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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)+ t& q M1 }! [, j7 C* A7 X
Bracing for a tough few quarters: |& i+ U6 m( b- l& o A1 i
Canaccord Capital maintains "hold", 12-month target price is $4.50; R8 J* W4 R! `3 s# H, g |( Y
; B( b$ Y/ N9 Z, K* D2 L& yBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)! m% Z( V) B) Z6 Q3 M ]0 d! `
Growth outlook, challenging pipeline and high cost structure make future unclear
$ Q3 p" Q! \- t# j6 t0 E% cBlackmont Capital continues "hold", 12-month target price is lowered to $48.004 j: N& `; }) U# c9 l
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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m4 }# Y0 R6 A" |* L% QAstral Media (ACM.A : TSX : $22.98)! \3 y, {7 e8 i5 A. q
Released Q1/09 results: strong, in light of challenging operating environment! g4 {6 A2 X8 m! _. _
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
4 y8 z! P) |6 p8 v$ G& \Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
" ~- n B# \( ?1 }: p. g- n5 NGMP Securities maintains "buy", 12-month target price is reduced to $30.004 s9 y$ ]+ m7 Q+ {! |0 \
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00" I6 n$ P# o( i; @% G8 b& ?1 Y
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00. x/ c( t7 q8 r# N( t2 h
- i) F& E7 R# U. R4 uAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
% l0 T) z' m0 \' x* a. s2 ^3 ]Well positioned with gold production forecast to double this year and next1 S3 N* i$ H: y5 I. V
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00+ H4 N6 a1 V4 h
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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; l5 Z, i2 }: U2 AARC Energy Trust (AET.UN : TSX : $17.15)
4 x$ y9 H5 f+ t5 V7 Q- KReduced distributions by 20%; capex also cut
# [6 @$ B1 h; h$ ^; Y+ B1 YRBC Capital Markets continues "outperform", 12-month target price is $19.00/ D" h5 s1 }3 u% c9 ?
$ Z% }9 h8 {* t- ^ @# kAndean Resources (AND : TSX : $0.75)% o( y, k5 z; {6 l% ~- J
Announced F09 outlook4 M% ?/ c5 O4 E. O
Paradigm Capital continues "speculative buy", 12-month target price is $2.25. e; ?2 ?% f* {% E
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00- R4 w+ |5 c& s1 q( P
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Bombardier Inc. (BBD.B : TSX : $4.65)" |( [8 W" [4 H0 r! m
Rising challenges in Aerospace& F: ^2 \* _2 ?, j
GMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)
. H" V% y& R* ?, D) @4 J6 K( D: ]$ l, yAcquiring AIG's Canadian life insurance business; p& z$ C1 c g. w! {: Y# G4 ^* E
TD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)
& [! U6 t/ C/ UQ1 review: Canada results encouraging, but Portugal remains a drag- w. n# K4 o7 [4 ?& c
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
* d- b0 t# M- ~& E' ^) C( EDesjardins Securities continues "top pick", 12-month target price is $40.00
' }- ~/ v4 z$ lRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
! E% i% o, E- _* X4 G6 A* bScotia Capital Markets continues "sector outperform", 12-month target price is $55.000 u% {) r8 f9 z* Z) o+ H
! @ H4 E+ i. h' m/ @ d% aCorridor Resources (CDH : TSX : $2.45)
- Y1 X; |# }- b6 p* \. n; _Capital budget set to expected cash flow; production guidance lowered
: C5 R' A3 Y% K1 K4 i5 YRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)) p' w2 O! \& q0 e/ b# M' I7 ?% T
Strong radio and cable drives 39% EPS growth! i' E6 F! s& L8 m' ?# q
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00# Y* I* C: [3 i% s1 D
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CanWest Global Communications (CGS : TSX : $0.51)
! O* o. A6 z5 @" W( YTaking action to address tough operating environment6 T- S4 e: a. j& N; E! q
BMO Capital Markets maintains "underperform", no target price reported% e& r1 N7 P" j( x4 K0 `
Credit Suisse maintains "neutral", 12-month target price is $1.00
6 O8 n0 z2 e H5 j8 a) IGMP Securities continues "reduce", 12-month target price is $0.50# n& e( D" Q4 m
RBC Capital Markets continues "underperform", 12-month target price is $0.75/ ^' l# o* K7 E
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50' N( y, X5 I0 v# w4 j9 Z; K+ x
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Corus Entertainment (CJR.B : TSX : $12.47)
, w5 I- m. f7 _1 HQ1 revenues in line, EPS beat: Y$ n3 U4 z; E6 z. ?; O- ?
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00, \- R1 Q; |, M
Credit Suisse continues "outperform", 12-month target price is $20.00$ d$ l# w+ |( S7 {6 E4 }( k# ?
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
4 \0 O! j! z( r. y8 H7 Y) tGMP Securities maintains "buy", 12-month target price is reduced to $17.00& A1 |( U' {& l7 ?9 k
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
6 e" T) n2 T0 K$ \2 G$ M- \Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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, a1 D! `4 _% L6 V& N* Z" |) TCalloway REIT (CWT.UN : TSX : $11.84)
! \+ G t2 e6 R( EHeld investor day
3 q* S; T7 o0 O, rScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00! g7 y/ B! C- g
& a& H. y! U, |Daylight Resources Trust (DAY.UN : TSX : $7.77)4 b- B ?# i X5 Y; F
Reduced distributions by 38%; guided for lower capex; L- C) D$ x( M
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00 A! S4 f H/ |" a' `. r
Dundee Capital Markets continues "buy", 12-month target price is $12.006 E; j$ T i8 E' {1 h; m
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); T J9 @% }9 w% g4 ^' i" y
Steady market and currency tailwind
2 e) Y/ v( n# G4 fTD Newcrest maintains "buy", 12-month target price is US$5.00
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Goldcorp Inc. (G : TSX : $29.74); ?/ B$ j" _3 E5 a% M/ F$ E/ b; S4 `
Revised commodity forecasts; S( } A* [' i( g! i
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00% b2 [% J, W9 A# L8 H# n
5 K6 b/ l0 c" b ~$ O7 w& ZHeritage Oil (HOC : TSX : $3.77)6 k& n$ O* L& Q3 c4 Q
Announced Ugandan commerciality on exploration success
4 C# B9 m. @/ u, QTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.506 j& V" i1 W' J: J
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Harry Winston Diamond (HW : TSX : $4.98)1 K( J; s4 U' m4 e3 Y
Retail division suffers% c9 W2 [# L6 b) \ r
Desjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)
) Q( l; }5 q" M- N8 [Westmoreland provided more high grade at Redtree's Jack Lens3 o0 V& d* \ m
Dundee Capital Markets continues "buy", 12-month target price is $2.30! c- p. F+ N! |8 ]- Z
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Lockerbie & Hole (LH : TSX : $6.00)
8 ?; j- W$ B5 T5 b4 t, [* l' r8 sReleased Q3/09 results: very strong, focus should be on active backlog
5 T Z2 ]# T- Q' S XGMP Securities continues "buy", 12-month target price is $9.000 D( d0 W, |3 ^. u4 k" U0 k
Raymond James maintains "market perform", 6-12 month target price is $8.25' h [' Y- M8 n0 l0 P# l! l2 s
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00) g- W& B! p1 [- m; \
Reduced distributions by 70%6 J) F5 h r4 C( [; e/ z$ T. ]4 r, u
RBC Capital Markets maintains "outperform", no target price reported
$ R4 K k5 [ r6 E+ B% ]; FScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)
9 E# Q. N. I. B; O9 PReleased Q1/09 results: a little light, but still respectable# t$ ?- ^) U' f v0 E T
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50+ }; }; R5 {# A; c5 ~2 y
Paradigm Capital maintains "buy", 12-month target price is $4.00! S5 G2 U. P) l0 ^ ^
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
) \9 ]! i( u! R. f2 iExpecting lower CFPU on higher taxes" W U: T& ?# G0 p9 H( q% A
BMO Capital Markets continues "outperform", 12-month target price is $18.00& S& N* `: E7 a/ m$ e
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
9 c+ a6 M, L/ o: n7 [+ k! STD Newcrest continues "buy", 12-month target price is $17.00+ c" u1 @6 P. `) {
& w/ ?- Q& g& E: I0 W: bNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
! \# }! C6 ~; p: n# EReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
& ~# M! I0 V) i7 dBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
8 q* Y! C# [- i p$ M9 m7 {$ T' zCredit Suisse maintains "neutral", 12-month target price is US$1.00" q# K+ I. f% N6 _: f
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)' [5 L5 @6 e9 q+ o# [6 @3 J$ J
Dietary supplement business facing headwinds. O/ ?$ b' B. c6 W! j9 P' ?
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.000 I( u; `% A2 f/ @, l2 w
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Open Range Energy (ONR : TSX : $1.18)
2 W) \' J) u5 q& oProvided operational update and F09 guidance) Y3 a# c! O3 d. a3 M- }8 f
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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3 K6 y$ y. A9 I2 v6 q" E5 {7 `Osisko Mining (OSK : TSX : $3.13)5 k' F+ F' {( {* F' q
South Barnat resource around the corner2 z6 n4 G3 t/ ~' g/ A) P
Paradigm Capital continues "speculative buy", 12-month target price is $4.75
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9 r+ K8 A+ X/ x i% q% xPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
U+ p, @5 @! F. V$ V; wProvided operational update0 f( m) c) a& _8 J6 L) M' y: s
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
% ?0 w1 c" a# QTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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Paramount Resources (POU : TSX : $7.85)
$ H! M; n4 o" o6 w3 q. R% b8 fProvided operational update: Grande Prairie emerging as the key focus for F09
+ m! m; I8 W" C5 R9 fGMP Securities maintains "buy", 12-month target price is $12.00% G' n/ q/ p. D% U3 W9 @& m
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Rockwell Diamonds (RDI : TSX : $0.07)6 Q% ?$ h5 M6 z; c; q' {
Operations starting to turn the corner. n( C2 i; ] y4 r9 P& R
RBC Capital Markets maintains "outperform", no target price reported! w; ]" e" p) A; a
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Shaw Communications (SJR.B : TSX : $20.13)' o, @4 B% z# X1 d5 m+ h0 X8 {
Released Q1/09 results: in line, subscribers ahead
; q" P) S) j6 \* C9 K" NCredit Suisse maintains "neutral", 12-month target price is $25.50! Y# ] n8 C' Q
GMP 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)
5 Y8 c. ]6 R" C! hHeld a sell-side lunch showcasing new U.S. team; t' _0 ?7 }# ]# y
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00! @" ]0 y) B' U1 Z5 A% ^7 m
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Trican Well Service (TCW : TSX : $6.93)
) A" Q9 u7 O' _& C( p, s. qAwarded Russian contracts1 u5 c* V3 i8 X$ N7 f( m# v, X
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
! Q1 }+ L% T" A0 @Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
) Z) t& P- u9 s2 m/ U8 I$ [RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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; p! x6 a( @& C; \9 [2 ?3 ESino-Forest Corp. (TRE : TSX : $8.93)
; j( K! d4 z# F [4 R3 zChinese furniture exports rose in November- N B. P7 W& m% i. h p; q
Dundee Capital Markets maintains "buy", 12-month target price is $23.509 k$ M; C. e4 B+ B, L
( t2 P7 a) U9 O( y9 GUEX Corp. (UEX : TSX : $0.88)- Z0 U& ?$ ]3 _
Shea Creek's two largest deposits have become one7 r3 v$ P) w" M7 X
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)
' [( o/ o i# g9 N, t wReleased Q4/08 results: horizontal focus to continue in F09
4 D+ U) |, ?& ODundee Capital Markets continues "buy", 12-month target price is $8.00
. a0 C7 z: |2 b5 d" mGMP Securities continues "buy", 12-month target price is $7.50* U3 x+ C" `" ^0 Q3 J6 T* R6 n2 Q, |
Paradigm Capital continues "buy", 12-month target price is $12.00
3 |7 i) \2 c$ I) V4 v3 _, f6 pRBC Capital Markets maintains "outperform", 12-month target price is $8.50% `! l+ K% V8 Z3 d/ m$ d
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Wi-Lan Inc (WIN : TSX : $1.75)
7 B$ e3 f: q4 U. c7 u: F$ jHit homerun with Samsung. D7 {4 z' z4 A' I# I* ]
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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