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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