April 15 (Reuters) -
* Mandalay resources corp MND.TO : BMO capital markets raises to outperform;
cuts target price to C$1.50 from C$1.40
* Cardero resource corp CDU.TO : BMO capital markets cuts to market perform
from outperform
* Pan american silver corp PAA.TO : BMO capital markets cuts to market
perform
* Teranga gold corporation TGZ.TO : BMO capital markets cuts to underperform
* Exeter resource corp XRC.TO : BMO capital markets cuts to underperform from
market perform
* Gabriel resources ltd GBU.TO : BMO capital markets cuts to underperform
from market perform
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