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CELESTICA INC (NYSE:CLS) (TSE:CLS.SV)    Last updated Jan 05, 2007

This is starting to get long so we have added CLS condensed which will have

only the last 2 recommendations by each Analyst

Recent News:

Celestica updates guidance for fourth quarter

Bruce Krugel ............ Blackmont Capital ……Jan 30, 2007

Maintained BUY  

CLS.TO  Price day before:$9.01Finish day posting:$9.12 Current:$9.12

CLS  Price day before:$7.62Finish day of posting:$7.73 Current:$7.73US

-------Oct 27, 2006------

Maintained BUY  

CLS.TO  Price day before:$13.12Finish day posting:$11.41 Current:$9.12

CLS  Price day before:$11.74Finish day of posting:$10.16 Current:$7.73US

-------Sept 27, 2006------

Maintained BUY  

CLS.TO  Price day before:$11.82Finish day posting:$12.14 Current:$9.12

CLS  Price day before:$10.58Finish day of posting:$10.88 Current:$7.73US

------July 18, 2006---

Maintained BUY  

CLS.TO  Price day before:$9.81Finish day posting:$9.89 Current:$9.12

CLS  Price day before:$8.72Finish day of posting:$8.71 Current:$7.73US

-------Apr 03, 2006----

New BUY  

Price Target $16.50C

CLS.TO  Price day before:$13.33Finish day posting:$13.68 Current:$9.12

CLS  Price day before:$11.45Finish day of posting:$11.65 Current:$7.73US

******************

Robert Dennison ........UBS  Warburg……Jan 05, 2007

Maintained NEUTRAL

Price Target reduced to $9.00 from $10.00US

CLS.TO  Price day before:$9.48Finish day posting:$9.15 Current:$9.12

CLS  Price day before:$7.98Finish day of posting:$7.82 Current:$7.73US

-------Oct 08, 2006---------

Maintained BUY

Price Target raised to $14.00 from $12.00US

CLS.TO  Price day before:$13.05Finish day posting:$12.83 Current:$9.12

CLS  Price day before:$11.53Finish day of posting:$11.41 Current:$7.73US

--------June 14, 2006----------

Upgraded to BUY from NEUTRAL 

CLS.TO  Price day before:$9.46Finish day posting:$9.46 Current:$9.12

CLS  Price day before:$8.62Finish day posting:$8.48 Current:$7.73US

---------Jan 27, 2006-------

Downgraded to NEUTRAL from BUY 

CLS.TO  Price day before:$11.80Finish day posting:$11.18 Current:$9.12

CLS  Price day before:$10.28Finish day posting:$9.90 Current:$7.73US

****************

Todd Coupland ............ CIBC World Markets……Dec 13, 2006

Maintained SECTOR PERFORM  

Price Target reduced to $10.50 from $13.00US

CLS.TO  Price day before:$9.42Finish day posting:$9.42 Current:$9.12

CLS  Price day before:$8.23Finish day of posting:$8.15 Current:$7.73US

-----Oct 27, 2006------

Downgraded to SECTOR PERFORM from OUTPERFORM 

Price Target reduced to $13.00 from $14.00US

CLS.TO  Price day before:$13.12Finish day posting:$11.41 Current:$9.12

CLS  Price day before:$11.74Finish day of posting:$10.16 Current:$7.73US

------Oct 21, 2005------

Price Target reduced to $14.00 from $19.00US

CLS.TO  Price day before:$12.25Finish day posting:$11.25 Current:$9.12

CLS  Price day before:$10.57Finish day posting:$9.46 Current:$7.73US

**************

Chris Umiastowski ............... TD Newcrest….Dec 13, 2006

Maintained HOLD 

Price Target reduced to $9.00 from $11.50US

CLS.TO  Price day before:$9.42Finish day posting:$9.42 Current:$9.12

CLS  Price day before:$8.23Finish day of posting:$8.15 Current:$7.73US

------Nov 29, 2006-----------

Maintained HOLD 

Price Target reduced to $11.50 from $13.00US

CLS.TO  Price day before:$10.44Finish day posting:$10.34 Current:$9.12

CLS  Price day before:$9.25Finish day of posting:$9.10 Current:$7.73US

-----Oct 27, 2006--------

Downgraded to HOLD from BUY 

Price Target $13.00US

CLS.TO  Price day before:$13.12Finish day posting:$11.41 Current:$9.12

CLS  Price day before:$11.74Finish day of posting:$10.16 Current:$7.73US

-------Oct 23, 2006---

Maintained BUY 

Price Target $13.00US

CLS.TO  Price day before:$12.63Finish day posting:$12.93 Current:$9.12

CLS  Price day before:$11.22Finish day of posting:$11.40 Current:$7.73US

-------July 28, 2006-----

Maintained BUY 

Price Target reduced to $13.00 from $14.00US

CLS.TO  Price day before:$8.90Finish day posting:$10.83 Current:$9.12

CLS  Price day before:$7.87Finish day posting:$9.54 Current:$7.73US

------Jan 27, 2006---------

Maintained BUY 

Price Target $14.00US

CLS.TO  Price day before:$11.80Finish day posting:$11.18 Current:$9.12

CLS  Price day before:$10.28Finish day posting:$9.90 Current:$7.73US

-----Oct 21, 2005-------

Maintained BUY 

Price Target reduced to $14.00 from  $17.25US

CLS.TO  Price day before:$12.25Finish day posting:$11.25 Current:$9.12

CLS  Price day before:$10.57Finish day posting:$9.46 Current:$7.73US

------Aug 17, 2005------

Maintained BUY 

Price Target $17.25US

CLS.TO  Price day before:$13.82Finish day posting:$14.09 Current:$9.12

CLS  Price day before:$11.55Finish day posting:$11.60 Current:$7.73US

------June 27, 2005------

Maintained BUY 

Price Target $17.25US

CLS.TO  Price day before:$16.01Finish day posting:$15.76 Current:$9.12

CLS  Price day before:$12.95Finish day posting:$12.82 Current:$7.73US

------Apr 19, 2005-------

Maintained BUY 

Price Target $17.25US

CLS.TO  Price day before:$13.98Finish day posting:$14.38 Current:$9.12

CLS  Price day before:$11.07Finish day of posting:$11.64 Current:$7.73US

-----Jan 28, 2005-----

Maintained BUY 

Price Target $17.25US

CLS.TO  Price day before:$16.60Finish day posting:$15.89 Current:$9.12

CLS  Price day before:$13.32Finish day of posting:$12.85 Current:$7.73US

----------Nov 05, 2004-----

New BUY 

Price Target $17.25US

CLS.TO  Price day before:$17.57Finish day posting:$17.98 Current:$9.12

CLS  Price day before:$14.60Finish day of posting:$15.00 Current:$7.73US

****************

Keith Dunne............ RBC Capital Markets……Dec 13, 2006

Price Target reduced to $8.00 from $10.00US

CLS.TO  Price day before:$9.42Finish day posting:$9.42 Current:$9.12

CLS  Price day before:$8.23Finish day of posting:$8.15 Current:$7.73US

-------Jan 27, 2006---------

Price Target reduced to $12.00 from $14.00US

CLS.TO  Price day before:$11.80Finish day posting:$11.18 Current:$9.12

CLS  Price day before:$10.28Finish day posting:$9.90 Current:$7.73US

---------Oct 21, 2005------

Price Target reduced to $14.00 from $18.00US

CLS.TO  Price day before:$12.25Finish day posting:$11.25 Current:$9.12

CLS  Price day before:$10.57Finish day posting:$9.46 Current:$7.73US

**************

Paras Bhargava ............ BMO Capital Markets……Dec 13, 2006

Downgraded to MARKET PERFORM from OUT PERFORM 

Price Target reduced to $9.50 from $13.00US  

CLS.TO  Price day before:$9.42Finish day posting:$9.42 Current:$9.12

CLS  Price day before:$8.23Finish day of posting:$8.15 Current:$9.10US

-----Nov 29, 2006---------

Maintained OUT PERFORM 

Price Target reduced to $13.00 from $14.00US  

CLS.TO  Price day before:$10.44Finish day posting:$10.34 Current:$9.12

CLS  Price day before:$9.25Finish day of posting:$9.10 Current:$7.73US

-------Oct 27, 2006-----------

Maintained OUTPERFORM 

Price Target raised to $14.00 from $13.50US  

CLS.TO  Price day before:$13.12Finish day posting:$11.41 Current:$9.12

CLS  Price day before:$11.74Finish day of posting:$10.16 Current:$7.73US

------July 28, 2006--------

Maintained MARKET PERFORM 

Price Target reduced to $13.50 from $15.00US  

CLS.TO  Price day before:$8.90Finish day posting:$10.83 Current:$9.12

CLS  Price day before:$7.87Finish day posting:$9.54 Current:$7.73US

----------Jan 13, 2006---------

Downgraded to MARKET PERFORM from OUTPERFORM  

CLS.TO  Price day before:$13.84Finish day posting:$12.83 Current:$9.12

CLS  Price day before:$11.88Finish day posting:$11.08 Current:$7.73US

-------Oct 21, 2005------

Maintained OUTPERFORM  

Price Target reduced to $13.00 from $15.00US

CLS.TO  Price day before:$12.25Finish day posting:$11.25 Current:$9.12

CLS  Price day before:$10.57Finish day posting:$9.46 Current:$7.73US

-------Aug 17, 2005-------

Upgraded to OUTPERFORM from MARKET PERFORM

CLS.TO  Price day before:$13.82Finish day posting:$14.09 Current:$9.12

CLS  Price day before:$11.55Finish day posting:$11.60 Current:$7.73US

**************************************  

Tom Astle ............ Bank National………Dec 13, 2006

Price Target reduced to $9.00 from $10.00US

CLS.TO  Price day before:$9.42Finish day posting:$9.42 Current:$9.12

CLS  Price day before:$8.23Finish day of posting:$8.15 Current:$7.73US

-----Apr 28, 2006-------

Upgraded to SECTOR PERFORM from UNDERPERFORM 

Price Target raised to $11.00 from $9.00US  (Target Hit ) 

CLS.SV  Price day before:$13.30Finish day posting:$12.57 Current:$9.12

CLS  Price day before:$11.90Finish day posting:$11.26 Current:$7.73US

-------Oct 21, 2005-----

Downgraded to UNDERPERFORM 

Price Target reduced to $9.00US (Target Hit June 08, 2006)

CLS.TO  Price day before:$12.25Finish day posting:$11.25 Current:$9.12

CLS  Price day before:$10.57Finish day posting:$9.46 Current:$7.73US

**************

David Hodgson ............ Genuity Capital Markets……Dec 13, 2006

Downgraded to HOLD from BUY

Price Target reduced to $10.00 from $14.00C  

CLS.TO  Price day before:$9.42Finish day posting:$9.42 Current:$9.12

CLS  Price day before:$8.23Finish day of posting:$8.15 Current:$7.73US

------Oct 06, 2006------

Upgraded to BUY from HOLD

Pric Target raised to $14.00 from $10.00US

CLS.TO  Price day before:$13.10Finish day posting:$13.05 Current:$9.12

CLS  Price day before:$11.63Finish day posting:$11.53 Current:$7.73US

------May 25, 2006---------

Upgraded to HOLD from SELL

CLS.TO  Price day before:$10.73Finish day posting:$10.75 Current:$9.12

CLS  Price day before:$9.62Finish day posting:$9.74 Current:$7.73US

-------Apr 28, 2006-----

Downgraded to SELL from HOLD 

CLS.SV  Price day before:$13.30Finish day posting:$12.57 Current:$9.12

CLS  Price day before:$11.90Finish day posting:$11.26 Current:$7.73US

-------Oct 21, 2005-------

Price Target reduced to $10.00 from $12.00US (Target Hit)

CLS.TO  Price day before:$12.25Finish day posting:$11.25 Current:$9.12

CLS  Price day before:$10.57Finish day posting:$9.46 Current:$7.73US

**************

Gus Papageorgiou......... Scotia Capital……Dec 13, 2006

Price Target reduced to $11.40 from $15.00C  

CLS.TO  Price day before:$9.42Finish day posting:$9.42 Current:$9.12

CLS  Price day before:$8.23Finish day of posting:$8.15 Current:$9.10US

-------Oct 10, 2006-------

Price Target raised to $15.00 from $10.70C

CLS.TO  Price day before:$13.05Finish day posting:$12.83 Current:$9.12

CLS  Price day before:$11.53Finish day of posting:$11.41 Current:$7.73US

--------July 27, 2006------

Price Target reduced to $10.70 from $12.70C

CLS.TO  Price day before:$8.90Finish day posting:$10.83 Current:$9.12

CLS  Price day before:$7.87Finish day posting:$9.54 Current:$7.73US

--------Jan 27, 2006-----

Price Target reduced to $12.40 from $14.30C

CLS.TO  Price day before:$11.80Finish day posting:$11.18 Current:$9.12

CLS  Price day before:$10.28Finish day posting:$9.90 Current:$7.73US

---------Oct 21, 2005-----

Price Target reduced to $14.30 from $19.75C

CLS.TO  Price day before:$12.25Finish day posting:$11.25 Current:$9.12

CLS  Price day before:$10.57Finish day posting:$9.46 Current:$7.73US

**************

? .............. Raymond James……Dec 13, 2006

Downgraded to MARKET PERFORM from BUY  

CLS.TO  Price day before:$9.42Finish day posting:$9.42 Current:$9.12

CLS  Price day before:$8.23Finish day of posting:$8.15 Current:$9.10US

**************

Brian J. White .............. Jeffries & Company……Dec 13, 2006

Maintained HOLD

Price Target reduced to $8.25 from $10.50US  

CLS.TO  Price day before:$9.42Finish day posting:$9.42 Current:$9.12

CLS  Price day before:$8.23Finish day of posting:$8.15 Current:$9.10US

**************

Yuri Krapivin..........Lehman Bros ……Dec 13, 2006

Maintained EQUALWEIGHT

Price Target reduced to $9.00 from $11.00US

CLS.TO  Price day before:$9.42Finish day posting:$9.42 Current:$9.12

CLS  Price day before:$8.23Finish day of posting:$8.15 Current:$9.10US

------July 12, 2006---

New EQUALWEIGHT

Price Target $11.00US (Target Hit Oct 02, 2006) 

CLS.TO  Price day before:$10.25Finish day posting:$10.16 Current:$9.12

CLS  Price day before:$9.05Finish day of posting:$8.94 Current:$7.73US

******************

Louis Miscioscia ............  Cowen & Company ……Dec 13, 2006

Downgraded to NEUTRAL from OUTPERFORM  

CLS.TO  Price day before:$9.42Finish day posting:$9.42 Current:$9.12

CLS  Price day before:$8.23Finish day of posting:$8.15 Current:$9.10US

------Apr 04, 2006---

New NEUTRAL  

CLS.TO  Price day before:$13.68Finish day posting:$13.42 Current:$9.12

CLS  Price day before:$11.65Finish day of posting:$11.51 Current:$7.73US

******************

? .............. Merrill Lynch…………Dec 13, 2006

Price Target reduced to $11.00 from $13.00US  

CLS.TO  Price day before:$9.42Finish day posting:$9.42 Current:$9.12

CLS  Price day before:$8.23Finish day of posting:$8.15 Current:$9.10US

*************************  

Carter B Shoop............. Deutsche Bank ……Oct 27, 2006

Maintained HOLD

Price Target raised to $11.00 from $8.50US

CLS.TO  Price day before:$13.12Finish day posting:$11.41 Current:$9.12

CLS  Price day before:$11.74Finish day of posting:$10.16 Current:$7.73US

------Jan 27, 2006-------

Maintained HOLD

Price Target reduced to $9.00 from $10.00US (Target Hit June 08, 2006)

CLS.TO  Price day before:$11.80Finish day posting:$11.18 Current:$9.12

CLS  Price day before:$10.28Finish day posting:$9.90 Current:$7.73US

****************

Paul Howbold ......... Desjardins Securities…Oct 27, 2006

Downgraded to HOLD from BUY 

Price Target $12.50US

Price Target $14.00C  

CLS.TO  Price day before:$13.12Finish day posting:$11.41 Current:$9.12

CLS  Price day before:$11.74Finish day of posting:$10.16 Current:$7.73US

-------Oct 06, 2006----

Maintained BUY 

Price Target $12.50US

Price Target $14.00C  

CLS.TO  Price day before:$13.10Finish day posting:$13.05 Current:$9.12

CLS  Price day before:$11.63Finish day posting:$11.53 Current:$7.73US

------July 28, 2006-------

Upgraded to BUY from HOLD

Price Target $10.50US  (Target Hit Sept 21, 2006)

CLS.TO  Price day before:$8.90Finish day posting:$10.83 Current:$9.12

CLS  Price day before:$7.87Finish day posting:$9.54 Current:$7.73US

---------Apr 28, 2006---------

Maintained HOLD

Price Target raised to $10.50 from $9.00US  (Target Hit May 11, 2006) 

CLS.SV  Price day before:$13.30Finish day posting:$12.57 Current:$9.12

CLS  Price day before:$11.90Finish day posting:$11.26 Current:$7.73US

------Jan 27, 2006--------

Maintained HOLD

Price Target $9.00US (Target Hit June 08, 2006) 

Price Target $10.50C

CLS.SV  Price day before:$11.80Finish day posting:$11.18 Current:$9.12

CLS  Price day before:$10.28Finish day posting:$9.90 Current:$7.73US

------Nov 18, 2005-----

Upgraded to HOLD from SELL

Price Target $9.00US  (Target Hit)

Price Target $10.50C

CLS.TO  Price day before:$11.21Finish day posting:$11.49 Current:$9.12

CLS  Price day before:$9.41Finish day posting:$9.77 Current:$7.73US

--------Oct 21, 2005-------

Downgraded to SELL from HOLD

Price Target reduced to $9.00 from $12.00US (Target Hit) 

CLS.TO  Price day before:$12.25Finish day posting:$11.25 Current:$9.12

CLS  Price day before:$10.57Finish day posting:$9.46 Current:$7.73US

--------Aug 17, 2005-------

Maintained HOLD

Price Target $12.00US  

Price Target $14.50C

CLS.TO  Price day before:$13.82Finish day posting:$14.09 Current:$9.12

CLS  Price day before:$11.55Finish day posting:$11.60 Current:$7.73US

------September 18, 2002-----

Upgraded to BUY from ACCUMULATE

Price Target reduced to $25.00 from $26.00US

CLS.TO  Price day before:$29.60Finish day posting:$24.59Current:$9.12

CLS  Price day before:$18.81Finish day of posting:$15.58Current:$7.73US

------------August 15, 2002------------

New ACCUMULATE

Price Target $26.00US

CLS.TO  Price day before:$33.65Finish day posting:$34.65Current:$9.12

CLS  Price day before:$21.45Finish day of posting:$22.30Current:$7.73US

**************************************  

Kevin Kessel......... Bear Sterns…………Oct 23, 2006

Upgraded to PEER PERFORM from UNDERPERFORM

CLS.TO  Price day before:$12.63Finish day posting:$12.93 Current:$9.12

CLS  Price day before:$11.22Finish day of posting:$11.40 Current:$7.73US

**************

Manolis Liodakis PhD ............Citigroup Smith Barney….Oct 16, 2006

Downgraded to ATTRACTIVE 7 from ATTRACTIVE 6    

CLS.TO  Price day before:$13.71Finish day posting:$13.42 Current:$9.12

CLS  Price day before:$11.97Finish day of posting:$11.84 Current:$7.73US

**************

Duncan Stewart ............ Orion Securities……Oct 07, 2006

Upgraded to  OVERWEIGHT from EQUALWEIGHT

Price Target raised to $13.00 from $9.00US

CLS.TO  Price day before:$13.05Finish day posting:$12.83 Current:$9.12

CLS  Price day before:$11.53Finish day of posting:$11.41 Current:$7.73US

------June 07, 2006--------

Upgraded to  EQUALWEIGHT from UNDERWEIGHT

CLS.TO  Price day before:$10.27Finish day posting:$10.16 Current:$9.12

CLS  Price day before:$9.16Finish day of posting:$9.18 Current:$7.73US

****************

Mike Walker ............ Credit Suisse………July 28, 2006

Upgraded to NEUTRAL from UNDERPERFORM

Price Target $10.00US

CLS.TO  Price day before:$8.90Finish day posting:$10.83 Current:$9.12

CLS  Price day before:$7.87Finish day posting:$9.54 Current:$7.73US

------Oct 21, 2005----

Maintained NEUTRAL

Price Target reduced to $9.00 from $12.00US (Target Hit June 08, 2006)

CLS.TO  Price day before:$12.25Finish day posting:$11.25 Current:$9.12

CLS  Price day before:$10.57Finish day posting:$9.46 Current:$7.73US

**************

Dayle Hogg ............ GMP…………July 28, 2006

Price Target raised to $16.00 from $14.50US

CLS.TO  Price day before:$8.90Finish day posting:$10.83 Current:$9.12

CLS  Price day before:$7.87Finish day posting:$9.54 Current:$7.73US

--------Oct 21, 2005-------

Price Target reduced to $16.00 from $20.00US

CLS.TO  Price day before:$12.25Finish day posting:$11.25 Current:$9.12

CLS  Price day before:$10.57Finish day posting:$9.46 Current:$7.73US

**************

Brian J. White ............Kaufman Bros. ………June 06, 2006

New HOLD

Price Target $10.50US (Target Hit Sept 21, 2006)

CLS.TO  Price day before:$10.23Finish day posting:$10.27 Current:$9.12

CLS  Price day before:$9.36Finish day of posting:$9.16 Current:$7.73US

****************

Scott Craig..... Banc of America ……Apr 04, 2006

Maintained NEUTRAL

Price Target raised to $11.00 from $9.00US (Target Hit) 

CLS.TO  Price day before:$13.68Finish day posting:$13.42 Current:$9.12

CLS  Price day before:$11.65Finish day of posting:$11.51 Current:$7.73US

------Oct 19, 2004------

New NEUTRAL

Price Target $11.00US (Hit Target Apr 15, 2005)

CLS.TO  Price day before:$15.74Finish day posting:$15.79 Current:$9.12

CLS  Price day before:$12.53Finish day posting:$12.70 Current:$7.73US

***************

Jeff Rath ............ Canaccord Capital Corp……Feb 01, 2006

Maintained HOLD 

Price Target reduced to $8.85 from $12.30US (Target Hit June 08, 2006)

CLS.TO  Price day before:$11.26Finish day posting:$11.80 Current:$9.12

CLS  Price day before:$9.98Finish day of posting:$10.35 Current:$7.73US

--------July 22, 2005-----

Downgraded to HOLD from SPECULATIVE BUY 

Price Target reduced to $12.30 from $17.10US

CLS.TO  Price day before:$17.52Finish day posting:$14.89 Current:$9.12

CLS  Price day before:$14.37Finish day of posting:$12.17 Current:$7.73US

--------Apr 19, 2005------

Maintained SPECULATIVE BUY 

Price Target $17.10US

CLS.TO  Price day before:$13.98Finish day posting:$14.38 Current:$9.12

CLS  Price day before:$11.07Finish day of posting:$11.64 Current:$7.73US

-------Jan 28, 2005------

Upgraded to "TRADING" BUY from HOLD

Price Target raised to $17.10 from $13.30US

CLS.TO  Price day before:$16.60Finish day posting:$15.89 Current:$9.12

CLS  Price day before:$13.32Finish day of posting:$12.85 Current:$7.73US

------Dec 23, 2004------

Maintained HOLD

Price Target $13.30US

CLS.TO  Price day before:$17.20Finish day posting:$16.91 Current:$9.12

CLS  Price day before:$13.82Finish day of posting:$13.81 Current:$7.73US

-------Oct 22, 2004------

Maintained HOLD

Price Target $13.30US

CLS.TO  Price day before:$15.75Finish day posting:$16.55 Current:$9.12

CLS  Price day before:$12.76Finish day of posting:$13.41 Current:$7.73US

-----------June 18, 2004----------

Maintained BUY

Price Target $25.00US

CLS.TO  Price day before:$25.25Finish day posting:$26.25 Current:$9.12

CLS  Price day before:$18.32Finish day of posting:$19.00 Current:$7.73US

---------Mar 15, 2004-------

Maintained BUY

Price Target $23.00US

CLS.TO  Price day before:$22.89Finish day posting:$21.90 Current:$9.12

CLS  Price day before:$17.10Finish day of posting:$16.40 Current:$7.73US

--------November 22, 2002-------

Downgraded to MARKET PERFORM from BUY

Price Target  $17.00US(Hit Target)

CLS.TO  Price day before:$27.80Finish day posting:$29.12 Current:$9.12

CLS  Price day before:$17.61 Finish day of posting:$17.52Current:$7.73US

--------September 19, 2002----------

Maintained BUY

Price Target to $17.00 from $25.00US (Hit Target November 21, 2002)

CLS.TO  Price day before:$24.59Finish day posting:$24.45 Current:$9.12

CLS  Price day before:$15.58Finish day of posting:$15.52 Current:$7.73US

------------July 31, 2002-------------

Upgraded to BUY from MARKET PERFORM

Price Target $25.00US

CLS.TO  Price day before:$35.49Finish day posting:$33.30 Current:$9.12

CLS  Price day before:$22.43 Finish day of posting:$21.45 Current:$7.73US

----------------------------July 18, 2002------------------

Upgraded to MARKET PERFORM from UNDERPERFORM

CLS.TO  Price day before:$28.50Finish day posting:$33.83 Current:$9.12

CLS  Price day before:$18.69 Finish day of posting:$22.00 Current:$7.73US

---------------------------- April 24, 2002--------------------------

Downgraded to MARKET UNDERPERFORM from PERFORM

Target price reduced to $28.00 from $36.00US

CLS.TO  Price day before:$47.10Finish day posting:$45.30 Current:$9.12

CLS  Price day before:$30.10 Finish day of posting:$28.80 Current:$7.73US

(Seemed to miss informing the public of the price target reduction ??)

----------------------------- March 20, 2002-------------------

Downgraded to MARKET PERFORM from BUY

Target price reduced to $46.00 from $51.00US

CLS.TO  Price day before:$57.60 Finish day posting:$56.50 Current:$9.12

CLS  Price day before:$36.30 Finish day of posting:$35.85Current:$7.73US

*******************************  

? ............ Kaufman Bros ………Oct 22, 2005

Maintained HOLD

Price Target: reduced to $11.00 from $14.00US  

CLS.TO  Price day before:$11.25Finish day posting:$11.18 Current:$9.12

CLS  Price day before:$9.46Finish day of posting:$9.45 Current:$7.73US

**************************************

? .............. Sprott Securities………Oct 24, 2005

Maintained MARKET PERFORM

Price Target: reduced to $10.50 from $13.25  

CLS.TO  Price day before:$11.25Finish day posting:$11.18 Current:$9.12

CLS  Price day before:$9.46Finish day of posting:$9.45 Current:$7.73US

**************************************

Reik W Read .............Robert W. Baird…Oct 21, 2005

Maintained NEUTRAL

Price Target reduced to $10.00 from $13.00 US

CLS.TO  Price day before:$12.25Finish day posting:$11.25 Current:$9.12

CLS  Price day before:$10.57Finish day posting:$9.46 Current:$7.73US

-------Oct 01, 2004-------

Maintained NEUTRAL

Price Target $14.00 US

CLS.TO  Price day before:$22.52Finish day posting:$26.97 Current:$9.12

CLS  Price day before:$12.70Finish day of posting:$13.20 Current:$7.73US

---------Apr 23, 2004-------

Maintained NEUTRAL

Price Target raised to $19.00 from $18.00US

EPS est raised 2004: to $0.33 from $0.13..2005: to $0.74 from $0.66

CLS.TO  Price day before:$22.52Finish day posting:$26.97 Current:$9.12

CLS  Price day before:$16.75Finish day of posting:$19.69 Current:$7.73US

-------Mar 15, 2004-------

Maintained NEUTRAL

Price Target raised to $18.00 from $14.00US (Hit Target Apr 23, 2004)

CLS.TO  Price day before:$22.89Finish day posting:$21.90 Current:$9.12

CLS  Price day before:$17.10Finish day of posting:$16.40 Current:$7.73US

-------Dec 23, 2003-------

New NEUTRAL

Price Target $14.00US

CLS.TO  Price day before:$19.42Finish day posting:$19.95 Current:$9.12

CLS  Price day before:$14.62Finish day of posting:$15.04 Current:$7.73US

**************************************

Thomas Hopkins ............ Bear Sterns ………July 22, 2005

Downgraded to UNDERPERFORM from PEERPERFORM

CLS.TO  Price day before:$17.52Finish day posting:$14.89 Current:$9.12

CLS  Price day before:$14.37Finish day of posting:$12.17 Current:$7.73US

--------January 29, 2003-------

Downgraded to UNDERPERFORM from PEERPERFORM

Price Target $10.00US (Hit Target April 10, 2003)

CLS.TO  Price day before:$22.50Finish day posting:$18.05 Current:$9.12

CLS  Price day before:$14.74Finish day of posting:$11.95 Current:$7.73US

--------October 17, 2002--------

Downgraded to PEERPERFORM from OUTPERFORM

Price Target $16.00US (Hit Target November 18, 2002)

CLS.TO  Price day before:$19.00Finish day posting:$17.55 Current:$9.12

CLS  Price day before:$12.00Finish day of posting:$11.24 Current:$7.73US

-----------July 18, 2002------------------

(Analyst ??)  Reiterated BUY

Price Target $47.00US

CLS.TO  Price day before:$28.50Finish day posting:$33.83 Current:$9.12

CLS  Price day before:$18.69 Finish day of posting:$22.00 Current:$7.73US

**********************************************

Michael Urlocker ........UBS  Warburg……Mar 01, 2005

Maintained BUY 

Price Target raised to $22.00 from $20.00US

CLS.TO  Price day before:$15.80Finish day posting:$16.37 Current:$9.12

CLS  Price day before:$13.10Finish day of posting:$13.16 Current:$7.73US

---------Apr 23, 2004----

Maintained BUY 

Price Target raised to $25.00 from $23.00US

CLS.TO  Price day before:$22.52Finish day posting:$26.97 Current:$9.12

CLS  Price day before:$16.75Finish day of posting:$19.69 Current:$7.73US

-------July 15, 2003---------

Upgraded to BUY from NEUTRAL

CLS.TO  Price day before:$24.40Finish day posting:$24.59 Current:$9.12

CLS  Price day before:$15.28Finish day of posting:$15.35 Current:$7.73US

----------June 16, 2003-----------

Upgraded to NEUTRAL from REDUCE

CLS.TO  Price day before:$21.21Finish day posting:$21.95 Current:$9.12

CLS  Price day before:$15.90Finish day of posting:$16.29 Current:$7.73US

----------May 16, 2003---------

Downgraded to REDUCE from NEUTRAL

Target Price reduced to $10.45 from $13.50US

CLS.TO  Price day before:$17.95Finish day posting:$17.52 Current:$9.12

CLS  Price day before:$13.06Finish day of posting:$12.85 Current:$7.73US

--------January 29, 2003------

Upgraded to NEUTRAL  from REDUCE  

Price Target $13.50US

CLS.TO  Price day before:$22.50Finish day posting:$18.05 Current:$9.12

CLS  Price day before:$14.74Finish day of posting:$11.95 Current:$7.73US

--------January 10, 2003------

Downgraded to REDUCE from HOLD

Target Price raised to $14.00 from $10.75US (Hit Target January 28, 2003)

CLS.TO  Price day before:$27.05Finish day posting:$26.78 Current:$9.12

CLS  Price day before:$17.43Finish day of posting:$17.30 Current:$7.73US

-----------October 17, 2002------------  

Maintained HOLD

Target Price reduced $10.75 from $17.00US (Hit Target Feb 10, 2003)

CLS.TO  Price day before:$19.00Finish day posting:$17.55 Current:$9.12

CLS  Price day before:$12.00Finish day of posting:$11.24 Current:$7.73US

-------------July 18, 2002--------------

Maintained HOLD

Target Price reduced $20.50 from $28.50US

EPS est reduced 2002: $1.04 from $1.11 2003: $1.29 from $1.43

CLS.TO  Price day before:$28.50Finish day posting:$33.83 Current:$9.12

CLS  Price day before:$18.69 Finish day of posting:$22.00 Current:$7.73US

------------------------- May 16, 2002------------

New HOLD

Target Price $44.50Cdn (Hit short Target May 29, 2002 )

CLS.TO  Price day before:$50.94 Finish day posting:$49.91 Current:$9.12

CLS  Price day before:$32.55 Finish day of posting:$32.12 Current:$7.73US

**************************

David Hodgson ............ Orion Securities………Jan 28, 2005

Maintained EQUAL WEIGHT 

Price Target reduced to $15.00 from $15.50US

CLS.TO  Price day before:$16.60Finish day posting:$15.89 Current:$9.12

CLS  Price day before:$13.32Finish day of posting:$12.85 Current:$7.73US

------Dec 21, 2004-------

Downgraded to EQUAL WEIGHT from OVERWEIGHT

Price Target reduced to $15.50 from $16.00US

CLS.TO  Price day before:$16.75Finish day posting:$16.85 Current:$9.12

CLS  Price day before:$13.79Finish day of posting:$13.83 Current:$7.73US

--------Apr 23, 2004-------

Maintained EQUAL WEIGHT

Price Target raised to $20.00 from $17.50US

EPS est raised 2004: to $0.44 ...2005 to $0.97

CLS.TO  Price day before:$22.52Finish day posting:$26.97 Current:$9.12

CLS  Price day before:$16.75Finish day of posting:$19.69 Current:$7.73US

--------Apr 19, 2004--------

Maintained EQUAL WEIGHT

Price Target $17.50US (Hit Target Apr 23, 2004)

CLS.TO  Price day before:$21.60Finish day posting:$22.12 Current:$9.12

CLS  Price day before:$16.13Finish day of posting:$16.48 Current:$7.73US

**************

Christopher B Lippincott..... KeyBanc Capital Markets ……Oct 25, 2004

Upgraded to BUY from HOLD

Price Target $17.00US

CLS.TO  Price day before:$16.55Finish day posting:$16.85 Current:$9.12

CLS  Price day before:$13.41Finish day posting:$13.77 Current:$7.73US

***************

Christ Whitmore............. Deutsche Bank ……Sept 17, 2004

Maintained HOLD

Price Target reduced to $12.00 from $18.00US

CLS.TO  Price day before:$15.83Finish day posting:$16.54 Current:$9.12

CLS  Price day before:$12.25Finish day posting:$12.79 Current:$7.73US

------Apr 23, 2004-------

Upgraded to HOLD from SELL

CLS.TO  Price day before:$22.52Finish day posting:$26.97 Current:$9.12

CLS  Price day before:$16.75Finish day of posting:$19.69 Current:$7.73US

-------Feb 27, 2004--------

Downgraded to SELL from HOLD

CLS.TO  Price day before:$23.88Finish day posting:$23.00 Current:$9.12

CLS  Price day before:$17.61 Finish day of posting:$17.93 Current:$7.73US

-------January 13, 2002------

Downgraded to HOLD from BUY

CLS.TO  Price day before:$26.78Finish day posting:$26.24 Current:$9.12

CLS  Price day before:$17.30 Finish day of posting:$17.00 Current:$7.73US

---------July 18, 2002---------

Maintained STRONG BUY

target price reduced to $32.00 from $40.00US

EPS est raised 2002: $1.12 from $1.05 2003: $1.35 from $1.30

CLS.TO  Price day before:$28.50Finish day posting:$33.83 Current:$9.12

CLS  Price day before:$18.69 Finish day of posting:$22.00 Current:$7.73US

***********************

Gus Papageorgiou ............Scotia Capital……Sept 16, 2004

Maintained SECTOR PERFORM  

Price target reduced to 24.00 from $30.25Cdn

CLS.TO  Price day before:$16.32Finish day posting:$15.83 Current:$16.68

CLS  Price day before:$12.60Finish day of posting:$12.25 Current:$7.73US

-------July 23, 2004--------

Maintained SECTOR PERFORM  

Price target $30.25Cdn

CLS.TO  Price day before:$23.15Finish day posting:$22.53 Current:$9.12

CLS  Price day before:$17.77Finish day of posting:$17.10 Current:$7.73US

-------Jan 21, 2004--------

Upgraded to SECTOR PERFORM from SEC UNDERPERFORM 

Price target raised to $30.25 from $21.00Cdn

CLS.TO  Price day before:$27.34Finish day posting:$25.85 Current:$9.12

CLS  Price day before:$21.15Finish day of posting:$19.88 Current:$7.73US

------------October 17, 2002-------

Maintained HOLD 

Price target reduced  to $20.50 from $27.00Cdn (Hit Target October 21, 2002)

CLS.TO  Price day before:$19.00Finish day posting:$17.55 Current:$9.12

CLS  Price day before:$12.00Finish day of posting:$11.24 Current:$7.73US

----------September 19, 2002----------

Downgraded to HOLD from BUY

Price target reduced  to $27.00 from $41.00Cdn (Hit Target November 21, 2002)

CLS.TO  Price day before:$24.59Finish day posting:$24.45 Current:$9.12

CLS  Price day before:$15.58Finish day of posting:$15.52 Current:$7.73US

--------------July 18, 2002-------------

Maintained BUY

Price target reduced  to $45.00 from $48.00Cdn

CLS.TO  Price day before:$28.50Finish day posting:$33.83 Current:$9.12

CLS  Price day before:$18.69 Finish day of posting:$22.00 Current:$7.73US

------------------------------ June 18, 2002-------------------------    

Maintained BUY

Price target reduced  to $48.00US from $67.00Cdn

CLS.TO  Price day before:$38.71 Finish day posting:$38.10 Current:$9.12

CLS  Price day before:$25.18 Finish day of posting:$24.17 Current:$7.73US

*********************

Joseph E Wolf.............Banc of America…Apr 26, 2004

Maintained BUY

Price Target raised to $23.00 from $20.00US

EPS est raised 2004 to $0.45 from $0.28....2005 to $1.05 from $0.85

CLS.TO  Price day before:$26.97Finish day posting:$26.30 Current:$9.12

CLS  Price day before:$19.69Finish day of posting:$19.49 Current:$7.73US

----------July 10, 2003--------

New BUY

CLS.TO  Price day before:$24.04Finish day posting:$23.60 Current:$9.12

CLS  Price day before:$17.46Finish day of posting:$17.10 Current:$7.73US

**************************************

Dennis dos Santos........First Associates………Apr 23, 2004

Maintained BUY

CLS.TO  Price day before:$22.52Finish day posting:$26.97 Current:$9.12

CLS  Price day before:$16.75Finish day of posting:$19.69 Current:$7.73US

**************

J. Keith Dunne ............ RBC Capital Markets …Apr 23, 2004

Upgraded to OUTPERFORM from SECTOR PERFORM

Price Target raised to $24.00 from $22.00US

CLS.TO  Price day before:$22.52Finish day posting:$26.97 Current:$9.12

CLS  Price day before:$16.75Finish day of posting:$19.69 Current:$7.73US

-------Oct 26, 2003--------

Downgraded to SECTOR PERFORM from OUTPERFORM

CLS.TO  Price day before:$18.00Finish day posting:$17.41Current:$9.12

CLS  Price day before:$13.75 Finish day of posting:$13.20 Current:$7.73US

-------July 25, 2003---------

Upgraded to  OUTPERFORM from SECTOR PERFORM

Price Target $18.00US (Hit Target Sept 03, 2003)

CLS.TO  Price day before:$24.05Finish day posting:$23.98 Current:$9.12

CLS  Price day before:$14.95 Finish day of posting:$14.85 Current:$7.73US

---------June 23, 2003-----------

Downgraded to SECTOR PERFORM from OUTPERFORM

CLS.TO  Price day before:$22.15Finish day posting:$21.56 Current:$9.12

CLS  Price day before:$16.00 Finish day of posting:$15.93 Current:$7.73US

-------------December 05, 2002---------

New OUTPERFORM

Target Price 29.00US

CLS.TO  Price day before:$25.99Finish day posting:$24.61 Current:$9.12

CLS  Price day before:$17.90 Finish day of posting:$15.77 Current:$7.73US

-----------------

David T. Parrish ................ RBC Capital Markets ……September 18, 2002

Reiterated TOP PICK

Target Price reduced to $26.00 from $38.00US

CLS.TO  Price day before:$29.60Finish day posting:$24.59Current:$9.12

CLS  Price day before:$18.81Finish day of posting:$15.58Current:$7.73US

-----------July 18, 2002----------

Reiterated TOP PICK

CLS.TO  Price day before:$28.50Finish day posting:$33.83 Current:$9.12

CLS  Price day before:$18.69 Finish day of posting:$22.00 Current:$7.73US

--------------------------------- July 11, 2002-----------------------

Reiterated TOP PICK

Price Target:$42.00US

CLS.TO  Price day before:$24.85 Finish day posting:$29.50Current:$9.12

CLS  Price day before:$16.40 Finish day of posting:$19.27 Current:$7.73US

------------------------------------ June 17, 2002--------------------------

Maintained TOP PICK

Price Target: reduced to $42.00 from $50.00US

CLS.TO  Price day before:$37.70 Finish day posting:$38.71 Current:$9.12

CLS  Price day before:$24.34 Finish day of posting:$25.18 Current:$7.73US

**************************************************  

Todd Coupland .............. CIBC World Markets...Apr 23, 2004

Upgraded to SECTOR OUTPERFORM from SECTOR PERFORM

Price Target raised to $26.00 from $24.00US

CLS.TO  Price day before:$22.52Finish day posting:$26.97 Current:$9.12

CLS  Price day before:$16.75Finish day of posting:$19.69 Current:$7.73US

-------June 16, 2003--------

Downgraded to SECTOR PERFORM from SECTOR OUTPERFORM

CLS.TO  Price day before:$21.21Finish day posting:$21.95 Current:$9.12

CLS  Price day before:$15.90Finish day of posting:$16.29 Current:$7.73US

---------January 29, 2003---------

Reiterated SECTOR OUTPERFORM

Price Target $17.00US (Hit Target Aug 19, 2003)

CLS.TO  Price day before:$22.50Finish day posting:$18.05 Current:$9.12

CLS  Price day before:$14.74Finish day of posting:$11.95 Current:$7.73US

--------September 19, 2002---------

Maintained SECTOR OUTPERFORM

target price reduced to $29.00 from $36.00US

CLS.TO  Price day before:$24.59Finish day posting:$24.45 Current:$9.12

CLS  Price day before:$15.58Finish day of posting:$15.52 Current:$7.73US

------------July 18, 2002-------------

Maintained STRONG BUY

target price reduced to $36.00 from $56.00US

EPS est reduced 2002: $1.18 from $1.20 2003: unchanged $1.46

CLS.TO  Price day before:$28.50Finish day posting:$33.83 Current:$9.12

CLS  Price day before:$18.69 Finish day of posting:$22.00 Current:$7.73US

**************************************  

Mark V. Lucey ............... TD Newcrest….Apr 23, 2004

Maintained BUY 

Price Target raised to $25.50 from $23.50US

CLS.TO  Price day before:$22.52Finish day posting:$26.97 Current:$9.12

CLS  Price day before:$16.75Finish day of posting:$19.69 Current:$7.73US

---------Jan 30, 2003---------

Upgraded to BUY from HOLD

Price Target raised to $23.50 from $22.50US

CLS.TO  Price day before:$23.80Finish day posting:$22.75 Current:$9.12

CLS  Price day before:$17.93Finish day of posting:$17.15 Current:$7.73US

----------Jan 28, 2004--------

Maintained HOLD

Price Target raised to $22.50 from $15.00US

CLS.TO  Price day before:$25.05Finish day posting:$25.35 Current:$9.12

CLS  Price day before:$19.19Finish day of posting:$19.07 Current:$7.73US

---------Dec 18, 2003------

Maintained HOLD

target price $15.00US  (Hit Target Dec 23, 2003)

CLS.TO  Price day before:$18.30Finish day posting:$18.92 Current:$9.12

CLS  Price day before:$13.70Finish day of posting:$14.23 Current:$7.73US

---------Sept 29, 2003-------

Maintained BUY

target price $18.50US (Hit Target Oct 13, 2003)

CLS.TO  Price day before:$22.55Finish day posting:$22.45 Current:$9.12

CLS  Price day before:$16.55Finish day of posting:$16.60 Current:$7.73US

---------April 16, 2003--------

Maintained BUY

target price reduced to $15.50 from $16.50 US (Hit Target June 04, 2003)

CLS.TO  Price day before:$14.10Finish day posting:$14.84 Current:$9.12

CLS  Price day before:$9.78Finish day of posting:$10.17 Current:$7.73US

---------December 20, 2002---------

Upgraded to BUY from HOLD

target price $18.00 US (Hit Target Sept 03, 2003)

CLS.TO  Price day before:$21.20Finish day posting:$22.02 Current:$9.12

CLS  Price day before:$13.81Finish day of posting:$14.55 Current:$7.73US

---------December 02, 2002---------

Downgraded to HOLD from BUY

target price $18.00 US

CLS.TO  Price day before:$28.45Finish day posting:$29.11 Current:$9.12

CLS  Price day before:$18.12Finish day of posting:$18.66 Current:$7.73US

-----------October 10, 2002------------

Maintained BUY

target price reduced to $18.00 from $24.00US (Hit Target November 22, 2002)

CLS.TO  Price day before:$16.25Finish day posting:$17.95 Current:$9.12

CLS  Price day before:$10.26Finish day of posting:$11.32 Current:$7.73US

------------September 19, 2002----------

Maintained BUY

target price reduced to $24.00 from $27.00US

CLS.TO  Price day before:$24.59Finish day posting:$24.45 Current:$9.12

CLS  Price day before:$15.58Finish day of posting:$15.52 Current:$7.73US

-----------July 18, 2002--------------

Maintained BUY added TOP PICK

target price $27.00US

EPS est 2002: $1.10  2003: $1.35

CLS.TO  Price day before:$28.50Finish day posting:$33.83 Current:$9.12

CLS  Price day before:$18.69 Finish day of posting:$22.00 Current:$7.73US

--------------------------- July 10, 2002---------------------

Upgraded to BUY from HOLD

target $27.00US

CLS.TO  Price day before:$27.35Finish day posting:$24.85 Current:$9.12

CLS  Price day before:$18.12 Finish day of posting:$16.40 Current:$7.73US

------------------------- June 14, 2002-----------------------------------

Upgraded to HOLD from REDUCE

target $30.00US

CLS.TO  Price day before:$38.36Finish day posting:$37.70 Current:$9.12

CLS  Price day before:$24.80 Finish day of posting:$24.34 Current $23.42

(Note this report was not made public through the normal channels)

-------------- April 18, 2002------------

Downgraded to REDUCE from HOLD

target reduced to $30.00 from $40.00US (Hit short target price April 23, 2002 )

CLS.TO  Price day before:$52.55 Finish day posting:$49.71 Current:$9.12

CLS  Price day before:$33.38 Finish day of posting:$31.60 Current:$7.73US

--------------November 18, 2001--------

Reiterated  HOLD

target $34.00 US (Hit short target February 21, 2002 )

CLS.TO  Price day before:$64.80Finish day posting:$67.42Current:$9.12

CLS  Price day before:$40.63 Finish day of posting:$42.50 Current:$7.73US

-------------- October 02, 2001---------

Reiterated  HOLD

target reduced to $34.00 from $40.00US (Hit target October 11, 2001 )

CLS.TO  Price day before:$40.85Finish day posting:$42.00 Current:$9.12

CLS  Price day before:$25.87 Finish day of posting:$26.74 Current:$7.73US

-------------September 04, 2001----------

Maintained  HOLD

target reduced to $40.00 from $46.00US (Hit target October 25, 2001 )

CLS.TO  Price day before:$56.48Finish day posting:$51.00 Current:$9.12

CLS  Price day before:$36.40 Finish day of posting:$32.76Current:$7.73US

------------------------------ July 27, 2001----------------------------------

Downgraded to HOLD from BUY

target $46.00US

CLS.TO  Price day before:$70.80Finish day posting:$73.85 Current:$9.12

CLS  Price day before:$46.25 Finish day of posting:$47.91 Current:$7.73US

------------------------------ July 25, 2001----------------------------------

Reiterated BUY

target $46.00US (Hit target July 26, 2001 )

CLS.TO  Price day before:$69.55Finish day posting:$70.80 Current:$9.12

CLS  Price day before:$43.60Finish day of posting:$45.37Current:$7.73US

------------------------------ July 19, 2001----------------------------------

Reiterated BUY

target reduced to $46.00 from $55.00US (Hit target July 26, 2001 )

CLS.TO  Price day before:$64.01Finish day posting:$66.71Current:$9.12

CLS  Price day before:$42.10Finish day of posting:$43.33 Current:$7.73US

------------------------------ June 18, 2001----------------------------------

Upgraded to BUY from HOLD

target reduced to $55.00 from $60.00US (missed target)

CLS.TO  Price day before:$62.35Finish day posting:$60.18 Current:$9.12

CLS  Price day before:$41.00Finish day of posting:$39.21 Current:$7.73US

------------------------------ May 23, 2001----------------------------------

Downgraded to HOLD from BUY

target raised to $60.00 from $51.00US (missed target)

CLS.TO  Price day before:$94.25Finish day posting:$87.75Current:$9.12

CLS  Price day before:$61.21Finish day of posting:$56.50Current:$7.73US

(Excellent timing on downgrade)

------------------------------ April 19, 2001----------------------------------

Reiterated BUY

target $51.00US (Hit target April 30, 2001 )

CLS.TO  Price day before:$66.95Finish day posting:$75.50 Current:$9.12

CLS  Price day before:$43.00 Finish day of posting:$50.00 Current:$7.73US

------------------------------ April 16, 2001----------------------------------

Reiterated BUY

target $51.00US (Hit target April 30, 2001 )

CLS.TO  Price day before:$53.70Finish day posting:$50.00 Current:$9.12

CLS  Price day before:$34.45Finish day of posting:$32.19 Current:$7.73US

------------------------------ March 21, 2001----------------------------------

Maintained BUY

target reduced to $51.00US from $65.00 (Hit target April 30, 2001 )

CLS.TO  Price day before:$48.35Finish day posting:$43.99 Current:$9.12

CLS  Price day before:$30.75 Finish day of posting:$28.20 Current:$7.73US

------------------------------ March 02, 2001----------------------------------

Maintained BUY

target reduced to $65.00US from $95.00 (missed target)

CLS.TO  Price day before:$68.50Finish day posting:$68.50 Current:$9.12

CLS  Price day before:$44.52Finish day of posting:$45.30 Current:$7.73US

----------------------------- February 21, 2001--------------------------------

Reiterated BUY

Target $95.00 (missed target)

CLS.TO  Price day before:$86.20Finish day posting:$81.70 Current:$9.12

CLS  Price day before:$56.05Finish day of posting:$52.45 Current:$7.73US

----------------------------- February 01, 2001--------------------------------

Reiterated BUY

Target raised to $95.00 from $82.00 (missed target)

CLS.TO  Price day before:$101.00Finish day posting:$111.50 Current:$9.12

CLS  Price day before:$66.05 Finish day of posting:$74.90Current:$7.73US

----------------------------- January 22, 2001--------------------------------

Reiterated BUY

Target $82.00(missed target)

CLS.TO  Price day before:$106.50Finish day posting:$105.20 Current:$9.12

CLS  Price day before:$70.06Finish day of posting:$69.88 Current:$7.73US

----------------------------- January 16, 2001--------------------------------

Reiterated BUY

CLS.TO  Price day before:$93.45Finish day posting:$92.00 Current:$9.12

CLS  Price day before:$61.06Finish day of posting:$60.88Current:$7.73US

************************************************

Michael R Walker ............ Credit Suisse…………Apr 19, 2004

Re-instated OUTPERFORM

Price Target $22.00US

CLS.TO  Price day before:$21.60Finish day posting:$22.12 Current:$9.12

CLS  Price day before:$16.13Finish day of posting:$16.48 Current:$7.73US

**************

Louis R Miscioscia ............. Lehman Brothers…Feb 12, 2004

Downgraded to EQUALWEIGHT from  OVERWEIGHT

CLS.TO  Price day before:$24.35Finish day posting:$23.77 Current:$9.12

CLS  Price day before:$18.53 Finish day of posting:$18.04 Current:$7.73US

----------August 01, 2003-------

Upgraded to OVERWEIGHT from EQUAL WEIGHT

CLS.TO  Price day before:$21.60Finish day posting:$21.90 Current:$9.12

CLS  Price day before:$15.33 Finish day of posting:$15.64 Current:$7.73US

---------July 18, 2002---------

Maintained STRONG BUY

target price reduced to $32.00 from $40.00US

EPS est 2003: $1.35

CLS.TO  Price day before:$28.50Finish day posting:$33.83 Current:$9.12

CLS  Price day before:$18.69 Finish day of posting:$22.00 Current:$7.73US

------------------------- April 14, 2002---------------------

Maintained STRONG BUY

target price $40.00US

CLS.TO  Price day before:$50.64Finish day posting:$51.31Current:$9.12

CLS  Price day before:$31.70 Finish day of posting:$32.47Current:$7.73US

***********************  

Steven Fox .............. Merrill Lynch…………Jan 30, 2004

Downgraded to SELL from NEUTRAL

CLS.TO  Price day before:$23.80Finish day posting:$22.75 Current:$9.12

CLS  Price day before:$17.93Finish day of posting:$17.15 Current:$7.73US

*************************  

Michelle Gutierrez .......Schwab Soundview…Jan 20, 2004

Upgraded to OUTPERFORM from NEUTRAL

Price Target raised to $25.00 from $14.00 US

CLS.TO  Price day before:$22.88Finish day posting:$23.80 Current:$9.12

CLS  Price day before:$27.84Finish day of posting:$27.34 Current:$7.73US

**************************************

?? .............AmTech Research…Jan 14, 2004

New BUY

CLS.TO  Price day before:$22.88Finish day posting:$23.80 Current:$9.12

CLS  Price day before:$17.89Finish day of posting:$18.48 Current:$7.73US

**************************************

Shawn Severson .............Raymond James…Dec 19, 2003

Upgraded to STRONG BUY from MARKET PERFORM

CLS.TO  Price day before:$18.92Finish day posting:$19.44 Current:$9.12

CLS  Price day before:$14.23Finish day of posting:$14.55 Current:$7.73US

-----------

Gary Baker.............Raymond James…August 28, 2003

New MARKET PERFORM

CLS.TO  Price day before:$24.30Finish day posting:$24.40 Current:$9.12

CLS  Price day before:$17.29Finish day of posting:$17.52 Current:$7.73US

**************************************

James J Savage .............Wells Fargo Sec…Oct 23, 2003

Downgraded to HOLD  from BUY

Price Target $21.00US

CLS.TO  Price day before:$21.53Finish day posting:$18.00 Current:$9.12

CLS  Price day before:$16.48Finish day of posting:$13.75 Current:$7.73US

--------Oct 16, 2003--------

Upgraded to BUY from HOLD

CLS.TO  Price day before:$23.01Finish day posting:$22.95 Current:$9.12

CLS  Price day before:$17.40Finish day of posting:$17.48 Current:$7.73US

----------Sept 16, 2003--------

New HOLD

CLS.TO  Price day before:$24.00Finish day posting:$25.32 Current:$9.12

CLS  Price day before:$17.60Finish day of posting:$18.45 Current:$7.73US

**************************************

?? .............JP Morgan…Oct 09, 2003

New OVERWEIGHT

CLS.TO  Price day before:$23.16Finish day posting:$23.40 Current:$9.12

CLS  Price day before:$17.10Finish day of posting:$17.49 Current:$7.73US

**************************************

Kevin A McCarthy .............Credit Suisse First Boston…….October 06, 2003

Upgraded to OUTPERFORM from NEUTRAL 

CLS.TO  Price day before:$22.75Finish day posting:$23.71 Current:$9.12

CLS  Price day before:$16.98 Finish day of posting:$17.70 Current:$7.73US

---------   ------------

Kevin A McCarthy .............Credit Suisse First Boston…….October 04, 2002

Downgraded to NEUTRAL from OUTPERFORM 

target $13.00US (Hit Target October 15, 2002)

CLS.TO  Price day before:$19.15Finish day posting:$17.07 Current:$9.12

CLS  Price day before:$12.10 Finish day of posting:$10.65 Current:$7.73US

------------July 10, 2002------------

Downgraded to BUY  from STRONG BUY

target $28.00US

EPS est 2002: reduced to $1.11 from $1.25

CLS.TO  Price day before:$27.35Finish day posting:$24.85 Current:$9.12

CLS  Price day before:$18.12 Finish day of posting:$16.40 Current:$7.73US

------------------------------ February 01, 2002----------------------------------

Reinstated STRONG BUY

Price target $51.00US

CLS.TO  Price day before:$67.30Finish day posting:$67.85Current:$9.12

CLS  Price day before:$42.20 Finish day of posting:$42.75 Current:$7.73US

----------------------------- January 09, 2002---------------------------------

Herve Francois ............... Credit Suisse First Boston

Reiterated STRONG BUY

Price target $51.00US

CLS.TO  Price day before:$71.88Finish day posting:$72.62Current:$9.12

CLS  Price day before:$45.01 Finish day of posting:$45.54 Current:$7.73US

--------------------------- December 12, 2001-------------------------------

Reiterated STRONG BUY

Price target $51.00US

CLS.TO  Price day before:$74.30Finish day posting:$74.80 Current:$9.12

CLS  Price day before:$47.20 Finish day of posting:$47.77 Current:$7.73US

--------------------------- November 28, 2001-------------------------------

Reiterated STRONG BUY

Price target $43.00US (Hit target same day)

CLS.TO  Price day before:$66.30Finish day posting:$66.24 Current:$9.12

CLS  Price day before:$41.52 Finish day of posting:$41.86 Current:$7.73US

--------------------------- March 19, 2001-------------------------------

Winston Lim & Kevin Chong ............... Credit Suisse First Boston

Reiterated BUY

CLS.TO  Price day before:$59.22Finish day posting:$48.35Current:$9.12

CLS  Price day before:$34.25 Finish day of posting:$37.65 Current:$7.73US

----------------------------- February 26, 2001---------------------------------

Herve Francois ............... Credit Suisse First Boston

Reiterated STRONG BUY (missed target)

Price target reduced to $96.00 from $112.00US

CLS.TO  Price day before:$79.25Finish day posting:$82.00 Current:$9.12

CLS  Price day before:$51.90Finish day of posting:$53.85 Current:$7.73US

---------------------------- February 20, 2001----------------------------------

Reiterated STRONG BUY

CLS.TO  Price day before:$89.40Finish day posting:$86.20 Current:$9.12

CLS  Price day before:$60.40 Finish day of posting:$56.05 Current:$7.73US

---------------------------- February 01, 2001----------------------------------

Reiterated STRONG BUY

Target raised to $112.00 from $96.00US (missed target)

CLS.TO  Price day before:$101.00Finish day posting:$111.50 Current:$9.12

CLS  Price day before:$66.05 Finish day of posting:$74.90Current:$7.73US

*******************

Stephen Savas .................. Goldman, Sachs ……Sept 11, 2003

Maintain IN LINE

CLS.TO  Price day before:$23.67 Finish day posting:$24.72Current:$9.12

CLS  Price day before:$17.36 Finish day of posting:$18.08 Current:$7.73US

---------July 11, 2002-------

New OUTPERFORM

CLS.TO  Price day before:$24.85 Finish day posting:$29.50Current:$9.12

CLS  Price day before:$16.40 Finish day of posting:$19.27 Current:$7.73US

***************************************  

Christopher B Lippincott .... McDonald Investments ……July 15, 2003

Downgraded to UNDERWEIGHT  from BUY 

CLS.TO  Price day before:$24.40Finish day posting:$24.59 Current:$9.12

CLS  Price day before:$15.28Finish day of posting:$15.35 Current:$7.73US

--------May 21, 2003---------

Upgraded to HOLD  from UNDERWEIGHT

CLS.TO  Price day before:$15.35Finish day posting:$15.62 Current:$9.12

CLS  Price day before:$9.78Finish day of posting:$10.17 Current:$7.73US

---------January 29, 2003-------

Downgraded to UNDERWEIGHT  from BUY 

CLS.TO  Price day before:$22.50Finish day posting:$18.05 Current:$9.12

CLS  Price day before:$14.74Finish day of posting:$11.95 Current:$7.73US

-------September 03, 2002---------

Upgraded to AGGRESSIVE BUY from BUY

CLS.TO  Price day before:$36.10Finish day posting:$33.75Current:$9.12

CLS  Price day before:$22.97Finish day of posting:$21.78Current:$7.73US

**************************************  

Matthew Sheerin.............Thomas Weisel…June 12, 2003

New PEER PERFORM

CLS.TO  Price day before:$21.06Finish day posting:$21.80 Current:$9.12

CLS  Price day before:$15.59Finish day of posting:$16.09 Current:$7.73US

**************************************

Tom Astle .............National Bank Financial…June 08, 2003

New SECTOR PERFORM

Target Price  $17.00US (Hit Target August 19, 2003)

CLS.TO  Price day before:$22.00Finish day posting:$20.80 Current:$9.12

CLS  Price day before:$16.26Finish day of posting:$15.37 Current:$7.73US

**************************************  

David P Miller ..........Kaufman Bros……....April 16, 2003

Upgraded to BUY from HOLD

CLS.TO  Price day before:$14.10Finish day posting:$14.84 Current:$9.12

CLS  Price day before:$9.78Finish day of posting:$10.17 Current:$7.73US

------September 19, 2002 -------

Maintained HOLD

Price Target reduced to $25.00 from $30.00US

CLS.TO  Price day before:$24.59Finish day posting:$24.45 Current:$9.12

CLS  Price day before:$15.58Finish day of posting:$15.52 Current:$7.73US

----------------June 13, 2002-------------                  

New HOLD

Price Target $30.00US

CLS.TO  Price day before:$39.57 Finish day posting:$38.36 Current:$9.12

CLS  Price day before:$25.75 Finish day of posting:$24.80 Current:$7.73US

*****************************

John J. McManus .................... Needham ……January 29, 2003

Reiterated HOLD

Price Target $10.00US (Hit Target April 10, 2003)

CLS.TO  Price day before:$22.50Finish day posting:$18.05 Current:$9.12

CLS  Price day before:$14.74Finish day of posting:$11.95 Current:$7.73US

----------April 18, 2002---------

Downgraded to HOLD from BUY

CLS.TO  Price day before:$52.55 Finish day posting:$49.71 Current:$9.12

CLS  Price day before:$33.38 Finish day of posting:$31.60 Current:$7.73US

*****************************

Ellen Chae ............ Prudential …………January 29, 2003

Downgraded to HOLD  from BUY 

Price Target $13.00

CLS.TO  Price day before:$22.50Finish day posting:$18.05 Current:$9.12

CLS  Price day before:$14.74Finish day of posting:$11.95 Current:$7.73US

-------September 19, 2002------

Maintained BUY

Price Target reduced to $19.00 from $29.00US (Hit Target December 02, 2002)

CLS.TO  Price day before:$24.59Finish day posting:$24.45 Current:$9.12

CLS  Price day before:$15.58Finish day of posting:$15.52 Current:$7.73US

------------July 18, 2002------------

Reiterated BUY

Price Target $29.00US

EPS est raised 2002: $1.17 from $1.15 2003: $1.42 from $1.39

CLS.TO  Price day before:$28.50Finish day posting:$33.83 Current:$9.12

CLS  Price day before:$18.69 Finish day of posting:$22.00 Current:$7.73US

**********************************************  

Susan Streeter .............. Sprott Securities………December 23, 2002

Upgraded to MARKET PERFORM from REDUCE

Price Target: $27.00 Cdn (Hit Target January 07, 2003) 

CLS.TO  Price day before:$22.02Finish day posting:$22.66 Current:$9.12

CLS  Price day before:$14.55Finish day of posting:$14.54 Current:$7.73US

----------December 03, 2002----------

Downgraded to REDUCE from MARKET PERFORM

Price Target: raised to $27.00 from $20.50Cdn (Hit Target)  

CLS.TO  Price day before:$29.11Finish day posting:$27.80 Current:$9.12

CLS  Price day before:$18.66Finish day of posting:$17.90 Current:$7.73US

-----------October 17, 2002-----------

Downgraded to MARKET PERFORM from BUY

Price Target: reduced to $20.50 from $31.50Cdn (Hit Target October 22, 2002)

CLS.TO  Price day before:$19.00Finish day posting:$17.55 Current:$9.12

CLS  Price day before:$12.00Finish day of posting:$11.24 Current:$7.73US

----------September 19, 2002-----------

Maintained BUY

Price Target: reduced to $31.50 from $43.00Cdn

CLS.TO  Price day before:$24.59Finish day posting:$24.45 Current:$9.12

CLS  Price day before:$15.58Finish day of posting:$15.52 Current:$7.73US

----------------April 09, 2002----------------

Maintained BUY

Price Target: reduced to $72.00 from $78.00Cdn

CLS.TO  Price day before:$48.80Finish day posting:$49.90 Current:$9.12

CLS  Price day before:$30.65Finish day of posting:$31.22 Current:$7.73US

*******************************

Pierre-Yves Terrisse ...... Desjardins Securities……December 19, 2002

Upgraded to BUY from HOLD

Price Target raised to $18.00US (Hit Target Sept 03, 2003)

CLS.TO  Price day before:$21.76Finish day posting:$21.20 Current:$9.12

CLS  Price day before:$14.00Finish day of posting:$13.81 Current:$7.73US

---------December 04, 2002---------

Maintained HOLD

Price Target raised to $18.00 from 12.00US

CLS.TO  Price day before:$27.80Finish day posting:$25.99 Current:$9.12

CLS  Price day before:$17.90Finish day of posting:$16.43 Current:$7.73US

------------October 17, 2002----------

New HOLD

Price Target 12.00US

CLS.TO  Price day before:$19.00Finish day posting:$17.55 Current:$9.12

CLS  Price day before:$12.00Finish day of posting:$11.24 Current:$7.73US

-----------------

Michael Morris ........... Salomon Smith Barney……December 05, 2002

Downgraded to INLINE from OUTPERFORM

CLS.TO  Price day before:$25.99Finish day posting:$24.61 Current:$9.12

CLS  Price day before:$17.90 Finish day of posting:$15.77 Current:$7.73US

---------October 11, 2002----------

Reiterated BUY

target price $18.00US (Hit Target November 22, 2002)

CLS.TO  Price day before:$17.95Finish day posting:$19.90 Current:$9.12

CLS  Price day before:$11.32 Finish day of posting:$12.42 Current:$7.73US

-----------July 18, 2002----------

Maintained BUY

target price $30.00US

EPS est reduced 2002: $1.18 from $1.20 2003: unchanged $1.46

CLS.TO  Price day before:$28.50Finish day posting:$33.83 Current:$9.12

CLS  Price day before:$18.69 Finish day of posting:$22.00 Current:$7.73US

**************************************  

Glenn Jamieson ............ GMP………..................December 02, 2002

Downgraded to ACCUMULATE from BUY

target price: raised to $21.00 from $17.50US

CLS.TO  Price day before:$28.45Finish day posting:$29.11 Current:$9.12

CLS  Price day before:$18.12 Finish day of posting:$18.66 Current:$7.73US

---------------July 18, 2002---------------

Maintained BUY

target price: reduced to $33.00 from $37.00US

CLS.TO  Price day before:$28.50Finish day posting:$33.83 Current:$9.12

CLS  Price day before:$18.69 Finish day of posting:$22.00 Current:$7.73US

----------------------- June 04, 2002---------------------    

Maintained BUY

target price: reduced to $37.00 from $45.00US

CLS.TO  Price day before:$42.95 Finish day posting:$41.55 Current:$9.12

CLS  Price day before:$28.12 Finish day of posting:$27.12 Current:$7.73US

 ------------------------ April 18, 2002---------------------

Maintained BUY

target price: reduced to $45.00 from $53.00US

CLS.TO  Price day before:$52.55 Finish day posting:$49.71 Current:$9.12

CLS  Price day before:$33.38 Finish day of posting:$31.60 Current:$7.73US

*****************************************  

James J. Savage ..... Thomas Weisel Partners……November 01, 2002

Downgraded to ATTRACTIVE from BUY

CLS.TO  Price day before:$17.55Finish day posting:$18.95 Current:$9.12

CLS  Price day before:$11.24Finish day of posting:$12.03 Current:$7.73US

*******************************

Gordon Howald ......... Credit Lyonnais………October 18, 2002

Upgraded to BUY from ADD

Price Target: $14.00US (Hit Target October 24, 2002)

CLS.TO  Price day before:$17.55Finish day posting:$18.95 Current:$9.12

CLS  Price day before:$11.24Finish day of posting:$12.03 Current:$7.73US

*******************************

Dennis dos Santos ....... Paradigm Capital ……October 17, 2002

Maintained  SELL (Hit Target April 10, 2003)

Price Target reduced to $10.00 from $16.50US

CLS.TO  Price day before:$19.00Finish day posting:$17.55 Current:$9.12

CLS  Price day before:$12.00Finish day of posting:$11.24 Current:$7.73US

----------September 18, 2002-----------

Downgraded to SELL from HOLD

Target Price reduced to $16.50 from $22.00US (Hit target same day)

CLS.TO  Price day before:$29.60Finish day posting:$24.59Current:$9.12

CLS  Price day before:$18.81Finish day of posting:$15.58Current:$7.73US

------------July 16, 2002-------------

Downgraded to HOLD from BUY

Target Price reduced to $22.00 from $43.00US

CLS.TO  Price day before:$29.52 Finish day posting:$28.80 Current:$9.12

CLS  Price day before:$19.40 Finish day of posting:$18.75 Current:$7.73US

--------------------------- April 18, 2002-----------------

Maintained BUY

Target Price reduced to $43.00 from $49.00US

CLS.TO  Price day before:$52.55 Finish day posting:$49.71 Current:$9.12

CLS  Price day before:$33.38 Finish day of posting:$31.60 Current:$7.73US

------------------------- April 10, 2002--------------------

Maintained BUY

Target Price reduced to $49.00 from $52.00US

CLS.TO  Price day before:$49.90Finish day posting:$48.33Current:$9.12

CLS  Price day before:$31.22Finish day of posting:$30.24 Current:$7.73US

*******************************

Benoit Chotard .............National Bank Financial…October 17, 2002

Maintained BUY

target price reduced to $25.00 from $31.00Cdn(Hit Target Nov 18, 2002)

CLS.TO  Price day before:$19.00Finish day posting:$17.55 Current:$9.12

CLS  Price day before:$12.00Finish day of posting:$11.24 Current:$7.73US

-----------September 18, 2002-------------

Maintained BUY

target price reduced to $33.00 from $43.00Cdn

CLS.TO  Price day before:$29.60Finish day posting:$24.59Current:$9.12

CLS  Price day before:$18.81Finish day of posting:$15.58Current:$7.73US

------------July 18, 2002-------------

Maintained BUY

target price reduced to $43.00 from $52.00Cdn

CLS.TO  Price day before:$28.50Finish day posting:$33.83 Current:$9.12

CLS  Price day before:$18.69 Finish day of posting:$22.00 Current:$7.73US

---------------------- June 27, 2002----------------------

Maintained BUY

target price reduced to $52.00 from $75.00Cdn

CLS.TO  Price day before:$33.30 Finish day posting:$34.45 Current:$9.12

CLS  Price day before:$21.89 Finish day of posting:$22.61Current:$7.73US

------------------------ April 18, 2002-----------------------------

Maintained BUY

target price reduced to $75.00 from $85.00Cdn

CLS.TO  Price day before:$52.55 Finish day posting:$49.71 Current:$9.12

CLS  Price day before:$33.38 Finish day of posting:$31.60 Current:$7.73US

******************************  

Gary Baker ............Raymond James……….October 17, 2002  

Downgraded to MARKET PERFORM from OUTPERFORM

Target Price reduced to $14.50 from $23.00US (Hit Target October 29, 2002)

CLS.TO  Price day before:$19.00Finish day posting:$17.55 Current:$9.12

CLS  Price day before:$12.00Finish day of posting:$11.24 Current:$7.73US

-------------July 18, 2002--------------

Maintained BUY

Target Price reduced to $28.00 from $30.00US

CLS.TO  Price day before:$28.50Finish day posting:$33.83 Current:$9.12

CLS  Price day before:$18.69 Finish day of posting:$22.00 Current:$7.73US

----------------------------- July 11, 2002-------------------------

Maintained BUY

Target Price reduced to $28.00 from $38.00US

CLS.TO  Price day before:$24.85 Finish day posting:$29.50Current:$9.12

CLS  Price day before:$16.40 Finish day of posting:$19.27 Current:$7.73US

--------------------------------- June 07, 2002-------------------    

Downgraded to BUY from STRONG BUY

Target Price reduced to $38.00 from $46.00US

CLS.TO  Price day before:$41.00 Finish day posting:$40.25Current:$9.12

CLS  Price day before:$26.90 Finish day of posting:$26.40 Current:$7.73US 

----------------------- April 18, 2002--------------------

Maintained STRONG BUY

Target Price reduced to $46.00 from $51.00US

CLS.TO  Price day before:$52.55 Finish day posting:$49.71 Current:$9.12

CLS  Price day before:$33.38 Finish day of posting:$31.60 Current:$7.73US

----------------------- April 09, 2002--------------------

Maintained STRONG BUY

Target Price reduced to $51.00 from $58.00US

CLS.TO  Price day before:$48.80Finish day posting:$49.90 Current:$9.12

CLS  Price day before:$30.65Finish day of posting:$31.22 Current:$7.73US

*************************************

Scot C Robertson ................ Investec ……October 17, 2002

Downgraded to BUY from STRONG BUY

Price target $14.00US (Hit Target October 24, 2002)

CLS.TO  Price day before:$19.00Finish day posting:$17.55 Current:$9.12

CLS  Price day before:$12.00Finish day of posting:$11.24 Current:$7.73US

--------------August 20, 2002-----------

Another New STRONG BUY (@briefing.com)

Price target $33.00US

CLS.TO  Price day before:$40.20Finish day posting:$38.44 Current:$9.12

CLS  Price day before:$25.50Finish day of posting:$24.61 Current:$7.73US

-------------------August 09, 2002--------------

New STRONG BUY (@Bloomberg.com)

CLS.TO  Price day before:$31.90Finish day posting:$32.25 Current:$9.12

CLS  Price day before:$20.05Finish day of posting:$20.65 Current:$7.73US

**************************************  

David Rowen .................Dlouhy Merchant ………….September 24, 2002

Downgraded to HOLD from STRONG BUY

Target price reduced to $15.00US (Hit Target October 28, 2002)

CLS.TO  Price day before:$22.20Finish day posting:$21.02 Current:$9.12

CLS  Price day before:$14.20 Finish day of posting:$13.28 Current:$7.73US

-------------------July 18, 2002---------------

Maintained STRONG BUY

Target price reduced to $40.00 from $46.00US

CLS.TO  Price day before:$28.50Finish day posting:$33.83 Current:$9.12

CLS  Price day before:$18.69 Finish day of posting:$22.00 Current:$7.73US

-------------------------------- May 10, 2002-----------------------

Upgraded to STRONG BUY from BUY

Target price $46.00US

CLS.TO  Price day before:$44.60Finish day posting:$42.95 Current:$9.12

CLS  Price day before:$28.44Finish day of posting:$27.65 Current:$7.73US

*******************************

James N Kelleher ........... Argus Research ………September 19, 2002

Downgraded to HOLD from BUY

CLS.TO  Price day before:$24.59Finish day posting:$24.45 Current:$9.12

CLS  Price day before:$15.58Finish day of posting:$15.52 Current:$7.73US

*************************

Jerry H. Labowitz .............. Merrill Lynch…………August 01, 2002

Upgraded to STRONG BUY from NEUTRAL

CLS.TO  Price day before:$33.30 Finish day posting:$33.20 Current:$9.12

CLS  Price day before:$21.45Finish day of posting:$20.84 Current:$7.73US

----------------------------April 11, 2002-----------------------

Maintained NEUTRAL

CLS.TO  Price day before:$48.33 Finish day posting:$48.34 Current:$9.12

CLS  Price day before:$30.24 Finish day of posting:$30.60 Current:$7.73US

*************************

Andreas Hoppe ...................... BMO Nesbitt Burns…… July 18, 2002

Maintained OUTPERFORM

target price reduced to $44.00 from $62.00Cdn

CLS.TO  Price day before:$28.50Finish day posting:$33.83 Current:$9.12

CLS  Price day before:$18.69 Finish day of posting:$22.00 Current:$7.73US

**************************************

Near term .................. EquityOutlook.Com ……  …… July 17, 2002

Near term OUTPERFORM

CLS.TO  Price day before:$24.85 Finish day posting:$29.50Current:$9.12

CLS  Price day before:$18.75 Finish day of posting:$18.69 Current:$7.73US

*********************************

Michelle Lin Gutierrez ......SoundView Technology Group…May 13, 2002

Upgraded to BUY from HOLD

12 month target $35.00US

CLS.TO  Price day before:$42.95 Finish day posting:$45.80 Current:$9.12

CLS  Price day before:$27.65 Finish day of posting:$29.22 Current:$7.73US

*******************************

Pierre-Yves Terrisse ......... Yorkton Securities…April 18, 2002

Downgraded to ACCUMULATE from TOP PICK

target price reduced to $32.00 from $40.00US

CLS.TO  Price day before:$52.55 Finish day posting:$49.71 Current:$9.12

CLS  Price day before:$33.38 Finish day of posting:$31.60 Current:$7.73US

------------------------ April 09, 2002-------------------------

Reiterated TOP PICK

target price reduced to $40.00 from $48.00US

CLS.TO  Price day before:$48.80Finish day posting:$49.90 Current:$9.12

CLS  Price day before:$30.65Finish day of posting:$31.22 Current:$7.73US

****************************

Roger W Norberg ............... J.P. Morgan….......…… April 09, 2002

Reiterated  BUY

Price Target: $58.00US

CLS.TO  Price day before:$48.80Finish day posting:$49.90 Current:$9.12

CLS  Price day before:$30.65Finish day of posting:$31.22 Current:$7.73US

***************         **************     *******************

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