Upgrades, Downgrades and Target Changes - Jun 25 2014

Company	Rating/Target Change
Africa Oil Corp	Dundee Capital cuts target to C$14.70 from C$14.80; rating buy
AGF Management	NBF cuts to sector perform; target to C$13 from C$14
AGF Management	Canaccord Genuity cuts target to C$10.50 from C$11; rating sell
Athabasca Minerals	Dundee starts with buy rating; price target C$5.50
Atlantic Power	National Bank Financial cuts to underperform from sector perform
Bank of Nova Scotia	Scotia ups target to $78 from $74;
Black Diamond Group	NBF raises target to C$36 from C$35; rating sector perform
Black Diamond Group	Acumen raises target price to C$38.25 from C$37; rating buy
Canadian Imperial Bank of Commerce	Scotia raises target to $105 from $103
Canadian National Railway	Scotia raises target to $74 frm $69
Canadian Pacific Railway	Scotia raises target to $215 from $187
Enbridge Inc	TD Securities resumes with buy; price target C$58
Franco-Nevada Corp	Paradigm raises target price to C$70 from C$55; rating buy
Intact Financial Corp	Barclays starts with overweight; target price C$80
Kirkland Lake Gold Inc	BMO raises target to C$3.25 from C$2.75; underperform
Laurentian Bank of Canada	Scotia ups target to $52 from $51
Legacy Oil + Gas	NBF revises target price to C$12 from C$10; rating outperform
Legacy Oil + Gas	BMO raises target to C$11.50 from C$10.50; rating outperform
Legacy Oil + Gas	Haywood raises target price to C$11.50 from C$11; rating buy
Legacy Oil + Gas	Paradigm raises target price to C$13 from C$12.50; rating buy
Morguard Corp	RBC cuts to sector perform; raises target to C$165 from C$150
New Flyer Industries	Canaccord Genuity ups target to C$11.75 from C$11.50; hold
Northern Frontier Corp	M Partners cuts target to C$5.50 from C$6.10; rating buy
Pan American Silver	Canaccord Genuity ups target to C$18.75 from C$17.75; hold
Pengrowth Energy	NBF raises target to C$7.50 from C$7; rating sector perform
Royal Bank of Canada	Scotia ups traget to $82 from $81
Secure Energy Services	Raymond James cuts to outperform from strong buy
TD Bank Financial Group	Scotia raises target to $59 from $57
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