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Ear on the Street --- Jan. 16 20091 F8 L& }8 ^* R y+ M4 C( H
$ R, n$ v1 _6 e6 k6 W, P5 u! z. hAbsolute Software (ABT : TSX : $3.36)
7 s6 O: n# S q/ rBracing for a tough few quarters+ K6 w2 h) m. z! C% `% u, m
Canaccord Capital maintains "hold", 12-month target price is $4.509 ~4 t6 S& a$ j* H8 W' K
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
6 m. p P( l" vGrowth outlook, challenging pipeline and high cost structure make future unclear
, X/ W# D7 h/ ]# v4 f0 j3 wBlackmont Capital continues "hold", 12-month target price is lowered to $48.00, b, ~* C) ]0 v
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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Astral Media (ACM.A : TSX : $22.98)4 V% |$ j& P y) ~& ~
Released Q1/09 results: strong, in light of challenging operating environment5 o6 v, B. u6 X( i! l, W; X
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00- m1 G: {. u/ r
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.000 _; s6 R( e6 g" n9 p1 Q. ~
GMP Securities maintains "buy", 12-month target price is reduced to $30.00, J2 g) @" C! f: i8 Q6 y
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00 ]5 e0 T" U; ~$ o6 I6 x/ ~: a
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
) m8 H6 U8 c' L. oWell positioned with gold production forecast to double this year and next
/ B+ A5 K! A8 H1 p& H7 w; J' Z5 z4 cBlackmont Capital continues "buy", 12-month target price is lowered to $83.00) m" f3 R5 h! m2 C& k% w2 D3 u4 t
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 : $17.15), w' b/ B, R2 O+ c" f$ P! b! {
Reduced distributions by 20%; capex also cut
& G7 M% J/ y" u/ a3 o: x( H! o3 _# SRBC Capital Markets continues "outperform", 12-month target price is $19.00
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9 T& x5 ~- y, Z7 x5 D7 {: ?, xAndean Resources (AND : TSX : $0.75)7 `7 |& z7 b1 s# F" Z% I9 r5 i i
Announced F09 outlook
5 \& ^- D3 u6 t9 IParadigm Capital continues "speculative buy", 12-month target price is $2.25
1 Y2 R U, r$ L4 iTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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; r+ W g% O8 W) oBombardier Inc. (BBD.B : TSX : $4.65)
) r! e1 M( J$ Z& q; T! T Y" nRising challenges in Aerospace$ B' g8 t- W5 s/ D, O3 p8 q, m
GMP Securities continues "buy", 12-month target price is $8.00
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S$ z' R) |) E x- qBank of Montreal (BMO : TSX : $31.84)- l# H. Z1 L) v) ]: ?2 G
Acquiring AIG's Canadian life insurance business" X) @2 K" F. K7 z" Z3 Y
TD Newcrest continues "hold", 12-month target price is $37.000 Y6 C, @2 ^$ c. c6 A
3 t- n7 v# Y- E. DCogeco Cable (CCA : TSX : $33.37); K6 h/ R/ N4 X/ V
Q1 review: Canada results encouraging, but Portugal remains a drag, h) t- X0 I& L6 ^ P
BMO Capital Markets maintains "outperform", 12-month target price is $46.00$ p! y ?5 a2 i$ \$ R
Desjardins Securities continues "top pick", 12-month target price is $40.00
. h: R8 B5 V" S, C9 C {8 KRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00- O$ f* B$ n" P. K2 c
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.006 T+ g9 F5 f; i
9 H' x3 G8 O1 CCorridor Resources (CDH : TSX : $2.45)7 [; I4 @4 I8 q4 ]5 ~
Capital budget set to expected cash flow; production guidance lowered
1 c: f, x8 v5 e9 A# KRBC Capital Markets maintains "outperform", 12-month target price is $4.25+ N! ~4 `; }5 n" V# ^
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COGECO Inc. (CGO : TSX : $25.14)
0 \8 U9 {4 ~! B) a6 Z4 f9 XStrong radio and cable drives 39% EPS growth
' L! e1 t" J: q6 Y( L0 l& v6 wScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)
* n& h) j+ j' ^+ cTaking action to address tough operating environment
* [. C+ R; Q' k- E# f# Z8 LBMO Capital Markets maintains "underperform", no target price reported
4 V1 w7 _, h) N; m. BCredit Suisse maintains "neutral", 12-month target price is $1.00 j, }8 N/ F7 S+ P; K4 ~2 h8 f4 V& u
GMP Securities continues "reduce", 12-month target price is $0.50
4 o0 v) [8 f) XRBC Capital Markets continues "underperform", 12-month target price is $0.758 b/ G( ^1 d/ H: P% b5 g
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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. S: m' T: j& w2 F1 J* v& kCorus Entertainment (CJR.B : TSX : $12.47)
. t8 a. l5 o* O$ m! hQ1 revenues in line, EPS beat7 [3 m* V% @( O B! ~ E
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.003 d& H! Q" m# e
Credit Suisse continues "outperform", 12-month target price is $20.00
& s0 k! Z* t$ k: z( |5 ^8 W( KDesjardins Securities maintains "buy", 12-month target price is lowered to $15.006 |+ Q/ [4 h- J0 z d
GMP Securities maintains "buy", 12-month target price is reduced to $17.000 z. G& `0 A7 j
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50- e2 z6 q: l4 b( T; C' I
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)
1 ^) e6 k. k2 W$ V+ |/ XHeld investor day
$ P( g- L5 R1 nScotia Capital Markets maintains "sector underperform", 12-month target price is $11.003 E& W9 u1 B0 r/ B3 x; y' _7 J
% R z& j2 M7 ^! C/ H3 NDaylight Resources Trust (DAY.UN : TSX : $7.77)
8 W- H: y4 I3 G9 q( T! {Reduced distributions by 38%; guided for lower capex) T9 F7 r, _, G- @( D2 i. U3 A
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00* F6 s- C8 o; G' A8 k& \ W
Dundee Capital Markets continues "buy", 12-month target price is $12.00+ W, j: ?5 U" X' v4 O. D, h) f
TD Newcrest continues "hold", 12-month target price is $7.50 E% w* W; }$ }- g5 T4 O
f8 b1 B: c3 x3 k9 {! BEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
. A3 h) R# k: y$ p% F: c) P2 |Steady market and currency tailwind1 @+ z. _& D: }6 T% h
TD Newcrest maintains "buy", 12-month target price is US$5.00" U$ v9 F* w' t( X/ G- B
0 B2 X. S: |9 _Goldcorp Inc. (G : TSX : $29.74)5 b S0 G: ^2 V/ E
Revised commodity forecasts* F0 u$ D+ M$ v6 h
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)$ [3 M6 p. T; Q+ i' \0 I
Announced Ugandan commerciality on exploration success W# H' L, r }
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50/ P4 n! S! ~* b2 V1 H
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Harry Winston Diamond (HW : TSX : $4.98)
3 v0 d: G4 ?. a/ t/ Q$ \Retail division suffers& \+ U4 ~* g8 _- g7 i2 N0 y
Desjardins Securities maintains "buy", 12-month target price is $12.60
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2 N% |9 R) U' a! R+ DLaramide Resources (LAM : TSX : $1.84)7 z: Z" O& X/ X% t+ J
Westmoreland provided more high grade at Redtree's Jack Lens3 R6 J+ \; h0 f: _
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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9 u0 z7 H( U4 E$ W; n# oLockerbie & Hole (LH : TSX : $6.00)
% p1 e) \" K& ?' [. _! |Released Q3/09 results: very strong, focus should be on active backlog
' l6 V6 j6 Q9 i$ O( V: |GMP Securities continues "buy", 12-month target price is $9.00( M. z9 I5 Q2 D8 v8 o$ V
Raymond James maintains "market perform", 6-12 month target price is $8.25 l1 Z- l3 o+ b5 U! h- U, Z# ?( d
# z1 b G" G6 ], r. R( ]/ ALivingston Intl Income Fund (LIV.UN : TSX : $6.00) L# b# g$ V2 o D# \! D/ Y
Reduced distributions by 70%& M+ a# _' D0 ~0 I0 }
RBC Capital Markets maintains "outperform", no target price reported
! s( E; m5 o; A' |0 p: R( TScotia Capital Markets continues "sector underperform", 12-month target price is $6.50; }2 \: B7 {* r' ]! A# {
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Matrikon Inc. (MTK : TSX : $2.04), \/ w# L2 o7 L! M5 o
Released Q1/09 results: a little light, but still respectable6 `1 i0 _8 ~ @3 I9 {, u
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50+ [/ V3 Q2 b$ Q& o2 k$ J" n$ l+ Z
Paradigm Capital maintains "buy", 12-month target price is $4.00
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3 t% ^6 _( Q" ^Mullen Group Income Fund (MTL.UN : TSX : $10.97)) D+ l0 `. Q1 b" ]
Expecting lower CFPU on higher taxes
* a6 L/ h" R) ], q* R' n) {- EBMO Capital Markets continues "outperform", 12-month target price is $18.00
S" `6 O0 O) u7 m" D, [RBC Capital Markets continues "sector perform", 12-month target price is $12.007 e! V6 k5 B/ Q' y; ]
TD Newcrest continues "buy", 12-month target price is $17.00
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6 o5 R: [2 F) L3 aNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
& a% @, u0 [& M8 Y% ]Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
' m6 h M/ m0 V- ~3 ^) ^Blackmont Capital continues "hold", 12-month target price is reduced to $1.25% |) Z8 r% T7 n6 a
Credit Suisse maintains "neutral", 12-month target price is US$1.006 U" h# r( k& r2 g# [- e
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)4 a- Z k/ Q( f% k T$ L
Dietary supplement business facing headwinds
" M5 y) I, p; P, m! Z* c9 V5 RParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)
g( I; {9 ~ I; T; YProvided operational update and F09 guidance
, L, g$ x+ S' m) c8 N$ r, R! pHaywood Securities continues "sector outperform", 12-month target price is $3.25
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" e5 s( m- n& M% b% s) X5 aOsisko Mining (OSK : TSX : $3.13)
( p! D) ^ n' u* V; GSouth Barnat resource around the corner7 I4 h5 y4 O j% r' }2 |: s! Y
Paradigm Capital continues "speculative buy", 12-month target price is $4.75
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)% m; ^' [; c$ r( Y/ a# b& E
Provided operational update
9 c. s' {' R3 y+ TBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00
7 V- f0 `& C) e! t. y& nTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50$ c: P2 E3 W) E T
5 f% L; H3 _3 A, KParamount Resources (POU : TSX : $7.85)
: g7 T; l" _0 S6 r( l# bProvided operational update: Grande Prairie emerging as the key focus for F09
% J! ]2 N1 `2 c/ F! m! W, X7 z, LGMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07). L: l7 U( y9 U$ S8 x' p
Operations starting to turn the corner
* S! p2 n6 L6 [1 w; F. f0 m; hRBC Capital Markets maintains "outperform", no target price reported
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" m0 b' e9 t4 D( R; a2 g% a# V oShaw Communications (SJR.B : TSX : $20.13)
5 s8 V. Q/ _0 O- NReleased Q1/09 results: in line, subscribers ahead+ n- z( v5 D( N+ c
Credit Suisse maintains "neutral", 12-month target price is $25.50
" Y1 \, H3 ]: `) lGMP Securities continues "buy", 12-month target price is $26.502 D0 e V" |0 f8 s
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)6 y5 V* w, [* Y
Held a sell-side lunch showcasing new U.S. team
. Y3 T2 f% f% D- e5 \2 sScotia Capital Markets maintains "sector perform", 12-month target price is $33.00$ X( H* D* I9 b3 y2 g' D
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Trican Well Service (TCW : TSX : $6.93)% _6 L0 K$ M3 c. l: [) ]0 F
Awarded Russian contracts
( I+ E* V8 M4 w' o& o2 w2 B3 Q8 KBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75
$ |/ p! a1 p1 r7 JRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00' ]4 [5 T* X; v+ v- v1 ~
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00$ v g7 Q$ o" Z( \0 u+ u
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Sino-Forest Corp. (TRE : TSX : $8.93). n$ w( m; ?2 o) I/ ~
Chinese furniture exports rose in November; X7 V2 I/ X6 j) r+ {
Dundee Capital Markets maintains "buy", 12-month target price is $23.50$ |+ a% E2 s- m/ R- \$ E5 G
- O4 W) R2 h! rUEX Corp. (UEX : TSX : $0.88). V$ l+ q, K; n) o" g
Shea Creek's two largest deposits have become one
9 }- _, m' Z4 L% J8 n+ l% nDundee Capital Markets maintains "buy", 12-month target price is $2.75
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% S, p0 U0 H l, D* K2 @- @2 VVero Energy (VRO : TSX : $4.72)
. O& C6 r* e N* ?Released Q4/08 results: horizontal focus to continue in F09/ E- U# m; ?4 e) @) S$ d- ^4 O
Dundee Capital Markets continues "buy", 12-month target price is $8.00
7 p6 t5 Y. ]2 h# cGMP Securities continues "buy", 12-month target price is $7.50. y- R' q3 a/ ^# v$ `
Paradigm Capital continues "buy", 12-month target price is $12.00/ @! L+ w! H b
RBC Capital Markets maintains "outperform", 12-month target price is $8.50' Q2 e# J& y) m/ ?) b
: L/ A: q7 B: B4 U+ q! iWi-Lan Inc (WIN : TSX : $1.75)5 s. G4 }5 ^7 G. Y
Hit homerun with Samsung& F7 e4 T0 t9 G: P7 g- n
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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