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A yellow Encana natural gas pipeline marker is seen along a road on state forest park land in Kalkaska, Mich.Reuters

Inside the Market's roundup of some of today's key analyst actions. This file will be updated during the trading day. For breaking analyst actions prior to market open every day, read our Before the Bell morning report.

Analysts are getting increasingly cautious on Dollarama Inc. as the stock marches further into record high territory.

Buoyed by its latest earnings beat, Dollarama shares rose 8.4 per cent on Wednesday to $92.97 (Canadian) after peaking at a record $94.25 earlier in the session. Its fiscal fourth-quarter results of $1.17 a share easily beat Street forecasts for $1.10 a share. The retailer also boosted its quarterly dividend by 2 cents to 16 cents a share.

Our David Berman, however, points out to Inside the Market readers that the beat was made much easier by analysts steadily trimming their earnings expectations since the start of the year.

Many of those analysts this morning are warning investors that the Dollarama stock rally could soon fizzle out.

"The shares now sport a considerable valuation premium, relative to the U.S. peer group," cautioned Desjardins Securities analyst Keith Howlett as he downgraded his rating to "hold" from "buy" and raised his price target to $96 from $94. "Price appreciation has restrained  near-term upside, in our view. We would await a better entry point."

Another concern on Mr. Howlett's radar: Dollarama management said on the quarterly conference call that "cannibalization" of sales is increasing, with almost all new store openings affecting some existing stores' sales, as the company continues to rapidly expand.

Industrial Alliance Securities analyst Neil Linsdell said Dollarama remains one of his favourite longer-term investment opportunities, and expects many more years of store growth, both in Canada and Latin America. But he also downgraded his rating to "hold" from "buy," commenting that "the appreciation in the share price has essentially priced in continuing significant growth and further profitability improvements." He raised his price target to $97 from $93.

Raymond James analyst Kenric S. Tyghe was striking a more bullish stance, as he reiterated an "outperform" rating and raised his price target from $90 to $105 - one of the highest on the Street. That target is based on his estimate that the stock will trade at 21 times fiscal 2016 estimated earnings per share of $4.98. "While we are generally hesitant to roll forward this early in the current fiscal year, we believe that the visibility on both Dollarama's earnings power and the competitive intensity within our forecast window supports a estimated fiscal 2016 basis for our price target calculation," he said.

Elsewhere, Credit Suisse raised its price target to $100 from $96 while reiterating an "outperform" rating; National Bank raised its target to $99 from $95 and maintained an "outperform" rating; Barclays raised its target to $95 from $94 and downgraded its rating to "equal weight" from "overweight"; and TD Securities raised its target to $105 from $98 and reiterated a "buy" rating.

The median price target on the Street is now $100, which is up from $95 a month ago, according to Thomson Reuters data.

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AltaCorp Capital Research analyst and managing director Dirk Lever raised his price target on Encana Corp. to $25 (U.S.) from $22.50, mostly because of the recent run-up in natural gas prices.

Encana's Deep Panuke field offshore Nova Scotia sells natural gas into the U.S. Northeast market, the area that witnessed the highest North American prices during the invasion of the "Polar Vortex" this winter. Demand for gas, widely used in home heating, surges in cold weather.

Mr. Lever estimates that Encana should see $295-million in additional cash flows in the first quarter thanks to the unexpectedly strong gas prices.

But he's far from a raging bull on Encana at this stage. He reiterated a "sector perform" rating, pointing out some recent shortcomings. "As Encana transitions its portfolio towards a more oil & liquids focused business, which we believe is a positive change, we believe the transition may take longer than anticipated and has already met with some disappointment in liquids production. In addition, there has been little commentary on non-core assets, which we believe may be sold at some point," he said.

The analyst consensus price target for Encana over the next year is (U.S.) $22.04.

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Crew Energy Inc.'s share price offers an attractive entry point for investors seeking significant exposure to the Montney basin, said BMO Nesbitt Burns analyst Jim Byrne as he upgraded the stock to "outperform."

His comments were made prior to today's market open, when shares surged more than 16 per cent.

Crew announced last night it was acquiring additional Montney acreage in British Columbia for $105-million, including 75 sections of land in the core part of its Montney assets. Montney is one of the largest gas basins in the world and has sparked a rush of exploration and production companies to the region. Crew also announced the sale of 7,000 barrels of oil equivalent per day in assets located in the Deep Basin of Alberta for $243-million.

"We are upgrading the company's shares to outperform given the stronger balance sheet and the flexibility to proceed with an accelerated Montney development," Mr. Byrne said as he raised his price target to $14 (Canadian) from $8.50. "Management has repositioned the company with an improved focus upon delineating and developing its Montney asset base."

AltaCorp Capital Research analyst Jeremy McCrea raised his price target to $15 from $12 and reiterated an "outperform" rating.

He thinks Crew Energy will be one of the top performing names involved in the Montney basin this year.

"With further oil assets likely this year (Princess / Lloyd) and what we believe is another 43 Montney net sections to be acquired in June, Crew's Montney land position will be approaching 495 net sections and will be a premier 'soon to be' pure-play Montney name," Mr. McCrea said.

With its assets not far from the West Coast where the liquefied natural gas industry is growing, he thinks the market will soon assign a premium to Crew's assets because they could spark merger and acquisition interest. "In addition, it's very important to note how producers continue to push the limits on new completion techniques which have dramatically improved economics and paybacks for these players (from 2.5 years to 12 months). As a result, Crew is expected to show cash flow per share growth of 20 per cent and 30 per cent for 2014 and 2015.," he said.

Elsewhere on the Street, RBC Dominion Securities raised its target to $15 from $12.50 and maintained an "outperform" rating; Canaccord Genuity raised its target to $13 from $11 and reiterated a "buy" rating; and Dundee Securities raised its target to $15.50 from $13.

The median price target is $12.50, up from $11 a month ago.

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CIBC World Markets analyst Jeremy Kaliel is reinstating his "sector outperformer" rating on Whitecap Resources Inc. now that its shares are off coverage restriction at the bank following an equity offering.

Proceeds of the offering are to be used to acquire light oil assets from Imperial Oil and increase Whitecap's dividend by 10 per cent.

During the restriction period, Whitecap hiked its monthly dividend by 10 per cent  and raised its full-year 2014 guidance, while announcing in-line fourth-quarter results.

Mr. Kaliel raised his price target to $16.25 (Canadian) from $15.50. The analyst consensus price target over the next year is $15.47, according to Thomson Reuters.

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The start-up of Painted Pony Petroleum Ltd.'s Townsend natural gas plant in B.C. represents a major milestone for 2014 production growth, says TD Securities Inc. analyst Michael Dembicki.

The company increased its full-year production guidance this week by 13 per cent to 13,000 barrels of oil equivalent per day after stronger-than-anticipated well production. Mr. Dembicki anticipates that Painted Pony will show top-quartile production growth in 2014 and continue this growth for the next several years.

He maintained his "buy" recommendation and raised his target price to $16.00 (Canadian) from $12.

Elsewhere, AltaCorp hiked its target to $14 (Canadian) from $11 and kept an "outperform" rating and National Bank Financial raised its target to $12 from $11 and upgraded its rating to "outperform" from "sector perform."

The analyst consensus price target over the next year is $11.45.

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In other analyst actions:

AltaCorp raised its price target on Bellatrix Exploration to $14 (Canadian) from $12 and reiterated an "outperform" rating.

AltaCorp cut its price target on Pinecrest Energy in half to 15 cents per share and reiterated a "sector perform" rating.

AltaCorp raised its price target on High Arctic Energy Services to $6.50 (Canadian) from $4.75.

Desjardins Securities started coverage on HudBay Minerals with a "hold" rating and $10 (Canadian) price target.

National Bank Financial hiked its target on 5N Plus to $5.50 (Canadian) from $3.75 and maintained an "outperform" rating.

TD Securities initiated coverage on Methanex with a "hold" rating and $72 (U.S.) price target.

Cantor Fitzgerald upgraded Twitter to "hold" from "sell" and kept a $45 (U.S.) price target.

Pivotal Research upgraded Facebook to "buy" from "hold" and raised its price target to $72 (U.S.) from $66.

Canaccord Genuity cut its price target on Bed Bath & Beyond to $62 (U.S.) from $72 and kept a "hold" rating. Credit Suisse cut its target to $70 from $78 and maintained a "neutral" rating.

Goldman Sachs added Liberty Global to its "conviction buy list" with a price target of $53 (U.S.).

JMP Securities upgraded Palo Alto Networks to "market outperform" from "market perform" with a price target of $80 (U.S.).

Deutsche Bank initiated coverage on IBM with a "hold" rating and $200 (U.S.) price target.

Deutsche Bank initiated coverage on Hewlett-Packard with a "buy" rating and $40 (U.S.) price target.

Deutsche Bank assumed coverage on Apple with a "buy" rating and $650 (U.S.) price target.

UBS upgraded Wesco International to "buy" from "neutral" and raised its target to $100 (U.S.) from $84.

For more analyst actions, breaking investing news and analysis, follow Darcy Keith on Twitter at @eyeonequities