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Ear on the Street --- Jan. 16 2009
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% i' ] T: o) ~& e& Q- XAbsolute Software (ABT : TSX : $3.36)
4 U& z7 n! j$ z7 O1 I! \/ NBracing for a tough few quarters0 X9 l; }6 p5 [( q0 P* r+ }
Canaccord Capital maintains "hold", 12-month target price is $4.50
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
0 k* U' T, W5 X' A% T1 J) ^8 u1 OGrowth outlook, challenging pipeline and high cost structure make future unclear
9 l; j1 ]3 d" {0 {- kBlackmont Capital continues "hold", 12-month target price is lowered to $48.00) ^% \% W4 m# E0 j2 n; Y
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.000 l+ j7 O/ b' u/ b. v
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Astral Media (ACM.A : TSX : $22.98)
8 ]6 ^8 d& ], Q" ^Released Q1/09 results: strong, in light of challenging operating environment _( n4 s1 h; [/ A, D7 O
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
6 v4 h0 z3 t3 {# B( q. wDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00
- _. P; e) V5 vGMP Securities maintains "buy", 12-month target price is reduced to $30.00
( b* |+ k: i* G( ?( ZRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
1 o5 y8 m+ t6 p: z# i4 e5 GScotia Capital Markets continues "sector outperform", 12-month target price is $30.00/ U7 p6 [* o& ?
0 N5 C. J2 E9 y! gAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07). ?* P, k E8 ?6 E' d, W" d
Well positioned with gold production forecast to double this year and next
" R$ Y& x4 d. r8 S1 eBlackmont Capital continues "buy", 12-month target price is lowered to $83.00
- a5 P: l6 L1 E) p) CTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00" Y8 p% O: D$ {1 U, w8 V- T
" e) _$ W8 l/ e: J) V2 B; nARC Energy Trust (AET.UN : TSX : $17.15)
; T( {6 N' l) \+ Y6 N, I, c+ ]Reduced distributions by 20%; capex also cut& X; T3 h7 S+ O G0 o0 L; B
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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. |% Z% o) {* D, ?' e! J6 eAndean Resources (AND : TSX : $0.75)
) a% o5 _. {5 u6 bAnnounced F09 outlook
3 J* d: Z( F- ~) z" tParadigm Capital continues "speculative buy", 12-month target price is $2.25
/ S u# h+ V4 x$ E( a/ DTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00+ Q1 `8 |$ l- Y7 [6 L5 P. D
9 ~" J2 A9 I" {5 sBombardier Inc. (BBD.B : TSX : $4.65)! N8 O% l' W4 J$ U9 A4 o
Rising challenges in Aerospace
( S. k3 V! @6 e: Q6 ]' s/ TGMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)
, q1 E* t7 ]8 ^Acquiring AIG's Canadian life insurance business2 j6 I/ z: F! Y/ V$ L( q
TD Newcrest continues "hold", 12-month target price is $37.000 Y' O2 k8 t( z/ Y/ _: I
6 s L! ]: R: ]; [* w# E0 g* DCogeco Cable (CCA : TSX : $33.37)) B; W! u6 L# y
Q1 review: Canada results encouraging, but Portugal remains a drag/ F* _3 g0 t6 k Z' k
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
0 t: w2 U# v1 F) ^Desjardins Securities continues "top pick", 12-month target price is $40.00
# h. ?+ w- p" l2 \" z) f3 @RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
* ]; v$ F" Z( M1 v, N0 YScotia Capital Markets continues "sector outperform", 12-month target price is $55.00% Z* a5 [3 E) Y1 X( X: m3 ]6 r
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Corridor Resources (CDH : TSX : $2.45)
/ h1 r7 b& H4 k! s2 G9 j8 oCapital budget set to expected cash flow; production guidance lowered$ a' S& }; T6 O- X
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)
; v, w/ i& e; nStrong radio and cable drives 39% EPS growth* Z) P( D" {- n' F" K5 F" t: a8 |
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00: W( T: x' m+ X
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CanWest Global Communications (CGS : TSX : $0.51)
% V; Y' D- [! @0 }% CTaking action to address tough operating environment/ P2 {- n. {% Z0 e7 W9 z2 X
BMO Capital Markets maintains "underperform", no target price reported
( c$ s3 e4 J4 F i! FCredit Suisse maintains "neutral", 12-month target price is $1.00
m% E& k+ ^- y, H" @GMP Securities continues "reduce", 12-month target price is $0.50, I: }: A; H, U3 [( a
RBC Capital Markets continues "underperform", 12-month target price is $0.75
, ?! b$ B; t e! m. EScotia Capital Markets continues "sector underperform", 12-month target price is $0.501 A8 l+ q7 T m
- p( }! d2 N4 ~7 k1 P. MCorus Entertainment (CJR.B : TSX : $12.47)
, L8 U8 H* @$ z# S9 k% V1 WQ1 revenues in line, EPS beat# L1 l& K* U8 X, I# N
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
' S4 f% N$ K& Y5 u+ k; xCredit Suisse continues "outperform", 12-month target price is $20.00
/ f d4 u/ o4 s+ r. DDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00
) y! M' A' V6 ?: V' U5 F% YGMP Securities maintains "buy", 12-month target price is reduced to $17.00
1 e) U. z0 n3 a% g0 Q5 k3 fRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.504 b \" g! ` o0 _6 @
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.002 n$ g9 x# U4 J4 P
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Calloway REIT (CWT.UN : TSX : $11.84)1 B D0 \ J3 H( R+ z2 e1 `
Held investor day
" H+ i* E/ |) S% o5 F( JScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
1 T+ Q. C9 F, eReduced distributions by 38%; guided for lower capex8 R6 O8 u8 ]8 ~9 u) U+ P+ y
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
! x) H/ g; Y2 V3 W' q) q. O) vDundee Capital Markets continues "buy", 12-month target price is $12.00
& K" \$ V, l. _8 x& ]# b8 C3 ?9 c2 GTD Newcrest continues "hold", 12-month target price is $7.503 o' f" x( z7 c1 }
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)0 t5 l5 e* w0 r: U* E
Steady market and currency tailwind
9 Z4 R4 j% H, I* u+ k5 JTD Newcrest maintains "buy", 12-month target price is US$5.00& O% F1 p# w, q: L/ D: P6 k
: \% m% X+ T+ L% d) ^& C+ C9 _Goldcorp Inc. (G : TSX : $29.74)5 ?: C- q/ B8 f" `$ L# ?
Revised commodity forecasts6 u1 h; K7 P0 R. A# L2 `$ n& O
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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: V4 x: X) j, Z Q3 [' cHeritage Oil (HOC : TSX : $3.77)/ ]$ y. w$ G- _8 p" B
Announced Ugandan commerciality on exploration success+ V" a" ~8 Q `
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)
" V( H! Q( p, T" S0 p, h1 CRetail division suffers- S z; Y4 h9 o! R# r, n- o4 `
Desjardins Securities maintains "buy", 12-month target price is $12.60
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5 _4 O8 T! N0 J, ]! H9 Y% WLaramide Resources (LAM : TSX : $1.84)! I# t2 F+ r8 A
Westmoreland provided more high grade at Redtree's Jack Lens
& n, L$ o: N1 g) t% p4 B5 N- ~Dundee Capital Markets continues "buy", 12-month target price is $2.30
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$ t% o8 d, v3 M8 T% N& rLockerbie & Hole (LH : TSX : $6.00)
9 P# e) y: d4 jReleased Q3/09 results: very strong, focus should be on active backlog
& o' a/ H1 @$ P; D& o6 d+ fGMP Securities continues "buy", 12-month target price is $9.00+ ^0 p5 K3 M& a, @7 k' X
Raymond James maintains "market perform", 6-12 month target price is $8.25$ V+ u& U5 E% b/ D* N9 t
( O8 a; g" a8 c6 J$ rLivingston Intl Income Fund (LIV.UN : TSX : $6.00)
5 |- G3 ]9 P8 H) q0 G& xReduced distributions by 70%
E# `* G1 V6 s, S, J f9 M* h+ eRBC Capital Markets maintains "outperform", no target price reported2 X c* f# o, k$ V
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.506 J6 O8 F' d9 a: z5 A0 |+ U
" o1 Q7 q7 N2 T/ F! ~8 aMatrikon Inc. (MTK : TSX : $2.04)
4 H6 D5 M# A, ^6 yReleased Q1/09 results: a little light, but still respectable
) E2 v' ~ J2 S# XBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
( h0 U) ~5 R- Z7 lParadigm Capital maintains "buy", 12-month target price is $4.000 T: q0 }0 K' e1 L3 q- R( y& G
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
% z$ Q: l5 m& s: [/ B9 oExpecting lower CFPU on higher taxes
; b: d% v" K9 x) f8 ZBMO Capital Markets continues "outperform", 12-month target price is $18.00
; D( a- ^2 O2 O' l! H+ y. a1 ^ PRBC Capital Markets continues "sector perform", 12-month target price is $12.002 P1 q# C; b: W* Y* E# M
TD Newcrest continues "buy", 12-month target price is $17.001 F' ~4 `$ R4 w5 K0 X
! T/ I* h/ t1 S7 ^Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)+ l6 x, E' @# [
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain( K. c. z W+ s9 O _' Q
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
/ `% O* O; K# \5 b! KCredit Suisse maintains "neutral", 12-month target price is US$1.00
. _1 I: c( Y7 h$ [+ n8 wScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80( M" p) U# t3 F2 ~7 q O$ y- s
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)* F i" A- \: o) ?( [$ |* t$ O
Dietary supplement business facing headwinds
$ r! @' n; i7 z: L5 d$ J* LParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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$ n* ]+ N) L8 f5 D3 lOpen Range Energy (ONR : TSX : $1.18)
8 }8 Q) y$ I% @4 R* f3 iProvided operational update and F09 guidance3 D" E; v6 ^/ l% K4 d8 ?% M
Haywood Securities continues "sector outperform", 12-month target price is $3.25' i* ~ g) J+ {0 U0 f
N# x4 e4 g3 e# x2 EOsisko Mining (OSK : TSX : $3.13)% C) e0 b8 b7 A" k
South Barnat resource around the corner
" y) I8 o3 g1 ^Paradigm Capital continues "speculative buy", 12-month target price is $4.75
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0 R( J; r3 |5 WPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
8 o+ D" E T, S, X. c. L! m+ pProvided operational update& A4 u; z, _- o/ a6 E0 H" v
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
7 O$ `7 i& K9 K+ e* dTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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Paramount Resources (POU : TSX : $7.85)+ L* _" E, G* x; L6 \
Provided operational update: Grande Prairie emerging as the key focus for F09
) r0 k! C7 Y$ z; }: NGMP Securities maintains "buy", 12-month target price is $12.00 q2 [6 c1 T; l
! \3 n$ b" I: ^. I" zRockwell Diamonds (RDI : TSX : $0.07)/ b. K0 z! E, S" S, Q/ L& T
Operations starting to turn the corner
$ \( M: S, d8 @( P2 CRBC Capital Markets maintains "outperform", no target price reported
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Shaw Communications (SJR.B : TSX : $20.13)3 X" q/ |$ R4 X: h, D- J u
Released Q1/09 results: in line, subscribers ahead5 m' m* J t D
Credit Suisse maintains "neutral", 12-month target price is $25.50
/ k8 M0 j/ T& ~" G) ^' IGMP Securities continues "buy", 12-month target price is $26.50' C- w, w. U$ r/ ^' ]1 u- W
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)' A p8 V# J @! x7 c* N
Held a sell-side lunch showcasing new U.S. team) M) W6 P9 s: q
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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Trican Well Service (TCW : TSX : $6.93)
. |# y" A/ \" V% q xAwarded Russian contracts! v. L5 p9 ]: G# j: k
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
/ \' S: ?1 B. f1 oRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00
4 F& J( z( Z+ W, L+ ~) p8 jRBC Capital Markets maintains "sector perform", 12-month target price is $10.005 O' M; q- n' p/ m
' x3 w* K* R4 `3 wSino-Forest Corp. (TRE : TSX : $8.93)/ L& y2 ~+ ?2 e- G( h; c" V1 h( c- c
Chinese furniture exports rose in November
W* [; s7 v/ I: ]/ @) |Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)- ?% N& m$ ] k4 q9 X4 I' |
Shea Creek's two largest deposits have become one
) ~1 d( m" r7 c2 V5 K. YDundee Capital Markets maintains "buy", 12-month target price is $2.75, z' T3 v4 e! h1 A6 y5 W/ p! `
( `. s2 _- }$ S y/ }4 I, dVero Energy (VRO : TSX : $4.72)
( u* L, C% `/ U4 D" jReleased Q4/08 results: horizontal focus to continue in F098 O: D' z! k: N. F+ `2 ? L
Dundee Capital Markets continues "buy", 12-month target price is $8.00
, u" u5 y1 O3 h* f% o+ dGMP Securities continues "buy", 12-month target price is $7.50) l: r% ?" z8 v0 V' n
Paradigm Capital continues "buy", 12-month target price is $12.00
" h+ A* {' P+ m5 m! L5 FRBC Capital Markets maintains "outperform", 12-month target price is $8.50* M# M L8 ^, S' f( R. g$ w/ X8 c. e- |
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Wi-Lan Inc (WIN : TSX : $1.75)6 q- T7 ?$ H& `! D
Hit homerun with Samsung$ @( y9 d6 p& }
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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