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Ear on the Street --- Jan. 16 20090 J' t4 ^7 n4 i9 |- |" Y
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Absolute Software (ABT : TSX : $3.36)& y" c8 Q& n. |6 d/ d+ P) r
Bracing for a tough few quarters
/ `9 m! U, `/ [8 M$ MCanaccord Capital maintains "hold", 12-month target price is $4.506 N/ p) v' ~1 K9 y) N9 W! G
1 g! H4 ?" G9 H: h b+ N& kBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)# h! ?' \5 B% J/ c9 h L' y g l
Growth outlook, challenging pipeline and high cost structure make future unclear& U/ \9 o: D7 Y& g; j
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00) `+ B' X* }1 j5 b
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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2 }: u; p8 L3 O4 V8 i# CAstral Media (ACM.A : TSX : $22.98)3 W7 ?" F/ [; C- R3 \; D# d
Released Q1/09 results: strong, in light of challenging operating environment2 c. \5 F- c. z0 y3 l
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
& ~) c, T- P) p4 c7 g4 YDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00
" g) \% {( z0 f$ C3 U& fGMP Securities maintains "buy", 12-month target price is reduced to $30.00! O* L* B* k8 ]) m/ G! s
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00" t2 ~( Y+ ~9 J! J! K) P
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00& k# e$ P" B6 i5 i' {
1 |4 R, d/ D1 n0 P2 CAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
: | ^& C$ a+ j( ~& S/ Z9 L9 TWell positioned with gold production forecast to double this year and next
# J! r% ?2 ]5 h" kBlackmont Capital continues "buy", 12-month target price is lowered to $83.00
- S }# `( h$ vTD 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)- | U R* |2 S. ^( B4 d
Reduced distributions by 20%; capex also cut1 G, w/ m- o0 g7 G, `5 w" l
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75). u3 y0 F1 z( e8 h
Announced F09 outlook$ `. t3 H0 O; v, T3 C4 J
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
* z3 s& h3 @$ @( {6 VTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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Bombardier Inc. (BBD.B : TSX : $4.65)- Y8 u1 j, u5 l; A5 S
Rising challenges in Aerospace
7 k" A2 M" G3 l9 b3 J/ yGMP Securities continues "buy", 12-month target price is $8.00: |# j* V: h* D# Q: q( f1 a. p) N
" k( i0 B$ R% W' M o0 U: gBank of Montreal (BMO : TSX : $31.84)
6 v% v* }4 W$ n5 e" d1 L VAcquiring AIG's Canadian life insurance business3 s4 U4 @; L' |. c* @
TD Newcrest continues "hold", 12-month target price is $37.00
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+ G- ? ]5 y2 A/ t. aCogeco Cable (CCA : TSX : $33.37)
" e) u& c$ X+ ^# ?' W& z6 Z1 e: M* BQ1 review: Canada results encouraging, but Portugal remains a drag0 U' o, p, S. Z! n
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
- l- {7 Q+ h7 N( n$ JDesjardins Securities continues "top pick", 12-month target price is $40.00# Z0 n* C8 [9 h& }- Z! e
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00: Y: Y1 g: F. H1 l" N( ~" N
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.005 R+ ]# h: E3 f9 ?
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Corridor Resources (CDH : TSX : $2.45)
! y+ [& \- ~% s. d9 |* B9 qCapital budget set to expected cash flow; production guidance lowered
* c5 Z6 w$ ^" H! r: [% u& TRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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- [& Z0 x( _+ {8 J" O7 X" v( ?COGECO Inc. (CGO : TSX : $25.14)1 ]9 k) H' T& n6 l9 t" U
Strong radio and cable drives 39% EPS growth
# L1 W- f9 Q: PScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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" l2 P. l$ L$ W) X% R- i2 sCanWest Global Communications (CGS : TSX : $0.51)9 @" U. T+ o% c2 ^) N& q+ P. g
Taking action to address tough operating environment' P) K: ] B9 S6 ?2 d; s
BMO Capital Markets maintains "underperform", no target price reported, X/ B0 {1 R1 a$ m
Credit Suisse maintains "neutral", 12-month target price is $1.00
, L5 ~- N: z _, {3 b" ^" UGMP Securities continues "reduce", 12-month target price is $0.50
7 B" k8 h% w2 z% J2 e& o0 HRBC Capital Markets continues "underperform", 12-month target price is $0.75
, ~! L8 | A. z" d! K& |Scotia Capital Markets continues "sector underperform", 12-month target price is $0.508 J$ q6 U# N5 _) Q% ]- {
" D- E. y% a- u4 t6 `* OCorus Entertainment (CJR.B : TSX : $12.47)5 N6 q: W1 {) k3 C6 g6 }
Q1 revenues in line, EPS beat
5 O( G+ D4 \+ t9 k' a# lBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
( y" A( R5 k8 PCredit Suisse continues "outperform", 12-month target price is $20.00 n4 d$ a: |! y
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
8 s* G9 P. J# A3 ^2 f' I6 EGMP Securities maintains "buy", 12-month target price is reduced to $17.00
- H; R1 R( d, g+ R8 XRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50! K" k' c) ^/ a
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00* V& D: S1 w1 g
: l; l, l" `- k6 A! C9 D, xCalloway REIT (CWT.UN : TSX : $11.84)+ p# A2 u( f2 j
Held investor day
+ h1 O9 a/ O+ I8 D2 L- ^; FScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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& b$ k) G# Y& p6 A" i# ?( aDaylight Resources Trust (DAY.UN : TSX : $7.77); o! Y: z# x; L* @* J: ?5 K$ u
Reduced distributions by 38%; guided for lower capex8 K; ^- q' z! e) f# o" N- E# f. l
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.002 u+ `5 {. N/ T- c" k
Dundee Capital Markets continues "buy", 12-month target price is $12.007 o5 F7 j0 t1 [. H" g, x, F7 @5 h: x
TD Newcrest continues "hold", 12-month target price is $7.501 F* S6 E: b* t- W# {+ O
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
6 Q; G# b W+ n6 ~% a a2 q- @Steady market and currency tailwind. F0 W& a6 u/ X; T0 i
TD Newcrest maintains "buy", 12-month target price is US$5.00
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/ o1 m x% b4 y+ e) JGoldcorp Inc. (G : TSX : $29.74)) H9 ?7 T: v& l( z4 a
Revised commodity forecasts/ `& W$ e; J$ _% X/ z; ?9 M6 V/ b
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00. n+ Q+ c+ H1 h% S9 u
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Heritage Oil (HOC : TSX : $3.77)
3 _7 D5 F' w& S+ iAnnounced Ugandan commerciality on exploration success" A3 w" Q# g0 z! E( H% v
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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3 p( ^4 [$ ~' {) c4 KHarry Winston Diamond (HW : TSX : $4.98)8 n7 W# ^ X# M+ c2 D' w; Z/ f* q
Retail division suffers: m" c R, N @9 [0 A
Desjardins Securities maintains "buy", 12-month target price is $12.605 ?- t1 M" i, W$ M! _/ D/ P- C* u
# D% m6 x0 S" y7 F' Y! j4 vLaramide Resources (LAM : TSX : $1.84)) t6 c: r2 n% j6 {9 C3 a8 J
Westmoreland provided more high grade at Redtree's Jack Lens1 ^. b4 h& z! v' ?
Dundee Capital Markets continues "buy", 12-month target price is $2.30. c8 E3 k3 I! \$ k% H0 h! Q
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Lockerbie & Hole (LH : TSX : $6.00)
8 v. w! T! G# e* z1 w* d7 ^Released Q3/09 results: very strong, focus should be on active backlog3 B n, W9 R) |/ {& {
GMP Securities continues "buy", 12-month target price is $9.00- v# o- z5 r/ ?( g" @; Q5 w
Raymond James maintains "market perform", 6-12 month target price is $8.25
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: V) i, J b2 L/ e+ A* \' TLivingston Intl Income Fund (LIV.UN : TSX : $6.00)
4 ]7 C5 A$ H" h h- F8 _! `5 YReduced distributions by 70% V2 K, q1 _2 N$ B
RBC Capital Markets maintains "outperform", no target price reported
7 s% u( O/ |1 v6 z+ E( RScotia Capital Markets continues "sector underperform", 12-month target price is $6.505 |+ Q0 s( M) G
9 r$ j [# f" T) E; m, Y8 ^, D& TMatrikon Inc. (MTK : TSX : $2.04)
$ s- w; U# @- \* ]7 [8 f0 v3 KReleased Q1/09 results: a little light, but still respectable) ], I* m5 J: y! Y6 K
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.506 Q4 x( A3 ~0 b# [" j! Y
Paradigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)6 f+ K1 ^( b/ j* h5 @+ W
Expecting lower CFPU on higher taxes: |" N+ P) U; L1 }) l
BMO Capital Markets continues "outperform", 12-month target price is $18.00, n7 e! P( B5 P0 F) b
RBC Capital Markets continues "sector perform", 12-month target price is $12.00; d: ~+ x! N- O' e" Y6 `
TD 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)" ?* c! i" Y/ l1 g Y0 E# o& t
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
; k [: F" S& c: g }* d, ?Blackmont Capital continues "hold", 12-month target price is reduced to $1.252 [0 w" A2 Y+ `: o5 ]) w$ i% `
Credit Suisse maintains "neutral", 12-month target price is US$1.00
" f, {# o/ e# r7 tScotia Capital Markets continues "sector underperform", 12-month target price is US$0.805 Q6 A* P. d1 y
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)
% l7 G; U( {( c6 M7 rDietary supplement business facing headwinds
. h6 p& ]* ^) l( d/ _% qParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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1 L4 ]- q4 c! J* S9 [Open Range Energy (ONR : TSX : $1.18)8 S) K5 V9 K( [, v
Provided operational update and F09 guidance
2 {2 s" c# ^, \# T5 R+ {& q# X% uHaywood Securities continues "sector outperform", 12-month target price is $3.25
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$ B& C5 @1 O1 j/ f4 @2 \Osisko Mining (OSK : TSX : $3.13)
9 L- u8 M; U& i1 ISouth Barnat resource around the corner& v/ ] |! M5 q7 D
Paradigm Capital continues "speculative buy", 12-month target price is $4.756 K' A3 L. ]) M- F" c- b
4 d- @3 U/ e8 a/ s# B+ dPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)# ^' a* ]$ p2 `/ K9 A. _/ N
Provided operational update4 c8 u( Y/ {2 k2 c+ |3 e
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
- O* l9 k- u; A( b* YTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50) `9 M/ q5 a1 e' F! n2 y
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Paramount Resources (POU : TSX : $7.85)1 j0 v/ b/ y; h. s
Provided operational update: Grande Prairie emerging as the key focus for F09
1 }" F/ E7 ?5 L" k6 zGMP Securities maintains "buy", 12-month target price is $12.00# t* V. c3 r, L* D
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Rockwell Diamonds (RDI : TSX : $0.07)1 X$ C0 J5 X) o( b
Operations starting to turn the corner
& Q) ^& t; T4 { M7 pRBC Capital Markets maintains "outperform", no target price reported
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+ Z5 _/ h! I$ f" w+ a2 A$ [Shaw Communications (SJR.B : TSX : $20.13)
, y3 L7 ~3 _7 Y, D# F$ s1 mReleased Q1/09 results: in line, subscribers ahead, d4 H1 e1 b" H: l: F/ ]9 b; C
Credit Suisse maintains "neutral", 12-month target price is $25.50+ Z: J4 _# _- c0 D* m
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)
- M4 L0 ? H3 v2 e, yHeld a sell-side lunch showcasing new U.S. team+ }- N! U+ A2 l! D4 w1 M
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.009 {: W7 E% o1 o( K( M# g$ c: n
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Trican Well Service (TCW : TSX : $6.93)
! P! S/ i/ m: C* j d( WAwarded Russian contracts# b' G0 `) _1 Y+ L% d* f: A' k$ h
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
0 W$ C7 c/ K5 a; ARaymond James maintains "market perform", 6-12 month target price is lowered to $9.008 n, A V) M) S# K
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93)6 q4 O+ ]; p# B1 }; `
Chinese furniture exports rose in November
, X" p7 @ c2 o% XDundee Capital Markets maintains "buy", 12-month target price is $23.50 O5 [0 x( c5 x' i7 _: Q
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UEX Corp. (UEX : TSX : $0.88)
, z+ m, z/ P9 c f' M9 `Shea Creek's two largest deposits have become one
2 D8 O+ h, K+ @: dDundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)3 E; L, W' |: f
Released Q4/08 results: horizontal focus to continue in F098 d! [0 U9 q" {8 L$ t' p8 k
Dundee Capital Markets continues "buy", 12-month target price is $8.00
. z; ^$ N$ O% `% u/ y) y5 SGMP Securities continues "buy", 12-month target price is $7.50
( d8 M+ \# ^7 @+ v& z5 `# dParadigm Capital continues "buy", 12-month target price is $12.007 b# }; d- q( r/ u
RBC Capital Markets maintains "outperform", 12-month target price is $8.509 ^1 g% f- j& J, m7 Q- h
1 c6 W+ U: u2 dWi-Lan Inc (WIN : TSX : $1.75)
, [4 [$ i6 Q1 i5 K3 a7 AHit homerun with Samsung; H, d8 ^: |2 A. Q( p
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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