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Ear on the Street --- Jan. 16 2009% o( o$ J' i0 ^! T
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Absolute Software (ABT : TSX : $3.36)1 }/ X* k- g8 t( h; \6 w0 @
Bracing for a tough few quarters
: |! _- x A1 V5 W9 R1 ~, yCanaccord 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)3 T. T0 S7 y' l V
Growth outlook, challenging pipeline and high cost structure make future unclear
L" Q- D; A; d+ a6 I: ]. _3 mBlackmont Capital continues "hold", 12-month target price is lowered to $48.00
M' k6 P& n! n. U% W0 I. O/ |: yTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00- z; L" y( W8 p A. I' w
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Astral Media (ACM.A : TSX : $22.98)/ h: s" b( k, n9 O: W9 n) v
Released Q1/09 results: strong, in light of challenging operating environment
) e# Q( t3 I4 j) ~BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
! K: x6 [7 g8 [* k7 XDesjardins Securities maintains "buy", 12-month target price is slashed to $28.005 n5 W1 F, e! ?% X8 Y
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
' X9 `/ Z5 s9 PRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00& P+ Q6 t7 n4 s/ i) U
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00/ Z9 f6 T7 ~8 \. J
0 m# [* r1 g9 o1 ?Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
( C9 L8 H. h2 o2 J$ E/ F2 QWell positioned with gold production forecast to double this year and next1 ?, k; g9 ]2 S: @3 {
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00 C" ~8 S+ |5 a, n# s
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 : $17.15)" m9 J. A. z/ \ T, V$ I, c
Reduced distributions by 20%; capex also cut
( e3 Q! M H/ u& W8 i( l# vRBC Capital Markets continues "outperform", 12-month target price is $19.000 c. j' i8 }0 F, M3 u" t
% L# a( i# C4 {) d3 G5 m J! @1 R2 LAndean Resources (AND : TSX : $0.75): K0 W- v0 U1 J p4 s: p$ j1 l
Announced F09 outlook% H+ E1 o" _* m! {, \
Paradigm Capital continues "speculative buy", 12-month target price is $2.25( x. U. H, I6 e" _/ I6 d* C9 f f
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.005 M D @: T8 Y( J7 C
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Bombardier Inc. (BBD.B : TSX : $4.65)" _* J& N* a' O, c0 {8 |/ q
Rising challenges in Aerospace" T, D3 H4 l! S0 l }& k/ J: b( ]
GMP Securities continues "buy", 12-month target price is $8.00
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& c* }) ^, i0 ~5 K3 wBank of Montreal (BMO : TSX : $31.84)
R& z' N( {, v; M2 A% DAcquiring AIG's Canadian life insurance business
2 {* V B ?' H# ?% i* a4 _9 @3 ATD Newcrest continues "hold", 12-month target price is $37.00# G1 q6 U5 b! B& [4 A
6 I5 i3 y8 Z5 ?Cogeco Cable (CCA : TSX : $33.37)
5 S: I3 D0 J0 h% n) ]6 z; @% `Q1 review: Canada results encouraging, but Portugal remains a drag, Z2 \( {; ]4 y6 w
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
; F8 _5 s- m4 K& e. O6 b! NDesjardins Securities continues "top pick", 12-month target price is $40.00
' s1 a% p) B- n. O1 G% TRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00% k4 P8 q$ F# C( n. i6 m2 \
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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% l Z0 b& C) @. x/ ECorridor Resources (CDH : TSX : $2.45), W5 z( [8 y( ~" C& Z0 b
Capital budget set to expected cash flow; production guidance lowered) t+ E) v6 N B: k) E
RBC Capital Markets maintains "outperform", 12-month target price is $4.25, i* e% G# R1 i; y
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COGECO Inc. (CGO : TSX : $25.14)
' S( ?5 p1 S4 FStrong radio and cable drives 39% EPS growth
. [; z; T/ q5 v; y$ N; z/ L$ ?Scotia Capital Markets continues "sector perform", 12-month target price is $45.00( b4 f0 a: H! V! G8 Z6 q; O3 @
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CanWest Global Communications (CGS : TSX : $0.51). w' J6 ]8 `: J- o- I
Taking action to address tough operating environment7 [$ Z7 }1 m" A: H6 J( t
BMO Capital Markets maintains "underperform", no target price reported
/ a( k* s2 Q; g4 J. C1 A7 [Credit Suisse maintains "neutral", 12-month target price is $1.00 v2 u( j/ {4 w/ G# F4 `2 p9 g
GMP Securities continues "reduce", 12-month target price is $0.50) h- K* n/ m& t0 d
RBC Capital Markets continues "underperform", 12-month target price is $0.75% M1 x6 T$ R8 [; e' P6 r- u
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)
& T0 b* e3 E$ O' S/ pQ1 revenues in line, EPS beat
5 n- M: r6 O' _6 y# ?* qBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
! Y% a7 e( f' Y& Y8 o" n8 qCredit Suisse continues "outperform", 12-month target price is $20.00
) L4 v: m! M2 c% S+ v6 Y/ }0 iDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00
{4 A/ _, f0 u. D2 d, B; N& DGMP Securities maintains "buy", 12-month target price is reduced to $17.00# Y$ ]& W, r" S2 e0 H
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
% L, ?: Y+ s, ?$ E3 \4 @Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)
5 N9 V# z) }$ u( B! uHeld investor day
6 L; c+ ]1 |, N0 JScotia Capital Markets maintains "sector underperform", 12-month target price is $11.005 [( k' O+ ?; ?+ ~6 ~
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
5 z! _/ {: ]8 T+ S6 \1 E+ uReduced distributions by 38%; guided for lower capex
) d e. m) b( h" c$ f. mBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
" M) M: M# ~9 J: y9 ]6 wDundee Capital Markets continues "buy", 12-month target price is $12.007 @1 X5 o8 ~# x N- T9 T4 N
TD Newcrest continues "hold", 12-month target price is $7.50
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)# a' a$ n1 R0 c! Q! b& \7 C
Steady market and currency tailwind% t1 ^0 ]8 ~% b! p: h# O8 {
TD Newcrest maintains "buy", 12-month target price is US$5.00: h, j. x3 R# Z$ J2 Y
6 R4 C, S8 K4 hGoldcorp Inc. (G : TSX : $29.74)
3 N. P& L$ C1 S9 V [$ G6 k* bRevised commodity forecasts5 v0 x; c, p+ }3 a" {1 u) R
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.003 U/ t) H* t3 q9 F1 J1 Y
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Heritage Oil (HOC : TSX : $3.77)3 v5 P* B4 h# q
Announced Ugandan commerciality on exploration success
5 g3 K+ L' ]( ?6 r; n8 |* {TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50+ d1 ~7 y E9 K- E
: w6 L d/ z2 y- j$ `3 T( i3 AHarry Winston Diamond (HW : TSX : $4.98)4 ~6 c3 n% B/ L- u4 t0 k# y
Retail division suffers" G1 R# M) B% P! X
Desjardins Securities maintains "buy", 12-month target price is $12.60
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& w; I; g o# ?" {) ILaramide Resources (LAM : TSX : $1.84)
2 l, ~" r/ ^3 j# R$ ^7 NWestmoreland provided more high grade at Redtree's Jack Lens1 C9 u0 I% W+ Q+ u& s7 W
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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: G h+ w( z$ ^1 r ^5 ALockerbie & Hole (LH : TSX : $6.00)# C0 `4 _; \. W6 n1 j; I. U- {4 n
Released Q3/09 results: very strong, focus should be on active backlog
# ]% k6 `. A4 `9 G& \8 IGMP Securities continues "buy", 12-month target price is $9.00& b% ?4 U; g" K: P; B& F( G3 j
Raymond James maintains "market perform", 6-12 month target price is $8.25: G, W i* P# e+ _! B$ e1 ~2 H
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)7 W" O3 I' [8 }: ]
Reduced distributions by 70%
& s& B7 `/ \$ Z9 j4 ORBC Capital Markets maintains "outperform", no target price reported$ U/ m; D# b8 X7 S
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)! V+ `+ p& {; p7 U1 p0 m; ^
Released Q1/09 results: a little light, but still respectable
9 f2 n6 E8 @4 x( J9 sBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
' I8 i. c! L8 ~/ RParadigm Capital maintains "buy", 12-month target price is $4.00
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3 R8 b+ F/ A, L/ D5 n: O" sMullen Group Income Fund (MTL.UN : TSX : $10.97)
1 G+ r" e( \! \3 J% Q3 mExpecting lower CFPU on higher taxes( G9 k9 K. r0 I$ ~
BMO Capital Markets continues "outperform", 12-month target price is $18.00
1 t0 O( _- @& h. I0 {. ORBC Capital Markets continues "sector perform", 12-month target price is $12.00
. [$ Q3 {: f1 r0 j4 o9 l7 wTD Newcrest continues "buy", 12-month target price is $17.00& [( {0 i9 B% T% W. J; o) _
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)7 ?8 m2 B% m2 F9 K6 G7 A9 f
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
+ `- b8 g! o' P4 u, ^% C7 oBlackmont Capital continues "hold", 12-month target price is reduced to $1.25. Z; n, b! I i
Credit Suisse maintains "neutral", 12-month target price is US$1.00
4 G6 B! b9 X- ]2 j( GScotia Capital Markets continues "sector underperform", 12-month target price is US$0.802 q8 I8 d5 ^; Z% g" E* D
5 ^* u) d& a1 i: X) v) k: R% jNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
, ?+ ~( W# S7 h* B' |3 }Dietary supplement business facing headwinds
% Z9 J+ N3 e! |/ ^+ F, sParadigm Capital maintains "buy", 12-month target price is reduced to $4.00, Y/ Z; O5 Y O! H* x% w- G9 C
8 }0 [' A0 \% C. l, ~2 UOpen Range Energy (ONR : TSX : $1.18)5 @& ]$ ^& @7 c" g8 v9 L+ i9 [
Provided operational update and F09 guidance
$ S) b( m, l" `& _$ X3 U7 aHaywood Securities continues "sector outperform", 12-month target price is $3.25* q. N6 [9 p+ y1 ]# W$ t
: {+ {* O/ a/ `/ M/ cOsisko Mining (OSK : TSX : $3.13), d$ N$ d: G2 `
South Barnat resource around the corner
\. c8 d& T9 p9 RParadigm Capital continues "speculative buy", 12-month target price is $4.754 g, r3 ?6 b- Y9 t# `: n/ ]
; ?$ J6 N% J6 @Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
% S2 ~! d. f2 w0 ZProvided operational update
% x* o/ j! o1 V, d5 DBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00* b% u3 h8 ?5 | ]! {4 u/ t
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50) D2 f( o% U- D* K& L
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Paramount Resources (POU : TSX : $7.85)2 E$ q2 k5 v( \& L
Provided operational update: Grande Prairie emerging as the key focus for F09
) ]# H( m A4 H ?0 gGMP Securities maintains "buy", 12-month target price is $12.00
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/ ~, D. E5 ?# c' w* J* wRockwell Diamonds (RDI : TSX : $0.07)
" [/ S; y, x* H. k5 EOperations starting to turn the corner
% r$ u+ Z' B, ^/ o9 xRBC Capital Markets maintains "outperform", no target price reported R% h4 D5 \9 ]% L, |
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Shaw Communications (SJR.B : TSX : $20.13)
' {$ f7 E: ~0 cReleased Q1/09 results: in line, subscribers ahead
- p8 C# C8 D2 J; s: X# a' [; `* YCredit Suisse maintains "neutral", 12-month target price is $25.50
* f, H& h+ _) b! o: e* |) v4 nGMP Securities continues "buy", 12-month target price is $26.50
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
" b4 o" J/ q8 S$ t3 I4 ]Held a sell-side lunch showcasing new U.S. team7 A7 T- I5 o% ?5 \& `8 G7 H
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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Trican Well Service (TCW : TSX : $6.93)
" E! W# C- ~+ M! N- x, WAwarded Russian contracts* ~+ T0 T" ^9 m8 n2 S6 M* g! I8 E
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
) W7 _* k! T$ b: O: j+ LRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00
1 D& T4 l) ?, {' URBC Capital Markets maintains "sector perform", 12-month target price is $10.00; y0 r1 I: [; P/ t
" q. t2 y& p/ r* ~, nSino-Forest Corp. (TRE : TSX : $8.93)# U' l, W+ {- {" `/ t1 z; v: z( ]* K
Chinese furniture exports rose in November
2 c% i% @/ J- L' r7 LDundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)0 l; l: K# y+ A2 f% p+ V
Shea Creek's two largest deposits have become one) K) f7 ^' z; j$ q
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)1 b8 e1 T; G+ E, i
Released Q4/08 results: horizontal focus to continue in F09
. g( G1 v, k% D8 P: A( w9 N/ r9 ?Dundee Capital Markets continues "buy", 12-month target price is $8.00
7 X. M# f" B9 P* c9 |, cGMP Securities continues "buy", 12-month target price is $7.505 S* k5 V* C8 H6 [- z9 U5 O
Paradigm Capital continues "buy", 12-month target price is $12.00
$ P- Q8 u) j8 WRBC Capital Markets maintains "outperform", 12-month target price is $8.50
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2 F0 V4 { v) I5 Z% M+ Y& S3 QWi-Lan Inc (WIN : TSX : $1.75)
* v* F# c6 h& P$ S6 BHit homerun with Samsung
- O+ x" u6 V* Y, n# u. m3 u6 b% u/ b; BParadigm Capital continues "buy", 12-month target price is $3.50 |
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