Key Calls (Wednesday): Upgrades, Downgrades & Initiations

Via Bloomberg ARC Resources (ARX CN) raised to strong buy at Raymond James Alon USA Partners (ALDW) raised to equal-weight at Barclays, PT $12 Aphria (APH CN) raised to speculative buy at Canaccord, PT C$6.75 Chemours (CC) raised to buy at Citi, PT $45 Cominar REIT (CUF-U CN) raised to buy at TD, PT C$14.50 Encana (ECA CN) raised to strong buy at Raymond James Enercare (ECI CN) raised to sector outperform at Scotiabank, PT C$24 Frontline (FRO) raised to hold at Pareto Securities Matt