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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