Upgrades, Downgrades and Target Changes - May 2 2014

Company	Rating/Target Change
AltaGas	National Bank Financial raises target to C$53 from C$48; outperform
AltaGas	RBC raises target price to C$50 from C$44; rating sector perform
AltaGas	BMO raises target price to C$50 from C$46; rating outperform
AltaGas	TD Securities raises price target to C$53 from C$47; rating buy
AltaGas	Scotia raises price target to C$47 from C$43
Aveda Transportation	Mackie Research cuts target to C$6.50 from C$6.60; spec buy
B2Gold Corp	National Bank Financial starts with outperform rating; target of C$4
Bellatrix Exploration Ltd	BMO starts with outperform; price target C$14
Birchcliff Energy Ltd	Haywood Research starts with buy rating; target price C$18
Bombardier Inc	Canaccord Genuity raises price target to C$4.25 from C$4; hold
Bonavista Energy	Barclays raises target price to C$19 from C$18; equal weight
Bonavista Energy	NBF raises target price to C$19 from C$18; rating outperform
Bonavista Energy	FirstEnergy Capital ups target to C$20.50 from C$20; outperform
Canfor Corp	Salman Partners cuts target price to C$30 from C$31; rating buy
Canfor Pulp Products	Salman Partners raises target to C$15 from C$14.25; buy
Cardinal Energy Ltd	BMO starts with outperform rating; price target C$17
CCL Industries Inc	BMO raises target to C$125 from C$105; rating outperform
CCL Industries Inc	Scotia raises target to C$119 from C$110
Colabor Group	National Bank Financial cuts target to C$5 from C$5.25; outperform
Colabor Group	Desjardin ups to buy from hold; cuts target to C$4.50 from C$4.75
Colabor Group	TD Securities cuts target price to C$4.50 from C$4.75; rating hold
Constellation Software Inc	TD Securities raises to buy from hold
Constellation Software Inc	Scotia cuts target to $283 from $298
Detour Gold Corp	CIBC raises target price to C$14 from C$12.50
Detour Gold Corp	RBC raises target price to C$16 from C$14; rating outperform
Detour Gold Corp	TD Securities raises target to C$15 from C$13.50; rating buy
Gran Tierra	Goldman Sachs starts with neutral rating
Imperial Oil Ltd	BMO cuts to underperform from market perform
Jean Coutu Group	Scotia raises target to $22 from $20
Lundin Mining	RBC raises target price to C$6.50 from C$6.30; rating outperform
MDA	RBC raises target price to C$94 from C$92; rating outperform
Maple Leaf Foods	Scotia raises target to $17 from $15
Maple Leaf Foods	Canaccord Genuity raises target to C$17 from C$16.50; hold
Penn West Petroleum	National Bank Financial raises target price to C$11 from C$9
Penn West Petroleum	Dundee raises price target to C$10.75 from C$10.25; neutral
Penn West Petroleum	BMO raises target to C$12 from C$11; rating market perform
PHX Energy Services	RBC raises target to C$17 from C$15; sector perform
PHX Energy Services	BMO raises target price to C$18 from C$15; rating outperform
PHX Energy Services	Firstenergy Capital ups target to C$18 from C$16; outperform
PHX Energy Services	Paradigm Capital raises target to C$18.50 from C$17.25; buy
PHX Energy Services	Scotia raises target to C$19.50 from C$17.5
Pizza Pizza Royalty	TD Securities cuts target to C$13.50 from C$14; rating hold
Reservoir Minerals	CIBC starts with target price of C$9
Shawcor Ltd	BMO raises target price to $54 from $48
Sierra Wireless	Scotia raises target price to C$19 from C$17
Sierra Wireless	CIBC raises target price to C$20 from C$12
SNC-Lavalin	BMO raises target to C$56 from $50; rating market perform
SNC-Lavalin	Desjardins raises target price to C$61 from C$55; rating buy
SNC-Lavalin	National Bank Financial ups target to C$61 from C$54; outperform
SNC-Lavalin	scotia ups target to C$58 from C$46
SNC-Lavalin	TD Securities raises price target to C$58 from C$53; rating hold
SNC-Lavalin	Canaccord Genuity raises target price to C$63 from C$59; rating buy
SNC-Lavalin	Dundee raises target price to C$62.50 from C$59; rating buy
Stella-Jones	National Bank Financial cuts to sector perform from outperform
Stella-Jones	TD Securities raises price target to C$37 from C$33; rating buy
Stella-Jones	scotia raises price target to C$30 from C$29.5
Stella-Jones	LB Securities raises target price to C$35 from C$34; rating buy
Telus Corp	National Bank Financial raises target to C$41 from C$40; outperform
Western Energy Services	TD Securities ups target to C$14 from C$13; rating buy
Yamana Gold	Paradigm Capital cuts to hold from buy; target to C$9 from C$12.50
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