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Ear on the Street --- Jan. 16 2009
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7 u! J1 ^) n; Y* {8 A3 gAbsolute Software (ABT : TSX : $3.36)
. ~! g3 Q8 e& uBracing for a tough few quarters
/ M o2 d, i8 Z' i; W" wCanaccord Capital maintains "hold", 12-month target price is $4.50
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# x" B1 s) l& A. v# A# f9 t) HBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)( g6 [3 V; H! B& N7 E: r3 E, t C
Growth outlook, challenging pipeline and high cost structure make future unclear4 q$ F8 z' |7 x5 T. X+ G
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00; u! B- ]5 ]7 O I4 L- V3 r6 b. g' ?
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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0 i3 S) K! J/ g( f' YAstral Media (ACM.A : TSX : $22.98)
7 F5 O* C8 ~2 w2 j& }+ f- x8 e! E1 A3 ^Released Q1/09 results: strong, in light of challenging operating environment
; ]' {' M9 B8 z% gBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
0 E& w( C# h5 \2 u; z) L- P3 FDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00
4 ^ e. W1 U$ |4 K/ hGMP Securities maintains "buy", 12-month target price is reduced to $30.00' c, M: D4 z( Q( D
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
3 e$ M i- p3 x, J9 }- T l/ O3 yScotia Capital Markets continues "sector outperform", 12-month target price is $30.00, v8 T: L" E- i9 x3 z, J2 c
# O9 y: ?- H! p+ ~Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07); i# [ o/ P4 R- T0 S
Well positioned with gold production forecast to double this year and next
3 V6 {/ T0 b. B4 ^8 ]Blackmont Capital continues "buy", 12-month target price is lowered to $83.002 e. S. s3 q B, S
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00" p' b0 s9 U( j# M
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ARC Energy Trust (AET.UN : TSX : $17.15)0 C1 q& u( v( O2 k
Reduced distributions by 20%; capex also cut {- {* c4 ~3 B$ b$ \5 I$ \. u
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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. L- x' A# \3 b# l9 `Andean Resources (AND : TSX : $0.75)
) a2 X6 Y1 P* }9 O* V, F( }. jAnnounced F09 outlook
c6 B+ x6 x2 O9 @0 R+ dParadigm Capital continues "speculative buy", 12-month target price is $2.25$ Y6 h( q; q+ O3 U s$ w( s8 K8 E, l7 q
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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9 I8 [$ [8 g, e) s: mBombardier Inc. (BBD.B : TSX : $4.65)
5 w2 Y* M+ |4 t0 M* i6 a S, GRising challenges in Aerospace
6 f' o: L4 x, A1 M2 oGMP Securities continues "buy", 12-month target price is $8.005 V5 M$ }- ]2 b& [& f% E* m
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Bank of Montreal (BMO : TSX : $31.84)
( c' [1 b( ^/ m& C# ]Acquiring AIG's Canadian life insurance business
" `) C: Y, {$ @9 D Y( ~$ z! q, _TD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)
8 c/ ~& V+ Y! G$ J) KQ1 review: Canada results encouraging, but Portugal remains a drag
P8 C4 q6 O. z J/ BBMO Capital Markets maintains "outperform", 12-month target price is $46.005 R9 V' j6 i: n N% d' g
Desjardins Securities continues "top pick", 12-month target price is $40.00' y. D: [5 R9 L7 t& q( {" u: n9 x7 B
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
* r& G5 O$ E8 r4 C9 \2 ~- hScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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8 _9 U* ^, U. n& }7 u/ U+ ZCorridor Resources (CDH : TSX : $2.45). @( r& Q/ j" s' P$ V
Capital budget set to expected cash flow; production guidance lowered) y6 R* o5 W, T" N- v Q7 S* X5 w
RBC Capital Markets maintains "outperform", 12-month target price is $4.252 B. [# q- Q- J% i
, X3 D8 p7 ^3 J2 |! OCOGECO Inc. (CGO : TSX : $25.14)) O4 u4 q9 h% w# o2 g
Strong radio and cable drives 39% EPS growth/ W- _; a) c7 k4 K3 R2 d7 e
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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* R; k4 T! r5 aCanWest Global Communications (CGS : TSX : $0.51)
6 K- E, F, S. D1 _Taking action to address tough operating environment% l5 ^: E, {* f! p+ i+ O
BMO Capital Markets maintains "underperform", no target price reported9 p% i7 L2 P; } u, t3 n4 J& \/ d
Credit Suisse maintains "neutral", 12-month target price is $1.00( r( m* v. h7 _# h9 G* v7 c
GMP Securities continues "reduce", 12-month target price is $0.50
+ _) Z# b- W7 X! v5 G! i fRBC Capital Markets continues "underperform", 12-month target price is $0.75
2 O- _8 g: @) i* {" x& x* V7 o! GScotia Capital Markets continues "sector underperform", 12-month target price is $0.50/ I9 ?5 Y I, w
5 ?+ ]$ v& _) d) v) dCorus Entertainment (CJR.B : TSX : $12.47)5 |% k Y6 Y9 J
Q1 revenues in line, EPS beat0 S6 P8 \- l: [4 b/ X9 ^
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.006 f. A/ B+ ?; q9 T- A+ z
Credit Suisse continues "outperform", 12-month target price is $20.00
: D( f6 g. h6 f7 L$ b8 O0 SDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00
# Z8 y2 m' q* m8 W; G/ JGMP Securities maintains "buy", 12-month target price is reduced to $17.00$ m9 R' t$ l- y* e8 p: ]5 i+ n
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.505 a# K% r) Q2 T
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)& o) `4 ]: M2 m) |! r& T
Held investor day5 G' O, c+ O9 |+ \1 L( T$ _
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00, A2 u- m6 K4 x6 L5 v n4 }
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
2 y7 m3 k( c) q* v# ^. ~" DReduced distributions by 38%; guided for lower capex1 r2 L3 Q9 k- N$ E+ {* Y
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
# k4 B0 K" [0 c, [+ iDundee Capital Markets continues "buy", 12-month target price is $12.00
/ ~4 a3 j! D ^/ w# n4 TTD Newcrest continues "hold", 12-month target price is $7.50& c$ a* i2 |" T" g3 J2 L- W5 v/ g
& d( g+ v1 B! W c8 I; TEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)' R. }" k& G( y/ A* B
Steady market and currency tailwind
- S8 f! Y2 @: P- C" n2 [$ K$ [TD Newcrest maintains "buy", 12-month target price is US$5.00: t: ]& `( J2 U6 }3 t
$ ~4 v0 `9 g. w: k/ U' w! g! [! bGoldcorp Inc. (G : TSX : $29.74); U' U% j1 `2 }( g- d# Q
Revised commodity forecasts
+ H! R# K" h7 z& EBlackmont Capital maintains "buy", 12-month target price is reduced to $49.009 c) b) {" Y! P% h$ ~0 ^7 B" G
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Heritage Oil (HOC : TSX : $3.77)
# m* {0 y/ X; N' B; Q0 qAnnounced Ugandan commerciality on exploration success9 `0 p: v% E+ c3 c, V( D/ s
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.508 ~. w! o% l# M5 d& t8 z6 u
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Harry Winston Diamond (HW : TSX : $4.98)4 {3 b, M5 U% M6 f
Retail division suffers# J, c' t5 F) z. o7 L0 f
Desjardins Securities maintains "buy", 12-month target price is $12.60) u0 i# ~# e# E
5 v6 B1 K- N' KLaramide Resources (LAM : TSX : $1.84)6 I& _! q- ^0 a: }; x' P
Westmoreland provided more high grade at Redtree's Jack Lens$ }4 `. @$ ]" G
Dundee Capital Markets continues "buy", 12-month target price is $2.30- t$ W, O2 u! y$ \
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Lockerbie & Hole (LH : TSX : $6.00)9 U! p8 x% I3 H8 W( {
Released Q3/09 results: very strong, focus should be on active backlog& _5 ?+ l$ b8 |" n% Z
GMP Securities continues "buy", 12-month target price is $9.00( x; U, x3 A+ i& G+ ], t! |. p7 L0 e
Raymond James maintains "market perform", 6-12 month target price is $8.25- B6 s6 p6 c4 _) c" n4 h( B
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)% C1 `: W2 G0 Y) L; W
Reduced distributions by 70%
& \2 ^" i0 b( y! \ V: q' YRBC Capital Markets maintains "outperform", no target price reported
F8 m T3 W1 g7 r/ [& wScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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6 _4 w) ^: ~4 M) H0 Q" f& W+ i6 cMatrikon Inc. (MTK : TSX : $2.04)
9 E0 p: V V+ A, D6 n( Q/ dReleased Q1/09 results: a little light, but still respectable7 C$ l5 f+ L+ X- M2 i7 k
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.501 s7 I* Y& v2 l: ^5 k5 p7 |9 x' H& L3 M
Paradigm Capital maintains "buy", 12-month target price is $4.007 l7 b4 }: a: M9 G
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
! i9 h4 T9 [1 l( C5 j/ ]+ hExpecting lower CFPU on higher taxes
5 K' u+ H! q* w2 e% g+ u0 vBMO Capital Markets continues "outperform", 12-month target price is $18.00 m) y/ i/ V R0 y
RBC Capital Markets continues "sector perform", 12-month target price is $12.00; y( K, S, O1 y5 U' J) p* i
TD Newcrest continues "buy", 12-month target price is $17.00
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}. c! l7 F2 U P: B/ \% g' h' ?Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)7 W5 Y, v/ h# \# C4 X% P
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
! D4 I* ^& h) g7 L. e/ G7 GBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
, @- L+ L8 V4 L6 ^; rCredit Suisse maintains "neutral", 12-month target price is US$1.005 O! C2 m7 J! W. A9 G5 ~7 J
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80% W7 f0 c: s; D/ W& J) J7 @' X6 U
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)$ A$ P: O$ N; Z
Dietary supplement business facing headwinds8 E* }4 ~, u2 N. T3 K
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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2 R! d( z2 {5 W7 QOpen Range Energy (ONR : TSX : $1.18)
+ k; i1 }5 v' r' F4 Q: FProvided operational update and F09 guidance
) |4 r0 }; Y* j$ [Haywood Securities continues "sector outperform", 12-month target price is $3.25/ V$ } B& X" S' K# B( {7 n( M% d9 E
3 O, `- C- P7 Z" M- }) d7 |. ZOsisko Mining (OSK : TSX : $3.13)
) P& ?- F1 \3 `2 ^3 B4 t! |: N! d) rSouth Barnat resource around the corner
# a$ {/ R1 d# j& d! QParadigm Capital continues "speculative buy", 12-month target price is $4.756 y! u* F" y. o! L! h4 |1 C) o
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
) B3 \% ]% y, C* hProvided operational update, o: W8 G" P; F- r7 c5 S
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
s' u- B7 K# F+ ?9 rTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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Paramount Resources (POU : TSX : $7.85)
# a- s1 S+ \0 AProvided operational update: Grande Prairie emerging as the key focus for F09
# U! }7 W& S5 r0 sGMP Securities maintains "buy", 12-month target price is $12.00
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( r" y- i4 d- x6 ~) z" Q5 F9 c: FRockwell Diamonds (RDI : TSX : $0.07)
) i1 h3 ?' v) j$ V% W) J; [8 Y, sOperations starting to turn the corner
. H( f, k! p. K4 zRBC Capital Markets maintains "outperform", no target price reported
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0 H; |) V: ]! KShaw Communications (SJR.B : TSX : $20.13)
8 h( P; ]0 T$ e. K9 l3 D! n3 vReleased Q1/09 results: in line, subscribers ahead( P b1 r" B; A# }3 \5 q8 F1 W
Credit Suisse maintains "neutral", 12-month target price is $25.50
& M/ R0 |) n) N) b" z2 Y7 m) U, V, RGMP Securities continues "buy", 12-month target price is $26.505 p# B1 G8 i0 b& ~
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
2 E9 `- p9 O1 L; _Held a sell-side lunch showcasing new U.S. team
& J4 K. p4 { ^; ~5 }5 h( ~ _% TScotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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& F) m( x- o, T {+ B5 rTrican Well Service (TCW : TSX : $6.93)
1 l C' w0 Y5 j+ z z: WAwarded Russian contracts+ D. k J; D) z( x' S8 u+ h
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75, ?! F& K' ]" K
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
+ P0 L& R0 N: H" i+ Q2 g$ H0 N! XRBC Capital Markets maintains "sector perform", 12-month target price is $10.008 e* A) t: T3 W8 G" R, E, w
1 p3 A) V" `0 \9 R, _( x; _, VSino-Forest Corp. (TRE : TSX : $8.93) f: E5 A+ F+ k& r
Chinese furniture exports rose in November% L5 w5 k% Z( d4 A& }+ u/ F& z
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)
% b- k% T- O0 T' Z" |( i+ TShea Creek's two largest deposits have become one0 Q% }- T+ {! V/ w/ }' _7 w
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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* H% K4 Y) p/ o# RVero Energy (VRO : TSX : $4.72)
1 w! @) M% N8 p+ c' P6 bReleased Q4/08 results: horizontal focus to continue in F098 y+ k6 ~' x- T7 I1 X7 {
Dundee Capital Markets continues "buy", 12-month target price is $8.00
. i: O r& [" [$ M: G9 X4 sGMP Securities continues "buy", 12-month target price is $7.50* z p. g4 A# o1 [( x U
Paradigm Capital continues "buy", 12-month target price is $12.00- b4 Y! N! ~- h) M/ O
RBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75)" I8 C& |1 B" Q7 c
Hit homerun with Samsung
1 K0 d" R) h# f* N2 L9 Y1 ~Paradigm Capital continues "buy", 12-month target price is $3.50 |
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