Upgrades, Downgrades and Target Changes - May 15 2014

Company	Rating/Target Change
Advantage Oil And Gas Ltd	RBC raises target to C$7 from C$6.50; sector perform
Advantage Oil And Gas Ltd	BMO raises target to C$7 from C$5.25; market perform
AG Growth	PI Financial raises price target to C$56.50 from C$53.50; rating buy
AG Growth	TD Securities raises target price to C$48 from C$45
AG Growth	LB Securities raises target price to C$49.25 from C$45.50; hold rating
Aimia Inc	Credit Suisse raises target price to C$22 from C$20; rating outperform
Aimia Inc	CIBC raises target price to C$21 from C$20
Aimia Inc	RBC cuts to sector perform from outperform rating
Aimia Inc	BMO raises target price to c$19 from c$18.50; rating market perform
Ainsworth Lumber Co	Raymond James cuts target price to C$3.75 from C$3.76
Badger Daylighting	Canaccord Genuity raises target to C$40 from C$38; rating buy
Bank Of Nova Scotia	NBF raises to outperform from sector perform rating
Bank Of Nova Scotia	National Bank Financial raises target to C$73 from C$68
Bankers Petroleum	Canaccord Genuity raises target to C$8 from C$7.25; rating buy
Birchcliff Energy Ltd	NBF raises target price to C$15 from C$13.50; outperform
Birchcliff Energy Ltd	RBC raises target to C$14 from C$13; rating sector perform
BMO	National Bank Financial raises target price to C$79 from C$77
Boyd Group Income	LB Securities raises target to C$46 from C$42; buy rating
Boston Pizza Royalties	LB Securities cuts target to C$22.25 from C$23.50; buy
Calfrac Well Services	Raymond James ups to strong buy; target to C$48 from C$41
Canadian Energy Services	NBF Raises target price to C$37 from C$30; outperform
Canadian Energy Services	RBC raises target to C$34 from C$29; sector perform
Canadian Energy Services	Firstenergy raises price target to C$39 from C$32
Canadian Apartment Properties REIT	Dundee raises target to C$23.50; rating buy
Canadian Apartment Properties REIT	CIBC raises to sector outperformer from sector performer
Canadian Apartment Properties REIT	Canaccord Genuity raises target to C$23 from C$22.60; rating buy
Canadian Apartment Properties REIT	RBC ups target to C$25 from C$24;outperform
Canadian Apartment Properties REIT	NBF raises target price to C$25.25 from C$24.75; rating outperform
Canadian Apartment Properties REIT	BMO raises to outperform from market perform rating
Canyon Services	Raymond James raises to strong buy; target to C$20 from C$15.50
Cargojet Inc	RBC cuts target price to C$25 from C$26; rating top pick
Chemtrade Logistics Income Fund	CIBC cuts target price to C$21 from C$22
Chemtrade Logistics Income Fund	NBF cuts target to C$21 from C$22
CIBC	National Bank Financial raises target price to C$99 from C$97
CI Financial	Canaccord Genuity cuts target price to C$34.50 from C$41.25
CI Financial	TD Securities cuts target price to C$41 from C$43
Crombie REIT	CIBC raises target price to C$14.50 from C$14.00
Directcash Payments	Acumen Capital cuts target to C$24 from C$25.90; rating buy
Equity Financial Holdings Inc	Mackie Research cuts target to C$11 from C$11.50
Finning International	Raymond James ups target to C$34.50 from C$32; outperform
Finning International	Desjardins raises target to C$31 from C$30; rating hold
Freehold Royalties	TD Securities raises target price to C$25 from C$24
Freehold Royalties	BMO raises target to C$26 from C$25; rating market perform
Guardian Capital Group	Canaccord ups target to C$20.50 from C$20; rating buy
H&R REIT	Canaccord Genuity raises target price to C$24.00 from C$23.75; buy
H&R REIT	TD Securities raises target price to C$28 from C$27
HNZ Group Inc	NBF raises target to C$22 from C$21; rating sector perform
HNZ Group Inc	TD Securities raises target price to C$26 from C$25; rating hold
Imperial Metals	TD Securities cuts target price to C$20 from C$22
Innergex Renewable Energy	Canaccord Genuity cuts to hold from buy
Innergex Renewable Energy	RBC raises target to C$11 from C$10; sector perform
Leisureworld Senior Care	TD Securities raises target price to C$14.50 from C$14
Liquor Stores NA Ltd	RBC cuts target to C$12 from C$14; rating sector perform
Norbord Inc	Raymond James cuts target price to C$32 from C$34; rating outperform
Northern Property REIT	Canaccord Genuity cuts target to C$28; rating hold
Peyto Exploration & Development	NBF ups target to C$42 from C$38; sector perform
Peyto Exploration & Development	Canaccord Genuity ups target to C$45;rating hold
Peyto Exploration & Development	Raymond James ups target to C$50; outperform
Peyto Exploration & Development	RBC raises target to C$43 from C$40; outperform
Peyto Exploration & Development	Firstenergy raises target to C$50 from C$46
Peyto Exploration & Development	BMO raises target to C$46 from C$40; outperform
Pure Industrial RET	NBF cuts to sector perform from outperform
Regal Lifestyle Communities	Dundee raises target to C$8.50; rating neutral
Riocan Real Estate Investment	Raymond James ups target to C$29; outperform
RMP Energy Inc	NBF raises target price to C$11 from C$10; rating outperform
Sears Canada Inc	CIBC cuts to sector performer from sector outperformer
Sunopta Inc	Canaccord Genuity raises target price to $14 from $13; rating buy
Td Bank	National Bank Financial raises target price to C$56 from C$54
Torc Oil & Gas	Canaccord Genuity ups target to C$16.50 from C$16.00; rating buy
Torc Oil & Gas	Paradigm raises target price to C$16 from C$15; rating buy
Torc Oil & Gas	RBC raises target price to C$15 from C$14; rating outperform
Torc Oil & Gas	TD Securities raises target price to C$17.50 from C$15.50
Torc Oil & Gas	BMO raises target price to C$16.50 from C$13; rating outperform
Torc Oil & Gas	Firstenergy raises target to C$15.75 from C$14.25; outperform
Trican Well Service	Raymond James raises target price to C$21 from C$17
Whistler Blackcomb	CIBC raises target price to C$18 from C$17
Whistler Blackcomb	Paradigm raises to buy from hold
Whistler Blackcomb	TD Securities raises target price to C$21 from C$18
Whistler Blackcomb	LB Securities cuts to hold from buy
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