Upgrades, Downgrades and Target Changes - Jul 31 2014

Company	Rating/Target Change
Agnico Eagle Mines Ltd	Desjardins cuts to hold from buy
ARC Resources Ltd	RBC raises target price to C$35 from C$34; rating outperform
ARC Resources Ltd	TD Securities raises to buy from hold
ATCO Ltd	CIBC cuts price target to C$52 from C$53; rating sector performer
Athabasca Minerals Inc	Dundee raises price target to C$6 from C$5.50; rating buy
Baytex Energy Corp	CIBC cuts target to C$57 from C$58; sector outperformer
Birchcliff	CIBC cuts to sector performer from sector outperformer on valuation
Cameco Corp	Dundee cuts price target to C$23.50 from C$23.80; rating neutral
Cenovus Energy	National Bank Financial raises target to C$37 from C$36
Cenovus Energy	TD Securities raises target to C$36 from C$35; rating hold
Centerra Gold Inc	TD Securities cuts target price to C$6 from C$6.50; rating hold
CGI Group Inc	Global Maxfin Capital raises target to C$52 from C$51; strong buy
Detour Gold Corp	Credit Suisse cuts target to C$14.50 from C$16; rating neutral
DH Corp	CIBC raises price target to C$33.50 from C$33; rating sector performer
DH Corp	Scotia raises target to $33 from $32
Enbridge Income Fund	CIBC raises target to C$29 from C$28; sector outperformer
First Quantum Minerals	NBF raises target to C$29.50 from C$27.25; sector perform
First Quantum Minerals	RBC cuts to sector perform from outperform
First Quantum Minerals	TD Securities cuts to hold from buy
First Quantum Minerals	UBS raises target price to C$25 from C$23; rating neutral
First National Financial	Scotia cuts target to $24.5 from $25.50
Genworth MI Canada	Canaccord Genuity raises target to C$42 from C$40.50; hold
Genworth MI Canada	Scotia ups target to $42 from $40
Horizon North Logistics	Firstenergy cuts to underperform from market perform
Hudbay Minerals	CIBC raises target to C$13 from C$11; sector performer
Hudbay Minerals	NBF raises target to C$12 from C$11.75; sector perform
Hudbay Minerals	UBS raises target to C$11.5 from C$10.5; rating neutral
Hudbay Minerals	Desjardins Capital raises price target to C$12 from C$10
Intact Financial	Barclays raises target to C$82 from C$80; overweight
Intact Financial	Scotia raises target to $82 from $79
Lundin Mining Corp	NBF raises target to C$7.75 from C$7.25; rating outperform
Lundin Mining Corp	RBC raises target price to C$8 from C$7.50; rating outperform
Lundin Mining Corp	Desjardins raises target to C$6.50 from C$6.25; rating hold
Lundin Mining Corp	UBS raises target price to C$6.5 from C$6; rating neutral
Major Drilling Group	RBC cuts to sector perform from outperform on valuation
MacDonald, Dettwiler and Associates	Scotia raises target to $93 from$92
MEG Energy Corp	NBF raises target price to C$51 from C$49; rating outperform
MEG Energy Corp	Raymond James raises target to C$51 from C$49; rating outperform
Open Text	Scotia raises target to US$65 from US$58
Rogers Sugar	TD Securities raises to hold from reduce; target to C$4.25 from C$4
Seabridge	Canaccord Genuity ups target to C$18.50 from C$13.50; speculative buy
Seabridge	National Bank Financial starts with outperform; price target C$15
Sherritt International	Paradigm Capital ups target to C$8.50 from C$6.50; buy
Surge Energy	NBF raises price target to C$10 from C$8.50; rating outperform
Surge Energy	Dundee raises price target to C$10 from C$9.25
Taseko Mines Ltd	Desjardins raises target to C$4.30 from C$4.15; rating buy
Temple Hotels Inc	LB Securities raises target to C$6.50 from C$6.25; rating buy
Thomson Reuters Corp	BMO raises target to C$45 from C$43; rating outperform
Thomson Reuters Corp	Scotia raises target by $1 to $44
TransAlta	Scotia cuts target to $14 from $15
Trican Well Service	Canaccord Genuity raises target to C$20.00 from C$18.50; buy
Trican Well Service	CIBC raises to sector performer from sector underperformer
Trilogy Energy	NBF ups to outperform from sector perform;target to C$34 from C$33
Uni-Select Inc	National Bank Financial raises to outperform from sector perform
Uni-Select Inc	LB Securities cuts to hold rating; price target to C$28 from C$34
Uni-Select Inc	Desjardins raises to buy from hold
Uni-Select Inc	Canaccord Genuity raises target to C$10 from C$9; rating buy
Wilan Inc	Paradigm Capital raises target price to C$5 from C$4; rating buy
Yamana Gold	Canaccord Genuity cuts target to C$12.50 from C$13; rating buy
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Upgrades, Downgrades and Target Changes - Jul 30 2014

Company	Rating/Target Change
Alacer Gold	BMO cuts target price to C$3.25 from C$3.50; rating market perform
Baytex Energy Corp	CIBC cuts target price to C$57 from C$58; sector outperformer
Calfrac Well	CIBC raises target to C$27 from C$26.50; sector outperformer
Calfrac Well	Canaccord Genuity raises target price to C$27 from C$26; rating buy
Calfrac Well	Paradigm Capital raises target price to C$25.50 from C$24; buy
Calfrac Well	RBC raises target price to C$25 from C$23; rating outperform
Calfrac Well	PI Financial raises target price to C$28 from C$27; rating buy
Calfrac Well	Scotia raises target to $28 from $26
Concordia Healthcare Corp	Canaccord Genuity starts with hold; target of C$38
Detour Gold	National Bank Financial cuts target to C$15 from C$15.50; outperform
Detour Gold	Scotia raises target to $18 from $17
Enbridge Income	NBF raises price target to C$26 from C$25; rating sector perform
Enbridge Income	TD Securities raises price target to C$27 from C$26; rating hold
Enbridge Income	RBC raises target price to C$30 from C$25; rating sector perform
Enbridge Income	BMO raises target price to C$29 from C$27; rating market perform
First Capital	Scotia ups target to $19.75 from $19.25
First Capital	Canaccord raises target to C$19.60 from C$18.60; rating hold
First Capital	TD Securities raises price target to C$21 from C$20; rating buy
Firstservice	CIBC raises price target to C$62 from C$56; rating sector performer
Firstservice	Scotia raises target to $71 from $64
Genworth MI Canada Inc	RBC raises target price to C$44 from C$42; outperform
Genworth MI Canada Inc	NBF raises target price to C$45 from C$43; outperform
Genworth MI Canada Inc	BMO raises target price to C$46 from C$41
George Weston	Barclays raises price target to C$89 from C$86; rating equal weight
George Weston	RBC cuts target target price to C$106 from C$108; rating outperform
Horizon North Logistics	TD Securities cuts price target to C$9 from C$10; buy
Horizon North Logistics	NBF cuts target price to C$7 from C$9.25; outperform
Kirkland Lake Gold Inc	M Partners starts with buy; price target C$5.70
Mountain Province Diamonds	Scotia raises target to $6.15 from $5.85
Norbord Inc	RBC cuts target price to C$25 from C$26; rating sector perform
Norbord Inc	TD Securities cuts target price to C$29 from C$31; rating buy
Penn West Petroleum	TD Securities cuts price target to C$9.50 from C$11.50; hold
Penn West Petroleum	RBC cuts price target to C$10 from C$12; sector perform
Timmins Gold Corp	Jennings cuts to sell from buy
Toromont Industries	Canaccord raises target to C$29 from C$28.50; rating buy
Toromont Industries	Salman Partners raise target to C$27 from C$26; rating hold
Toromont Industries	BMO raises target price to C$27 from C$26; market perform
Trican Well Service	TD Securities raises price target to C$21 from C$19; buy
Trican Well Service	NBF raises price target to C$17 from C$16; sector perform
TVA Group	CIBC raises target to C$9.50 from C$9; rating sector underperformer
TVA Group	RBC raises target price to C$9.50 from C$9; rating sector perform
WestJet Airlines	Canaccord raises target price to C$33 from C$30; rating buy
WestJet Airlines	CIBC raises target to C$34 from C$33.25; sector outperformer
WestJet Airlines	Raymond James raises target to C$37.50 from C$34; outperform
WestJet Airlines	RBC raises target price to C$30 from C$28; sector perform
WestJet Airlines	Scotia raises target to $33 from $31
WestJet Airlines	TD Securities raises price target to C$38 from C$35; rating buy
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Upgrades, Downgrades and Target Changes - Jul 29 2014

Company	Rating/Target Change
Amaya Gaming Group	Global Maxfin raises target to C$35 from C$30; strong buy
ATCO Ltd	scotia ups target to $52 from $50
ATCO Ltd	RBC cuts target price to C$51 from C$52; rating sector perform
ATCO Ltd	BMO cuts target price C$52 from C$54; rating market perform
ATCO Ltd	TD Securities cuts target price to C$59 from C$60; rating buy
Augusta Resource	LB Securities raises target price to C$4 from C$3.60;
BlackBerry	Wells Fargo ups valuation range to $9.50 - $10.50 from $8.50 - $9.50
Calfrac Well Services	NBF raises target price to C$26 from C$25; outperform
Canaccord Genuity Group Inc	Scotia raises target to $14.5 from $14
Canadian Utilities	Barclays raises target price to C$44 from C$41; equal weigh
Canadian Utilities	Scotia raises target to $47 f rom $44
Canadian Utilities	RBC cuts target price to C$43 from C$44; rating outperform
Capital Power	CIBC raises target price to C$29 from C$26; sector outperformer
Capital Power	RBC raises target price to C$27 from C$25; rating sector perform
Constellation Software	Scotia raises target to $288 from $283
Copper Mountain Mining	LB Securities raises target to C$3.50 from C$3.20; buy
Easyhome Ltd	Paradigm Capital raises target price to C$30 from C$25; rating buy
Easyhome Ltd	Raymond James raises target price to C$26 from C$22; outperform
GMP Capital Inc	Scotia raises target to $9 from $8.5
Lumina Copper Corp	LB Securities raises target to C$10.75 from C$9.75; tender
Lundin Mining Corp	LB Securities raises target price to C$7.25 from C$6.30; bu
Pine Cliff Energy	National Bank Financial starts with outperform;target of C$2.25
Quebecor Inc.	Scotia raises target to $35.5 from $34.5
Stuart Olson	National Bank Financial starts with outperform; target of C$12.50
Taseko Mines Ltd	LB Securities raises target price to C$4 from C$3.70; buy
Keg Royalties Income Fund	LB Securities raises target to C$17.50 from C$16
TransForce	Cowen raises price target to C$34 from C$29; rating outperform
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Upgrades, Downgrades and Target Changes - Jul 25 2014

Company	Rating/Target Change
Air Canada	Raymond James raises target to C$7.50 from C$6.50; underperform
Alaris Royalty	Acumen Capital raises target to C$36 from C$35; rating buy
Canfor Corporation	Scotia cuts target to $30.50 from $30
Celestica Inc	Scotia cuts target to $11.60 from $12.10
Celestica Inc	BMO raises target to C$12 from C$11.50; rating market perform
Cenovus Energy Inc	Barclays cuts to equalweight from overweight
Contrans Group	RBC cuts target price to C$14.60 from C$17
Equitable Group	Scotia raises target to $67 from $60
Exco Technologies	Canaccord Genuity raises target to C$13; raises to buy rating
Great-West Lifeco	Canaccord Genuity raises to hold from sell
Home Capital Group	Scotia raises target to $50 from $44
Husky Energy Inc	Barclays cuts target price to C$43
Husky Energy Inc	Canaccord Genuity cuts target to C$41 from C$43; rating buy
Husky Energy Inc	BMO cuts target price to C$38 from C$39; rating market perform
Imperial Oil	Barclays raises target price to C$67
Journey Energy Inc	BMO starts with outperform rating; target price C$13
Loblaw	Barclays raises target price to C$55
Loblaw	National Bank Financial raises target to C$58 from C$54; outperform
Loblaw	TD Securities raises price target to C$64 from C$60; rating buy
Loblaw	BMO raises target price to C$56 from C$51; rating outperform
Mullen Group	CIBC cuts target to C$32 from C$33; rating sector performer
Mullen Group	Scotia cuts target to $29 from $30
Potash:	Scotia raises target to US$33 from US$31
Precision Drilling	CIBC raises target to C$19.25 from C$18; sector outperformer
Precision Drilling	Scotia raises target to $20 from $19
Precision Drilling	BMO raises target price to C$18 from C$17; rating outperform
Rogers Communications	Canaccord Genuity raises target to C$46 from C$41; hold
Rogers Communications	TD Securities raises target to C$47 from C$46; hold
Teck Resources	Canaccord Genuity raises target price to C$26; rating hold
Teck Resources	Paradigm Capital cuts target price to C$38.50 from C$40; buy
Teck Resources	RBC raises target price to C$31 from C$30; rating outperform
Teck Resources	aywood Securities raises target by C$2 to C$29; rating buy
Teck Resources	Scotia ups target to $33 from $31
Torstar Corp	TD Securities starts with hold rating; target price of C$8
Westjet Airlines Ltd	Raymond James raises target to C$34 from C$28; outperform
Winpak	Scotia raises target to $36 from $33
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Upgrades, Downgrades and Target Changes - Jul 24 2014

Company	Rating/Target Change
Altus Group Ltd	BMO raises target price to C$27 from C$24; rating outperform
BCE	National Bank Financial raises target price to C$51.50
BCE	TD Securities raises target price to C$49 from C$48; rating hold
BCE	Credit Suisse raises target price to C$50 from C$48; rating neutral
Bell Aliant Inc	CIBC raises target price to C$31 from C$27; sector performer
Bell Aliant Inc	Canaccord Genuity raises target price to C$31 from C$26; hold
Bell Aliant Inc	TD Securities raises target price to C$31 from C$27.00
Ithaca Energy	Imperial Capital raises target to C$3.30 from C$3.15; outperform
Linamar	Canaccord Genuity raises target price by C$1 to C$58
Maple Leaf Foods	RBC raises target price to C$21 from C$18; sector perform
Mullen Group	National Bank Financial cuts target price to C$30 from C$31
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Upgrades, Downgrades and Target Changes - Jul 23 2014

Company	Rating/Target Change
Ainsworth Lumber Co Ltd	Raymond James cuts target price to C$3.45 from C$3.75
Baytex Energy Corp	Barclays raises target to C$55 from C$53; rating overweight
Bonavista Energy Corp	Barclays cuts target to C$17 from C$19; rating equalweight
Canfor Corp	Raymond James cuts target price to C$35 from C$38
Canwel Building Materials	Canaccord Genuity ups target to C$6 from C$5.60; hold
CCL Industries Inc	Scotia raises target to $130 from $119
Choice Properties REIT	Scotia raises target to $11.25 from $11
Conifex Timber Inc	Raymond James cuts target price to C$11 from C$13
Crescent Point Energy	Barclays ups target to C$49 from C$48; rating overweight
Enbridge	Scotia raises target to $66 from $60
Interfor Corp	Raymond James cuts target price to C$21.25 from C$23
MacDonald, Dettwiler and Associates	Scotia ups target to $92 from $91
Norbord Inc	Raymond James cuts target price to C$26.25 from C$32
Paramount Resources	Barclays cuts target to C$65 from C$66; rating equal weight
Saputo Inc	NBF raises target to C$65 from C$63; rating sector perform
Sun Life Financia	Scotia raises target to $39 from $38
TransCanada Corporation	Scotia raises target to $57 from $53
Trilogy Energy Corp	Barclays cuts target to C$30 from C$31; rating equal weight
Vermilion Energy Inc	Barclays raises target to C$82 from C$79; rating overweight
West Fraser Timber	Raymond James cuts target price to C$68 from C$73
Western Forest Products	Raymond James cuts target to C$3 from C$3.15; strong buy
Whitecap Resources	Barclays raises target to C$18 from C$17; rating overweight
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Upgrades, Downgrades and Target Changes - Jul 22 2014

Company	Rating/Target Change
Brookfield Canada Office Properties	Scotia cuts target by $0.25 to $29.25
Brookfield Canada Office Properties	TD raises target to $31 from $30
Cameco Corporation	Scotia cuts target to $25 from $26
Canadian National Railway	BMO raises target to C$76 from C$72; market perform
Canadian National Railway	Scotia raise target to $80 from $74
Canadian National Railway	CIBC raises price target to C$77 from C$76
Canadian National Railway	Canaccord Genuity ups target to C$69 from C$64; hold
Canadian National Railway	Euro Pacific raises target price to $76 from $63
Canadian National Railway	TD raises target to $69 from $65
Celestica Inc	Scotia upgrades to sector outperformer from sector performer
Detour Gold Corp	CIBC raises price target to C$18 from C$14
First Quantum Minerals	NBF raises target to C$27.25 from C$24.75; sector perform
Great-West Lifeco	CIBC cuts target to C$33 from C$34; rating sector performer
HudBay Minerals	NBF raises price target to C$11.75 from C$10.75; sector perform
HudBay Minerals	Td raises target to $13.5 from $10, buy from hold
Imperial Oil Ltd	Canaccord Genuity raises price target to C$55 from C$53
Kirkland Lake Gold	CIBC raises target to C$3.50 from C$3; sector underperformer
Major Drilling Group	TD raises target to $8.5 from $8
OceanaGold Corp	CIBC raises price target to C$4 from C$3
Lundin Mining	National Bank Financial raises target to C$7.25 from C$6.25
Primero Mining	CIBC raises target to C$11 from C$10; rating sector outperformer
Sandstorm Gold	CIBC raises target to C$8 from C$7.50; rating sector performer
Sprott Inc	CIBC raises target to C$3 from C$2.50; rating sector underperformer
Sun Life Financial	CIBC raises target to C$42 from C$41; rating sector performer
Teck Resources	National Bank Financial ups target to C$26.50 from C$25.50
Tecsys Inc	Paradigm starts with buy rating; target price C$10.00
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Upgrades, Downgrades and Target Changes - Jul 21 2014

Company	Rating/Target Change
ATCO	CIBC cuts target price to C$53 from C$55
Bell Aliant Inc	Scotia raises target to $29 from $27
Canadian Oil Sands Ltd	Barclays raises target price to C$25 from C$23
Canadian Utilities	CIBC cuts target price to C$43 from C$44
Cervus Equipment Corp	Raymond James raises price target to C$24 from C$22
HudBay Minerals	Scotia ups target to $13 from $9
IMAX Corp	Stifel raises to buy from hold
Rocky Mountain Dealerships	Raymond James ups target to C$12.50 from C$10.50
Strongco	Raymond James raises target to C$4.50 from C$4; rating market perform
Toromont Industries Ltd	Raymond James raises price target to C$29 from C$26
Total Energy Services	CIBC cuts to sector performer from sector outperformer
Wajax Corp	Raymond James raises target to C$38.50 from C$36.50; market perform
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Upgrades, Downgrades and Target Changes - Jul 18 2014

Company	Rating/Target Change
Canadian Pacific Railway	Canaccord Genuity raises price target to C$188; hold
Canadian Pacific Railway	National Bank Financial ups target to C$199 from C$193
Canadian Pacific Railway	Morgan Stanley raises price target to C$220 from C$215
Canadian Pacific Railway	Barclays raises target to C$220 from C$210; overweight
Canadian Pacific Railway	Scotia raises target to $220 from $215
Canadian Pacific Railway	TD Securities raises target to C$170 from C$160; reduce
Enercare Inc	RBC raises target price to C$14 from C$12; rating sector perform
EnerCare Inc.	Scotia raises target to $15 from $14
Exchange Income	Canaccord Genuity cuts price target to C$22; rating buy
Freehold Royalties	Scotia raises target to $26.00 from $24.50
IBI Group	Canaccord Genuity raises target price to C$2.75 from C$1.50
Mainstreet Equity	Canaccord Genuity raises to buy rating; price target to C$44
Mainstreet Equity	TD Securities raises target price to C$43 from C$40; hold
Redknee Solutions	CIBC starts with sector performer; price target C$6
West Fraser Timber	CIBC cuts price target to C$64 from C$66
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Upgrades, Downgrades and Target Changes - Jul 17 2014

Company	Rating/Target Change
Arc Resources	CIBC raises target price to C$37 from C$36
Arsenal Energy Inc	PI Financial raises target price to C$10 from C$7.80
Barrick Gold	Canaccord Genuity raises target price to C$19 from C$18.50; sell
Baytex Energy	CIBC raises target to C$58 from C$56; rating sector outperformer
Bellatrix Exploration	CIBC cuts target price to C$11.50 from C$12
Bonavista Energy	CIBC raises target to C$19.25 from C$19; sector performer
Bonterra Energy	CIBC raises target price to C$76 from C$74
Canadian National Railway	Raymond James ups target to C$78 from C$68; outperform
Canadian Natural Resources	CIBC ups target to C$57 from C$54;sector outperformer
Cardinal Energy	CIBC raises target to C$19 from C$17.50; sector outperformer
Cenovus Energy	CIBC raises target to C$37.50 from C$36; rating sector performer
Crescent Point Energy	CIBC raises target to C$55 from C$53; sector outperformer
DeeThree Exploration	CIBC ups target to C$14.50 from C$13.50;sector outperformer
Detour Gold	Credit Suisse raises target price to C$16 from C$15; rating neutral
Enerplus Corp	CIBC raises target to C$31 from C$30; rating sector outperformer
Freehold Royalties	RBC raises target to C$27 from C$25; rating sector perform
Husky Energy Inc	CIBC cuts target to C$38 from C$40; rating sector performer
IBI Group Inc	Scotia raises target to $2.5 from $1.25
Imperial Oil	CIBC raises target price to C$64 from C$59; rating sector performer
Legacy Oil + Gas	CIBC raises target to C$10 from C$9.25; rating sector performer
Lucara Diamond Corp	Scotia ups target to $2.3 from $2.15;
Lundin Mining Corp	Desjardins raises target to C$6.25 from C$6; rating hold
Nuvista Energy	CIBC raises target to C$14 from C$13.75; sector outperformer
Oryx Petroleum	TD Securities cuts target to C$19.50 from C$20; speculative buy
Painted Pony Petroleum	CIBC ups target to C$15 from C$14.50; sector outperformer
Painted Pony Petroleum	RBC cuts to sector perform from outperform;target to C$15
Paramount Resources	CIBC raises target to C$75 from C$72.50; sector outperformer
Pengrowth Energy	CIBC raises target to C$8.50 from C$8; rating sector performer
Penn West Petroleum	CIBC raises target to C$12.50 from C$12; sector performer
Peyto Exploration	CIBC raises target to C$48 from C$46.50; sector outperformer
Peyto Exploration	RBC cuts to sector perform from outperform
Precision Drilling	Raymond James ups target to C$16.50 from C$15.50; outperform
Quebecor	Canaccord Genuity cuts to hold rating
RMP Energy	CIBC raises target to C$8.75 from C$8.25; rating sector performer
RMP Energy	FirstEnergy Capital raises target to C$11 from C$10.50; outperform
RMP Energy	Raymond James raises target to C$11.25 from C$10.75; outperform
Surge Energy	CIBC raises price target to C$9 from C$8;rating sector outperformer
Torc Oil & Gas	CIBC raises target to C$16 from C$15; rating sector outperformer
Tourmaline Oil	CIBC raises target to C$68 from C$65; rating sector outperformer
Trilogy Energy	CIBC raises target to C$41 from C$40; rating sector outperformer
Vermilion Energy	CIBC raises target to C$85 from C$82;rating sector outperformer
West Fraser Timber	TD Securities cuts price target to C$62 from C$63; rating buy
Whitecap Resources	CIBC raises target to C$19 from C$17.50; sector outperformer
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