Upgrades, Downgrades and Target Changes - May 10 2012

Company	Ticker	Rating/Target Change
Avion Gold	AVR	Canaccord Genuity cuts price target to C$1.75 from C$2.50; rating buy
Calfrac Well	CFW	RBC cuts price target to C$34 from C$41; rating sector perform
Calfrac Well	CFW	Canaccord Genuity cuts price target to C$35 from C$37; rating buy
Candente Copper	DNT	Raymond James cuts price target to C$2.10 from C$2.55
Canfor Pulp Products	CFX	Canaccord Genuity cuts target to C$2.30 from C$2.60; rating hold
Canyon Services Group	FRC	RBC cuts price target to $17 from $19; rating outperform
Champion Minerals	CHM	Canaccord Genuity cuts price target to C$3 from C$3.50
Chartwell Seniors	CSH.UN	Canaccord Genuity raises price target to C$9.75 from C$9.50
Churchill Corp	CUQ	CIBC cuts target to C$15 from C$15.50; rating sector performer
Enbridge	ENB	Canaccord Genuity raises target to C$41 from C$40; rating hold
Endeavour Mining	EDV	Canaccord Genuity cuts price target to C$3.50 from C$3.60
Exchange Income	EIF	Canaccord Genuity raises to buy from hold
Exchange Income	EIF	Canaccord genuity raises price target to C$27.50 from C$26.50
Genivar Inc	GNV	Canaccord Genuity cuts price target to C$26 from C$28; rating hold
Genivar Inc	GNV	CIBC cuts price target to C$30 from C$32; rating sector performer
Great Canadian Gaming	GC	Canaccord Genuity ups target to C$11 from C$10; rating buy
Intermap Technologies	IMP	Canaccord Genuity cuts price target to C$0.45 from C$0.50
Linamar Corp	LNR	Canaccord Genuity raises price target to C$27 from C$26; rating buy
Martinrea International	MRE	Canaccord Genuity raises target to C$16 from C$15.75
Minera IRL	IRL	RBC cuts price target to C$1.50 from C$2; rating outperform
Nexen	NXY	Canaccord Genuity raises to buy from hold
Onex Corp	OCX	Canaccord Genuity raises target to C$42.50 from C$41.50; rating hold
Onex Corp	OCX	CIBC raises price target to C$44 from C$43; rating sector outperformer
Peyto Exploration	PEY	Barclays raises target to C$20 from C$19, rating equal weight
Peyto Exploration	PEY	NBF raises price target to C$22 from C$20; rating outperform
Polaris Minerals	PLS	Canaccord Genuity cuts target to C$0.50 from C$0.60;rating hold
Shawcor Ltd	SCL.A	RBC raises price target to C$44 from C$38; rating outperform
Silverwillow Energy	SWE	NBF starts with rating outperform
Sprott Inc	SII	CIBC cuts price target to C$5.50 from C$7; rating sector performer
Sprott Resource	SCP	Canaccord Genuity cuts target to C$5.50 from C$6; rating hold
Tourmaline Oil	TOU	NBF raises price target to C$32 from C$30.50; rating outperform
Trican Well Service	TCW	RBC cuts target to C$17 from C$22; rating sector perform
Trican Well Service	TCW	Canaccord Genuity cuts target to C$19 from C$20; rating buy
Trinidad Drilling	TDG	CIBC raises to sector outperformer from sector performer
Trinidad Drilling	TDG	NBF cuts target to C$9.75 from C$10.75; rating outperform
Westernone Equity	WEQ.UN	NBF raises price target to C$9 from C$8; rating outperform
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Upgrades, Downgrades and Target Changes - May 9 2012

Company	Ticker	Rating/Target Change
Avalon Rare Metals	AVL	Dahlman rose cuts price target to $3.65 from $8; rating buy
Avion Gold	AVR	NBF cuts price target to C$2.10 from C$2.50; rating outperform
Avion Gold	AVR	BMO cuts price target to C$1 from C$1.25; rating market perform
Canelson Drilling	CDI	NBF raises price target to C$7.50 from C$6.60
Cathedral Energy	CET	RBC cuts target price to C$8 from C$9, sector perform rating
CanElson Drilling	CDI	PI Financial ups target to C$7 from C$6.75; rating buy
Canexus Corp	CUS	NBF raises to outperform from sector perform
Canexus Corp	CUS	NBF raises price target to C$9 from C$8
Canyon Services	FRC	TD Securities cuts price target to C$18.50 from C$20; rating buy
CI Financial Corp	CIX	Canaccord genuity cuts price target to C$26.25 from C$27.25
CI Financial Corp	CIX	NBF cuts to underperform from sector perform
CI Financial Corp	CIX	NBF cuts price target to C$23 from C$24
CI Financial Corp	CIX	CIBC cuts price target to C$21 from C$21.50
CI Financial Corp	CIX	RBC cuts price target to C$24 from C$25; rating sector perform
CI Financial Corp	CIX	BMO ups target to C$24 from C$23; rating market perform
Davis + Henderson Corp	DH	NBF cuts to sector perform from outperform
Easyhome	EH	BMO cuts price target to C$8 from C$8.50; rating market perform
Easyhome	EH	Paradigm Capital cuts price target to C$10 from C$11; rating buy
Fairborne Energy	FEL	Macquarie cuts price target to c$2 from c$2.50; rating neutral
Finning International	FTT	price target to C$36 from C$35; rating buy
First Capital Realty	FCR	RBC ups target to C$20 from C$18.50; rating outperform
First Capital Realty	FCR	NBF ups target to C$20 from C$19; rating outperform
First Capital Realty	FCR	TD Securities raises price target to C$21 from C$20
Foraco International	FAR	CIBC raises price target to C$6.75 from C$6.50
Franco Nevada	FNV	NBF cuts price target to C$49 from C$49.50; rating outperform
Franco Nevada	FNV	UBS raises price target to C$49 from C$46.5; rating buy
George Weston	WN	Barclays cuts price target to C$62 from C$64, rating equal weight
George Weston	WN	CIBC cuts price target to C$71 from C$74
Gibson Energy	GEI	NBF raises price target to C$24 from C$23.50; rating outperform
Gibson Energy	GEI	Macquarie raises target to c$25 from $24.50; rating outperform
Inmet Mining	IMN	Dundee raises price target to C$85 from C$83; rating buy
Jaguar Mining	JAG	NBF cuts to underperform from sector perform
Jaguar Mining	JAG	NBF cuts price target to C$1 from C$2.60
Jaguar Mining	JAG	TD Securities cuts price target to C$1 from C$3; rating reduce
Kinross Gold	K	Macquarie cuts price target to c$12.50 from c$14; rating outperform
Mainstreet Equity	MEQ	Canaccord genuity raises price target to C$29 from C$27.50
NAL Energy	NAE	RBC cuts price target to C$7.25 from C$8; rating sector perform
NAL Energy	NAE	Macquarie cuts price target to C$8 from C$9; rating neutral
NAL Energy	NAE	TD Securities cuts price target to C$7.19 from C$8.56
NexJ Systems	NXJ	Canaccord Genuity cuts price target to C$10 from C$11, rating buy
NexJ Systems	NXJ	RBC cuts price target to C$9 from C$10; rating outperform
Nuvista Energy	NVA	Salman Partners cuts price target to $3 from $4
Parallel Energy	PLT.UN	TD Securities cuts to hold from buy
Parallel Energy	PLT.UN	TD Securities cuts price target to C$8.50 from C$9.50
Parkland Fuel Corp	PKI	CIBC cuts price target to C$15 from C$15.25
Second Wave Petroleum	SCS	NBF cuts price target to C$4.50 from C$5,rating outperform
Shawcor Ltd	SCL.A	TD Securities raises to buy from hold
Shawcor Ltd	SCL.A	TD Securities raises price target to C$41 from C$36
Sierra Wireless	SW	Raymond James raises to outperform from market perform
Sierra Wireless	SW	Raymond James raises target price to $11.25 from $9
Southern Pacific Resource	STP	Canaccord genuity raises to buy
St Andrew Goldfields	SAS	Stonecap ups target to C$0.90 from C$0.85
Thompson Creek Metals	TCM	CIBC cuts price target to C$10 from C$13
Thompson Creek Metals	TCM	TD Securities raises to buy from hold
Trican Well Service	TCW	TD Securities cuts target to C$20 from C$23; rating buy
Trinidad Drilling	TDG	Raymond James raises to strong buy from outperform
TVA Group	TVA.B	TD Securities cuts price target to C$10 from C$11
Uni Select	UNS	NBF raises price target to C$34.50 from C$33.50; rating outperform
Wajax Corp	WJX	Desjardins cuts to hold from buy
Wajax Corp	WJX	Raymond James ups target to C$50 from C$49; rating market perform
Wajax Corp	WJX	TD Securities cuts to hold from buy
Wajax Corp	WJX	TD Securities raises price target to C$54 from C$52
Westport Innovations	WPT	Canaccord cuts price target to $34 from $44, rating hold
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Upgrades, Downgrades and Target Changes - May 8 2012

Company	Ticker	Rating/Target Change
Absolute Software	ABT	TD Securities raises price target to C$8 from C$7; rating buy
Absolute Software	ABT	Versant Partners ups target to C$8.25 from C$7; rating buy
Allied Nevada Gold	ANV	NBF cuts target to C$40.75 from C$45.50; rating outperform
Avalon Rare Metals	AVL	CIBC cuts price target to C$7.90 from C$8.50
Baja Mining	BAJ	Mackie Research cuts to speculative buy from buy
Baja Mining	BAJ	Raymond James cuts price target to C$0.70 from C$0.85
Bonavista Energy	BNP	Raymond James cuts price target to C$19.50 from C$20
Brookfield Renewable	BEP.UN	BMO ups target to C$31 from C$28.50; rating outperform
Brookfield Renewable	BEP.UN	NBF raises price target to C$29 from C$28.50
Brookfield Renewable	BEP.UN	RBC ups target to C$30 from C$28; rating outperform
Canadian REIT	REF.UN	CIBC raises price target to C$41.25 from C$40
Cargojet Inc	CJT	Canaccord Genuity cuts target to C$8.50 from C$9.00; rating hold
Cathedral Energy	CET	CIBC cuts price target to C$7.50 from C$8
Capstone Mining	CS	RBC cuts price target to C$3.90 from C$4; rating sector perform
Cineplex Inc	CGX	NBF raises price target to C$28.50 from C$28; rating underperform
Crew Energy	CR	Macquarie cuts price target to C$13.50 from C$15; rating outperform
Eldorado Gold	ELD	Macquarie cuts price target to C$14.50 from C$17; rating neutral
Enbridge Income Fund	ENF	NBF raises target to C$25 from C$24.50; rating outperform
Enbridge Income Fund	ENF	Canaccord Genuity ups target to C$22 from C$21; rating hold
Enbridge Income Fund	ENF	TD Securities ups target to C$22 from C$21; rating hold
Ensign Energy Services	ESI	BMO cuts target to C$16 from C$21; rating market perform
Ensign Energy Services	ESI	Canaccord Genuity cuts to hold from buy
Ensign Energy Services	ESI	CIBC cuts to sector performer from sector outperformer
Ensign Energy Services	ESI	Raymond James raises price target to C$19.50 from C$19
Ensign Energy Services	ESI	TD Securities cuts target to C$17 from C$19; rating hold
Ensign Energy Services	ESI	UBS raises price target to C$18 from C$17; rating buy
Gasfrac Energy Services	GFS	BMO cuts target to C$4.50 from C$6; rating underperform
Industrial Alliance	IAG	Macquarie ups target to C$34 from C$31.50; rating neutral
Inmet Mining	IMN	CIBC cuts price target to C$68 from C$84
Inmet Mining	IMN	Desjardins cuts target price to c$72.40 from c$80.10; rating buy
Inmet Mining	IMN	Macquarie cuts price target to C$80 from C$85; rating outperform
InterRent REIT	IIP.UN	Dundee raises price target to C$5 from C$4.80; rating buy
Lumina Copper	LCC	Canaccord Genuity cuts price target to C$19.55 from C$21.50
Lumina Copper	LCC	Raymond James ups target to C$24 from C$21.50; rating strong buy
Lumina Copper	LCC	LB Securities raises price target to C$26 from C$21.50; rating buy
Niko Resources	NKO	Raymond James cuts target to C$56 from C$60; rating outperform
Nuvista Energy	NVA	UBS cuts price target to C$5 from C$5.50; rating buy
Penn West Petroleum	PWT	CIBC cuts price target to C$27 from C$29
Quebecor	QBR.A	NBF cuts price target to C$40 from C$41; rating outperform
Tahoe Resources	THO	Canaccord Genuity cuts price target to C$36 from C$37.50
Thompson Creek Metals	TCM	Paradigm Capital cuts target to C$9 from C$10.50
Tim Hortons Inc	THI	Canaccord Genuity ups target to C$55 from C$52; rating hold
Tricon Capital	TCN	Canaccord Genuity cuts target to C$5.50 from C$5.90; rating buy
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Upgrades, Downgrades and Target Changes - May 7 2012

Company	Ticker	Rating/Target Change
Aimia Inc	AIM	CIBC raises price target to C$16 from C$14
Air Canada	AC.B	Canaccord Genuity cuts price target to C$4.75 from C$6.50; rating buy
Bank of Nova Scotia	BNS	Barclays cuts price target to C$51 from C$53
Bonavista Energy Corp	BNP	CIBC cuts price target to C$27 from C$29
Canadian REIT	REF.UN	RBC raises price target to C$41 from C$40; rating outperform
Canadian Imperial Bank of Commerce	CM	Barclays cuts price target to C$78 from C$80
Canadian Natural Resources	CNQ	Canaccord Genuity cuts price target by C$1 to C$47
Carmanah Technologies Corp	CMH	National Bank Financial raises to outperform
Chemtrade Logistics	CHE.UN	National Bank Financial cuts price target to C$18.75
Crescent Point Energy Corp	CPG	CIBC raises price target to C$57 from C$56
Dundee REIT	D.UN	Canaccord Genuity raises target price to C$40 from C$39; rating buy
Dundee REIT	D.UN	CIBC raises price target to C$41 from C$39
First Quantum Minerals	FM	Raymond James cuts target to C$21 from C$22
GMP Capital Inc	GMP	CIBC cuts price target to C$13.50 from C$14
IGM Financial Inc	IGM	CIBC cuts price target to C$50 from C$51
IGM Financial Inc	IGM	Canaccord Genuity cuts price target to C$50 from C$50.75
Mercator Minerals	ML	National Bank Financial cuts target to C$1.50 from C$
Mercator Minerals	ML	Canaccord Genuity cuts to speculative buy from buy
Mercator Minerals	ML	Raymond James cuts target to C$2.10 from C$2.20
Mercator Minerals	ML	RBC cuts target to C$1.80 from C$1.90, rating sector perform
Mercer International Inc	MRI.UN	RBC cuts target to $8 from $9; rating sector perform
National Bank of Canada	NA	Barclays cuts price target to C$78 from C$79
NorthWest Healthcare Properties	NWH.UN	National Bank Financial cuts to sector perform
Nuvista Energy Ltd	NVA	National Bank Financial cuts price target to C$3.75 from C$4
Pembina Pipeline	PPL	RBC raises target to C$31 from C$30, rating sector perform
Penn West Petroleum Ltd	PWT	Canaccord Genuity cuts target to C$22 from C$23.50
Penn West	PWT	Macquarie cuts to neutral from outperform
RioCan REIT	REI.UN	National Bank Financial raises price target to C$28 from C$27.90
Russel Metals Inc	RUS	CIBC raises price target to C$26 from C$25
Suncor Energy Inc	SU	Canaccord Genuity raises price target by C$2 to C$46
Thompson Creek Metals	TCM	Canaccord Genuity cuts price target to C$9.25 from C$9.50
Vermilion Energy	VET	RBC raises target to C$53 from C$52; rating sector perform
Vermilion Energy	VET	Barclays raises target to C$51 from C$50; rating equal weight
Vermilion Energy	VET	National Bank Financial raises to outperform
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Upgrades, Downgrades and Target Changes - May 4 2012

Company	Ticker	Rating/Target Change
AGF Management	AGF.B	Canaccord Genuity cuts target to C$14 from C$15.50; rating hold
Bankers Petroleum	BNK	NBF starts with outperform rating; price target of C$6.50
Barrick Gold	ABX	Canaccord Genuity cuts to $49 from $53; rating hold
Barrick Gold	ABX	Jefferies cuts price target to $53 from $60; rating buy
Barrick Gold	ABX	CIBC cuts price target to $60 from $61; rating sector performer
Barrick Gold	ABX	Macquarie cuts target price to C$58 from C$65; rating outperform
Barrick Gold	ABX	Dundee cuts price target to C$60 from C$61; rating buy
BCE Inc	BCE	TD Securities raises price target to C$39 from C$38; rating hold
Bonavista Energy	BNP	RBC cuts price target to C$22 from C$23; rating sector perform
Bonavista Energy	BNP	Macquarie cuts target by C$1.50 to C$19.50; rating neutral
Canadian Natural	CNQ	RBC cuts target to C$47 from C$48; rating outperform
Canadian Natural	CNQ	TD cuts target to C$46 from C$47;rating action list buy
CCL Industries Inc	CCL.B	BMO raises price target to C$44 from C$40; rating outperform
CI Financial	CI	NBF raises target to C$24 from C$23; keeps sector perform rating
Constellation Software	CSU	NBF cuts target to C$105 from C$110; rating outperform
Constellation Software	CSU	BMO cuts target to C$96 from C$100; rating market perform
Constellation Software	CSU	TD Securities raises to buy from hold
Davis + Henderson	DH	NBF raises price target to C$21 from C$20.50; rating outperform
Dragonwave	DRA	Canaccord Genuity cuts target to $5 from $6; rating speculative buy
Dragonwave	DRA	Jefferies cuts to hold from buy
Dragonwave	DRA	Raymond James cuts price target to C$4 from C$6; rating outperform
Dragonwave	DRA	TD Securities cuts price target to $4 from $4.50; rating hold
Estrella International	EEN	Canaccord Genuity cuts to hold from speculative buy ;cuts price target to C$0.23 from C$0.45
Feronia Inc	FRN	NBF cuts price target to C$0.225 from C$0.325; rating sector perform
Gildan Activewear Inc	GIL	Canaccord Genuity raises to buy from hold ;raises price target to $31 from $27
Gildan Activewear Inc	GIL	CIBC ups target to $34 from $28; rating sector outperformer
Gildan Activewear Inc	GIL	Raymond James raises target to $32 from $28; rating outperform
Gildan Activewear Inc	GIL	Stonecap raises target to C$33 from C$28; rating outperform
Great-West Lifeco	GWO	Canaccord Genuity cuts target to C$25 from C$26; rating hold
Great-West Lifeco	GWO	BMO cuts to market perform from outperform
Home Capital Group	HCG	NBF cuts target to C$60 from C$66; outperform rating
Inter Pipeline Fund	IPL.UN	Canaccord Genuity ups target by C$1 to C$20; rating hold
Inter Pipeline Fund	IPL.UN	NBF ups price target to C$20.50 from C$20
Inter Pipeline Fund	IPL.UN	CIBC ups target to C$20 from C$19; rating sector performer
Inter Pipeline Fund	IPL.UN	RBC raises target to C$22 from C$21; rating outperform
Inter Pipeline Fund	IPL.UN	BMO raises target to C$20 from C$19; rating market perform
Inter Pipeline Fund	IPL.UN	TD raises price target to C$20 from C$19.50; rating hold
Jean Coutu	PJC.A	Canaccord Genuity raises price target to C$15 from C$14; rating hold
Jean Coutu	PJC.A	Barclays raises price target to C$15 from C$14; rating equal weight
Jean Coutu	PJC.A	NBF raises price target to C$16 from C$15; rating sector perform
Jean Coutu	PJC.A	BMO raises price target to C$17 from C$16; rating outperform
Jean Coutu	PJC.A	TD Securities raises price target to C$16 from C$14; rating hold
K Bro Linen Inc	KBL	National Bank Financial raises price target to C$27 from C$24
Manulife Financial	MFC	Barclays ups target to C$14 from C$13; rating overweight
Manulife Financial	MFC	NBF cuts target to C$13.50 from C$14; sector perform rating
Manulife Financial	MFC	Macquarie ups target to C$15 from C$14.50; rating neutral
Manulife Financial	MFC	TD cuts price target to C$16 from C$17; rating buy
Niko Resources	NKO	Raymond James raises target to C$60 from C$53; rating outperform
Niko Resources	NKO	TD Securities raises price target to C$46 from C$40; rating hold
Paladin Labs Inc	PLB	Paradigm raises target price to C$47 from C$45; rating hold
Pason Systems	PLB	CIBC ups price target to C$17 from C$16; rating sector performer
Pembina Pipeline Corp	PPL	Canaccord Genuity raises price target to C$33 from C$30
Pembina Pipeline Corp	PPL	NBF raises target to C$33 from C$32; outperform rating
Pengrowth Energy	PGF	Salman Partners cuts price target to C$9 from C$10; rating hold
PHX Energy	PHX	Paradigm Capital cuts price target to C$11 from C$12; rating hold
PHX Energy	PHX	CIBC cuts price target to C$11 from C$12; rating sector performer
PHX Energy	PHX	RBC cuts price target to C$11 from C$13; rating sector perform
PHX Energy	PHX	Canaccord Genuity cuts price target to C$12.50 from C$14; rating hold
Pizza Pizza Royalty Income Fund	PZA.UN	TD ups target to C$10 from C$9.50; rating hold
Points International	PTS	RBC raises target to $12 from $11; rating sector perform
Points International	PTS	PI Financial raises target to C$18 from C$14; rating buy
Primero Mining	P	Macquarie raises target to C$3.25 from C$3.10, rating neutral
Queenston Mining	QMI	CIBC cuts target to C$7.75 from C$8; rating sector performer
Riocan REIT	REI.UN	Canaccord Genuity ups target to C$28 from C$26.25; rating hold
Riocan REIT	REI.UN	CIBC ups target to C$30 from C$29.50; rating sector outperformer
Sierra Wireless	SW	Canaccord Genuity ups price target to $12 from $11; rating buy
SNC Lavalin	SNC	Canaccord Genuity cuts price target to C$48 from C$49; rating buy
SNC Lavalin	SNC	Versant Partners cuts price target to C$48 from C$56; rating buy
SNC Lavalin	SNC	BMO cuts price target to C$43 from C$46; rating market perfrom
SNC Lavalin	SNC	TD Securities cuts price target to C$48 from C$50; rating buy
Stella Jones	SJ	RBC raises price target to C$59 from C$54; rating outperform
Stella Jones	SJ	Acumen raises target price to C$52.50 from C$51.80; rating buy
Stella Jones	SJ	LB Securities raises price target to C$60 from C$52; rating buy
Superior Plus	SPB	BMO raises price target to C$7.50 from C$7; rating market perform
SXC Health	SXC	Paradigm raises price target to $107 from $105; rating buy
Talisman	TLM	Raymond James cuts target to C$13 from C$13.50, rating market perform
Trilogy Energy	TET	CIBC raises price target to C$36 from C$34
Veresen	VER	CIBC cuts price target to C$16.25 from C$17
Westport Innovations	WPT	JP Morgan raises to neutral from underweight
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