Upgrades, Downgrades and Target Changes - Mar 31 2014

Company	Rating/Target Change
Advantage Oil & Gas	TD raises target to $7 from $6.5
Black Diamond	Scotia raises target to $40 from $36;downgrades from Sector outperformer to sector performer
BlackBerry	Canaccord Genuity raises target price to $8 from $6; rating hold
BlackBerry	Evercore cuts target price to $6 from $7
BlackBerry	UBS raises target price to $8.50 from $8; ratingneutral
BlackBerry	Scotia raises target to $9.15 from $8.40
BRP Inc	Canaccord Genuity raises target price to C$35 from C$34; rating buy
Canadian Energy Services	Scotia raises target to $38 from $34
CanElson Drilling	Scotia raises target to $8.50 form $8; sector perfomer from sector outperformer
Calfrac Well Services	Scotia raises target to $42 from $40;
Canyon Services	Scotia raises target by $0.25 to $14.75.
enerflex	Scotia raises target to $22 from $19
Donnycreek Energy	NBF cuts target price to C$3.50 from C$4; rating outperform
Ensign Energy Services	Scotia raises target to $19 from $18
Granite REIT	TD raises target to $45 from $44
Horizon North Logistics	Scotia raises target to $10 from $9.25
IBI Group Inc	Scotia raises target to $1.25 from $0.25
IBI Group Inc	Scotia raises target to $1.25 from $0.25 ;raises to hold from sell rating
Kinross Gold Corp	RBC cuts target price to $7 from $7.50; rating outperform
Magellan Aerospace	TD raises target to $12 from $10
Nordion Inc	CIBC raises target to C$13 from C$11.50; sector underperformer
Newalta Corp	Scotia raises target to $22 from $20
Rio Alto Mining Ltd	BMO raises target to C$2.50 from C$2.25, market perform
Rogers Sugar	Scotia uprades to Sector Outperform from Sector Performer.
Sherritt Intl	TD raises target to $4.50 from $3.50
Secure Energy	Scotia raises target to $22 from $18
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Upgrades, Downgrades and Target Changes - Mar 28 2014

Company	Rating/Target Change
Africa Oil Corp	Canaccord Genuity raises to speculative buy from hold
Africa Oil Corp	Scotia cuts target to $13 from $14
Africa Oil Corp	Credit Suisse cuts target price to C$11.50 from C$13; outperform
Agnico Eagle Mines	Canaccord Genuity raises to buy from hold
Calfrac Well Services	Canaccord Genuity raises target to C$44 from C$42; buy
Canelson Drilling	Canaccord Genuity raises target to C$9.25 from C$8.25; buy
Canyon Services	Canaccord Genuity raises target to C$16.50 from C$16; rating buy
Kinross Gold	Goldman Sachs raises to neutral from sell
McCoy Corp	Canaccord Genuity raises target price to C$7.25 from C$7; rating buy
Sprott Inc	Canaccord Genuity raises target price to C$3.50 from C$3; rating hold
Sprott Inc	CIBC raises target price to C$2.50 from C$2.25
Sprott Inc	RBC raises target price to C$3.50 from C$3; rating sector perform
Sprott Inc	TD Securities raises price target to C$4 from C$3.25; rating hold
Sprott Inc	BMO raises target price to C$3.50 from C$3.25; rating market perform
Sprott Inc	Scotia raises target price to C$3.25 from C$3
Strongco	Raymond James cuts target to C$4.50 from C$5; rating market perform
Strongco	Desjardins cuts target price to C$5 from C$5.50; rating hold
Total Energy Services	Canaccord Genuity raises target to C$26 from C$24; buy
Trican Well Service	Canaccord Genuity raises target to C$15.50 from C$15; hold
Trinidad Drilling	Canaccord Genuity raises target to C$15 from C$13.50; buy
Valeant Pharmaceuticals	Cantor starts with buy rating
Western Energy Services	Canaccord Genuity raises target to C$12 from C$11; buy
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Upgrades, Downgrades and Target Changes - Mar 27 2014

Company	Rating/Target Change
AGF Management	Barclays raises target price to C$14 from C$13; overweight
AGF Management	Canaccord Genuity raises target price to C$11 from C$10.50
AGF Management	RBC cuts to underperform from sector perform rating
AGF Management	TD Securities raises target price to C$13 from C$12; rating hold
Argonaut Gold	Desjardins cuts target price to C$6.50 from C$7; rating buy
Bankers Petroleum	RBC raises target price to C$5.50 from C$5
BSM Technologies	LB Securities starts with buy rating; target price of C$3.15
Capstone Infrastructure	BMO raises target price to C$5.50 from C$4
Capstone Infrastructure	Canaccord Genuity raises target price to C$5; buy
Capstone Infrastructure	TD Securities cuts target to C$3.75 from C$4; hold
Capstone Mining	Canaccord Genuity cuts target price to C$3.40 from C$3.60
Crius Energy Trust	RBC cuts target to C$4.50 from C$5; rating sector perform
Glentel Inc	Canaccord Genuity cuts target price to C$15 from C$18; rating buy
Glentel Inc	Scotia cuts target price to C$15 from C$16
Imperial Oil Ltd	FirstEnergy Capital raises target price to C$55 from C$53
Inter Pipeline	National Bank Financial resumes coverage with outperform rating
Legacy Oil + Gas	FirstEnergy Capital raises target to C$10 from C$9; outperform
Manitok Energy	Canaccord Genuity starts with buy rating; target price of C$4
Pine Cliff Energy	Canaccord Genuity starts with buy rating; target of C$2.25
Primero Mining	TD Securities raises target price to C$10 from C$8.50; rating buy
Prism Medical	LB Securities raises target price to C$7 from C$6.75; rating buy
Semafo Inc	Goldman Sachs raises to neutral from sell
Sprott Resource	TD Securities raises to buy from hold
Turquoise Hill Resources	CIBC up to sector performer from sector underperformer
Winpak Ltd	PI Financial cuts to neutral from buy
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Upgrades, Downgrades and Target Changes - Mar 26 2014

Company	Rating/Target Change
Altius Minerals	Salman Research starts with buy rating; target price C$17.90
Argonaut Gold Inc	Mackie cuts target price to C$7; rating buy
Brookfield Renewable Energy	NBF raises target to C$32 from C$31; sector performer
Crocotta Energy	Acumen Capital raises target price to C$5; rating buy
Directcash Payments	Acumen Capital cuts target to C$25.90 from C$26.10; buy
Kelt Exploration Ltd	RBC raises target to C$15 from C$13; rating outperform
Kelt Exploration Ltd	Dundee Capital raises target to C$14 from C$11; rating buy
Kinross Gold Corp	Canaccord Genuity raises to buy
Legacy Oil + Gas Inc	TD Securities cuts target to C$10 from C$10.50; rating buy
Legacy Oil + Gas Inc	Paradigm Capital raises target to C$11.50 from C$11; buy
Legacy Oil + Gas Inc	Dundee Research cuts target to C$12.25 from C$12.75; buy
Legumex Walker	LB Securities cuts target price to C$6.25 from C$6.50; rating buy
Newalta Corp	Mackie cuts to hold from buy rating
Precision Drilling Corp	CIBC raises target price to C$14.50 from C$13.50
Precision Drilling Corp	Raymond James raises target price to C$14 from C$13
Primero Mining	Canaccord Genuity raises target to C$10.50 from C$9.50; rating buy
Vicwest Inc	NBF cuts target price to C$12 from C$14
Vicwest Inc	CIBC cuts target price to C$11.50 from C$13
Vicwest Inc	TD Securities cuts target price to C$12.50 from C$14
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Upgrades, Downgrades and Target Changes - Mar 25 2014

Company	Rating/Target Change
Alliance Grain Traders	Canaccord Genuity raises target to C$23.50; rating buy
Alliance Grain Traders	Scotia raises target to C$18 from $17.50
BlackBerry	BMO raises price target to $8 from $7; rating market perform
Domtar Corp	Goldman Sachs raises to buy from neutral; target to $138 from $100
Eagle Energy Trust	NBF cuts target price to C$8.50 from C$9; rating outperform
K-Bro Linen	TD raises target to $44 fro $38. buy
Maple Leaf Foods	Octagon Capital cuts to hold from buy
Niko Resources Ltd	Canaccord Genuity raises to hold from sell
Precision Drilling	Jefferies raises price target to $14 from $13; rating buy
Precision Drilling	Scotia raises price target to $16 from $14.5;
Sirius XM Canada Holdings	Canaccord Genuity raises to buy from hold rating
Veresen Inc	Canaccord Genuity raises target price to C$17
Veresen Inc	NBF raises target to C$16 from C$15.50; rating sector perform
Veresen Inc	TD raises target to $17.50 from $16
Veresen Inc	Scotia raises target to $18 from $17
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Upgrades, Downgrades and Target Changes - Mar 24 2014

Company	Rating/Target Change
Altus Group	CIBC raises price target to C$21 from C$18.50; sector performer
AutoCanada	Canaccord Genuity raises target price to C$63 from C$48; rating buy
AutoCanada	RBC raises target price to C$61 from C$47; rating sector perform
Brookfield Renewable Energy Partners	RBC cuts to sector perform from outperform
Bombardier Inc	BMO raises price price to C$4.50 from C$4; rating market perform
Bombardier Inc	Credit Suisse raises target to C$3.80 from C$3.70; neutral
Bonterra Energy	CIBC raises price target to C$67 from C$66; sector outperformer
Boyd Group Income Fund	National Bank Financial ups target to C$40 from C$38
Boyd Group Income Fund	Octagon Capital cuts to hold from buy rating
Boyd Group Income Fund	LB Securities raises target to C$42 from C$37; buy
Boyd Group	Scotia raises target to $36.50 from $34
Carfinco Financial Group	Jennings Capital cuts target to C$13 from C$14.50; buy
Eagle Energy	Scotia cuts target to $8.50 from $9
Innvest REIT	RBC cuts to sector perform from outperform
Innvest REIT	Scotia raises traget to $5 from $4.5
Keyera Corp	RBC raises target price to C$72 from C$71; rating sector perform
Loblaw Companies	Raymond James raises target to C$60 from C$56; rating outperform
New Flyer Industries	Canaccord Genuity raises target to C$12.50 from C$12; buy
OceanaGold	BMO raises target price to C$3.25 from C$3; rating market perform
Onex:	Scotia raises target to $62 from $60
Precision Drilling Corp	TD Securities raises target to C$16 from C$15; rating buy
Rock Energy Inc	PI Financial raises price target to C$6 from C$5; rating buy
Rock Energy Inc	Acumen Capital raises target to C$7.25 from C$6.50; rating buy
Rock Energy Inc	Paradigm Capital raises target to C$6.25 from C$5; rating buy
Rock Energy Inc	Jennings Capital raises target to C$6.25 from C$5.75; rating buy
Rock Energy Inc	Haywood raises price target by C$1.50 to C$8; rating buy
Rocky Mountain Dealerships	CIBC cuts target price to C$13.50 from C$15.50
Twin Butte Energy	TD Securities cuts target to C$3.25 from C$3.50; rating buy
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Upgrades, Downgrades and Target Changes - Mar 21 2014

Company	Rating/Target Change
Artek Exploration	Raymond James raises target to C$5.25 from C$4.55; Outperform
Blackberry	CLSA raises to underperform from sell
Bonterra Energy	CIBC raises target to C$67 from C$66; rating sector outperformer
Bonterra Energy	Paradigm Capital raises target to C$65 from C$60; buy
Canyon Services Group	BMO raises target to C$14 from C$13; rating market perform
Fiera Capital Corp	Canaccord Genuity raises target to C$16 from C$15.75; buy
Fiera Capital Corp	NBF raises target price to C$17 from C$16; rating outperform
Franco-Nevada Corp	TD Securities raises target to C$52 from C$50; rating hold
Great-West Lifeco	RBC cuts target price to C$32 from C$33; rating sector perform
HNZ Group In	TD Securities raises target price to C$25 from C$24; rating hold
Longview Oil Corp	FirstEnergy Capital raises target price to C$6.25 from C$5.75
Medical Facilities	NBF raises target to C$18.50 from C$17; rating sector perform
Medical Facilities	Canaccord Genuity raises target to C$17.50 from C$15.50; hold
Medical Facilities	RBC raises target to C$19 from C$17; rating sector perform
Medical Facilities	TD Securities raises price target to C$21 from C$15
Milestone Apartments	NBF raises target to C$12.25 from C$12; rating outperform
Milestone Apartments	CIBC raises target price to C$12.25 from C$11
Milestone Apartments	LB Securities raises target to C$11.75 from C$11; buy
Milestone Apartments	BMO raises target to C$13 from C$11.50; rating outperform
Newalta Corp	CIBC cuts to sector performer from sector outperformer
Onex Corp	Canaccord Genuity raises target to C$71.50 from C$70.50; rating buy
Osisko Mining Corp	CIBC raises target price to C$8 from C$7.75
Osisko Mining Corp	Credit Suisse cuts target to C$8.25 from C$8.75; outperform
Parex Resources	Canaccord Genuity raises price target to C$10.50 from C$9
Power Corporation Of Canada	RBC cuts target to C$34 from C$35; rating outperform
Power Financial Corp	RBC cuts target price to C$38 from C$39; rating outperform
Silver Wheaton Corp	NBF raises target price to C$30 from C$29; rating outperform
Thomson Reuters Corp	TD Securities raises target to C$44 from C$40; rating hold
Twin Butte Energy	Canaccord Genuity cuts target to C$3 from C$3.25; rating buy
Twin Butte Energy	CIBC cuts target to C$2.50 from C$2.75; sector performer
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Upgrades, Downgrades and Target Changes - Mar 20 2014

Company	Rating/Target Change
Armtec Infrastructure	Raymond James cuts target price to C$2 from C$2.50
Armtec Infrastructure	TD cuts target price to C$2 from C$2.50
Canyon Services Group	Raymond James raises target price to C$15.50 from C$15
Canyon Services Group	Canaccord Genuity raises price target to C$16 from C$14
Canyon Services Group	CIBC raises target price to C$13.50 from C$12.50
Canyon Services Group	Scotia raises target to $14.5 from $12
Emera Inc	Canaccord Genuity cuts to hold from buy
Finning International	Canaccord Genuity raises target to C$33.50 from C$31; buy
Gran Tierra Energy	TD raises target to $10.50 from $9.50
Intertain Group Ltd	Canaccord Genuity starts coverage with target of C$5.75
KP Tissue	CIBC cuts target price to C$20 from C$22
KP Tissue	RBC cuts target price to C$19 from C$20; rating outperform
KP Tissue	TD cuts target to $19 from $21
KP Tissue	Scotia cuts target to $20 from $21
Power Corporation of Canada	Scotia cuts target to $35.50 from $36
RMP Energy	Canaccord Genuity raises target price to C$8.50; rating buy
RMP Energy	Scotia raises target to $8 from $7.5
Talisman Energy	TD upgrads to Buy from Hold
Trican Well Service	TD raises target to $17 from $16, Buy
Westshore Terminals Investment	RBC cuts target price to C$37 from C$38;cuts to sector perform from outperform
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Upgrades, Downgrades and Target Changes - Mar 19 2014

Company	Rating/Target Change
Agrium Inc	Morgan Stanley assumes with equal weight
Alimentation Couche-Tard	CIBC raises target to C$95 from C$83;sector performer
Alimentation Couche-Tard	Canaccord Genuity raises target to C$97 from C$93
Alimentation Couche-Tard	Desjardins raises target to C$100 from C$85; buy
Alimentation Couche-Tard	National Bank Financial ups target to C$97 from C$90
Alimentation Couche-Tard	Scotia raises target to $95 from $86
Alimentation Couche-Tard	TD Securities raises price target to C$105 from C$100
Bankers Petroleum	Canaccord Genuity raises target price to C$7.25; rating buy
Canadian Natural Resources	CIBC starts with sector outperformer; target C$49
Canfor Corp	Raymond James raises to strong buy from outperform
Cenovus Energy Inc	CIBC starts with sector performer
Detour Gold	Credit Suisse reinstates with neutral rating; target price of C$12
HOme Capital Group	Scotia raises target to $44 from $43.50
Husky Energy Inc	CIBC starts with sector performer rating
Imperial Oil	CIBC starts with sector performer rating
Imperial Oil	Raymond James ups target to C$51 from C$50; rating market perform
MDA	BMO raises target price to C$93 from C$90; rating outperform
Primary Energy Recycling	Acumen Capital raises target to C$6.40 from C$6.30; buy
Pulse Seismic	Paradigm Capital cuts target price to C$2.75 from C$3; rating sell
Stella-Jones	LB Securities raises target price to C$34 from C$32.50; rating buy
Stella-Jones	Scotia raises target to $29.50 from $26
Stella-Jones	National Bank Financial raises target to C$32 from C$30; outperform
Suncor Energy Inc	CIBC starts with sector outperformer rating;target $44.50
TMX group	Scotia raise target to $59 from $52
Vermilion Energy	BMO raises target price to C$73 from C$70; rating outperform
Vermilion Energy	RBC raises price target to C$71 from C$68; sector perform
Vermilion Energy	Scotia raises target to $70 from $67.50
Vermilion Energy	National Bank Financial ups price target to C$72 from C$70
Vermilion Energy	TD Securities raises target price to C$75 from C$66
West Fraser Timber	Raymond James raises to strong buy rating
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Upgrades, Downgrades and Target Changes - Mar 18 2014

Company	Rating/Target Change
American Hotel Income Properties REIT	NBF cuts target to C$12.50 from C$13
Axia NetMedia Corp	National Bank Financial raises target to C$3.30 from C$3
Badger Daylighting	Canaccord Genuity raises target price to C$38 from C$34.50
BRP Inc	National Bank Financial raises target to C$34 from C$31; outperform
Canfor:	Scotia cuts target to $31.75 from $32
Churchill Corp	Canaccord Genuity raises target to C$11.75 from C$10.75; buy
Churchill Corp	Paradigm Capital raises target to C$10 from C$8; rating hold
Churchill Corp	RBC raises target price to C$10 from C$9; rating sector perform
Churchill Corp	Raymond James raises target to C$12 from C$11; rating outperform
Churchill Corp	Scotia raises target to $11.50 from $9
Ensign Energy Services	Barclays cuts target to C$18 from C$19; equalweight
Ensign Energy Services	RBC cuts price target to C$18 from C$20; sector perform
Ensign Energy Services	Raymond James cuts target to C$17.25;rating marketperform
Equal Energy Ltd	PI Financial moves to sell rating
Imperial Oil	Macquarie cuts to underperform from neutral
Keyera Corp	National Bank Financial raises price target to C$75 from C$74
Keyera Corp	Scotia raises target to $70 from $68
Keyera Corp	BMO raises target price to C$69 from C$68; rating market perform
Power Corporation of Canada	Scotia raises target to $36 from $35.50
Power Financial	Scotia raises target to $39 from $38.5
Raging River Exploration	Scotia raises target to t$10 from $9
Raging River Exploration	Canaccord Genuity raises target price to C$9; buy
Raging River Exploration	TD Securities raises target to C$10 from C$9; buy
Raging River Exploration	BMO raises target to C$9.50 from C$9; rating outperform
SilverCrest Mines	National Bank Financial starts with outperform; target C$3
Tourmaline Oil	Raymond James raises target to C$56 from C$54; rating outperform
Vicwest:	Scotia cuts taget to $13 from $15.50
Whitecap Resources	Barclays raises target price to C$15 from C$14; overweight
Whitecap Resources	Canaccord Genuity raises target price to C$15.50; rating buy
Whitecap Resources	BMO raises target to C$15.50 from C$14.50; rating outperform
Yoho Resources Inc	Haywood Securities starts with buy rating; targer price C$5.50
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Upgrades, Downgrades and Target Changes - Mar 17 2014

Company	Rating/Target Change
Agrium Inc	Cowen and Company raises to market perform from underperform
AutoCanada	RBC raises target price to C$47 from C$45; rating sector perform
B2Gold Corp	BMO raises target price to C$4.25 from C$3; rating outperform
B2Gold Corp	CIBC raises target price to C$5 from C$3.50
B2Gold Corp	Desjardins cuts to hold from buy rating
B2Gold Corp	TD Securities raises target price to C$4 from C$3.50; rating buy
Bank Of Montreal	Credit Suisse ups target to C$79 from C$77; rating outperform
Bank Of Nova Scotia	Credit Suisse raises target to C$70 from C$68; outperform
Baylin Technologies	Paradigm Capital cuts target to C$11 from C$13; rating buy
Baylin Technologies	Raymond James cuts target to C$5 from C$9; rating outperform
Boyd Group Income Fund	Scotia raises target to $34 from $31.50
Canadian Energy Services	FirstEnergy Capital raises target to C$26 from C$30
Canadian Energy Services	RBC ups target to C$29 from C$25; rating sector perform
Canadian Western Bank	Credit Suisse raises target to C$37 from C$35; neutral
Canexus Corp	TD Securities cuts target price to C$6.50 from C$7; rating buy
Cardiome Pharma	Canaccord Genuity raises target price to $14 from $9.50
CIBC	Credit Suisse raises target price to C$97 from C$89; rating neutral
DHX Media	National Bank Financial starts with outperform; target price of C$6
Empire Company	Scotia cuts target to $86 from $88
Healthlease Properties	LB Securities raises target to C$12 from C$11.50; buy
High Arctic Energy	PI Financial raises target to C$4.75 from C$4.50; rating buy
McCoy Corp	Canaccord Genuity cuts price target to C$7 from C$7.75; rating buy
Melcor Developments	LB Securities raises target to C$29.50 from C$28; rating buy
National Bank Of Canada	Credit Suisse cuts target to C$46 from C$47; neutral
Nordion Inc	CIBC cuts to sector underperformer from sector performer
Pacific Rubiales Energy	FirstEnergy Capital cuts target to C$25 from C$28.50
Parkland Fuel	CIBC cuts to sector performer from sector outperformer rating
Pure Technologies	Mackie Research raises target to C$8 from C$6.50; rating buy
RBC	Credit Suisse raises target price to C$77 from C$75; rating outperform
Stella-Jones	TD Securities raises to buy from hold rating
Tahoe Resources	Raymond James cuts to market perform from outperform rating
Tamarack Valley Energy	Acumen Capital raises target price to C$6.25; rating buy
Tamarack Valley Energy	Paradigm Capital raises target to C$6.50 from C$5.50; buy
TD Bank	Credit Suisse raises target price to C$53 from C$49; rating neutral
TransGlobe Energy	Credit Suisse raises target to C$9.50 from C$9; rating neutral
WPT Industrial REIT	BMO starts with outperform rating
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Upgrades, Downgrades and Target Changes - Mar 14 2014

Company	Rating/Target Change
Alimentation Couche-Tard	Barclays raises target to C$85 from C$82; overweight
Alliance Grain Traders	Canaccord Genuity raises target to C$22 from C$21; buy
Algonquin Power	CIBC starts with sector performer rating; target price of C$8.25
Baytex Energy	Scotia ups target to $57.50 from $50
Baytex Energy	National Bank Financial ups target to C$52 from C$51; outperform
Bellatrix Exploration (BXE)	TD raises target to $12.5 from $11
Black Diamond Group	CIBC raises target to C$33 from C$32; sector performer
Canadian Energy Services & Tech.	Scotia raises target to $34 from $26
Cervus Equipment	CIBC cuts target to C$24 from C$25; rating sector performer
Canexus Cor (CUS)	Scotia cuts target to $7 from $7.5
Colabor Group	Scotia cuts target to $7 from $7.5
Empire Company	Barclays cuts price target to C$72 from C$85; rating overweight
Empire Company	CIBC cuts target to C$80 from C$83; rating sector performer
Oryx Petroleum	Scotia raises targe to $23 from$22
Oryx Petroleum	RBC raises price target to C$22 from C$18; rating outperform
Pacific Rubiales Energy	TD cuts target to $21 from $26
Pacific Rubiales Energy	Scotia cuts target to $26 from $30
Premium Brands	Canaccord Genuity cuts price target to C$21 from C$22
Premium Brands	National Bank Financial raises price target to C$22 from C$20
Pure Technologies	Canaccord Genuity raises price target to C$8 from C$7.25
Tamarack Valley Energy	Canaccord Genuity raises target to C$6.50 from C$5.50; buy
Transat AT	Canaccord Genuity raises target to C$19.25 from C$18.50; rating buy
Transat AT	CIBC cuts target to C$12.25 from C$14.50; rating sector performer
Transat AT	TD cuts taget to $12 from $13.5
Transat AT	National Bank Financial cuts price target to C$10.50 from C$14
WesternOne	Canaccord Genuity cuts price target to C$8 from C$9; rating buy
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