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Ear on the Street --- Jan. 16 2009+ h+ ^) @& q& E3 Q. I
; |/ U. \ c/ e2 y9 I& ^% cAbsolute Software (ABT : TSX : $3.36)
. ?$ U+ C" K4 `' b& VBracing for a tough few quarters& r# \6 p7 {% |0 j& i4 v
Canaccord Capital maintains "hold", 12-month target price is $4.50* Z- ~* m, {9 }9 M& o
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)2 c* G9 h& z6 `: _ A
Growth outlook, challenging pipeline and high cost structure make future unclear0 C) V, _* p% W9 X4 z3 u
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
9 Z. b: X$ c) x& UTD 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)
. ]- `1 S) g6 t" h* i2 i( E6 N& RReleased Q1/09 results: strong, in light of challenging operating environment
. X8 \0 o* K6 `" lBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
* Q" K: o5 O0 H# W; ~" ]4 X8 UDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00
/ V2 D- X& b6 D- R1 [/ EGMP Securities maintains "buy", 12-month target price is reduced to $30.00# u$ A3 Q- m# U5 u
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00 u8 r+ E0 C( n6 X. l
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.008 o n4 b) A$ x9 H
' D5 B6 G, h1 D% t9 nAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)5 A2 a4 n) X9 Q5 W+ C1 P
Well positioned with gold production forecast to double this year and next
5 Y9 w$ `. N5 | \+ r/ ]. [5 wBlackmont Capital continues "buy", 12-month target price is lowered to $83.007 ]( W8 { W' {" i
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)
% r) s1 s: c" K5 f) {5 w8 f kReduced distributions by 20%; capex also cut( |& f6 y7 D) ?- l* J
RBC Capital Markets continues "outperform", 12-month target price is $19.006 K6 B/ h+ u h& \, P3 s2 F: Y+ i0 @
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Andean Resources (AND : TSX : $0.75)
: J* C/ c3 P7 ~. o! n8 W( fAnnounced F09 outlook" L5 z" o m/ \0 d1 P c
Paradigm Capital continues "speculative buy", 12-month target price is $2.25+ G4 `. M2 e+ ~" ]; ^2 z
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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; b8 u1 d9 x* f) ~3 FBombardier Inc. (BBD.B : TSX : $4.65)
: I. H$ ?" }# Q& K2 ]/ y4 R- M1 zRising challenges in Aerospace
9 C' q8 M j2 [! d: z" KGMP Securities continues "buy", 12-month target price is $8.00
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" e& X7 b' {, ?' QBank of Montreal (BMO : TSX : $31.84)2 [1 }# t" u- ^( [# t U# D' z
Acquiring AIG's Canadian life insurance business
! ~" s( Y2 Q5 L9 w- pTD Newcrest continues "hold", 12-month target price is $37.003 S/ K3 g3 b+ F6 n. a/ F% `* s0 X
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Cogeco Cable (CCA : TSX : $33.37)& \! o. \3 F: D. Z: l
Q1 review: Canada results encouraging, but Portugal remains a drag/ P5 w# Q" v1 P- g. |
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
5 q9 i4 U5 p2 v! g& y7 s% sDesjardins Securities continues "top pick", 12-month target price is $40.00
) U* q& O: v: ^' T% GRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00: h6 M) c# `$ D6 s; O9 |
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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0 `1 t5 W5 ]: I( y" S7 w% W9 BCorridor Resources (CDH : TSX : $2.45)
] F* }8 j1 k8 s0 T0 P; \Capital budget set to expected cash flow; production guidance lowered' g$ z) L1 o+ o& F7 G& a1 x
RBC Capital Markets maintains "outperform", 12-month target price is $4.252 n! A# B/ x! l1 y# X! z
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COGECO Inc. (CGO : TSX : $25.14); e1 ?+ w. c/ V
Strong radio and cable drives 39% EPS growth
. f7 z+ T- J& j( f% G# iScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)7 y; F+ ?% @) u3 X x; z" _( I
Taking action to address tough operating environment+ {4 H- a" O: o8 R e+ o w7 o
BMO Capital Markets maintains "underperform", no target price reported5 y8 G8 z5 E* ?2 B" I& e6 Y
Credit Suisse maintains "neutral", 12-month target price is $1.001 E" l: ]1 `2 }* M. Z
GMP Securities continues "reduce", 12-month target price is $0.50
* t# ]& O# I) t" `! i3 q0 cRBC Capital Markets continues "underperform", 12-month target price is $0.75
~( X5 Y7 ]1 Z' x4 d# V; I, L0 dScotia Capital Markets continues "sector underperform", 12-month target price is $0.50, x3 a. M/ d, N3 w7 H- ]; J
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Corus Entertainment (CJR.B : TSX : $12.47)
* K9 M b4 k; `6 ?* DQ1 revenues in line, EPS beat
1 E' E+ u' l1 w) J' u, F* ZBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
6 M9 J+ x+ Z% o3 ?2 ^Credit Suisse continues "outperform", 12-month target price is $20.00$ C- y1 [5 {$ r1 x& T* Y
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00( i" l/ M3 W) H& J1 J
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
4 O8 A* P# j1 B- {& j2 IRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50' |3 v& R7 O/ G+ F" w
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00& _( T' r, j8 ^3 e2 |
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Calloway REIT (CWT.UN : TSX : $11.84)* P0 X% ^& o! o/ O1 Q4 L f, ~
Held investor day% ?7 E- v( c4 j/ @
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00* f3 v- L$ q. i' Y1 p" a: T
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Daylight Resources Trust (DAY.UN : TSX : $7.77)$ U. l8 l, ^$ B/ g* b& [1 V+ s# o
Reduced distributions by 38%; guided for lower capex! e `3 M9 ~* f& y
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
/ X- T. ~$ i9 L; |" D$ K7 pDundee Capital Markets continues "buy", 12-month target price is $12.00; X( g" Z: {; W: K
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$2.90)% d: @$ [- u# \, [0 j( y
Steady market and currency tailwind. K( a" ?2 H+ g0 X$ `
TD Newcrest maintains "buy", 12-month target price is US$5.00
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Goldcorp Inc. (G : TSX : $29.74)
$ D, X8 O5 x" [( [" SRevised commodity forecasts1 `9 l2 s& V m8 E9 } O( z9 h
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)
4 M6 w6 P' u4 o' wAnnounced Ugandan commerciality on exploration success3 x' C& ?/ O0 n" r+ q* g/ l2 @
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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" A0 g1 ^ ]: p$ ?Harry Winston Diamond (HW : TSX : $4.98)
6 u3 P& B9 [* k% nRetail division suffers
) S! K( {7 f# n( T1 GDesjardins Securities maintains "buy", 12-month target price is $12.604 t! w, T* n3 ?5 @7 H8 y
8 W* B5 H' s: }& [% @1 E& q0 e. K% lLaramide Resources (LAM : TSX : $1.84)
9 V; K/ S' z7 X9 g+ R/ y2 @Westmoreland provided more high grade at Redtree's Jack Lens0 l) K# C- I8 e0 T
Dundee Capital Markets continues "buy", 12-month target price is $2.30* @. t3 d- Q S L7 V8 |% @7 U$ O" J
* l" ^" ?$ G0 fLockerbie & Hole (LH : TSX : $6.00)
$ l# a2 [" J+ I6 c6 g) L( VReleased Q3/09 results: very strong, focus should be on active backlog% }+ g7 ~8 W5 R1 x! T8 U9 `* o
GMP Securities continues "buy", 12-month target price is $9.00
. d( R, z. T4 ?Raymond James maintains "market perform", 6-12 month target price is $8.25
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+ p/ k( f5 F! P7 ~) O. V4 z7 E/ ULivingston Intl Income Fund (LIV.UN : TSX : $6.00)
) {9 `, C7 D+ q: m: LReduced distributions by 70%6 u3 X# o/ E2 G4 w- b3 ~0 N
RBC Capital Markets maintains "outperform", no target price reported
8 b8 ]. T! k3 F& {7 S7 cScotia Capital Markets continues "sector underperform", 12-month target price is $6.506 c. b c+ e. V: K# i& b0 T
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Matrikon Inc. (MTK : TSX : $2.04)2 f8 B' L! Q$ O- A# \) s
Released Q1/09 results: a little light, but still respectable
; j; H- g2 [% K( W/ kBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
# f* B8 ]2 |# _7 AParadigm Capital maintains "buy", 12-month target price is $4.00- Q8 B0 j0 y+ g3 v, B9 j
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Mullen Group Income Fund (MTL.UN : TSX : $10.97); E M2 Z+ p. w
Expecting lower CFPU on higher taxes
' e: d3 V0 Q/ c$ ]1 Y/ ]+ EBMO Capital Markets continues "outperform", 12-month target price is $18.00/ R. g$ y# Q0 {! D% h9 u
RBC Capital Markets continues "sector perform", 12-month target price is $12.00& m, t7 p8 v- k' A: {
TD Newcrest continues "buy", 12-month target price is $17.00, [' Y5 s7 c, T
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
$ V5 O, d0 N C4 W2 M j% B2 ZReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain! ^) E* ?8 ]' J* [
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
3 R$ j% [! b- o/ }6 ?3 u4 NCredit Suisse maintains "neutral", 12-month target price is US$1.00( ^8 {0 i/ j6 _0 v+ D4 ?
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80, d5 T1 k1 ~9 w2 x3 N/ R
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)
& B, P3 i$ L' e9 {1 IDietary supplement business facing headwinds, V, a9 y0 `, T) Z7 H
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00& D3 Z' K% G1 D. L1 {) C' H- j
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Open Range Energy (ONR : TSX : $1.18)5 y- Y0 j ~( T/ k G/ r
Provided operational update and F09 guidance
" _; N! H7 e( X+ w8 }9 FHaywood Securities continues "sector outperform", 12-month target price is $3.25' a( r, z3 D+ g' Z& y1 K1 m# _
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Osisko Mining (OSK : TSX : $3.13)
% k1 L' q+ R8 R- i" u) D5 ySouth Barnat resource around the corner
* N w+ I8 c& W! m6 lParadigm Capital continues "speculative buy", 12-month target price is $4.75! o$ Y! P8 X$ `! k
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)+ Y( I8 T4 |; m3 N$ W
Provided operational update: I, K; r* \& }
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
% i( {9 V( ~" vTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50& M$ E* f9 Q8 P4 }+ m, N/ T# V
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Paramount Resources (POU : TSX : $7.85)
7 o2 M: b' P' L. a, O3 c1 u; f6 pProvided operational update: Grande Prairie emerging as the key focus for F09
; i& Q% E# q p9 r8 h$ ~, O2 fGMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)
* P, k0 ]: y% q6 x: S8 U- JOperations starting to turn the corner4 s& m( m' [- i. J/ F" x& z
RBC Capital Markets maintains "outperform", no target price reported
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5 ?* I" q7 e( O0 T0 Y0 [Shaw Communications (SJR.B : TSX : $20.13): ^) m( ~) j" B
Released Q1/09 results: in line, subscribers ahead
* P; Q) m( P# }! z6 RCredit Suisse maintains "neutral", 12-month target price is $25.50
! B; {# f" i2 B0 [" r* D f* U4 Z: EGMP Securities continues "buy", 12-month target price is $26.50
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48) d' o/ m3 H B5 ?
Held a sell-side lunch showcasing new U.S. team3 O$ \. S3 v7 ^2 T' r. p% [6 v
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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% z5 K$ ?8 H" ^0 g) L x8 XTrican Well Service (TCW : TSX : $6.93)8 {: I. w$ M6 \
Awarded Russian contracts8 J) K! b" g( p, h$ K
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75. p3 e% m0 u3 o6 u5 G0 i# O
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
6 T! n% U' H& F0 ?3 vRBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93)7 W% s! D( O( q+ l( e' Y7 R$ G
Chinese furniture exports rose in November
4 s5 m! j3 [) x1 J2 ZDundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)
, }! s& d9 |4 a9 ~) h7 {) sShea Creek's two largest deposits have become one
+ r6 O, g/ A; q D/ c& {Dundee Capital Markets maintains "buy", 12-month target price is $2.751 Z8 } V9 r9 I1 q# } F
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Vero Energy (VRO : TSX : $4.72)
5 |0 ?# |6 O% D) ]2 q8 HReleased Q4/08 results: horizontal focus to continue in F09
7 G' D5 L3 G; ~+ a! IDundee Capital Markets continues "buy", 12-month target price is $8.00 `6 G5 \ ]2 ^/ U/ k
GMP Securities continues "buy", 12-month target price is $7.50" z B" M( _; W) P- a
Paradigm Capital continues "buy", 12-month target price is $12.00
?1 F% B1 @; ?RBC Capital Markets maintains "outperform", 12-month target price is $8.504 o1 ^0 @0 Q$ U' n( R5 l
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Wi-Lan Inc (WIN : TSX : $1.75)& d. K g& Z- Q: s3 b! ]" b) D
Hit homerun with Samsung* I$ f' D. R. |9 S$ N
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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