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Ear on the Street --- Jan. 16 2009' T& |$ Z) |; Q- o
! O ?" I+ [; B# a' p6 D7 kAbsolute Software (ABT : TSX : $3.36)
; D; o+ l$ Q# E" p/ c0 YBracing for a tough few quarters
9 d0 X1 x0 ?% A2 Q4 BCanaccord Capital maintains "hold", 12-month target price is $4.50: l5 } p9 G, @- l+ O9 Y8 L
4 c+ `: h4 a5 LBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)8 Y$ L" _! Q7 g# }* n; _" @
Growth outlook, challenging pipeline and high cost structure make future unclear" L% s3 Q5 r' ?1 Z; z0 p
Blackmont Capital continues "hold", 12-month target price is lowered to $48.000 V& Y1 _) g0 O
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)
( ?& {: Q* l, D. LReleased Q1/09 results: strong, in light of challenging operating environment: c( ~2 V q. H
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.008 e, K1 U% }$ b2 x# l) X
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
1 Q( ^7 j6 X3 h( R( w7 CGMP Securities maintains "buy", 12-month target price is reduced to $30.00 W J1 h5 k5 V" l: H6 _# i
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
. n3 }8 f* T, V4 RScotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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, F2 S+ Q% Z5 a. y+ F- xAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
! }" I- B4 S) {* ?Well positioned with gold production forecast to double this year and next: Y, y. h! v- u) \* I
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00/ m4 j+ k9 i- ]
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.001 H( p# P1 X5 @
b0 I# x9 x/ ~9 KARC Energy Trust (AET.UN : TSX : $17.15): r& \( b6 L; N. q$ C" s9 {; q
Reduced distributions by 20%; capex also cut
% D1 x- O! \3 e2 a9 o$ O, RRBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)& U5 X7 M; @2 ]" O& w; F
Announced F09 outlook
; P1 i5 Q9 O+ `4 B. p+ cParadigm Capital continues "speculative buy", 12-month target price is $2.25
2 c) G0 z0 t; u. v& QTD Newcrest downgrades to "hold", 12-month target price is cut to $1.006 @& z- \ e: E# X( Y
+ r5 A4 y, k2 z7 FBombardier Inc. (BBD.B : TSX : $4.65)1 H1 C$ R- @ ~' n
Rising challenges in Aerospace4 G7 y* e& U& N, L4 W
GMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)3 I% O6 |4 L3 F5 X
Acquiring AIG's Canadian life insurance business
+ z$ P; ]; M2 t# h1 ~ ^1 c- Y) _TD Newcrest continues "hold", 12-month target price is $37.00
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+ R4 o1 d+ t' F. d+ }: rCogeco Cable (CCA : TSX : $33.37)
9 f/ S E$ O* I: Y3 YQ1 review: Canada results encouraging, but Portugal remains a drag( |. D3 x4 I% u' [ `
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
% Z X* \7 M6 k1 V9 QDesjardins Securities continues "top pick", 12-month target price is $40.00! c& p \+ }% _# {' ^2 d
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00$ E4 x1 I. D0 u! K# L3 T' j) L$ ^
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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5 k; ?! v7 c; Y! o# mCorridor Resources (CDH : TSX : $2.45)% k9 T W& ?4 v
Capital budget set to expected cash flow; production guidance lowered
) Y& g5 Q8 U; \ v; ZRBC Capital Markets maintains "outperform", 12-month target price is $4.25/ P8 O) b0 b( P7 g H0 u
6 F8 o$ r0 v9 `8 o. F! pCOGECO Inc. (CGO : TSX : $25.14)" q$ [" |: L8 E! n
Strong radio and cable drives 39% EPS growth+ J2 Q/ I2 W9 m8 q3 g. I1 K
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)
. ]4 E B- m; I( e( {! R9 J+ ITaking action to address tough operating environment. Z" e% W/ `8 Y; [, ?, c- [' o5 J
BMO Capital Markets maintains "underperform", no target price reported
, B9 U; x8 S7 o! FCredit Suisse maintains "neutral", 12-month target price is $1.004 {. h( `; c# A/ U! R) \7 v9 a
GMP Securities continues "reduce", 12-month target price is $0.50
0 j k$ C+ q$ ?9 f: G9 b2 U, PRBC Capital Markets continues "underperform", 12-month target price is $0.757 O. h2 g7 y# q4 i0 a
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50' i* ?, U8 ^. v. M. e% M8 {! ]+ G
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Corus Entertainment (CJR.B : TSX : $12.47)
: D' G& P$ l+ W* |9 o7 T6 qQ1 revenues in line, EPS beat
7 p0 }3 u# k8 z4 lBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00# s% _+ W9 X1 v1 ~ W, ~3 z
Credit Suisse continues "outperform", 12-month target price is $20.001 c# `8 B; g' {" q! C
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
5 l" u' u+ z j- hGMP Securities maintains "buy", 12-month target price is reduced to $17.00
6 `6 ?: z6 j0 A. Y1 H9 N9 IRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50, `6 e1 x' b$ ^. M5 T0 x2 v9 q: Y0 x
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00$ m/ F, W! L) v9 l( H6 b) \
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Calloway REIT (CWT.UN : TSX : $11.84)
( L# I& c) e) \; JHeld investor day
; f" x$ W9 W( zScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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! r+ v8 P& B9 ?0 i3 V5 d4 ^5 dDaylight Resources Trust (DAY.UN : TSX : $7.77)
( a8 j: h! x2 `. yReduced distributions by 38%; guided for lower capex% U0 Y, y7 F/ A, e' l
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
1 c* H9 E- G* i7 wDundee Capital Markets continues "buy", 12-month target price is $12.00
) L* P+ f, k; M5 NTD Newcrest continues "hold", 12-month target price is $7.50
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" p U5 J% `, ~, q* d5 EEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
/ H" i( n( b& B& t' ^Steady market and currency tailwind
: \# @# w! |( Z1 W6 J9 |4 x/ ^TD Newcrest maintains "buy", 12-month target price is US$5.00
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Goldcorp Inc. (G : TSX : $29.74)% h1 B6 [& s0 J( |$ _
Revised commodity forecasts
0 P, G1 k4 G6 I" pBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00& K; y+ h1 H7 j5 h/ c: B% R8 v4 g
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Heritage Oil (HOC : TSX : $3.77)+ s% M0 K6 ]' \2 p( ^
Announced Ugandan commerciality on exploration success
" R1 P C' O2 d6 z/ U$ ?! G& Y! l* L. yTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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/ E$ m6 Q& o( b" `7 w. [Harry Winston Diamond (HW : TSX : $4.98)# K" D# Y6 z; o
Retail division suffers
q! W4 {: }' I! Z* K9 BDesjardins Securities maintains "buy", 12-month target price is $12.60! d T$ {: s( U3 F4 K0 M
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Laramide Resources (LAM : TSX : $1.84)
3 [$ u6 D2 f$ y g7 mWestmoreland provided more high grade at Redtree's Jack Lens
& E* {* a0 D7 J5 rDundee Capital Markets continues "buy", 12-month target price is $2.30
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8 b$ C: |" ~6 @( ~Lockerbie & Hole (LH : TSX : $6.00)
3 h% ~; x1 Z! Y: O) @% O$ n# M$ _Released Q3/09 results: very strong, focus should be on active backlog
, _0 G3 {0 c/ N; B5 [& bGMP Securities continues "buy", 12-month target price is $9.00 w# V3 u, Q; ~, c6 S% e* [. G
Raymond James maintains "market perform", 6-12 month target price is $8.25
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' x$ p8 A. l7 f4 @Livingston Intl Income Fund (LIV.UN : TSX : $6.00)7 S# G7 V, k2 K3 O2 _1 l
Reduced distributions by 70%
/ S, d" T; S, Q* sRBC Capital Markets maintains "outperform", no target price reported
, d9 S: P/ d3 z, [& ~Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50- E2 y7 M! {' I
3 m6 s8 [( K4 B2 J# tMatrikon Inc. (MTK : TSX : $2.04)
( \' E e8 O" r/ m& c( D/ nReleased Q1/09 results: a little light, but still respectable
' ?8 P' ]- |6 ?/ ^BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50$ T$ ]. c0 L9 w: P6 ^+ _& C/ X7 D2 W
Paradigm Capital maintains "buy", 12-month target price is $4.00% h) X" n! J1 T$ ~& ^- l3 ?
* D* H, p2 h+ t. nMullen Group Income Fund (MTL.UN : TSX : $10.97)
. n# c% D+ B# G+ A" ]6 w% eExpecting lower CFPU on higher taxes6 P1 N# F7 u% b9 ?$ g! a
BMO Capital Markets continues "outperform", 12-month target price is $18.00
, p0 p' d0 m0 |3 u% x7 Z9 X- jRBC Capital Markets continues "sector perform", 12-month target price is $12.00
7 A9 M5 Z Z5 K! NTD Newcrest continues "buy", 12-month target price is $17.00
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)7 m' e( \+ X7 {1 w4 L
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
/ Q* e$ V6 f! P) y. _Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
) l; j0 D) |6 cCredit Suisse maintains "neutral", 12-month target price is US$1.00
6 W) d! Q, p7 H4 WScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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! G3 j9 E7 Y8 a, [+ sNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
2 \8 p. O( }, \( lDietary supplement business facing headwinds8 X- P3 ~5 ]+ H) X! S k0 n4 u
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.004 p9 ]1 M+ N& `; K0 S y! t
2 { x; ^3 O/ \/ c" Z( xOpen Range Energy (ONR : TSX : $1.18)
' u- m$ H6 K" q3 w6 I2 H) YProvided operational update and F09 guidance; O/ c' R7 U, R; e3 T
Haywood Securities continues "sector outperform", 12-month target price is $3.252 r: _- t* j( c, H4 T) F0 S4 Y
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Osisko Mining (OSK : TSX : $3.13)
& [4 g* i m1 S7 jSouth Barnat resource around the corner
& g/ z* f* N0 f! t, a; A+ ?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$13.75)% r7 g& j2 l. U- t$ Y0 z
Provided operational update3 ]6 ?# ~6 r9 W5 H
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00 a. w* y4 W4 w+ q
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.501 e0 h3 k, v8 z0 ?9 T/ i( I
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Paramount Resources (POU : TSX : $7.85)7 w) `% ?: d9 x4 s; M" B% v! t
Provided operational update: Grande Prairie emerging as the key focus for F095 H8 X! K. K1 i
GMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)' L( b) f* M5 Y; u7 S
Operations starting to turn the corner* E+ Q+ x- X/ [( B
RBC Capital Markets maintains "outperform", no target price reported( A* i* b1 d1 M& q0 W* m
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Shaw Communications (SJR.B : TSX : $20.13)
5 m; G2 L6 z& EReleased Q1/09 results: in line, subscribers ahead
) V I: C! T# QCredit Suisse maintains "neutral", 12-month target price is $25.50
6 Q* e( t; x' S+ m! BGMP Securities continues "buy", 12-month target price is $26.50
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1 E' V& s! e# S1 `$ qSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
% [* t2 y) m( P4 C3 U. AHeld a sell-side lunch showcasing new U.S. team
4 o% H, T# U: V Q& S7 Q" \9 r4 X& qScotia Capital Markets maintains "sector perform", 12-month target price is $33.00. r( X# k6 f [
" V; l. d- r1 K1 iTrican Well Service (TCW : TSX : $6.93)
$ n. D. _4 _4 u% U0 H! H" V: ?, MAwarded Russian contracts
9 {) S" R, ^* T( S, e6 VBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75
0 O2 O- ~ h. _Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00% u; U2 m, y. K' Y$ \
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00( \( G( ~/ H4 w0 z. @7 N8 L/ G/ z
5 L: T0 J ]! e' s$ k" |Sino-Forest Corp. (TRE : TSX : $8.93) v3 K9 r7 r- ~' g. D4 j
Chinese furniture exports rose in November. Z5 S* l: P8 _% h' u2 b. i: L
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)
3 w- A' w' H+ x% PShea Creek's two largest deposits have become one
/ z: c* o+ R0 D: gDundee Capital Markets maintains "buy", 12-month target price is $2.75* l3 M: Q& b2 S& r9 p3 F9 {* c( m; b
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Vero Energy (VRO : TSX : $4.72)% F) P7 U* s( ?: G7 c
Released Q4/08 results: horizontal focus to continue in F09( `4 Z6 u, A Y2 o3 c
Dundee Capital Markets continues "buy", 12-month target price is $8.00
) J: s" F3 v! T6 P( g$ N- wGMP Securities continues "buy", 12-month target price is $7.50
: i# [+ D. a. `& q4 TParadigm Capital continues "buy", 12-month target price is $12.00
. m# B7 X! R% Y. L; O$ |RBC Capital Markets maintains "outperform", 12-month target price is $8.50. {2 {" e! r+ J5 z
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Wi-Lan Inc (WIN : TSX : $1.75)
- v x1 n; k- j" h3 E0 U8 A: W+ UHit homerun with Samsung0 ~5 j$ `" a5 n" ?' Z
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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