The Investors Centre - Upgrades / Downgrades

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Previous Upgrades/Dowgrades:

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Report date: July 3, 2001

Canadian Focus (Go to US Focus)

Other Reports: July Upgrades / Downgrades Insiders Report TSE Shorts Report Earnings Watch

Move Name Previous Recommendation Target Who Bombardier Inc. (BBD.B:TSE) (maintained) Buy C $28 Scotia Capital Molson Inc. (MOL.A:TSE) (reiterated) Buy C $55 Scotia Capital Pivotal Corp. (PVT:TSE) Outperform Neutral n/a Robinson Humphrey ---------------------- Buy Neutral n/a Dain Rauscher Wessels ---------------------- Near/long term buy Near term neutral/Long term accumulate n/a Merrill Lynch Trizec Hahn (TZH:TSE) (reiterated) Buy n/a First Union Securities Toronto Dominion Bank (TD:TSE) (maintained) Strong buy C $60 Scotia Capital