Upgrades, Downgrades and Target Changes - May 22 2012

Company	Ticker	Rating/Target Change
Absolute Software Corp	ABT	BMO raises target to C$7 from C$6.50; rating outperform
Argonaut Gold	AR	Stonecap cuts target to C$9.20 from C$9.40; rating sector perform
Artis Real Estate Investment Trust	AX.UN	CIBC ups price target to C$18 from C$17.50
Canaccord Financial	CF	KBW cuts target to C$8.50 from C$10, rating market perform
Canaccord Financial	CF	Macquarie cuts target price to C$6.50 from C$9
Champion Minerals Inc	CHM	Raymond James raises target price to C$3 from C$2.90
Domtar	UFS	JP Morgan cuts price target to $90 from $100, rating neutral
Edleun Group Inc	EDU	Paradigm capital cuts price target to C$2 from C$2.50
Enbridge Inc	ENB	BMO raises price target to C$44 from C$42 ; rating market perform
Hudbay Minerals Inc	HUM	TD Securities cuts price target to C$11 from C$12
IGM Financial Inc	IGM	BMO cuts price target to C$45 from C$48; rating market perform
IGM Financial Inc	IGM	CIBC cuts price target to C$47 from C$50, sector performer rating
IGM Financial Inc	IGM	National Bank Financial cuts price target to C$49 from C$51
Sabina Gold and Silver Corp	SBB	RBC cuts target to C$5 from C$9, outperform rating
Sterling Resources Ltd	SLG	National Bank cuts price target to C$2.85 from C$3.20
Student Transportation	STB	Stifel starts with buy rating
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Upgrades, Downgrades and Target Changes - May 18 2012

Company	Ticker	Rating/Target Change
Armtec Infrastructure	ARF	BMO cuts target to C$1.50 from C$2.25
Artis REIT	AX.UN	Canaccord Genuity raises target price to C$17.50 from C$17
Astur Gold Corp	AST	National Bank cuts target to C$2 from C$3; rating outperform
Boardwalk REIT	BEI.UN	National Bank raises price target to C$63.75 from C$59.75
Boardwalk REIT	BEI.UN	CIBC raises price target to C$65 from C$60
Canaco Resources Inc	CAN	CIBC cuts price target to C$0.40 from C$2.80
Canadian Pacific Railway	CP	Citigroup raises to buy from neutral
Canadian Pacific Railway	CP	BMO ups target to C$81 from C$78, market perform rating
Enbridge	ENB	Canaccord Genuity raises to buy from hold; target to C$43 from C$41
Enbridge	ENB	Citigroup raises price target to C$41.50 from C$35.68, rating neutral
Golden Star Resources	GSC	National Bank raises to sector perform from underperform
Kirkland Lake Gold	KGI	CIBC cuts target to C$24 from C$26;rating sector outperformer
Kirkland Lake Gold	KGI	Dundee cuts target price to C$16 from C$19, rating buy
Leons Furniture	LNF	BMO cuts price target to C$12 from C$13; rating market perform
Partners Real Estate Investment Trust	PAR.UN	CIBC raises target to C$8 from C$7.75
Pure Industrial REIT	AAR.UN	Dundee raises target to C$5.50 from C$5.25, rating buy
Tahoe Resources Inc	THO	RBC cuts price target to C$28 from C$30; rating outperform
Taseko Mines Ltd	TKO	Canaccord Genuity cuts price target to C$3.75 from C$4.10
Transcontinental Inc	TCL.A	TD Securities cuts to hold from buy;TD Securities cuts price target to C$12 from C$15
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Upgrades, Downgrades and Target Changes - May 17 2012

Company	Ticker	Rating/Target Change
Agnico Eagle Mines	AEM	Macquarie cuts price target to C$39 from C$41; rating neutral
Alacer Gold Corp	ASR	Haywood Research cuts price target by C$1.50 to C$11
Alamos Gold Inc	AGI	Macquarie cuts price target to C$20 from C$21; rating neutral
Allied Nevada Gold	ANV	Macquarie cuts price target to C$29 from C$31;rating neutral
Allied Properties REIT	AP.UN	Canaccord ups target to C$28 from C$27;rating hold
Allied Properties REIT	AP.UN	NBF ups target price to C$28.75 from C$27.50
Allied Properties REIT	AP.UN	Macquarie raises price target to C$29 from C$28
Allied Properties REIT	AP.UN	TD Securities raises price target to C$30 from C$29
Argonaut Gold	AR	Macquarie cuts price target to C$9 from C$9.75
AuraMinerals	ORA	Macquarie cuts price target to C$1 from C$1.10
Aura Minerals	ORA	Canaccord cuts target to C$1.50 from C$1.70;rating speculative buy
AuRico Gold	AUQ	Macquarie cuts price target to C$11.50 from C$12;rating outperform
Avion Gold Corp	AVR	NBF cuts price target to C$1.60 from C$2.10; rating outperform
Baja Mining	BAJ	Canaccord Genuity cuts to hold from buy; target to C$0.50 from C$1
Barrick Gold	ABX	Macquarie cuts price target to C$56 from C$58; rating outperform
Bird Construction	BDT	Raymond James cuts price target to C$16 from C$16.50
Boardwalk REIT	BEI.UN	Macquarie ups price target to C$65 from C$60;rating outperform
Boardwalk REIT	BEI.UN	TD Securities raises price target to C$61 from C$57; ratng hold
Boardwalk REIT	BEI.UN	Dundee raises price target to C$62 from C$56; rating neutral
B2Gold	BTO	Macquarie cuts price target to C$5.25 from C$5.50
CAE Inc	CAE	Canaccord Genuity raises target price to C$15 from C$14.50;rating buy
CAE Inc	CAE	BMO cuts price target to C$13 from C$14; rating outperform
CAE Inc	CAE	TD Securities raises price target to C$15 from C$14.50; rating buy
Canadian National	CNR	Barclays ups target to C$88 from C$84; rating underweight
Canadian Pacific Railway	CP	Barclays raises to overweight from equal weight
Canadian Pacific Railway	CP	Barclays raises price target to C$92 from C$80
Canadian Zinc	CZN	Canaccord cuts target to C$1.40 from C$1.60;rating speculative buy
Carmanah Technologies	CMH	Canaccord cuts target to C$0.85 from C$0.90; rating buy
Centerra Gold	CG	CIBC raises price target to C$26 from C$23
Centerra Gold	CG	BMO cuts price target to C$17.50 from C$22.25; rating outperform
Centerra Gold	CG	TD Securities raises to buy from hold
Centerra Gold	CG	TD Securities cuts price target to C$15 from C$19.50
Claude Resources	CRJ	Dundee cuts target price to C$1.80 from C$2; rating buy
Crocodile Gold	CRK	Raymond James cuts price target to C$0.90 from C$1.30
Eldorado Gold	ELD	Macquarie cuts price target to C$13.50 from C$14.50
Enbridge	ENB	CIBC raises price target to C$46 from C$44; rating sector outperformer
Enbridge	ENB	Barclays raises price target to C$41 from C$38; rating equal weight
Enbridge	ENB	National Bank Financial raises price target to C$48 from C$46
Goldcorp	G	Macquarie cuts price target to C$55 from C$58; rating outperform
Golden Star Resources	GSC	Macquarie cuts price target to C$1.75 from C$2
H&R REIT	HR.UN	Canaccord Genuity raises target price to C$27 from C$26.75; rating buy
IAMGOLD Corp	IMG	Macquarie cuts price target to C$15.50 from C$16; rating outperform
International Minerals	IMZ	TD Securities cuts price target to C$7 from C$7.50
Ivanhoe Mines	IVN	CIBC cuts price target to C$19 from C$20;rating sector outperformer
Kinross Gold	K	Macquarie cuts price target to C$11.50 from C$12.50;rating outperform
Lachlan Star	LSA	Macquarie cuts price target to C$2.25 from C$2.60
Lipari Energy	LIP	Canaccord Genuity cuts target price to C$1 from C$1.75; rating buy
Lone Pine Resources	LPR	Raymond James cuts target price to C$7.50 from C$10
North American Palladium	PDL	CIBC cuts price target to C$3.75 from C$4
Oceanagold	OGC	Macquarie cuts price target to C$2.50 from C$3.10; rating outperform
Osisko	OSK	Macquarie cuts price target to C$11 from C$12
Pan American Silver	PAA	Canaccord Genuity cuts target to $20 from $25.50;rating hold
Pan American Silver	PAA	CIBC cuts price target to $21 from $26; rating overweight
Pan American Silver	PAA	UBS cuts price target to $24 from $25.5; rating buy
Perseus Mining	PRU	Macquarie cuts price target to C$3.50 from C$3.70;rating outperform
Ritchie Bros Auctioneers	RBA	TD Securities cuts price target to $22 from $23
Semafo	SMF	TD Securities raises to buy from hold
Semafo	SMF	Macquarie cuts price target to C$8 from C$9.50; rating outperform
Semafo	SMF	Desjardins cuts price target to C$8.25 from C$11; rating buy
Silver Wheaton	SLW	Macquarie cuts price target to C$35 from C$38; rating outperform
Timmins Gold	TMM	Canaccord Genuity raises to hold from sell cuts target price to C$1.60 from C$1.85
Timmins Gold	TMM	Macquarie cuts price target to C$2.85 from C$3.10;rating outperform
Troy	TRY	Macquarie cuts price target to C$6 from C$6.25; rating outperform
Yamana Gold	YRI	Macquarie cuts price target to C$16.50 from C$17.50; rating neutral
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Upgrades, Downgrades and Target Changes - May 16 2012

Company	Ticker	Rating/Target Change
Alterra Power	AXY	Canaccord Genuity cuts target price to C$0.85 from C$1.10
Aston Hill Financial	AHF	Canaccord Genuity cuts price target to C$2 from C$2.35
Bank of Montreal	BMO	Canaccord Genuity cuts price target to C$65 from C$67
Bank of Nova Scotia	BNS	Canaccord Genuity cuts price target to C$58 from C$59
Bird Construction	BDT	Canaccord Genuity raises price target to C$17 from C$16.50
Canaco Resources	CAN	Canaccord Genuity cuts target price to C$0.65 from C$3.25
CIBC	CM	Canaccord Genuity cuts price target to C$84 from C$86; rating hold
Cominar REIT	CUF.UN	Macquarie raises target price to C$25.50 from C$24.50
Cominar REIT	CUF.UN	Canaccord Genuity raises target price to C$26 from C$25.25
Cominar REIT	CUF.UN	RBC raises price target to C$25 from C$24.50;rating sectorperform
Fortress Paper	FTP	Canaccord Genuity cuts target price to C$42 from C$50; rating buy
FP Newspapers	FP	NBF cuts price target to C$4.25 from C$5
Hana Mining Ltd	HMG	Macquarie cuts to neutral from outperform
Hana Mining Ltd	HMG	Macquarie cuts price target to C$1 from C$3
H&R REIT	HR.UN	RBC raises price target to C$26.50 from C$25.50; rating outperform
International Tower Hill Mines	ITH	Canaccord cuts to hold from speculative buy
International Tower Hill Mines	ITH	Canaccord cuts price target to C$3.40 from C$9.90
International Tower Hill Mines	ITH	Macquarie cuts price target to C$5 from C$7
Medical Facilities	DR	Canaccord Genuity raises price target to C$14 from C$13.50
National Bank of Canada	NA	Canaccord Genuity cuts price target to C$85 from C$87
Pinecrest Energy	PRY	Canaccord Genuity cuts target price to C$5.25 from C$5.65
Power Corp of Canada	POW	Barclays cuts price target to C$26 from C$27
Power Financial	PWF	Barclays cuts price target to C$29 from C$30
RBC	RY	Canaccord Genuity cuts price target to C$65 from C$66; rating buy
Ridgeline Energy	RLE	NBF cuts price target to C$1.40 from C$1.60
Seabridge Gold	SEA	Nomura cuts price target to $24.45 from $31.80; rating buy
Talison Lithium	TLH	Dahlman Rose starts with a buy rating
TD Bank	TD	Canaccord Genuity cuts price target to C$95 from C$97
Vecima	VCM	National Bank Financial raises to sector perform from underperform ; raises price target to C$4.50 from C$3
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Upgrades, Downgrades and Target Changes - May 15 2012

Company	Ticker	Rating/Target Change
Aimia Inc	AIM	TD Securities raises to buy from hold ; raises price target to C$17 from C$14.50
Algonquin Power & Utilities	AQN	Macquarie starts with an outperform rating
Axia Netmedia	AXX	National Bank Financial raises price target to C$1.50from C$1
Bankers Petroleum	BNK	Macquarie cuts price target by C$1 to C$7; rating outperform
Bankers Petroleum	BNK	NBF cuts target to C$5.90 from C$6.50;rating sector outperform
Bankers Petroleum	BNK	Raymond James cuts target to C$3.20 from C$5;rating outperform
Bankers Petroleum	BNK	TD Securities cuts to buy from action list buy ; cuts price target to C$5.50 from C$9
Celtic Exploration	CLT	BS starts with buy; price target C$19
Chorus Aviation	CHR.B	National Bank Financial ups to sector perform from underperform ;cuts price target to C$3.05 from C$3.25
Claude Resources Inc	CRJ	CIBC cuts price target to C$1.50 from C$1.70
Claude Resources Inc	CRJ	Canaccord Genuity cuts price target to C$2 from C$2.25
Contrans Group	CSS	CIBC raises target to C$10.50 from C$10; rating sector performer
Contrans Group	CSS	BMO raises price target to C$10.50 from C$10; rating outperform
Contrans Group	CSS	TD Securities raises target to C$11 from C$10.50; rating buy
Copper Mountain	CUM	BMO cuts price target to C$5 from C$5.25; rating market perform
Eastern Platinum	ELR	Raymond James Cuts price target to C$0.55 from C$0.70
Eastern Platinum	ELR	Paradigm cuts target price to C$0.75 from C$2, rating buy
EcoSynthetix Inc	ECO	Canaccord Genuity cuts price target to C$10 from C$11.50
EcoSynthetix Inc	ECO	UBS cuts price target to C$4.75 from C$5.5; rating neutral
Fortress Paper	FTP	Raymond James cuts target to C$46 from C$52, rating outperform
Guyana Goldfields	GUY	TD Securities cuts target to C$3.50; rating speculative buy
Hana Mining Lt	HMG	Canaccord genuity cuts to sell from speculative buy
Hudbay Minerals	HBM	TD Securities cuts target to C$12 from C$13.50; rating hold
Hudbay Minerals	HBM	Raymond James cuts price target to C$12 from C$13
IAMGOLD Corp	IMG	Macquarie cuts price target to C$16 from C$19; rating outperform
IBI Group	IBG	Canaccord Genuity cuts price target to C$12 from C$15; rating hold
IBI Group	IBG	Raymond James cuts target to C$15 from C$16.50; rating outperform
IBI Group	IBG	Stonecap cuts price target to C$15 from C$16; rating outperform
IBI Group	IBG	TD Securities cuts price target to C$16 from C$17.50; rating buy
Imperial Metals	III	TD Securities cuts target to C$16 from C$18.50; rating hold
Intact Financial	IFC	Macquarie raises target to C$73 from C$72, rating outperform
Liquor Stores	LIQ.UN	National Bank ups target to C$18 from C$16; rating sector perform
Lone Pine Resources	LRP	TD Securities cuts price target to C$9 from C$11; rating buy
New Flyer Industries	NFI	NBF cuts target to C$8.50 from C$8.75; rating outperform
Parex Resources	PXT	Raymond James cuts target to C$6.50 from C$7; rating outperform
Petrominerales	PMG	Raymond James cuts price target to C$15 from C$16
Power Financial	PWF	CIBC raises target to C$30.50 from C$29.50; sector performer
Silver Wheaton Corp	SLW	CIBC cuts price target to $45 from $48
Silver Wheaton Corp	SLW	Macquarie raises to outperform from neutral
Southern Pacific	STP	TD Securities raises target to C$3.50 from C$2.75; rating buy
Southern Pacific	STP	Raymond James ups target to C$2.75 from C$2.50
Southgobi Resources	SGQ	CIBC cuts target to C$11 from C$13; sector outperformer
TMX Group	X	Macquarie cuts price target to C$41 from C$44; rating neutral
Trevali Mining	TV	Raymond James cuts target to C$2.10 from C$2.15; rating outperform
Valener	VNR	National Bank Financial raises to sector perform from underperform
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Upgrades, Downgrades and Target Changes - May 14 2012

Company	Ticker	Rating/Target Change
AG Growth International	AFN	NBF raises to sector perform from underperform
AG Growth International	AFN	PI Financial ups target to C$42.50 from C$41; rating buy
Algonquin Power	AQN	Mackie Research raises target to C$7.35 from C$7.25; rating buy
Alliance Grain Traders	AGT	Canaccord Genuity cuts price target to C$13.50 from C$17
Alliance Grain Traders	AGT	CIBC cuts price target to C$17.50 from C$21
Alliance Grain Traders	AGT	Macquarie cuts target price to C$8 from C$14
Alliance Grain Traders	AGT	Raymond James cuts target to C$17.50 from C$22
Altus Group	AIF	CIBC raises price target to C$8.75 from C$8.25
Altus Group	AIF	BMO raises target price to C$9 from C$8, outperform rating
Armtec Infrastructure	ARF	Canaccord Genuity cuts price target to C$1.50 from C$2
Asia Bio Chem	ABC	Raymond James cuts to underperform from market perform
Asia Bio Chem	ABC	Raymond James cuts price target to C$0.15 from C$0.35
B2Gold Corp	BTB	Canaccord Genuity cuts price target to C$5.50 from C$6; rating buy
B2Gold Corp	BTB	Macquarie raises target to C$5.50 from C$5.25; rating outperform
Bank of Montreal	BMO	Macquarie cuts price target to C$64 from C$65
Bank of Nova Scotia	BNS	Macquarie cuts price target to C$59.50 from C$60
Boyd Group Income Fund	BYD.UN	NBF raises price target to C$16 from C$15
Canadian Helicopters	CHL.A	NBF raises price target to C$40 from C$36
Canadian Energy	CEU	Paradigm Capital cuts target to C$12.50 from C$13.50;
Cash Store	CSF	Canaccord Genuity cuts target to C$7.25 from C$8; rating hold
Cash Store	CSF	Stonecap cuts target to C$5.50 from C$7.50; rating sector perform
Cequence Energy	CQE	Canaccord Genuity cuts to hold from speculative buy
Cequence Energy	CQE	Canaccord Genuity cuts price target to C$2.25 from C$2.60
Cervus Equipment	CVL	Macquarie raises target to C$23 from C$20; rating outperform
CIBC	CM	Macquarie cuts price target to C$82.50 from C$83
Crescent Point Energy Corp	CPG	CIBC raises price target to C$60 from C$57
Crombie REIT	CRR.UN	Canaccord Genuity raises price target to C$16.20 from C$15.40
Crombie REIT	CRR.UN	NBF raises price target to C$14.75 from C$14.50
Crombie REIT	CRR.UN	Macquarie raises target to C$15.50 from C$15; rating neutral
CVTech Group	CVT	Stonecap raises to outperform from sector perform
EGI Financial	EFH	BMO raises target price to C$11 from C$9, rating market perform
Enbridge	ENB	has been downgraded by TheStreet Ratings from buy to hold
Emera Inc	EMA	TD Securities raises price target to C$36 from C$35; rating buy
Enerflex	EFX	BMO cuts target price to C$13 from C$14.25, rating market perform
Enerplus Corp	ERF	CIBC cuts target to C$20 from C$21; rating sector underperformer
Enerplus	ERF	Macquarie cuts price target by C$1 to C$19; rating neutral
Equity Financial	EQI	Acumen Capital cuts target to C$12.80 from C$13.30; rating buy
Gabriel Resources	GBU	RBC cuts price target to C$4 from C$9; rating sector perform
Glentel Inc	GLN	Paradigm Capital raises to buy from hold
Gluskin Sheff	GS	TD Securities raises to buy from hold
Gluskin Sheff	GS	TD Securities raises price target to C$20 from C$19
IAMGOLD Corp	IMG	TD Securities cuts price target to C$19 from C$22
Intact Financial	IFC	TD Securities raises target to C$68 from C$66; rating hold
Lake Shore Gold Corp	LSG	Canaccord Genuity cuts price target to C$1.60 from C$1.65
Laurentian Bank of Canada	LB	Macquarie cuts price target to C$50 from C$51
Magna International	MG	Societe Generale raises to hold from sell
Mercator Minerals	ML	Macquarie raises rating to outperform from neutral
Miranda Technologies	MT	Canaccord Genuity cuts price target to C$13.75 from C$14.50
Miranda Technologies	MT	CIBC cuts target to C$12 from C$14; rating sector performer
National Bank of Canada	NB	Macquarie cuts price target to C$84 from C$86
Osisko Mining	OSK	BMO cuts price target to C$11 from C$15; rating outperform
Osisko Mining	OSK	BMO cuts price target to C$11 from C$15; rating outperform
Osisko Mining	OSK	CIBC cuts target to C$15.50 from C$23; rating sector outperformer
Osisko Mining	OSK	Raymond James cuts target price to C$11.50 from C$15
Peer 1 Network Enterprises	PIX	Canaccord Genuity ups target to C$2.80 from C$2.25
Pure Technologies	PUR	Stonecap ups target to C$5.75 from C$4.50; rating outperform
RBC	RY	Macquarie cuts price target to C$61 from C$62.50
Retrocom Mid Market REIT	RMM.UN	CIBC cuts price target to C$6 from C$6.25
Richmont Mines	RIC	CIBC cuts price target to C$9 from C$11; rating sector performer
Savanna Energy	SVY	CIBC raises price target to C$10.50 from C$10
Savanna Energy	SVY	PI Financial raises target to C$11.50 from C$9; rating buy
St Andrew	SAS	Stonecap cuts target to C$0.75 from C$0.90; rating sector perform
TD Bank	TD	Macquarie cuts price target to C$94.50 from C$96
Western Forest Products Inc	WEF	CIBC cuts price target to C$1.50 from C$1.55
Xinergy	XRG	Canaccord Genuity cuts price target to C$1.90 from C$2.30; rating hold
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