Notable Analyst Upgrades and Downgrades (NASDAQ: NDSN) (TSX: ACQ)

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The following stocks were upgraded/downgraded on July 14, 2014
Company Name Exchange Ticker Last Price Market Cap Recommendation Analyst Name Rating Company Target Price Upside/
Downside (%)
AutoCanada Inc TSX ACQ 74.88 1,641.8 Upgrade to outperform from sector perform Steven Arthur RBC Capital Markets 92.00 22.9%
Athabasca Oil Corp TSX ATH 7.10 2,850.1 Upgrade to buy from hold Philip R Skolnick Canaccord Genuity Corp 9.75 37.3%
Silver Standard Resources Inc TSX SSO 9.53 769.6 Upgrade to outperform from market perform Andrew Kaip BMO Capital Markets 13.39 40.5%
Grenville Strategic Royalty Corp TSXV GRC 0.64 25.1 Initiate with buy Jeff Fenwick Cormark Securities Inc. 0.90 40.6%
SEMAFO Inc TSX SMF 4.63 1,278.2 Downgrade to market perform from outperform Chris Thompson Raymond James 5.00 8.0%

RBC Capital Markets upgraded AutoCanada Inc (TSX: ACQ), a multi-location automobile dealership groups, to outperform from sector perform increasing its price target to C$92.00 from C$91.00, indicating an upside of 22.9% from current levels.

Athabasca Oil Corp (TSX: ATH), focused on the exploration and development of unconventional oil resource play, was upgraded to buy from hold at Canaccord Genuity Corp with a price target of C$9.75, indicating an upside of 37.3% from current levels.

BMO Capital Markets upgraded Silver Standard Resources Inc (TSX: SSO), a silver producer, to outperform from market perform with a 12-month price target of C$13.39, indicating an upside of 40.5% from current levels.

Cormark Securities Inc. initiated coverage on Grenville Strategic Royalty Corp (TSXV: GRC), a provider of investment exposure in the supply chains, technologies, commodity resources and financial structures markets, with a buy rating assigning a 12-month price target of C$0.90, indicating n upside of 40.6% from current levels.

Raymond James downgraded SEMAFO Inc (TSX: SMF), a Canadian-based mining company with gold production and exploration activities in West Africa, to market perform from outperform with a price target of C$5.00, indicating an upside of 8% from current levels.

The following stocks were upgraded/downgraded on July 14, 2014
Company Name Exchange Ticker Last Price Market Cap Recommendation Analyst Name Rating Company Target Price Upside/
Downside (%)
Nordson Corp NASDAQ NDSN 78.52 4,998.9 Upgrade to accumulate from neutral Walter S Liptak Global Hunter Securities 85.00 8.3%
Aruba Networks Inc NASDAQ ARUN 17.51 1,904.0 Upgrade to outperform from neutral Rajesh Ghai Macquarie 24.00 37.1%
WhiteHorse Finance Inc NASDAQ WHF 14.19 212.5 Upgrade to buy from hold Merrill Ross Wunderlich Securities 15.50 9.2%
QIWI plc NASDAQ QIWI 43.90 2,379.3 Initiate with buy Bob Kommers Deutsche Bank 60.00 36.7%
Kodiak Oil & Gas Corp NYSE KOG 14.91 3,973.8 Downgrade to market perform from outperform Dan McSpirit BMO Capital Markets 15.00 0.6%

Global Hunter Securities upgraded Nordson Corp (NASDAQ: NDSN), a manufacturer of equipment used for precision material dispensing, testing and inspection, surface preparation and curing, to accumulate from neutral increasing its price target to $85.00 from $80.00, indicating an upside of 8.3% from current levels.

Aruba Networks Inc (NASDAQ: ARUN), a provider of next-generation network access solutions for mobile enterprise networks, was upgraded to outperform from neutral at Macquarie increasing its price target to $24.00 from $22.00, indicating an upside of 37.1% from current levels.

Wunderlich Securities upgraded WhiteHorse Finance Inc (NASDAQ: WHF), a non-diversified, closed-end management investment company, to buy from hold with a 12-montn price target of $15.50, indicating an upside of 9.2% from current levels.

Deutsche Bank initiated coverage on QIWI plc (NASDAQ: QIWI), a provider of payment services in Russia and Commonwealth of Independent States (CIS), with a buy rating assigning a 12-month price target of $60.00, indicating an upside of 36.7% from current levels.

BMO Capital Markets downgraded Kodiak Oil & Gas Corp (NYSE: KOG), an independent energy company focused on the exploration, exploitation, acquisition and production of crude oil and natural gas, to market perform from outperform lowering its price target to $15.00 from $16.00, indicating an upside of 0.6% from current levels.

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