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Russel Metals posted better-than-expected second-quarter results and raised its dividend for the second time in six months, said Raymond James analyst Frederic Bastien. "Recent market jitters have also lowered Russel's valuation, finally giving us the entry point we had been patiently waiting for," Mr. Bastien said.

Upside: Mr. Bastien upgraded his rating to "outperform" and boosted his price target by $2 to $27.

RBC Capital Markets analyst Fergal Kelly increased his price target for Trilogy Energy Corp. Triology's Montney oil pool keeps delivering "exceptional" test rates, Mr. Kelly said. He expects that production will increase to more than 10,000 barrels a day next year and has adjusted his 2012 models accordingly.

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Upside: Mr. Kelly raised his price target by $2 to $32 and reiterated his "outperform" rating.

Desjardins analyst Michael Goldberg trimmed his price target for financial services and insurance company Great-West Lifeco Inc. The company's investment fund, Putnam, continued to lose money, although it is getting closer to breaking even, Mr. Goldberg said. Sales in both Canada and U.S. (excluding Putnam) were "lacklustre," and dividend growth is not expected to resume, he added.

Downside: Mr. Goldberg lowered his price target by $1 to $29 and maintained his "hold" rating.

Pembina Pipeline Corporation had another "blockbuster" quarter, said Canaccord Genuity analyst Juan Plessis. The company's midstream and marketing division performed above expectations, which boosted the second-quarter results, he said. He raised his price target to reflect expectations that Pembina's new projects will start to bring in cash, he said.

Upside: Mr. Plessis raised his price target by $2 to $25 and maintained his "hold" rating.

Raymond James analyst Ben Cherniavsky cut his price target for North American Energy Partners after it reported poor results on Thursday. This is the last of three "bad news 'bombs'" the company has reported recently, Mr. Cherniavsky said. The other two were the results it reported in June and its Canadian Natural Resources Ltd. write-down in May. In the infrastructure industry, Mr. Cherniavsky recommends that investors buy Aecon, Churchill or Finning as alternatives to NAEP.

Downside: Mr. Cherniavsky decreased his price target by $2.25 to $6.75 and kept his "market perform" rating.

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