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Ear on the Street --- Jan. 16 2009: ?6 A3 `7 |9 [( h/ m% q
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Absolute Software (ABT : TSX : $3.36)
" `) T8 k8 A$ v' d9 q$ bBracing for a tough few quarters5 A, @' [5 p7 |/ W7 O
Canaccord Capital maintains "hold", 12-month target price is $4.50+ O& n+ H1 X# H" t* q! M) ]
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)) O: [( a6 e; U7 a
Growth outlook, challenging pipeline and high cost structure make future unclear( \1 D3 A; N4 q$ Y) V9 c6 N/ w" {7 I5 g
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
" K R: d2 v# w4 }' Z) WTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.006 P+ l7 x7 G+ F
: k( L* y) m! V2 x+ B, { FAstral Media (ACM.A : TSX : $22.98)' D5 l4 }3 x1 x) E
Released Q1/09 results: strong, in light of challenging operating environment
" i: u; H8 Z: O, Y2 @. dBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00% }5 O: ]. x, E4 g9 p% V
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.000 Y& s3 i+ M/ x
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
& h- E1 P" _$ ] mRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00+ B2 Q2 K5 }' n( R3 Y
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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( V; z! A; j6 SAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
$ k. T" N1 n, b/ D4 G$ `& C' y/ {! ^4 KWell positioned with gold production forecast to double this year and next
# M2 d8 o3 ?3 k% J) i) EBlackmont Capital continues "buy", 12-month target price is lowered to $83.00# A( g# `4 k8 V& Y5 V/ V& h
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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3 V+ \5 Y, ?0 w- I/ |% A$ x* eARC Energy Trust (AET.UN : TSX : $17.15)% l. A; Y, t" q h8 Y$ c7 w
Reduced distributions by 20%; capex also cut+ _7 p4 D0 b; h5 x
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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# t$ w2 C, O* g& Q/ kAndean Resources (AND : TSX : $0.75)' e( z0 N9 s# Q* Z* M+ ~
Announced F09 outlook
# V( Z" ^% V. ~3 `7 J7 QParadigm Capital continues "speculative buy", 12-month target price is $2.25
7 H) H" o- k: _2 P7 yTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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4 z6 ?/ z5 _! g" {* DBombardier Inc. (BBD.B : TSX : $4.65)8 \! [! J* e' M
Rising challenges in Aerospace. R2 S9 x w4 E. W7 t
GMP Securities continues "buy", 12-month target price is $8.005 p6 q, a( X; P5 p& N
) g! ?7 d2 V, h: k4 V9 u' n( KBank of Montreal (BMO : TSX : $31.84)9 L+ e& c B q' n0 J5 J2 L
Acquiring AIG's Canadian life insurance business/ c- X5 F3 l) _+ |& c9 m5 E. Z+ g
TD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)
/ ^* _; i/ j& k, T0 c' K3 @Q1 review: Canada results encouraging, but Portugal remains a drag8 j; j k; S& s6 n3 S, p5 r; q3 [
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
7 D" s% K+ G. }0 h0 b6 u. hDesjardins Securities continues "top pick", 12-month target price is $40.00$ N' p6 j. u: d$ P* e7 n
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
0 p! [7 G6 c CScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)- f/ a% g, @, w: D- `
Capital budget set to expected cash flow; production guidance lowered
- w `6 |/ T: t1 x. gRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)
0 \+ L/ }, Q0 m" a. ]& \: \Strong radio and cable drives 39% EPS growth
% _: P4 \- v+ a @$ ^' PScotia Capital Markets continues "sector perform", 12-month target price is $45.00: Z, a0 z# r/ f/ x1 _7 V
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CanWest Global Communications (CGS : TSX : $0.51)" e3 E+ D0 r% w% l1 s
Taking action to address tough operating environment9 v& n# ~' J: ~& E" l
BMO Capital Markets maintains "underperform", no target price reported @1 g& a8 j$ V' M9 k* V
Credit Suisse maintains "neutral", 12-month target price is $1.00' M% ]1 w! A1 |& y D5 V! F
GMP Securities continues "reduce", 12-month target price is $0.50# t) p6 F4 x* A! E; q$ ~
RBC Capital Markets continues "underperform", 12-month target price is $0.757 t7 G* F# T( ^; `* L0 g) [3 r0 F; o
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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1 \' ^) _0 k! t H4 OCorus Entertainment (CJR.B : TSX : $12.47)
D: l! a# |; W8 @ `1 NQ1 revenues in line, EPS beat' O: @" k( u: C/ k, a
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00 e0 w, `0 P* M0 y* ]+ A
Credit Suisse continues "outperform", 12-month target price is $20.005 I! ~& D; }" a5 ~! N
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.004 w! g, z# l" B* P. R; C
GMP Securities maintains "buy", 12-month target price is reduced to $17.00 v7 M7 O! Q% r) B: [) _2 e/ R2 G
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
( P7 {3 e, @$ y/ u/ rScotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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4 [& t7 l: z+ g0 h0 J1 Z# rCalloway REIT (CWT.UN : TSX : $11.84)
/ s7 G8 w S0 I YHeld investor day
3 F. \, j6 u. ~! v; S. WScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
) X) h3 M7 V) \. ~Reduced distributions by 38%; guided for lower capex) J; D5 t$ p" v$ O% l
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00& l7 ~& M, Y! B- C& m' h
Dundee Capital Markets continues "buy", 12-month target price is $12.00
/ f: r8 q1 P6 H. ~- Z* XTD Newcrest continues "hold", 12-month target price is $7.50' a! c1 t. x! n
9 H) T/ Y4 \& mEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)! H0 t0 c0 y5 _: Q4 o' x* f+ B
Steady market and currency tailwind
$ ~% B3 y) W( }! s% V( cTD Newcrest maintains "buy", 12-month target price is US$5.00: x' N4 w9 f+ v6 h, B# G( M
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Goldcorp Inc. (G : TSX : $29.74)2 J" `. Y/ F, X( m2 v
Revised commodity forecasts
6 R9 C' M" a9 K. C& NBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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5 E4 r+ ^& }9 {3 AHeritage Oil (HOC : TSX : $3.77)
- {. \: g; [5 qAnnounced Ugandan commerciality on exploration success; c$ P- _6 f D$ h
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)
- h5 l5 s2 G6 K3 y7 U) [5 N, fRetail division suffers2 \$ f- Z9 W1 I+ ~+ N7 Y
Desjardins Securities maintains "buy", 12-month target price is $12.60
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1 b2 l+ N: e0 Y( DLaramide Resources (LAM : TSX : $1.84)
& J5 l, z4 u' h# a8 j2 SWestmoreland provided more high grade at Redtree's Jack Lens" M5 q# e0 }" j d
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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Lockerbie & Hole (LH : TSX : $6.00)+ Z4 b; o: f4 m" Y$ o
Released Q3/09 results: very strong, focus should be on active backlog4 ]4 k5 H, ^6 a
GMP Securities continues "buy", 12-month target price is $9.00
9 r9 X6 T7 O- U w/ `Raymond James maintains "market perform", 6-12 month target price is $8.25* o& w, g& ]+ \
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)! t" z" Y/ k- F" u6 }
Reduced distributions by 70%: f% ], I$ u" I% C! C9 m1 E7 y
RBC Capital Markets maintains "outperform", no target price reported
& H% [2 Z" s2 S* }4 lScotia Capital Markets continues "sector underperform", 12-month target price is $6.50& Y4 {' L" _ W8 e' X b4 r' H7 L
, }* h7 m! h% s0 h( xMatrikon Inc. (MTK : TSX : $2.04). X ?4 x+ o$ x! m" f9 A, D( J
Released Q1/09 results: a little light, but still respectable
) E' u6 X) s: s1 r" yBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50" r# `7 a3 e$ L8 k. j
Paradigm Capital maintains "buy", 12-month target price is $4.00
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c8 j$ L$ O# A% _* fMullen Group Income Fund (MTL.UN : TSX : $10.97), g& b) ]2 ^7 S; G9 r; u& N. B) o
Expecting lower CFPU on higher taxes5 Y; F: {; D( ?$ X+ T" c `4 R
BMO Capital Markets continues "outperform", 12-month target price is $18.00( }* D/ [- k: d0 z+ P# R' s5 T
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
( k; ~$ N. C( U4 K# @TD Newcrest continues "buy", 12-month target price is $17.00. e$ e( Z6 x2 U1 j6 J
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
$ \; g( J9 G7 k! Q: i' w! ~. dReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
8 G$ j6 ^7 f. T1 v5 hBlackmont Capital continues "hold", 12-month target price is reduced to $1.25' a- O( @2 C. A' n5 z3 M
Credit Suisse maintains "neutral", 12-month target price is US$1.00% f: T* f4 D& i
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79), E5 k1 m! H: O6 E0 D" ?
Dietary supplement business facing headwinds; E4 o' } I# l U9 A) j5 v, d$ A7 D# V
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00# w- ]% Y2 C5 y0 G" [
4 C$ i# M6 u# E: a, A# e# OOpen Range Energy (ONR : TSX : $1.18): p% Y2 v- m& e: S
Provided operational update and F09 guidance
, c; S3 \ ~ U3 r8 nHaywood Securities continues "sector outperform", 12-month target price is $3.25& s* b* @: K7 w6 W4 z0 B; Q# z
1 v0 A# T( r( N8 j$ q! `/ ZOsisko Mining (OSK : TSX : $3.13)
6 ` @5 a; Q) v5 oSouth Barnat resource around the corner
/ }1 z( h/ X9 ?% E y) s5 t4 JParadigm Capital continues "speculative buy", 12-month target price is $4.75/ m7 ^# [+ }+ G- G! w; r2 j
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)3 e& V2 g- i* n4 B9 o" S: ]& w' f
Provided operational update5 Q. R8 c8 a+ H* Q% K( `+ D
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00. t$ @/ k. Z/ o" p4 t0 r& d
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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# T2 c" q6 Q) ?- }Paramount Resources (POU : TSX : $7.85) m4 W$ c& [" f
Provided operational update: Grande Prairie emerging as the key focus for F096 q6 p& l% l8 e, p! @( ?
GMP Securities maintains "buy", 12-month target price is $12.00# Y# A& c3 A# h# C
, s* V5 F* h) T- _( r$ ARockwell Diamonds (RDI : TSX : $0.07)
e3 Q2 q. I( W5 [Operations starting to turn the corner
* ]+ B( s5 P6 PRBC Capital Markets maintains "outperform", no target price reported) y) x+ q/ x' f5 i2 ^5 m3 p
?4 ?* a2 f+ N* H. S0 [Shaw Communications (SJR.B : TSX : $20.13)3 f: Q+ A& T3 v3 U
Released Q1/09 results: in line, subscribers ahead5 W8 D* L( Z- v; D0 W/ J" o
Credit Suisse maintains "neutral", 12-month target price is $25.50+ W! L/ t7 N U9 k2 s4 J: }% D
GMP Securities continues "buy", 12-month target price is $26.50" e. v' B/ ?& L. L
5 K1 Q4 f9 q% g+ c% w0 I$ k* |Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
* e4 Z! q+ ]2 z4 bHeld a sell-side lunch showcasing new U.S. team
( O5 `! W) K% j/ }5 a& DScotia Capital Markets maintains "sector perform", 12-month target price is $33.00 D7 \- r/ ^/ j8 ~0 ^2 l6 |7 Y" c3 T
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Trican Well Service (TCW : TSX : $6.93) c, m( N( Q% ^) i* }
Awarded Russian contracts' I/ t, x! i" B9 I' u+ P& Z
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75' |" Y6 I; q. E6 S% S+ e+ h0 O
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
9 ]$ _3 N1 | g: n' m/ L6 k- NRBC Capital Markets maintains "sector perform", 12-month target price is $10.00/ D+ {) t( x; W- n" A* Q
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Sino-Forest Corp. (TRE : TSX : $8.93)1 n- ]" o# K3 h S3 e7 F( R
Chinese furniture exports rose in November$ Q: [9 `3 P# F! a; G8 e
Dundee Capital Markets maintains "buy", 12-month target price is $23.50) g. k) B o% D# d: S' b% H
: k0 l7 A H) aUEX Corp. (UEX : TSX : $0.88)
8 T5 I5 t$ J+ S, l' TShea Creek's two largest deposits have become one
' `* {: K2 v8 b% a4 _# V" D7 }Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)( J& {$ { S+ D* D- Y. c6 k
Released Q4/08 results: horizontal focus to continue in F09- |- @2 g/ z; `2 ~" E8 [
Dundee Capital Markets continues "buy", 12-month target price is $8.00
5 h @: f( S y3 yGMP Securities continues "buy", 12-month target price is $7.508 K4 m+ V" e3 u. I
Paradigm Capital continues "buy", 12-month target price is $12.00
~: z" c4 N" tRBC Capital Markets maintains "outperform", 12-month target price is $8.505 d+ b2 D# Q8 ?
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Wi-Lan Inc (WIN : TSX : $1.75)0 p0 c7 Q3 c9 `% X% }5 s& |0 s5 g" F
Hit homerun with Samsung6 Y" T/ U) F$ i* V+ U* ]. F9 Z
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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