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Ear on the Street --- Jan. 16 2009- K* H# d( i9 g0 p' a7 D/ L9 G
$ @$ X0 j6 x7 M* WAbsolute Software (ABT : TSX : $3.36)6 P/ h; f7 \1 X% |" s
Bracing for a tough few quarters
% Q5 w' I$ B5 oCanaccord Capital maintains "hold", 12-month target price is $4.50
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6 t$ P* t, I( u3 n- OBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)7 w; c. {! @4 e9 B {& ?; w
Growth outlook, challenging pipeline and high cost structure make future unclear
6 E) @9 M8 k' q r W4 U, P/ \Blackmont Capital continues "hold", 12-month target price is lowered to $48.005 ]+ \% S6 }3 s% `
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00( E" U S& a/ z4 p9 Z( D4 N: _, F
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Astral Media (ACM.A : TSX : $22.98)
% P; L. q4 ~6 d8 t4 T) A4 jReleased Q1/09 results: strong, in light of challenging operating environment- S, u c( L2 ?
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
6 t2 P. \# b; \4 ]3 Y1 YDesjardins Securities maintains "buy", 12-month target price is slashed to $28.006 Y) j1 H: T6 O/ E; l
GMP Securities maintains "buy", 12-month target price is reduced to $30.00, v4 i/ q8 E5 f
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
3 V+ j7 P' ?5 t' h* DScotia Capital Markets continues "sector outperform", 12-month target price is $30.005 \5 ~* X( m9 F! c8 Q. i% O4 n8 [ c
]: J, d# L. M6 l/ |9 `& ^Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)4 i+ r' r" \6 f+ @" r# p" l% T4 N
Well positioned with gold production forecast to double this year and next
- ?9 ?6 |2 R$ `$ XBlackmont Capital continues "buy", 12-month target price is lowered to $83.00% s3 s. f: M. F! p5 Y8 n f
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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. A9 {! @! y+ ~5 [: ~5 b3 FARC Energy Trust (AET.UN : TSX : $17.15)
1 Y. ]6 p; [$ J @/ a/ uReduced distributions by 20%; capex also cut
% a& K3 G5 Y7 tRBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)
) x" ~4 M8 w1 z9 |Announced F09 outlook \; E+ o" W+ q5 j2 k5 c& k2 H
Paradigm Capital continues "speculative buy", 12-month target price is $2.25* B; x& Z2 p+ c
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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Bombardier Inc. (BBD.B : TSX : $4.65)
" W: }/ B3 ]5 `" W$ U, e/ cRising challenges in Aerospace
) j# v4 X; s- {" e GGMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)
/ M% J5 b2 y2 \6 bAcquiring AIG's Canadian life insurance business9 v `- _( e: N2 h/ v
TD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)
9 Q; Z4 m: w1 t. B3 hQ1 review: Canada results encouraging, but Portugal remains a drag
0 Q* @7 S# o& ~0 k& vBMO Capital Markets maintains "outperform", 12-month target price is $46.00
/ \% d1 t+ U$ q4 v5 p, q: \Desjardins Securities continues "top pick", 12-month target price is $40.00: ]' i& X& h4 ?. y- @
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
8 S$ k5 ]/ f5 x l1 LScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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$ s, n) O+ L% }8 f: f, ACorridor Resources (CDH : TSX : $2.45)! j+ M. M: r; g! z" K( W+ P/ T
Capital budget set to expected cash flow; production guidance lowered
$ f& \6 t9 o8 a4 l+ u0 |RBC Capital Markets maintains "outperform", 12-month target price is $4.25( M1 v3 q6 ] U% c% }( a
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COGECO Inc. (CGO : TSX : $25.14)4 f; b0 D! M" ], W7 c& v& |! `
Strong radio and cable drives 39% EPS growth) m9 v; O; J) V9 T4 Z/ A h
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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* o, o9 u1 ^" d" i' @CanWest Global Communications (CGS : TSX : $0.51)
" b2 H+ m$ ^: E% E8 }3 NTaking action to address tough operating environment
7 ]0 ~% Z7 g# B. UBMO Capital Markets maintains "underperform", no target price reported2 O$ v( G9 D, V3 |5 d! w
Credit Suisse maintains "neutral", 12-month target price is $1.00
0 s6 o1 b, C+ N: o! OGMP Securities continues "reduce", 12-month target price is $0.50
5 ?0 G. ^' F/ g: u: RRBC Capital Markets continues "underperform", 12-month target price is $0.75: [/ W0 w2 d$ s7 N
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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1 x8 U) v0 W+ c7 W c' VCorus Entertainment (CJR.B : TSX : $12.47)
0 u8 t' f6 F- _( X+ CQ1 revenues in line, EPS beat
; ?8 s1 F. u* B, O& g' M6 m* L8 FBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00/ D4 A$ t! s* F0 ^9 b; Q
Credit Suisse continues "outperform", 12-month target price is $20.00! U. F& t6 x, Q4 B
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00# y3 G0 o7 z* e) ~% b- I, W: B
GMP Securities maintains "buy", 12-month target price is reduced to $17.00: E3 ]/ B7 v$ w8 b# l! y
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50! |& x9 i+ Z# v1 d
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)1 G6 K) @# P9 D7 o0 m
Held investor day
. N0 q, y# i2 B- D+ C% [Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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: v, R( y, B# oDaylight Resources Trust (DAY.UN : TSX : $7.77)' K9 W x3 ~/ r7 g) z( [* r2 ?( w D
Reduced distributions by 38%; guided for lower capex
: d* O4 w( A7 D0 n- }. kBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00% q/ N5 s2 ^0 U6 M; y" [
Dundee Capital Markets continues "buy", 12-month target price is $12.00' Y t9 v9 H2 S
TD Newcrest continues "hold", 12-month target price is $7.50
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1 E5 l9 O/ L" Q: {EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)' q0 z c, K. ~( e4 B0 R( t
Steady market and currency tailwind0 j2 {* M; l2 k7 ]
TD Newcrest maintains "buy", 12-month target price is US$5.00* k1 a: `4 p. J
8 U1 r& `/ `) @$ kGoldcorp Inc. (G : TSX : $29.74)
6 ~4 m- f7 }# D9 Y/ iRevised commodity forecasts- d* Q8 a4 ]' I8 {# ]' u1 ]: P
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00& T8 A3 ?- j9 C& ~6 o% H: d. s
- f; |. R. O6 Y# y# w- b1 GHeritage Oil (HOC : TSX : $3.77)
& ?: ?6 R8 q' ]) \& w7 K9 V" iAnnounced Ugandan commerciality on exploration success
, W: X9 A0 V1 r. CTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.500 c# V* O1 _, m$ @" a# F/ l6 M3 K
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Harry Winston Diamond (HW : TSX : $4.98)
3 o5 t1 O$ F) a$ l+ JRetail division suffers2 u) _! Y6 c0 n: M; t
Desjardins Securities maintains "buy", 12-month target price is $12.60/ c- u" D' X' v! L k& S! q
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Laramide Resources (LAM : TSX : $1.84), a) ?# o3 E+ S! k: z/ N- e. H
Westmoreland provided more high grade at Redtree's Jack Lens
! g8 ?9 j& y2 p1 S2 C: s4 `& m& d& XDundee Capital Markets continues "buy", 12-month target price is $2.30
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4 A/ Z# S" d% L: pLockerbie & Hole (LH : TSX : $6.00)
7 f' i& {5 ^% AReleased Q3/09 results: very strong, focus should be on active backlog
8 `, s# ]: C, z* ]9 c4 O, n5 g3 [ ~GMP Securities continues "buy", 12-month target price is $9.00
3 s- g& R2 Y r: W4 ]! RRaymond James maintains "market perform", 6-12 month target price is $8.25
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; X" \ c! m+ y( S" m$ CLivingston Intl Income Fund (LIV.UN : TSX : $6.00)3 @/ O; E F- `* F0 _, z$ p3 ?
Reduced distributions by 70%3 l u& [; B; n# H
RBC Capital Markets maintains "outperform", no target price reported( j2 q: N" d: n" q
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50( B8 T0 u7 ? Z' b. k5 N3 @
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Matrikon Inc. (MTK : TSX : $2.04)6 I, p% r# d8 N. R' k7 v8 o
Released Q1/09 results: a little light, but still respectable2 t1 d& m9 t" F2 y6 [. ~1 \2 v
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.508 E L: V1 F( h6 W4 J- B8 f
Paradigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
" D' N$ S- y( q6 w" m7 l. AExpecting lower CFPU on higher taxes
: m" q) c" X; i& `! B2 J# SBMO Capital Markets continues "outperform", 12-month target price is $18.00
4 S$ g# I' W; K4 p# S; _' p$ aRBC Capital Markets continues "sector perform", 12-month target price is $12.00
: u/ F$ B& R* ~8 bTD Newcrest continues "buy", 12-month target price is $17.00
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9 Q d! @9 u3 Y0 Q& \Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
0 p+ p! u% X* c( E' }* T7 s2 gReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
4 P% I- W+ a8 b3 }3 jBlackmont Capital continues "hold", 12-month target price is reduced to $1.25# f& L0 P4 \9 S' Z
Credit Suisse maintains "neutral", 12-month target price is US$1.00
1 N& w9 B" ^+ P* T( i# e# [Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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! i7 [1 Z. v. z/ { G2 C- D3 aNeptune Tech & Bioresources (NTB : TSX-V : $0.79). J. V" W3 _4 K5 j' {$ k0 u% R
Dietary supplement business facing headwinds
" r' U+ |! Q2 w `+ PParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)# k9 u5 z! J2 \! i N2 _3 c3 G
Provided operational update and F09 guidance! I m# A* \! J3 Q6 ?% s$ h
Haywood Securities continues "sector outperform", 12-month target price is $3.250 |- U& n3 f" R
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Osisko Mining (OSK : TSX : $3.13)
+ v4 D+ {+ d$ D0 d! h: v9 j* DSouth Barnat resource around the corner$ D1 O! c* j! ? c5 E5 W, c7 Y7 T
Paradigm Capital continues "speculative buy", 12-month target price is $4.75+ U$ [& D' x2 l& D3 B9 C
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
; D# t& V. z% e q& Y+ U' ^1 d( P8 V; GProvided operational update
# S4 O0 y/ X$ f; |Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00( c2 w! `- j5 _
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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8 t, k2 z" j) V2 M$ h# rParamount Resources (POU : TSX : $7.85)% L1 C3 o7 s0 P
Provided operational update: Grande Prairie emerging as the key focus for F09
t& W8 Z, l% I6 JGMP Securities maintains "buy", 12-month target price is $12.00, @' n5 H6 _9 |6 r- r! Z
! S* o( m9 x Z" l8 zRockwell Diamonds (RDI : TSX : $0.07)" O7 e2 b; Q% U! p" s1 J
Operations starting to turn the corner% |8 m4 ^6 [; H) K( ]
RBC Capital Markets maintains "outperform", no target price reported
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Shaw Communications (SJR.B : TSX : $20.13)
I. X8 l, L, }3 W% l- _( DReleased Q1/09 results: in line, subscribers ahead
0 e' Q" B8 X/ M" u& R# t% hCredit Suisse maintains "neutral", 12-month target price is $25.50" k. g9 m$ T* `2 }/ e, G' a+ C
GMP Securities continues "buy", 12-month target price is $26.50. d5 [/ ?6 T9 p( E% Z
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
% e0 G7 O/ {( mHeld a sell-side lunch showcasing new U.S. team* B9 P$ a" F; h; e3 _" M1 ~
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00, P7 w8 S+ ~) W9 R: n
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Trican Well Service (TCW : TSX : $6.93)7 v- o* ~' A1 B7 E
Awarded Russian contracts
# J$ P( J2 }& I) _ YBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75
. d: }1 Y# q+ b2 ?% VRaymond James maintains "market perform", 6-12 month target price is lowered to $9.002 c9 N6 q$ Z: {4 _
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00, Y e5 \) H# [1 @) D6 e
5 T @5 J' {' }( n% ]/ k+ sSino-Forest Corp. (TRE : TSX : $8.93)
% u0 I0 Z. l. i0 KChinese furniture exports rose in November; j! B( r) {$ {# U+ u
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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0 D" L# V4 o/ z7 o; D0 J. bUEX Corp. (UEX : TSX : $0.88). g2 [% H$ J' V4 p, s
Shea Creek's two largest deposits have become one
# g! e' v' L9 C) @4 E; KDundee Capital Markets maintains "buy", 12-month target price is $2.75
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% f7 e% y5 ^8 `Vero Energy (VRO : TSX : $4.72)
$ Y* u- K7 @5 M/ h. ZReleased Q4/08 results: horizontal focus to continue in F09/ t8 e8 b# b# f7 \
Dundee Capital Markets continues "buy", 12-month target price is $8.00
) j$ ^1 H6 f) H) K' PGMP Securities continues "buy", 12-month target price is $7.50
6 i( Q! L0 E* h% H, l% L7 Y& T5 XParadigm Capital continues "buy", 12-month target price is $12.00
; {8 R( `, u" _! W& ERBC Capital Markets maintains "outperform", 12-month target price is $8.50* {5 O1 o) p, h0 o+ k& g! z. ?
. t. t, A4 A" m! G* M' aWi-Lan Inc (WIN : TSX : $1.75)
) J, ^5 P) M0 b1 f: @6 T( EHit homerun with Samsung; ]1 J2 x# h' [
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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