Upgrades, Downgrades and Target Changes - Jul 15 2014

Company	Rating/Target Change
Africa Oil	TD Securities cuts target to C$13.00 from C$13.50; speculative buy
Air Canada	Canaccord Genuity raises target price to C$12 from C$11.50; buy
Alderon Iron Ore Corp	Desjardins cuts target price to C$3 from C$3.25; top pick
AutoCanada	RBC ups to outperform from sector perform; target to C$92 from C$91
BCE	Scotia cuts target to $48 from $49
Calfrac Well Services	Cowen and Company cuts target price to C$20 from C$36
Canadian National Railway	Salman Partners raises target to C$72 from C$62; hold
Canadian Pacific Railway	Salman Partners raises target to C$216 from C$195; buy
Canelson Drilling	Paradigm raises target price to C$10 from C$9.75
Canfor Pulp Products Inc	Raymond James cuts to outperform from strong buy
Essential Energy Services	Paradigm cuts target price to C$3 from C$3.15
Gluskin Sheff + Associates	Canaccord Genuity ups target to C$34 from C$33.25; hold
Gluskin Sheff + Associates	RBC raises target price to C$40 from C$39; outperform
Input Capital Corp	Acumen Capital raises to buy; target to C$4.50 from C$3.60
Intertain Group	Global Maxfin raises target price to C$9 from C$7.50; strong buy
Intertain Group	Canaccord Genuity raises to buy from spec buy; target to C$8
Northland Power Inc	BMO raises target to C$18.50 from C$17.50; market perform
Paramount Resources	CIBC raises target price to C$72.50 from C$65
Parex Resources	redit Suisse raises target to C$18.50 from C$13.00
Parex Resources	RBC raises target price to C$18 from C$15; rating outperform
Parkland Fuel Corp	Haywood Securities raises target price by C$1 to C$23; buy
Performance Sports	Paradigm raises target price to C$22 from C$21; rating buy
PHX Energy Services	Paradigm raises target price to C$19.25 from C$18.50
Rogers Communications	Scotia cuts target to $43 from $46
Secure Energy Services Inc	Paradigm raises target price to C$27.50 from C$24.50
Sirius XM Canada	CIBC raises target price to C$9.50 from C$9
Sirius XM Canada	Canaccord Genuity raises target price to C$9; rating buy
Sirius XM Canada	BMO cuts target price to C$9 from C$10; rating market perform
Strad Energy Services	Paradigm raises target price to C$5.75 from C$5.50
Teck Resources	Desjardins cuts target price to C$28 from C$28.50; rating buy
TELUS Corporation	Scotia cuts target to $37 from $39
Total Energy Services	Paradigm raises target price to C$23.50 from C$23
Trican Well Service Ltd	Cowen and Company raises target price to C$16 from C$14
Trican Well Service Ltd	Paradigm raises target price to C$19.50 from C$18.50
Tricon Capital Group	Canaccord Genuity raises target price to C$10; rating buy
Veresen Inc	Haywood Securities raises target price by C$3 to C$21; rating buy
WestJet Airlines	Canaccord Genuity raises target price to C$30 from C$29; buy
Yamana Gold Inc	Davy raises to outperform from neutral
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