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The Investors Centre - Upgrades/Downgrades Upgrade Upgrade Downgrade Downgrade No change No change Initiated Initiated Not available Not available
Report date: April 2, 2001 Check out all the Upgrades/Downgrades for April

Move
Name
Previous
Recommendation
Target
Who
No change
Alliance Forest Products (ALP:TSE) (initiated) Tender n/a Scotia Capital
No change
BCE Inc. (BCE:TSE) (maintained) Strong buy C $44 Scotia Capital
No change
--------- (maintained) Buy C $43 TD Securities
No change
Manitoba Telecom Services (MBT:TSE) (maintained) Strong buy C $50 Scotia Capital
No change
Sierra Wireless (SW:TSE) (reiterated) Strong buy US $50 Lehman Brothers
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US Focus
Move
Name
Previous
Recommendation
Target
Who
Upgrade
America Express (AXP) Buy Strong buy US $46 USB Piper Jaffray
No change
AOL Time Warner (AOL) (reiterated) Strong buy US $80 UBS Warburg
Initiated
Cisco Systems (CSCO) (initiated) Neutral n/a Buckingham Research
Upgrade
DuPont (DD) Market perform Buy n/a JP Morgan
No change
JP Morgan Chase (JPM) (reiterated) Hold n/a Dresdner Kleinwort Wass.
No change
Nokia (NOK) (reiterated) Strong buy n/a Credit Suisse First Boston
No change
Sun Microsystems (SUNW) (reiterated) Neutral n/a Morgan Stanley Dean Witter
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