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Ear on the Street --- Jan. 16 2009
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, f. C1 f1 |/ I' j$ ]Absolute Software (ABT : TSX : $3.36)
$ z8 L9 i8 I# ], K ABracing for a tough few quarters% B3 S Q: S5 g" G% W6 Y4 k
Canaccord 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)
2 K) ~( q, a4 r7 N. Q6 y, g+ u: yGrowth outlook, challenging pipeline and high cost structure make future unclear6 k# U9 r/ ~& z
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00& j& l/ c2 H3 }! o0 j
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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Astral Media (ACM.A : TSX : $22.98)
( K: C, o8 s% B" VReleased Q1/09 results: strong, in light of challenging operating environment b6 e7 i2 P/ }$ A f
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.002 @' _) q, O" r8 m9 I3 V6 I S
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
Y) _9 R% T* \GMP Securities maintains "buy", 12-month target price is reduced to $30.00. J5 b# |2 X# L7 F& R* I3 Y5 c- k
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.009 ]& ^; ^( I) q' Q; V
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)" k, y" x7 U H% R. [# P: ~' y2 `
Well positioned with gold production forecast to double this year and next7 V8 j+ L F+ f; j/ E, `
Blackmont Capital continues "buy", 12-month target price is lowered to $83.004 x1 `8 S4 e6 [- U) `% h& Y0 F
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.004 E6 z4 F1 F+ _! C; \
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ARC Energy Trust (AET.UN : TSX : $17.15)# l1 g5 _+ H& U" }+ B+ G
Reduced distributions by 20%; capex also cut$ s$ F9 |3 |2 t" S
RBC Capital Markets continues "outperform", 12-month target price is $19.009 V7 E j% I6 ]
8 F/ M) u8 X2 V' a/ @Andean Resources (AND : TSX : $0.75)4 Q% F8 U6 f: c) i
Announced F09 outlook
" W+ N* D3 e1 B7 F NParadigm Capital continues "speculative buy", 12-month target price is $2.25
9 x* f. f( {/ y6 F3 L/ CTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00: R4 `2 J: z7 z
/ ~# k. o- Y' X9 [6 HBombardier Inc. (BBD.B : TSX : $4.65)
( E" K" |' x$ t6 H) K2 S2 VRising challenges in Aerospace
6 Z" N, {, F# E/ v8 wGMP Securities continues "buy", 12-month target price is $8.007 u# o3 l( K- I) j W$ Z
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Bank of Montreal (BMO : TSX : $31.84)
6 ?8 S" ~4 t) i, m" lAcquiring AIG's Canadian life insurance business
' X9 ^& J( a3 P2 D9 pTD Newcrest continues "hold", 12-month target price is $37.00% y# Z- ~9 \ b
2 n: }. w9 {2 J( L& @. q. \Cogeco Cable (CCA : TSX : $33.37)2 s1 g1 m# J% `% I# Y$ {- s
Q1 review: Canada results encouraging, but Portugal remains a drag. M, }7 m- z; R% D# k$ A) m. t
BMO Capital Markets maintains "outperform", 12-month target price is $46.008 E2 @. O1 N! q8 N; d7 Z2 g7 c* X, M. X
Desjardins Securities continues "top pick", 12-month target price is $40.00
: g6 Z d! p" \RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00+ u ?, W4 V6 c3 W* r
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00/ E; R! W& K3 Z6 |5 V
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Corridor Resources (CDH : TSX : $2.45)
`- w: `' k u9 A( ]Capital budget set to expected cash flow; production guidance lowered# v- x' X6 r/ I) Q+ J$ |( t
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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& s/ Z" a H5 ^8 o& |0 YCOGECO Inc. (CGO : TSX : $25.14)
" J* p' K; ?% T1 TStrong radio and cable drives 39% EPS growth* b: ]3 g8 B4 U
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00& t3 c j# D; y5 t: ^
; _$ b) s% w4 I- |4 h7 L; ?0 wCanWest Global Communications (CGS : TSX : $0.51)7 a9 d; {& V' ~- p
Taking action to address tough operating environment
. K. {% t6 o0 X8 kBMO Capital Markets maintains "underperform", no target price reported
" x5 |8 r0 S' p) HCredit Suisse maintains "neutral", 12-month target price is $1.005 s2 Y% A3 u( m; w: Z! T6 J" o5 \, k
GMP Securities continues "reduce", 12-month target price is $0.50
* j; W0 j* @" g1 ?8 mRBC Capital Markets continues "underperform", 12-month target price is $0.75; }$ M) B9 w4 r3 p5 u) I
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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# c7 o: @, t6 o( {$ qCorus Entertainment (CJR.B : TSX : $12.47)4 {6 D1 j) r* N" r8 N4 h
Q1 revenues in line, EPS beat
/ T2 _5 N* L G1 A2 v& f3 IBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
4 g' \1 K0 ?" TCredit Suisse continues "outperform", 12-month target price is $20.003 J/ v# h/ ?3 W* a! y9 k, x
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
4 ~- w4 R- f) V* i- ]GMP Securities maintains "buy", 12-month target price is reduced to $17.00
E1 U r* X+ ]: BRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
0 }- ~% X; \9 [8 \) WScotia Capital Markets continues "sector outperform", 12-month target price is $18.00+ M: {2 j9 S( ^: L$ h$ W* C
" W8 n6 y0 ^( j8 }5 w; hCalloway REIT (CWT.UN : TSX : $11.84)9 k, C, L# i/ c; e. z; n
Held investor day5 X: f+ K! c! x" i L0 e o9 I1 Z
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00: p: P! e8 g$ M3 r {; |
3 v, P. u) R; i7 M0 jDaylight Resources Trust (DAY.UN : TSX : $7.77)9 Q* F4 F6 _- C
Reduced distributions by 38%; guided for lower capex
% t, w# ]. R4 |+ y* UBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
7 M' [# T" L; B3 cDundee Capital Markets continues "buy", 12-month target price is $12.001 W7 j: F# K3 Z- Q0 l v* v6 q
TD Newcrest continues "hold", 12-month target price is $7.50
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. w& J/ ^: t a5 @& AEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)! m0 Z# [* `$ s# c
Steady market and currency tailwind
# N# ~5 W- @! \( ]8 r$ kTD Newcrest maintains "buy", 12-month target price is US$5.00
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Goldcorp Inc. (G : TSX : $29.74)
" k, K2 T! T0 CRevised commodity forecasts
3 x F2 n* J) G5 q9 QBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)
# S+ N( c6 v3 R5 A% ^Announced Ugandan commerciality on exploration success
5 L8 q# K5 Y# S; yTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)
8 f- K& Z" s9 X9 @( L* e& A! `Retail division suffers( q) K, g6 Z& C
Desjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)
# M& H, P2 \# `3 X3 A5 L/ p" M6 v- D: tWestmoreland provided more high grade at Redtree's Jack Lens
! k% p' y5 q5 F7 RDundee Capital Markets continues "buy", 12-month target price is $2.30
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/ l2 F7 ?* _' H T( x0 D" ?Lockerbie & Hole (LH : TSX : $6.00)) `3 D3 @0 w8 d& U
Released Q3/09 results: very strong, focus should be on active backlog
: G( X2 S' U* i! \4 z0 M$ ^3 f1 lGMP Securities continues "buy", 12-month target price is $9.00
: |: U6 \8 E1 b: i& `. GRaymond James maintains "market perform", 6-12 month target price is $8.25
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. v# y9 S* o0 K% }Livingston Intl Income Fund (LIV.UN : TSX : $6.00)' {5 ]( u( e/ x0 r
Reduced distributions by 70%/ A/ V* ]. m- |3 b% A; [: P
RBC Capital Markets maintains "outperform", no target price reported1 E. M# Y) ~* q9 j7 f8 J( _
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.502 I- ]* q' v* S: G6 k' B* v: o( H8 s4 ?
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Matrikon Inc. (MTK : TSX : $2.04)
; z0 e1 a" D" h& n2 A! gReleased Q1/09 results: a little light, but still respectable+ U6 b4 v/ ^) l# z/ G) B
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
& B8 T- v+ \# [8 ?. RParadigm Capital maintains "buy", 12-month target price is $4.00; Z3 x* f1 A! g
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Mullen Group Income Fund (MTL.UN : TSX : $10.97): r; j; w: M; s9 l( L% C% N8 j
Expecting lower CFPU on higher taxes, M2 k# \* {# x E- Z
BMO Capital Markets continues "outperform", 12-month target price is $18.00! y) X6 G* r+ d8 }- _
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
) U/ Q) w( [( RTD Newcrest continues "buy", 12-month target price is $17.00- F1 q% W% x$ S, t( S" c$ C/ J+ A& I6 a
" ?% \3 |) N( x& R! e+ @4 @Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)+ \3 z% a4 @. \3 s9 {
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain: s5 P4 E5 v. G: x9 J4 O2 e+ Z
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25+ A; R2 d5 F( v* R
Credit Suisse maintains "neutral", 12-month target price is US$1.005 Z( s! `+ L/ p
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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0 ^) h" t k4 Z9 t, [' QNeptune Tech & Bioresources (NTB : TSX-V : $0.79)- R6 v( h& a. l
Dietary supplement business facing headwinds
3 Y+ a- P: u. D2 b% AParadigm Capital maintains "buy", 12-month target price is reduced to $4.00 `$ I% @6 d9 A5 m- W8 |
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Open Range Energy (ONR : TSX : $1.18)8 Q3 Q' Z- E5 U6 S
Provided operational update and F09 guidance
$ t3 p9 q7 Q+ z' `& I% `Haywood Securities continues "sector outperform", 12-month target price is $3.25
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% F v. Y9 b1 yOsisko Mining (OSK : TSX : $3.13)# k0 e9 r$ A5 Z1 O" A# A8 r% F
South Barnat resource around the corner
' a l4 Q, V( L; u& \3 k$ H! SParadigm 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)
* r5 _6 z6 r8 q* cProvided operational update8 f1 Y1 ^& {5 F8 @2 T8 k
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00 a: D/ l1 m, s! k
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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$ t! C0 `$ t; g7 Q0 [, J3 L+ e8 zParamount Resources (POU : TSX : $7.85)
7 J9 C3 I1 u( ^7 f. l" L. _Provided operational update: Grande Prairie emerging as the key focus for F09
5 k9 S& @! ]+ J7 F' q) t- XGMP Securities maintains "buy", 12-month target price is $12.00. J0 s: |% s3 Q% d- x" N# G6 H
0 J6 X7 n# n, @& K8 dRockwell Diamonds (RDI : TSX : $0.07)
( A- `' f; v. _8 |0 }Operations starting to turn the corner$ y' u3 {! z) q* m
RBC Capital Markets maintains "outperform", no target price reported
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Shaw Communications (SJR.B : TSX : $20.13)# x0 T) Y6 @1 G7 L# \" b
Released Q1/09 results: in line, subscribers ahead
# t8 x3 v$ a0 i# e) ZCredit Suisse maintains "neutral", 12-month target price is $25.50* i1 F" m, P4 T: `. A7 G r
GMP Securities continues "buy", 12-month target price is $26.504 Y) E0 I' D3 ^
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48): h* a O9 L! U1 e
Held a sell-side lunch showcasing new U.S. team
* j2 F1 `3 E6 C( q/ g0 x6 EScotia Capital Markets maintains "sector perform", 12-month target price is $33.006 B0 y7 m: x7 j4 y* i* `6 C) }
6 |4 S" G1 I6 f0 w9 ATrican Well Service (TCW : TSX : $6.93)
' @* E( |9 R! _Awarded Russian contracts
2 Q; w& j% Y9 Z8 W! c" _Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75* S) r3 l0 M! A
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.007 o% s' _* f( N1 p. s* J& U9 T
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93)
. \) m9 Y8 i; i& L& ^! eChinese furniture exports rose in November
0 E& [1 A* x1 c6 c2 rDundee Capital Markets maintains "buy", 12-month target price is $23.50
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/ L2 I' A! L6 Q( Y7 T6 uUEX Corp. (UEX : TSX : $0.88)
2 s% |/ |! H* C% @8 L+ yShea Creek's two largest deposits have become one
6 _' M$ j% f, L4 U1 aDundee Capital Markets maintains "buy", 12-month target price is $2.75
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' m! K. [0 b) O% a+ SVero Energy (VRO : TSX : $4.72)
7 J5 A6 d+ }1 H: ^% X2 vReleased Q4/08 results: horizontal focus to continue in F095 a2 a$ O: w9 C/ [9 V$ U. Y2 }
Dundee Capital Markets continues "buy", 12-month target price is $8.00
# A) c+ ]2 `5 O! }% K3 i1 I$ A2 sGMP Securities continues "buy", 12-month target price is $7.501 `3 R8 F' z4 o/ j7 i) Q! x
Paradigm Capital continues "buy", 12-month target price is $12.00: ^3 N. v& d. y" z8 ?) n
RBC Capital Markets maintains "outperform", 12-month target price is $8.50
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" _' W+ u8 p$ X0 A! z qWi-Lan Inc (WIN : TSX : $1.75). K( E9 J. D! i+ M1 J8 p
Hit homerun with Samsung* f, `; I9 ?& ?1 |8 X
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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