■ Aimia (TSX: AIM, OTC: GAPFF) from Hold to Buy.

■ Brookfield Infrastructure Partners (TSX: BIP-U, NYSE: BIP) from Buy to Hold

■ Potash Corp. (TSX: POT, NYSE: POT) from Buy to Hold 

■ Sell Trancontinental (TSX: TCL/A, OTC: TCLAF)

Here is our reasoning:

On Aimia: We moved Aimia to a “Hold” after the strong price performance in May but as the stock has lost some of its initial gains in June, we moved Aimia back to a Buy with the price now again at more attractive levels.

On Brookfield: It was the best-performing stock over the first two months with a 7.5% return.  Given the strong price performance over the past two months when most other high yielding utility and infrastructure stocks declined, we have now moved the Brookfield recommendation to a Hold.

On Potash: Potash has extended an offer to buy K&S AG, a German producer of fertilizers and salt for $8.7 billion. We struggle to see the motivation behind the bid and are concerned that Potash Corp. may be forced to accept penal conditions to get the offer accepted by the K&S shareholders and regulatory authorities. 

On Transcontinental: The company  is struggling to change the direction of the business from traditional printing to online design, marketing and packaging. Despite the company’s excellent dividend-paying track record, solid cash flow and sound balance sheet, we believe that the declining trend in the core business may continue for the foreseeable future.