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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