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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)& V/ e7 N3 h" Y( V2 K
Bracing for a tough few quarters
/ Y2 m. }) w% F7 h0 wCanaccord Capital maintains "hold", 12-month target price is $4.50
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)7 c+ g' Q1 b" w
Growth outlook, challenging pipeline and high cost structure make future unclear
+ P5 ]& J) U/ T$ _Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
+ ]9 i$ E6 {) I/ e' k% ~* rTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.007 d' t' Z0 w- x' n% I
/ i( L: ?: Y' T0 Y f% J1 c4 O( v4 vAstral Media (ACM.A : TSX : $22.98)
0 U* j7 k% P+ a& r/ V+ I& a" d7 n6 EReleased Q1/09 results: strong, in light of challenging operating environment+ f9 X2 h6 i; M) K) k3 ~# o
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00, g, n2 C' {% h3 d) X
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00$ A! R6 V t# u; n" U5 n! G
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
* h$ y# }1 }, D+ c7 oRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
( S/ x- Q5 f4 R- r, uScotia Capital Markets continues "sector outperform", 12-month target price is $30.00) k0 w0 p) p* ]5 _6 ?
) @& \% G1 Z2 X/ H2 T6 N( BAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
4 L4 k% y/ {6 o, t7 V3 bWell positioned with gold production forecast to double this year and next, N7 {3 m: J, x3 I
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00! g5 w$ x, e2 Q' X7 |
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.002 f, r# i# v9 G, k. f- F2 c
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ARC Energy Trust (AET.UN : TSX : $17.15)
! w0 [, F& ]8 T TReduced distributions by 20%; capex also cut; g- {. ~$ K! p6 B: z
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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- Y. ~; e' T$ a. { iAndean Resources (AND : TSX : $0.75) G2 ?5 ] U! A( ~# B! S) Y& o
Announced F09 outlook; G4 F/ F4 o; y% V$ j- c
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
! } S, Q1 }, N; NTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00# z+ z' x) d4 F$ r9 |# A: w0 ]
9 y2 L% Z% o; p) [. f( T& iBombardier Inc. (BBD.B : TSX : $4.65)! }+ l7 Q+ w5 V& D% L
Rising challenges in Aerospace
& A/ l7 W5 g) e/ a, `GMP Securities continues "buy", 12-month target price is $8.00. c0 Z+ E3 K3 |, @% G l- J
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Bank of Montreal (BMO : TSX : $31.84)6 r* u% f) j( x; l& i
Acquiring AIG's Canadian life insurance business0 M; u' f/ f. u \( r; Z# m9 K
TD Newcrest continues "hold", 12-month target price is $37.00
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0 S7 S) m. F# g, j! A" @, uCogeco Cable (CCA : TSX : $33.37)7 @4 x1 y# b: N* r! Y% {, ?- o
Q1 review: Canada results encouraging, but Portugal remains a drag4 q" s+ R h* h+ y
BMO Capital Markets maintains "outperform", 12-month target price is $46.00) U0 o; t( P n X0 ?) v H& P
Desjardins Securities continues "top pick", 12-month target price is $40.00
# C, @ r% n7 T8 Y8 `/ h) A- zRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00 t k) f4 L. Z6 [$ \ O
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.000 l; K) V: t1 k4 U
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Corridor Resources (CDH : TSX : $2.45)' K; K2 {. ?$ t8 \$ E$ @" p
Capital budget set to expected cash flow; production guidance lowered
, R0 u' j4 _2 U: K& gRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)' N+ Y q& g0 b" a3 I( i
Strong radio and cable drives 39% EPS growth" |3 l, v. C6 N: w% ~+ \+ q
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)0 j9 w" y1 ]/ l4 \ f5 G
Taking action to address tough operating environment
3 U8 ~6 u: `; [7 e+ G* WBMO Capital Markets maintains "underperform", no target price reported
- n% N: J7 O8 K- e4 L% f3 K4 E8 a$ LCredit Suisse maintains "neutral", 12-month target price is $1.00
4 Q" ^' i3 K/ H3 O FGMP Securities continues "reduce", 12-month target price is $0.505 a) u0 J, i# y9 q: H, D& y$ O
RBC Capital Markets continues "underperform", 12-month target price is $0.75: ^6 I! |1 j# |9 V3 }
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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! _: T. R' b6 J. _2 { QCorus Entertainment (CJR.B : TSX : $12.47)
& F5 M! r/ _, B5 `+ x) Z* IQ1 revenues in line, EPS beat- w" ]# B2 K/ g* J6 J
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
& |* } e$ a( l8 t- UCredit Suisse continues "outperform", 12-month target price is $20.00, A: H( v- Q$ [; l
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
2 m8 V+ t4 F( B9 XGMP Securities maintains "buy", 12-month target price is reduced to $17.00
) `- F# ]% o& D- a' ~RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
! G1 v" K3 I* cScotia Capital Markets continues "sector outperform", 12-month target price is $18.000 K( S: M' H4 u8 ^' }4 @
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Calloway REIT (CWT.UN : TSX : $11.84)
' }! H; U3 `2 N' ]; iHeld investor day! w1 y% d0 g- f8 l- n2 s( U
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00, o5 e- F6 C( Q/ }6 u" R
, Q% P, a0 Z: o8 \2 W/ p! p% ZDaylight Resources Trust (DAY.UN : TSX : $7.77)4 Q M$ N, ~, H3 ~. w
Reduced distributions by 38%; guided for lower capex) p1 ]4 R! {& X7 w
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
9 f; [8 }! k# b v% c2 P1 O& NDundee Capital Markets continues "buy", 12-month target price is $12.000 Z8 u* C$ T( P3 F
TD Newcrest continues "hold", 12-month target price is $7.502 _/ k' C* o, V
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
" N' R4 O+ Q1 ^: ?Steady market and currency tailwind( Y' K9 R4 ^0 B3 m( v% G* {
TD Newcrest maintains "buy", 12-month target price is US$5.00' q# R2 Q. ?' g6 E3 W- Q
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Goldcorp Inc. (G : TSX : $29.74)! g* n p3 A7 y! k
Revised commodity forecasts( O3 H/ A A, s; ]6 n- i
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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8 \/ p, m6 j% K( ZHeritage Oil (HOC : TSX : $3.77)
4 U/ y- |6 }6 sAnnounced Ugandan commerciality on exploration success
# e; a" g: c7 o6 N. \$ ZTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50- P7 F/ W4 l8 W4 ?: a. e0 z
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Harry Winston Diamond (HW : TSX : $4.98)/ e7 N' k; {8 T* n1 N
Retail division suffers
. s7 g7 z3 e8 ~: lDesjardins Securities maintains "buy", 12-month target price is $12.60( C' V1 o/ L4 M- G9 h9 A& I4 \2 Z6 |
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Laramide Resources (LAM : TSX : $1.84)! ~. E' v: `& M, O4 Z! P
Westmoreland provided more high grade at Redtree's Jack Lens
% x9 B3 Z* L$ N# s d. ~Dundee Capital Markets continues "buy", 12-month target price is $2.307 C$ ~7 W" N; k5 y
7 c3 \/ ^9 S/ s: \9 z5 I2 W5 k4 kLockerbie & Hole (LH : TSX : $6.00)# f% E2 b! P& N5 {0 X
Released Q3/09 results: very strong, focus should be on active backlog. L5 B3 d+ k' e* ]& z4 \
GMP Securities continues "buy", 12-month target price is $9.00+ |/ v! ~' G! @! {
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)
# h9 t1 g8 j% S) B4 m% xReduced distributions by 70%5 ]' v! q( B7 T3 X9 t2 `
RBC Capital Markets maintains "outperform", no target price reported
8 ?, n7 X, \# \* q F& K( X3 `Scotia Capital Markets continues "sector underperform", 12-month target price is $6.503 @; r: W: J0 |
0 Z: g, g* E0 [ ?/ EMatrikon Inc. (MTK : TSX : $2.04)) D$ Q) y( w" v2 m
Released Q1/09 results: a little light, but still respectable
4 W P' D7 e8 T$ t |+ [BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
! f- z7 M& |# |! ]. x: WParadigm Capital maintains "buy", 12-month target price is $4.00
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! d- J# r3 Q" e; q8 T) w8 ZMullen Group Income Fund (MTL.UN : TSX : $10.97): t8 g. L/ M4 N% o7 p! f2 v
Expecting lower CFPU on higher taxes. [ {2 R) K+ B! c5 v: p
BMO Capital Markets continues "outperform", 12-month target price is $18.00
B; C$ W+ ^ f& nRBC Capital Markets continues "sector perform", 12-month target price is $12.00
6 D; P* w% u+ `* vTD Newcrest continues "buy", 12-month target price is $17.00+ ^& C# X) C+ @3 E. B6 v: J
/ \! N5 y& _/ n, sNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
$ [( A% o6 C% L" Z, O/ dReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain' ^3 o$ x3 N9 Z) M7 }
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
7 s4 U8 l! [' j, kCredit Suisse maintains "neutral", 12-month target price is US$1.004 ]9 {3 |9 W5 `3 S9 x' D
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80- l$ y& h7 ^% v
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)
7 `7 W! S5 P6 P U2 A: p3 N% NDietary supplement business facing headwinds& F) p6 \1 f/ R7 h
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)
n" h! e* h+ ?/ XProvided operational update and F09 guidance9 a- J- |2 Q. F- s9 O# G
Haywood Securities continues "sector outperform", 12-month target price is $3.258 Z$ \2 A' R n. M
6 k2 ]5 N6 M: H" UOsisko Mining (OSK : TSX : $3.13)% T6 d8 p- ?- k9 T. Z$ A
South Barnat resource around the corner( }. m' {* e' c& `6 W, a! |. r Z
Paradigm Capital continues "speculative buy", 12-month target price is $4.75
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; b; u+ }4 M4 e1 bPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
% H) ?7 W( A/ w7 N) JProvided operational update( A5 Y- V8 [& R. q2 ^
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
9 X/ T$ |' \3 w, WTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.505 j5 N1 p& m- ]
* C9 o9 q, Y. }Paramount Resources (POU : TSX : $7.85)
7 j0 ~/ |5 x: q% _. ?# Q# |Provided operational update: Grande Prairie emerging as the key focus for F09
( R& u0 Q0 C s0 V xGMP Securities maintains "buy", 12-month target price is $12.00/ c8 D+ N6 F4 d. o
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Rockwell Diamonds (RDI : TSX : $0.07)
$ V# t% q/ @. z+ ^& [* ~8 @: POperations starting to turn the corner1 S- Z. U- D, c& F
RBC Capital Markets maintains "outperform", no target price reported' G: n; P( M7 r" } |0 r
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Shaw Communications (SJR.B : TSX : $20.13)
+ b3 z4 k5 q0 x* q" AReleased Q1/09 results: in line, subscribers ahead; T w" n0 T# y0 v' ^5 C' a
Credit Suisse maintains "neutral", 12-month target price is $25.507 b; u; Z; K7 l4 D& V
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)7 o" y" g* K) e/ P* [
Held a sell-side lunch showcasing new U.S. team, e& h h( t6 {2 Z' e7 G
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00# ~4 h' b& U1 _3 ~: \
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Trican Well Service (TCW : TSX : $6.93)$ M0 G/ l$ N' E( H( F/ x/ b
Awarded Russian contracts
) n( v0 S! U# a0 vBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75
" Y3 G M8 H& S- c; ?" H: F* D4 L" [( B# QRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00 Z5 Y; ~, p2 E9 H) E* `' y
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93)) j- _1 s7 {) |- T) X: W4 K3 ]0 j
Chinese furniture exports rose in November
1 r! y" i' T! WDundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)' [0 G1 E; ~ g. _& |
Shea Creek's two largest deposits have become one, ]' q4 {# D: t' G
Dundee Capital Markets maintains "buy", 12-month target price is $2.750 Z% j) _# J! R0 \
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Vero Energy (VRO : TSX : $4.72)
3 F& [: `/ T% x4 K1 G* RReleased Q4/08 results: horizontal focus to continue in F09
5 }* R( Z6 r2 h6 L4 C& b6 hDundee Capital Markets continues "buy", 12-month target price is $8.00
3 z9 g' k( E. wGMP Securities continues "buy", 12-month target price is $7.50
3 H* w5 q) a! n! }7 q9 wParadigm Capital continues "buy", 12-month target price is $12.00+ x* q$ i. O# X) ^- L' D2 x" b
RBC Capital Markets maintains "outperform", 12-month target price is $8.50' n6 k& J Y8 m* {* P+ x# t( D
4 s2 i0 m& ?8 I# K$ O/ ]Wi-Lan Inc (WIN : TSX : $1.75)) P+ I, ~' q# h( B; ]: M: u
Hit homerun with Samsung9 J9 }: k5 m, S/ Z* t
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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