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Ear on the Street --- Jan. 16 2009
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* R2 q& h) J) J' DAbsolute Software (ABT : TSX : $3.36)
" b3 U) ?* w3 xBracing for a tough few quarters" t5 L% h( ^3 D+ s" U j, O$ f2 V
Canaccord Capital maintains "hold", 12-month target price is $4.50" e/ E! f5 D( v: m+ d
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
. l7 q4 J0 R: D) H- ?Growth outlook, challenging pipeline and high cost structure make future unclear
( D5 d, Z3 f1 C7 sBlackmont Capital continues "hold", 12-month target price is lowered to $48.00
2 C- ~: a- ?9 eTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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, r: E( V& `2 o! H& X& bAstral Media (ACM.A : TSX : $22.98)
5 W& X0 U) b' P2 x! Y8 HReleased Q1/09 results: strong, in light of challenging operating environment
. `- d5 B, p% G+ e* dBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.005 j; @* D- T' l$ H9 Q9 e1 U
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
$ D8 f% x4 I' t7 Y' [+ QGMP Securities maintains "buy", 12-month target price is reduced to $30.00
/ C# a3 |, h# Y( sRBC Capital Markets continues "outperform", 12-month target price is raised to $31.009 f" @1 R, X% V7 D- w0 N' ~( R
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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4 N, G% B0 K5 OAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)" W$ f% }/ z& p1 _3 L
Well positioned with gold production forecast to double this year and next/ H$ d# h J' Q) s
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
, Q! F9 p9 {0 U& v( G* @TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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ARC Energy Trust (AET.UN : TSX : $17.15)! G9 p; p% q N, |) g
Reduced distributions by 20%; capex also cut* o% P5 v& l8 E/ h
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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3 B6 z6 K$ v7 i2 C0 z/ D+ v) UAndean Resources (AND : TSX : $0.75)7 I6 T1 B4 P I9 O6 @3 Z! e( J
Announced F09 outlook
2 ~1 k8 @/ c, @5 G3 H$ V5 hParadigm Capital continues "speculative buy", 12-month target price is $2.25
) [# W* o' `4 Q! K2 \/ w2 ETD Newcrest downgrades to "hold", 12-month target price is cut to $1.008 e0 ], _2 d/ @7 d4 P3 T! Y" a
- V- r5 v) Y2 F( O' wBombardier Inc. (BBD.B : TSX : $4.65)+ u, g' J7 I" T( z
Rising challenges in Aerospace( y- @) g* |+ T: N6 X; ]# W( _
GMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)
2 X! y- Y/ N3 a" @Acquiring AIG's Canadian life insurance business" ?/ z: w4 T1 M; p
TD Newcrest continues "hold", 12-month target price is $37.00
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" n3 a1 \- Y; vCogeco Cable (CCA : TSX : $33.37)
7 L. E$ M# K/ R* R. {- WQ1 review: Canada results encouraging, but Portugal remains a drag' s9 z. ]: x1 ?! ~
BMO Capital Markets maintains "outperform", 12-month target price is $46.00. G- z3 \- @1 |8 |6 i
Desjardins Securities continues "top pick", 12-month target price is $40.00
# Q# I' B, y" x: ]6 xRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
- `. K& ^2 r- i* r4 p( E; L. p; v# XScotia Capital Markets continues "sector outperform", 12-month target price is $55.001 z: a F8 b5 Y' t0 B# Y
' t( `/ u9 o8 }2 [# j) FCorridor Resources (CDH : TSX : $2.45)- G2 F' G+ q* W, G R! G
Capital budget set to expected cash flow; production guidance lowered- X- V% N0 p* Z: q9 ~
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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# K! U& ^% ], E7 R; w7 nCOGECO Inc. (CGO : TSX : $25.14)( x$ z5 D* U* y/ `
Strong radio and cable drives 39% EPS growth
1 j, x/ \. r5 R5 |2 oScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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+ M% g3 H( a1 Z# l+ Z5 y2 }. B4 JCanWest Global Communications (CGS : TSX : $0.51)% Y. k. A" f7 ]3 m3 o* U
Taking action to address tough operating environment9 A; @& g, Q3 G
BMO Capital Markets maintains "underperform", no target price reported6 y$ Q: F. J' j. M4 r5 A
Credit Suisse maintains "neutral", 12-month target price is $1.00
$ f/ r# \2 w/ y1 o6 ~& r0 ]GMP Securities continues "reduce", 12-month target price is $0.50/ a. L4 P( q, i: n2 h/ S$ ?5 Q- |, e, F
RBC Capital Markets continues "underperform", 12-month target price is $0.75
$ y. D( l" a9 y _2 v A; n& k! R( [/ }Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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. j# y1 z0 G6 ICorus Entertainment (CJR.B : TSX : $12.47)5 t4 b6 {0 m, D1 l G- |
Q1 revenues in line, EPS beat0 }6 C- |2 q4 J0 v# M
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
/ r" `! u( U2 U- _- Y0 NCredit Suisse continues "outperform", 12-month target price is $20.00* S# S2 O7 P* I
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
$ t/ v* e; N6 lGMP Securities maintains "buy", 12-month target price is reduced to $17.00+ O% K4 G; C- |8 ~ E: T5 K' s
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
3 }0 Z" L. x7 s" d2 G3 RScotia Capital Markets continues "sector outperform", 12-month target price is $18.00, x3 g% D# Y! j8 @/ z+ B [' `/ i
0 X2 h" T* y- i2 j: rCalloway REIT (CWT.UN : TSX : $11.84)
+ f9 M+ G% W; @2 C; \% I' k( V) ZHeld investor day
. V0 ^8 y1 X |' C1 x, J. @Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.001 U# t0 F8 \ x$ R
: a$ \* f( ?+ @& }Daylight Resources Trust (DAY.UN : TSX : $7.77)" v& o8 b" C9 B1 x, Y- |
Reduced distributions by 38%; guided for lower capex6 [6 H& S2 S3 E/ R9 D8 c4 f+ Y
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
) q- x1 m. g7 @" i0 UDundee Capital Markets continues "buy", 12-month target price is $12.003 `. R3 p( M' {; W* r
TD Newcrest continues "hold", 12-month target price is $7.50
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6 }, e: F6 i6 }: v* g7 REXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
. Y' P6 Q: D4 K8 X" W+ m1 ?Steady market and currency tailwind& W# @" m% j3 [
TD Newcrest maintains "buy", 12-month target price is US$5.00
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9 Z8 y4 a. u1 ~3 YGoldcorp Inc. (G : TSX : $29.74)# |& b$ J$ Y' `" k
Revised commodity forecasts
$ s- \8 d- x4 M- j- N, Y" CBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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0 T! U+ s9 V4 A8 W* bHeritage Oil (HOC : TSX : $3.77)
% @' S; x/ l* H: tAnnounced Ugandan commerciality on exploration success
% W' S b2 r' p, D- d& xTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)
B. k) u8 y# L# e( t" Q3 K) C rRetail division suffers
. c8 a$ Z- F# PDesjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)
' z( C: _( A X) u& y$ LWestmoreland provided more high grade at Redtree's Jack Lens
0 ]3 N7 ^5 S& s5 t0 c' T6 l9 |, H% UDundee Capital Markets continues "buy", 12-month target price is $2.300 f8 q0 b& y) ?8 a7 E7 R! P( F
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Lockerbie & Hole (LH : TSX : $6.00)* Q' {8 l. x2 T6 q P
Released Q3/09 results: very strong, focus should be on active backlog- x4 s4 e0 Z5 \: J' u3 X1 F7 c: b
GMP Securities continues "buy", 12-month target price is $9.00) u7 @7 ~+ w' h- P. V* c
Raymond James maintains "market perform", 6-12 month target price is $8.25
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)
( E _$ n3 O: c/ R0 T' D0 OReduced distributions by 70%
# [* w" O) v- `7 [% L+ V) b- [RBC Capital Markets maintains "outperform", no target price reported, a4 f2 ?+ e/ n. \9 B ~5 q
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04): \/ i9 Y- x) Y- O
Released Q1/09 results: a little light, but still respectable( r4 `% h7 l( P' W8 x
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.507 m" W a, g8 Y0 X7 `5 u- f- C
Paradigm Capital maintains "buy", 12-month target price is $4.00
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6 q$ w$ C$ H; a/ s4 LMullen Group Income Fund (MTL.UN : TSX : $10.97)
* c1 x& B, \$ CExpecting lower CFPU on higher taxes
. `9 ?7 g* f" W9 t+ C. x3 bBMO Capital Markets continues "outperform", 12-month target price is $18.00+ o( m0 ~( l) S# ^; C1 b: u- W
RBC Capital Markets continues "sector perform", 12-month target price is $12.002 Q$ ]4 d* I! y c
TD Newcrest continues "buy", 12-month target price is $17.00 r' \8 y# }7 `7 ^5 [- Y0 e1 c
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)& A& d+ I! s' Q5 y0 v9 C0 J
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain# C) |) D% Q' {( @
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
. ^2 S3 V+ m) g! r H8 U6 ]Credit Suisse maintains "neutral", 12-month target price is US$1.003 |2 T/ M- P% d2 H; i/ H5 e
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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; T. n. r+ n% ~& `9 ^4 N' yNeptune Tech & Bioresources (NTB : TSX-V : $0.79)! k. T' s5 }1 G: T+ y
Dietary supplement business facing headwinds1 e9 S: x5 C. b/ r4 M& u2 X. [5 s
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)
5 z1 t: v& S) O8 y& Y0 VProvided operational update and F09 guidance' a4 L% ?8 o. S
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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& R5 I O8 K$ [$ `Osisko Mining (OSK : TSX : $3.13)
0 f* h: V/ D8 ^7 i1 Y) \# w: ^, lSouth Barnat resource around the corner
/ D! ] c, l7 aParadigm Capital continues "speculative buy", 12-month target price is $4.75& z1 I" z9 d; w! z
0 O4 n4 G$ R" \; z6 dPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)4 h) [, l3 W1 ?- q7 I7 F
Provided operational update
9 g, D( ^! \; W$ m6 r( hBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00
. C" m6 X# ]: |% O9 S' FTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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Paramount Resources (POU : TSX : $7.85)
) E0 H5 f/ i3 d2 zProvided operational update: Grande Prairie emerging as the key focus for F095 h! u0 U. G9 \0 y: s: Y
GMP Securities maintains "buy", 12-month target price is $12.00: {7 @3 ^' T' C S( n# ?5 @6 ~3 u
# S" E% O- g1 U, aRockwell Diamonds (RDI : TSX : $0.07)
" x) e/ K5 W: P0 j n6 E1 rOperations starting to turn the corner
2 @0 c9 U! G" N8 z' U9 Y3 g1 ERBC Capital Markets maintains "outperform", no target price reported% @: t5 \3 X+ o" G
. A4 J- U7 b! I! I. e" m0 m6 p( Q4 ]1 LShaw Communications (SJR.B : TSX : $20.13)+ w! f) A( B3 g5 t7 t5 n
Released Q1/09 results: in line, subscribers ahead/ d; v2 s3 z4 r4 M3 G# o i
Credit Suisse maintains "neutral", 12-month target price is $25.50. @7 ?5 n( E+ \
GMP Securities continues "buy", 12-month target price is $26.50
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)+ p" f$ L! E! i$ j- }
Held a sell-side lunch showcasing new U.S. team
: i! K* s4 K' u- H+ ?7 ^Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00* ?$ r5 ~- ?8 x. c
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Trican Well Service (TCW : TSX : $6.93)
% {) B4 K" H X1 T6 B5 lAwarded Russian contracts. g; H& P: J0 g) H
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75- A( v4 w# e* ?# [& a
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.009 F [' v5 z3 X, f1 n5 q2 g
RBC Capital Markets maintains "sector perform", 12-month target price is $10.008 {8 \: \! N" G* a6 j3 C
) ^4 J1 B5 `7 H( ?+ J9 f0 Q4 k" CSino-Forest Corp. (TRE : TSX : $8.93)
, r' Z8 c. ^ g* t1 JChinese furniture exports rose in November/ f& h. G2 g* A6 m u! c
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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+ H) Z# D% H' @1 r3 FUEX Corp. (UEX : TSX : $0.88)# ?( z$ X; D7 Q4 w5 p# |! h
Shea Creek's two largest deposits have become one
6 D( s7 r/ ^% f! u" @- ?# XDundee Capital Markets maintains "buy", 12-month target price is $2.75) l0 n3 y% g+ V8 N0 r0 z! h1 ~
: N7 t+ I; i& eVero Energy (VRO : TSX : $4.72)3 E ^8 A' [$ X* Q5 b
Released Q4/08 results: horizontal focus to continue in F09% \# J5 h. ], w
Dundee Capital Markets continues "buy", 12-month target price is $8.00
; N) \ a, L8 b/ x8 qGMP Securities continues "buy", 12-month target price is $7.50' t, M U. Y0 f7 N! I! V0 E4 m3 Y6 T
Paradigm Capital continues "buy", 12-month target price is $12.002 w- C, V/ s% E" z' \4 c+ r7 q
RBC Capital Markets maintains "outperform", 12-month target price is $8.50" J: F1 M9 e8 e7 @) f+ }( _+ C
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Wi-Lan Inc (WIN : TSX : $1.75)
" X* T- |+ s5 d" X HHit homerun with Samsung( |) h* R3 \( q/ i+ v& [. E; G
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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