombie REIT	BMO cuts to market perform (speculative) rating
Dundee International	Canaccord Genuity ups target to C$9.35 from C$9.00; hold
Dundee International	TD ups target to C$10.50 from C$10.00; buy
Endeavour Mining	Raymond James cuts target to C$1.30 from C$2.50; outperform
Enerflex Ltd	TD Securities raises target price to C$17 from C$16; rating hold
Equitable Group	National Bank Financial raises target price to C$67 from C$64
Extendicare Inc	RBC raises target price to C$8 from C$7; rating sector perform
Exchange Income	Raymond James cuts target to C$19.50 from C$22.75;market perform
Just Energy	TD raises target to $10 from $9
George Weston	RBC cuts target price to C$97 from C$99; rating outperform
H&R Real Estate	Canaccord Genuity ups target to C$23.75 from C$22.60; buy
Leisureworld Senior Care (LW)	TD raises target to $13 from $12.5
Maple Leaf Foods	Canaccord Genuity raises target to C$16.50 from C$15.50; hold
Norbord (NBD)	Scotia cuts target by $0.50 to $35
Pembina Pipeline	BMO raises target price to C$40 from C$38
Pembina Pipeline	TD raises target to $43 from $38
PHX Energy Services	RBC raises target to C$15 from C$14; rating sector perform
PHX Energy Services	Scotia raises target to $14.50 from $14
RMP Energy Inc	Canaccord Genuity raises target price to C$8; rating buy
Stantec Inc	Canaccord Genuity raises target price to C$74 from C$69; rating buy
ShawCor (SCL)	TD raises target to $53 from $52
Stantec(STN)	TD raises target to $79 from $74; buy
Talisman Energy	BMO cuts target price to C$13 from C$15; rating market perform
Taseko Mines	Paradigm Capital cuts target to C$3.75 from C$4.25; rating buy
TransForce	TD lowers target to $26 from $28
TransForce	Scotia lowers target to $24.5 from $25.5
TD Bank	Barclays raises target to $53 from $50
Uni_Select (UNS)	Scotia raises target to $33 from $28
Valeant Pharma: (VRX)	TD raises target to US$145 from US$135
WSP Global (WSP)	TD raises target to $41 from $34
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Upgrades, Downgrades and Target Changes - Feb 27 2014

Company	Rating/Target Change
5N Plus Inc	LB Securities raises target price to C$4.25 from C$3.25; rating buy
Aimia Inc	TD Securities cuts to hold from buy; target price to C$21 from C$22
Argent Energy Trust	CIBC cuts target price to C$7 from C$9.50;sector performer
Calfrac Well Services	Barclays cuts target to C$42 from C$46; rating overweight
Calfrac Well Services	FirstEnergy raises target to C$43 from C$38; outperform
Calfrac Well Services	BMO raises target to C$39 from C$38; rating outperform
Calfrac Well Services	PI Financial raises price target to C$39 from C$38; buy
Calfrac Well Services	Canaccord Genuity raises target to C$42 from C$36
Calfrac Well Services	Scotia raises target to $40 from $37
Canam Group	National Bank Financial raises target to C$17.50 from C$13.50
Canam Group	RBC raises target price to C$18 from C$16; rating outperform
Cervus Equipment	Raymond James cuts to market perform rating
Conifex Timber	Salman Partners raises target to C$12.75 from C$12; top pick
Contrans Group	Scotia raises target to C$15.50 from C$15
Contrans Group	BMO cuts target to C$14 from C$14.50; rating market perform
Davis + Henderson	BMO raises target to C$31 from C$27.50; rating market perform
Davis + Henderson	National Bank Financial raises target price to C$33 from C$30
Davis + Henderson	TD Securities raises target to C$34 from C$33; rating buy
Davis + Henderson	Scotia raises target to C$31 from C$29
Dundee Industrial	BMO raises target to C$10.40 from C$10; rating outperform
easyhome Ltd	Paradigm Capital raises target to C$22 from C$18.50; rating buy
Essential Energy Services	NBF cuts target price to $3.50 from $3.75; outperform
First Majestic Silver	Cowen raises target to $11.08 from $9.41; market perform
First Majestic Silver	TD Securities cuts to hold from buy
First National Financial	BMO raises target by C$2.50 to C$25; market perform
First National Financial	Scotia raises target to C$27.50 from C$26
First National Financial	TD Securities raises price target to C$30 from C$27
Gran Tierra Energy	Credit Suisse cuts target to $9 from $9.75; rating outperform
Iamgold Corp	Morgan Stanley raises target by $0.25 to $4; rating underweight
Innergex Renewable Energy	Scotia cuts taget to $10.5 from $11
MCAN Mortgage	Acumen Capital raises price target to C$14.40 from C$13.15
Pembina Pipeline	Canaccord Genuity raises target to C$42 from C$40; rating buy
RBC	NBF raises target price to C$77 from C$75; rating outperform
RBC	Scotia cuts target price to C$80 from C$81
Rocky Mountain Dealerships	Raymond James raises target to C$13.50 from C$12.25
Serinus Energy	Canaccord Genuity starts with target price C$4.50
TeraGo Inc	Canaccord Genuity cuts target price to C$7 from C$11; rating buy
TeraGo Inc	CIBC cuts target price to C$6.50 from C$9
TeraGo Inc	TD Securities cuts to hold from buy; target price to C$7 from C$10
Trican Well Service	Barclays cuts price to C$19 from C$20; rating overweight
Trican Well Service	FirstEnergy raises target to $14 from $13; market perform
Trican Well Service	Paradigm Capital cuts target price to C$15 from C$16
Trican Well Service	RBC cuts target price to C$18 from C$20; rating outperform
Trican Well Service	Scotia cuts target price to C$13 from C$14
Westport Innovations	RBC cuts target price to $23 from $27; sector perform
Westport Innovations	Canaccord Genuity cuts target to C$20 from C$28; hold
Yoho Resources	Dundee Capital cuts to neutral from buy; target to C$4 from C$4.10
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Upgrades, Downgrades and Target Changes - Feb 26 2014

Company	Rating/Target Change
Altus Group	Canaccord Genuity raises target price to C$20 from C$19; rating buy
Altus Group	CIBC raises target price to C$18.50 from C$17; sector performer
Altus Group	TD raises target price to C$19 from C$18; Buy
Bank of Montreal	KBW raises price target to C$68 from C$67
Bank of Montreal	Scotia raises price target to C$78 from C$77
Bank of Montreal	TD raises price target to C$79 from C$78
Bank of Montreal	National Bank Financial raises target price to C$77 from C$74
Bankers Petroleum	Wood Group raises price target to C$6.06 from C$4.06; buy
Luna Gold	Canaccord Genuity starts with buy rating; target price of C$2
Linamar	Scotia raises price target to C$54 from C$51
Lydian International	NBF resumes with outperform; target price C$1.75
MDA	CIBC raises target price to C$94 from C$90; rating sector outperformer
MDA	Scotia raises target price to C$90 from C$89
National Bank of Canada	CIBC cuts price target to C$48 from C$48.50
Trican Well Service	TD downgrades to Hold from Buy
Oceanagold Corp	National Bank Financial starts with outperform; target C$3.40
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Upgrades, Downgrades and Target Changes - Feb 25 2014

Company	Rating/Target Change
Agnico Eagle Mines	Canaccord Genuity ups target to C$45 from C$38.50;rating hold
Argonaut Gold	Canaccord Genuity raises target to C$8.25 from C$8; rating buy
Aurora Oil & Gas Ltd	TD Securities cuts to hold from buy; target to C$4.10
Barrick Gold	Canaccord Genuity ups target to C$20.50 from C$17.50; rating sell
Baytex Energy	TD Securities raises to buy from hold
Baytex Energy	Canaccord Genuity cuts target price to C$51 from C$53; rating buy
Baytex Energy	National Bank Financial resumes with outperform; target of C$51
Boyd Group Income Fund	NBF ups target to C$38 from C$33; rating outperform
Chemtrade Logistics	NBF cuts to sector perform from outperform rating
Conifex Timber	CIBC raises target price to C$13 from C$11
Conifex Timber	RBC raises target price to C$14 from C$12; rating outperform
Conifex Timber	TD Securities raises target price to C$10 from C$9.50
Detour Gold	Canaccord Genuity raises price target to C$11 from C$8; rating hold
Dorel Industries	BMO cuts target price to $38 from $42; rating market perform
Enerplus Corp	Salman Partners raises target price to C$24 from C$22.25
FirstService Corp	JMP Securities cuts to market perform from market outperform
Franco-Nevada	CIBC raises target price to C$64 from C$54
George Weston	BMO cuts target price to $87 from $90; rating market perform
Goldcorp Inc	Canaccord Genuity raises target price to C$40 from C$35; rating buy
Iamgold	Canaccord Genuity raises target price to C$5.50 from C$5; rating hold
Kinross Gold Corp	Canaccord Genuity raises to buy from hold
New Gold	Canaccord Genuity raises target to C$8.25 from C$6.50; rating hold
National Bank	Scotia raise target to $48.50 from $48
Northern Frontier	M Partners starts with buy; target price of C$6.10
Pan American Silver	Canaccord Genuity ups target to C$19 from C$14.25; hold
Pan American Silver	Goldman Sachs raises target price to C$10 from C$9
Primero Mining	Canaccord Genuity raises target to C$9.50 from C$8; rating buy
Pure Technologies	Canaccord Genuity cuts to hold from buy
Rio Alto Limited	Scotia raise target to $3.8 from $3.4
Silver Wheaton	Canaccord Genuity raises target to C$36 from C$27.50; rating buy
Tahoe Resources	Canaccord Genuity ups target to C$30 from C$24.50; rating buy
Whitecap Resources	NBF raises target to C$16 from C$15.50; rating outperform
Yamana Gold	Canaccord Genuity raises target to C$14.50 from C$13; rating buy to
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Upgrades, Downgrades and Target Changes - Feb 24 2014

Company	Rating/Target Change
Argent Energy Trust	TD Securities cuts target to C$7.50 from C$10.50; hold
Atco Ltd	CIBC raises price target to C$54 from C$51; rating sector performer
Athabasca Oil	Raymond James raises target price to C$11 from C$10; outperform
Athabasca Oil	Barclays raises target price to C$10 from C$6;rating equal weight
Athabasca Oil	National Bank Financial raises target to C$11 from C$9
Athabasca Oil	Canaccord Genuity raises target price to C$9.75; rating hold
Athabasca Oil	Scotia Capital raises target to $11 from $10
Bank of Montreal	KBW raises price target to C$67 from C$66; market perform
Bankers Petroleum Ltd	Haywood raises target price to C$6; rating buy
Canadian Pacific Railway	BB&T raises to buy from hold
Canadian Utilities	CIBC raises target to C$42.50 from C$41; sector outperformer
Chemtrade Logistics Income	CIBC ups target to C$22 from C$21;sector performer
CIBC	KBW raises price target to C$85 from C$84; rating market perform
CIBC	Citigroup raises to buy from neutral
Conifex Timber	Raymond James raises target price to C$13 from C$12; strong buy
Constellation Software	RBC cuts to sector perform from outperform
Copper Mountain Mining	Desjardins raises target to C$2.10 from C$2; rating hold
Copper Mountain Mining	BMO raises target to C$2.15 from C$1.75
Copper Mountain Mining	Canaccord Genuity raises target to C$2.70 from C$2.40
Copper Mountain Mining	Haywood raises target price to C$2.50; rating buy
Eldorado Gold	TD Securities cuts to buy from action list buy,new target $10 from $9.50
Eldorado Gold	Mackie Research cuts to hold from buy; target to C$8 from C$8.45
Enerplus Corp	Barclays raises target price to C$25 from C$23; rating overweight
Enerplus Corp	BMO raises target price to C$23.50 from C$21.50; outperform
Enerplus Corp	TD raises target price to $25 from $23
First Capital Realty	Canaccord Genuity raises target to C$18.60 from C$18.30
First Capital Reality	Scotia cuts target to $19 from $19.25
First Quantum Minerals	Canaccord Genuity raises to buy from hold; target to C$25
First Quantum Minerals	Scotia cuts target to C$21.5 from $22
First Quantum Minerals	Paradigm Capital cuts target price to C$31 from C$31.50
Inter Pipeline	Canaccord Genuity raises target price to C$31 from C$30; buy
Interrent REIT	BMO starts with outperform; price target C$6.25
Lundin Mining	RBC raises target price to C$6.30 from C$5.50; rating outperform
Lundin Mining	Paradigm Capital cuts target price to C$8.75 from C$9; rating buy
Newalta	RBC raises target price to C$20 from C$19; rating outperform
Newalta	Mackie Research raises target price to C$21 from C$18.30; rating buy
Newalta	Scotia  raises target price to C$20 from C$19
Onex Corp	Canaccord Genuity raises target price to C$70.50 from C$66; buy
Onex Corp	CIBC raises target price to C$71 from C$64
Onex Corp	Scotia raises target to $60 from $54
Paramount Resources	TD Securities cuts to hold from buy; raises target to C$50
Power Financial	CIBC raises target price to C$40 from C$38
RBC	KBW raises price target to C$71 from C$70; rating market perform
Regal Lifestyle Communities	TD Securities raises target to C$8.50 from C$8
Silver Standard Resources	Cowen and Co cuts target priceto $15.04 from $16.23
Surge Energy	TD Securities cuts target price to C$7.50 from C$8; rating buy
TD Bank	KBW raises price target to C$50 from C$49; rating marketperform
TD Bank	Citigroup cuts to neutral from buy
Thompson Creek Metals Co	Canaccord Genuity raises target to C$2.20 from C$1.10
Western Forest Products	CIBC cuts to sector performer from sector outperformer
Western Forest Products	RBC raises target price to C$3 from C$2.10; outperform
Western Forest Products	TD Securities raises target price to C$3 from C$2.75
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Upgrades, Downgrades and Target Changes - Feb 21 2014

Company	Rating/Target Change
Alamos Gold	Canaccord Genuity cuts target price to C$14 from C$16; rating buy
Alamos Gold	CIBC cuts target to C$12.50 from C$15; rating sector performer
ATCO (ACO.X)	TD raises target to $58 from $54
Canadian Natural Resources Ltd	TD raises target to C$45 from C$39
Canadian Utilities	Barclays raises target to C$41 from C$39; rating equal weight
Canadian Utilities	Canaccord Genuity raises target price to C$42 from C$40
Chorus Aviation	Canaccord Genuity ups target to C$2 from C$1.50; rating sell
Contrans Group	CIBC ups target to C$14.50 from C$13.75; rating sector performer
First Quantum Minerals	TD raises target to $26 from $25
Halogen Software	Canaccord Genuity cuts target to C$18 from C$19; rating buy
HudBay Minerals	Canccord genuity cuts target to C$11 from C$11.50; rating buy
Inter Pipeline	TD raises target to $29 from $28
Loblaw Companies	CIBC raises target price to C$52 from C$50
Loblaw Companies	TD raises target price to C$60 from C$59
MacDonald, Dettwiler and Associates Ltd	Scotia raises target to $89 from $87
Oceanagold Corp	BMO raises target price to C$3 from C$2; rating market perform
Osisko Mining Corp	CIBC cuts to sector performer from sector outperformer
Pan American Silver	TD raises target to US$19 from US$14
Russel Metals	Scotia raises target to $31.5 from $30
Superior Plus	TD raises target to $13.5 from $12
Tim Hortons	Canaccord Genuity cuts target price to C$59 from C$61; rating hold
Tim Hortons	TD cuts target to $63 from $65
Tim Hortons	Scotia cuts target to $69 from $71
TransAlta	Scotia cuts target to $15 from $16
TransAlta	TD cuts target to $14 from $16.5
TransAlta	Canaccord Genuity cuts to hold from buy; target to C$14 from C$18
TransAlta	CIBC cuts target price to C$12 from C$15.50
TransCanada Corp	CIBC cuts target price to C$56 from C$58
TransCanada Corp	Scotia cuts target price to C$57 from C$58
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Upgrades, Downgrades and Target Changes - Feb 20 2014

Company	Rating/Target Change
Alacer Gold	CIBC starts with sector outperformer; target price of C$4
American Hotel Income	CIBC ups target to C$12.50 ;rating sector outperformer
Asanko Gold	RBC raises to outperform from sector perform
BCE Inc	CIBC raises target price to C$47 from C$45; rating sector performer
BCE Inc	Canaccord Genuity raises target price to C$48 from C$47; rating hold
BlackBerry:	TD raises target to US$10.50 from US9.50
Boralex	TD raises target to $15 from $13
Boralex	Scotia raises target to $15 from $14
Canadian Natural Resources	RBC raises target to C$46 from C$43; outperform
Canadian Natural Resources	Canaccord Genuity upstarget to C$46 from C$45; buy
Canadian Natural Resources	Scotia ups target to C$48 from C$47
Cargojet	Canaccord Genuity raises target to C$19.75 from C$12.75; rating buy
Cargojet	NBF raises target to C$21.50 from C$11.50
CGI Group Inc	Jefferies raises to buy from hold
Empires Company( EMP.A)	Scotia lowers target to $88 from $90
Finning Intl	TD raises target to $29 from $27
Goldcorp Inc	Canaccord Genuity raises target price to C$35 fromC$31.50; buy
Killam Properties	Scotia cuts target to C$11.5 from C$11.75
Killam Properties	Canaccord Genuity cuts target to C$11.25 from C$11.70
Osisko Mining	Canaccord Genuity raises target to C$7.25 from C$6.50; hold
Quebecor Inc	Canaccord Genuity raises to buy from hold
Quebecor Inc	Scotia raises to $33.50 from $32.50
Rogers Communications	CIBC cuts target to C$42 from C$44; sector performer
Rogers Communications	Canaccord Genuity cuts target to c$43 from c$46; hold
Rogers Communications	Scotia cuts target to c$46 from c$49
Semafo Inc	RBC raises target price to C$4.50 from C$3.80; rating sector perform
Sherritt International	CIBC cuts target to C$4.50 from C$5; sector performer
Sherritt International	TD cuts target to C$3.25 from C$4.25
Telus Corp	CIBC raises target price to C$38 from C$37; rating sector performer
Telus Corp	Canaccord Genuity cuts target price to C$43 from C$44; rating buy
Telus Corp	Scotia cuts target price to C$39 from C$41
Tourmaline Oil	NBF raises target price to C$65 from C$60; rating outperform
Tourmaline Oil	TD raises target price to C$60 from C$54
Tourmaline Oil	CIBC raises target to C$63 from C$57; rating sector outperformer
Winpack:	Scotia raises target to $30 from $25
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Upgrades, Downgrades and Target Changes - Feb 19 2014

Company	Rating/Target Change
Bank of Montreal	CIBC raises target price to C$78 from C$77
Bank of Montreal	Scotia initials coverage, target price $77
Bank of Nova Scotia	Scotia initials coverage, target price $71
CIBC	Scotia initials coverage, target price $98
CIBC	Barclays raises price target to C$89 from C$86; rating underweight
Canadian Western Bank	Scotia initials coverage, target price $41
Crew Energy	TD raises target to $11 from $9
Crew Energy	Scotia raises target to $9 from $8
Keyera Corp	CIBC raises target to C$69 from C$68; rating sector outperformer
Laurentian Bank	Scotia initials coverage, target price $48
National Bank	Scotia initials coverage, target price $48
Nevsun Resources	CIBC raises target price to C$5 from C$4.50
Osisko Mining	NBF raises price target to C$7 from C$6.50; rating sectorperform
Osisko Mining	TD raises target to $7.25 from $7
Precision Drilling	Cowen raises target to $12 from $11.50; rating outperform
RBC	Barclays raises price target to $70 from $69; rating equal weight
RBC	Scotia initials coverage, target price $81
Rona	Canaccord Genuity cuts target price to C$11 from C$11.50; rating hold
Rona	NBF cuts price target to C$12.50 from C$13; rating sectorperform
Semafo	NBF raises price target to C$4.80 from C$4; rating outperform
TD Bank	Scotia initials coverage, target price $56
TD Bank	Barclays raises price target to C$50 from C$48; rating equal weight
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Upgrades, Downgrades and Target Changes - Feb 18 2014

Company	Rating/Target Change
American Hotel Income	Canaccord ups target to C$12.25 from C$11.80; buy
Brookfield Asset	Canaccord Genuity raises target to $43.50 from $41; rating hold
Brookfield Asset	TD ups target to US$48 from US$47; buy
Brookfield Asset	Scotia ups target to US$44 from US$43
Boardwalk REIT	Scotia raises target to $65.765 from $65.50
Canadian Tire Corporation	CIBC raises target price to C$114 from C$107
Calloway REIT	CIBC cuts target price to C$27 from C$28
CGI Group	CIBC raises to sector outperformer from sector performer
IGM Financial	Canaccord Genuity raises target to C$56 from C$53; rating hold
IGM Financial	TD ups target to $63 from $62; Buy
International Forest Products	TD raises target to $21 from $19; rating buy;
Just Energy	NBF raises to outperform from sector perform
Just Energy	CIBC raises target price to C$7.50 from C$7
TransAlta Renewables (RNW)	Scotia raises target to $12.25 from $12
West Fraser Timber	RBC raises target to C$56 from C$50; rating sector perform
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Upgrades, Downgrades and Target Changes - Feb 14 2014

Company	Rating/Target Change
Agnico Eagle Mines	Canaccord Genuity ups target to C$38.50 from C$33.50
Bombardier	BMO cuts to market perform from outperform; target to C$4 from C$6
Bombardier	Scotia cuts target to $4.25 from $4.75
Bauer Performance Sports Ltd	Scotia raises target to $17.5 from $14.5
Barrick Gold	TD ups target to US$22 from US$19, hold
Canadian Tire	TD ups target to $120 from $115
Canadian Tire	Scotia ups target to $109 from $107
CAE	Credit Suisse raises target price to C$16 from C$13; rating outperform
Cenovus Energy	RBC cuts target price to C$38 from C$40; rating outperform
Cenovus Energy	TD lowers target to $35 from $38; Hold
Encana	TD raises target to US$25 from US$24
Exchange Income Co	Scotia raises target to $26 from $25
GLV	Canaccord Genuity cuts target price to C$5 from C$5.50; rating buy
Great West Lifco	TD lowers target to $34 from $38; hold
Home Capital Group	Scotia raises target to $87 from $83
Industrial-Alliance	TD raises target to $53 from $51; buy
Kinross Gold	Scotia cuts target to US$5.50 from US$6.00
Manulife Financial	NBF raises to outperform from sector perform
Precision Drilling	Barclays raises target to C$12 from C$11; rating equal weight
Progressive Waste Solutions	Canaccord ups target to $27.50 from C$26;buy
Rogers Coommunication	Scotia cuts target to $49 from $54
Sunlife	Barclays raises target to $40 from $37
Tourmaline Oil	NBF resumes with outperform rating; target C$60
Teck Resources	TD cuts target to $28 from $32
Teck Resources	Scotia cuts target to $32 from $34
Trinidad Drilling	Canaccord Genuity ups target to C$13.50 from C$12.25; buy
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