Key Calls (Friday): Upgrades, Downgrades & Initiations

Via Bloomberg Cervus Equipment (CERV CN) raised to outperform at CIBC, PT C$17 GM (GM) raised to overweight at Barclays, PT $55 Genesis Energy (GEL) raised to equal-weight at Barclays, PT $27 Saratoga Investment (SAR) raised to buy at Compass Point, PT $23 TFI International (TFII CN) raised to outperform at RBC, PT C$37 ARC Resources (ARX CN) cut to sector perform at National Bank, PT C$17.50 AcelRx (ACRX) cut to hold at Jefferies, PT $2.25 Blue Capital (BCRH) cut to underperform a

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