Upgrades, Downgrades and Target Changes - May 12 2014

Company	Rating/Target Change
Aecon Group Inc	TD Securities raises target price to C$21 from C$20; rating buy
Agrium Inc	Susquehanna cuts price target to $112 from $115; rating positive
Algonquin Power & Utilities	RBC raises target to C$8.50 from C$8; outperform
Algonquin Power & Utilities	TD Securities raises target to C$9 from C$8.50; buy
American Hotel Income	Canaccord Genuity cuts target to C$11.70 from C$12.25
Armtec Infrastructure Inc	TD Securities cuts target to C$1.50 from C$2.00; hold
Artis REIT	Scotai raises target to $17 fropm $16.5
AutoCanada Inc	RBC raises target price to C$74 from C$71; rating sector perform
Black Diamond	CIBC cuts target price to C$38 from C$39
Blackpearl Resources	CIBC cuts to sector performer from sector outperformer
Canadian Natural Resources	National Bank Financial ups target to C$53 from C$48
Canadian Natural Resources	BMO raises target to C$50 from C$48; outperform
Canadian Natural Resources	FirstEnergy Capital ups to top pick from outperform
Canadian Tire	Credit Suisse cuts to underperform from neutral, on valuation
Chartwell	CIBC raises target price to C$11.50 from C$11.25
Chartwell	Dundee cuts target price to C$10.60 from C$11; rating neutral
Chartwell	BMO cuts target price to C$11.50 from C$11.65; rating outperform
Chartwell	Canaccord Genuity raises target price to C$10.75; rating hold
Cominar	LB Securities cuts to hold from buy
Calfrac Well Services Ltd.	Scotia raises target to $45 from $43
Dundee Real Estate	National Bank Financial cuts target to C$34.50 from C$35
Eagle Energy Trust	TD Securities cuts target to C$6.50 from C$7.50; hold
Eagle Energy Trust	National Bank Financial cuts target to C$7.50 from C$8.50
Enerplus	National Bank Financial raises target to C$27 from C$25; outperform
Enerplus	TD Securities raises target price to C$28 from C$27
First Capital Realty	BMO raises target to C$20 from C$19.50; market perform
Granite Real Estate Investment	RBC raises price target to C$43 from C$41
Husky Energy	FirstEnergy Capital raises target by C$1 to C$35; market perform
IGM Financial	Canaccord Genuity raises price target to C$61 from C$60; buy
IGM Financial	CIBC cuts target price to C$63 from C$64
IGM Financial	TD Securities cuts to hold from buy
International Forest	CIBC raises target price to C$22.50 from C$21.50
K-Bro Linen Inc	Acumen Capital cuts to hold from buy
KP Tissue	TD Securities cuts target price to C$18 from C$19
Morguard REIT	LB Securities cuts to hold from buy, on valuation
Morguard REIT	Dundee raises target to C$11 from C$10.50; buy
New Flyer Industries	Canaccord Genuity cuts target price to C$11.50 from C$12.50
New Flyer Industries	CIBC ups target to C$12.50 from C$12.25; sector performer
Newfoundland Capital Corp	RBC cuts target to C$9 from C$9.50; sector perform
Northwest Healthcare	National Bank Financial cuts target to C$11 from C$11.50
NorthWest Healthcare	Scotia cuts target to $11.25 from $11.55
Northwest Healthcare	BMO cuts target to C$10.75 from C$11; market perform
Pacific Rubiales	Credit Suisse cuts target to C$16 from C$17; rating neutral
Pembina Pipeline Corp	CIBC raises target to C$46 from C$44; sector outperformer
Pembina Pipeline Corp	RBC raises target price to C$47 from C$46; outperform
Pembina Pipeline	TD Securities raises target price to C$49 from C$43
Plaza Retail REIT	RBC cuts target price to C$4.50 from C$4.75; sector perform
Secure Energy Services Inc.	scotia raises target to $23 form $22
Secure Energy Services	Canaccord Genuity raises target to C$24 from C$22.50; buy
SNC-Lavalin	Paradigm raises target price to C$53 from C$40; rating hold
TMX Group Ltd	National Bank Financial raises price target to C$60 from C$56
TMX Group Ltd	CIBC raises price target to C$60 from C$55; rating sector performer
TMX Group Ltd	RBC raises target price to C$58 from C$55; rating underperform
TMX Group Ltd	scotia raises target to $62 from $59
Trican Well	Cowen and Company raises target to C$14 from C$13; market perform
Trican Well	CIBC raises target to C$14.50 from C$14; sector underperformer
Trinidad Drilling	CIBC cuts price target to C$15 from C$16; sector outperformer
Whistler Blackcomb	Raymond James starts with outperform rating; target C$19.50
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