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Ear on the Street --- Jan. 16 2009- z7 z( r- n1 V
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Absolute Software (ABT : TSX : $3.36)# d# y6 U4 |7 o
Bracing for a tough few quarters
9 x0 \; ]! f: {6 [2 r4 f* K& t$ rCanaccord Capital maintains "hold", 12-month target price is $4.503 u; a; w1 n4 ^# _
' H5 q; d9 S! u6 ^- O) T6 s. k# EBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
1 X" v8 R" K* x4 o- T$ xGrowth outlook, challenging pipeline and high cost structure make future unclear2 |: H1 _0 b* q1 z
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
$ w! t8 }2 F( |: @: }( O1 OTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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8 o7 c3 B, F8 K9 J3 pAstral Media (ACM.A : TSX : $22.98)8 j, w, F- @- x9 r' s# \( \+ R& w# J1 t
Released Q1/09 results: strong, in light of challenging operating environment- R( V9 }4 O/ \4 E
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00* P. r$ O0 f/ z, v( P& D! H- H
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
. g: z% y2 z) q5 b# R/ iGMP Securities maintains "buy", 12-month target price is reduced to $30.00
9 H/ D/ j5 X1 _2 ]& `7 G- sRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00+ ^) {4 _1 U# L& i9 i8 t
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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! f1 f: @$ N) q! O* tAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)0 ~/ W n2 f8 M# ?
Well positioned with gold production forecast to double this year and next
1 f& a9 e" P8 ?& W& hBlackmont Capital continues "buy", 12-month target price is lowered to $83.00
@% i) U2 V- `6 l! l. xTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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5 h s# P& \4 `) I- RARC Energy Trust (AET.UN : TSX : $17.15)$ j: Z1 b9 X" H; J: E' _
Reduced distributions by 20%; capex also cut% i( }( R# p& H: P1 X4 t
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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- j Y5 x3 q" WAndean Resources (AND : TSX : $0.75)9 F9 x' @8 a4 K1 I5 ~4 r- c" u7 a
Announced F09 outlook3 Z% a' @3 p' s) X) R
Paradigm Capital continues "speculative buy", 12-month target price is $2.25- \3 }1 w+ M3 `4 X8 B
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00: U6 w% _2 F) ~; X: \$ B$ t0 x
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Bombardier Inc. (BBD.B : TSX : $4.65)
! c+ p. G* S- }1 }6 V/ FRising challenges in Aerospace: o7 G& K9 x0 E
GMP Securities continues "buy", 12-month target price is $8.00/ }. G7 }, `+ c, w6 l( ~7 k
5 _7 Y2 G T4 l/ LBank of Montreal (BMO : TSX : $31.84)# n, D& x( _ l# R6 x: f7 n
Acquiring AIG's Canadian life insurance business
1 h$ o3 M3 Z0 b1 d8 {. ?, f mTD Newcrest continues "hold", 12-month target price is $37.00
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+ m9 D4 W1 H: K9 @Cogeco Cable (CCA : TSX : $33.37)
0 j8 j, C. z/ E- T) J( DQ1 review: Canada results encouraging, but Portugal remains a drag
1 b& ?7 d2 M6 H( E8 y/ vBMO Capital Markets maintains "outperform", 12-month target price is $46.00* I$ v1 C9 E; v6 g! c% l# q
Desjardins Securities continues "top pick", 12-month target price is $40.00
1 n( O: [7 h* s1 P) J& o3 ]RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.009 g; w7 M: L6 `; d
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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* C! `' |1 F, ~3 W/ n$ S" N, PCorridor Resources (CDH : TSX : $2.45)
: H6 H3 W* t' F/ f3 NCapital budget set to expected cash flow; production guidance lowered3 x b1 Q* K% x6 ^
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)
' x8 L2 u# t) oStrong radio and cable drives 39% EPS growth
* _4 k! E; v1 j/ q* w- Z/ JScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)
, |8 _# B. I, g1 ?) p1 zTaking action to address tough operating environment
8 Y1 d* o8 X& _$ t x; }: oBMO Capital Markets maintains "underperform", no target price reported; v7 m9 w/ z0 M/ \% o: P
Credit Suisse maintains "neutral", 12-month target price is $1.00. p; O: E2 |1 L$ Q/ u
GMP Securities continues "reduce", 12-month target price is $0.50
& u1 | M( s. _$ T( iRBC Capital Markets continues "underperform", 12-month target price is $0.75; @4 Z0 R9 _/ z5 ~9 P! V
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.504 }( T& w$ K. P9 M) Q
! n4 m5 g5 G- zCorus Entertainment (CJR.B : TSX : $12.47)
* o9 `5 H) u! v9 F& N9 }Q1 revenues in line, EPS beat
: p* l/ ^; Z% y7 [; ZBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
; F& r, y7 @! T% V) L" UCredit Suisse continues "outperform", 12-month target price is $20.00, W# T+ Z% K9 t1 Y% ~
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
- R: C' B% v5 H0 ?* ZGMP Securities maintains "buy", 12-month target price is reduced to $17.00
$ ^5 G& o3 v) J/ M: U6 aRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
" }4 H& S; n4 `6 n# H) yScotia Capital Markets continues "sector outperform", 12-month target price is $18.00& M* e/ w5 F+ ]( H2 I8 q
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Calloway REIT (CWT.UN : TSX : $11.84)1 M$ f, V, `4 l; V6 S! |3 Q
Held investor day
# y: x; M0 R2 C. yScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00% E- D; \9 K+ l# t& j) B
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
3 b2 f8 ^/ n9 ZReduced distributions by 38%; guided for lower capex
c. Z2 z. ?! z* J! zBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00; ~; h3 b, ^2 X+ i2 }1 z2 y: F' i3 x
Dundee Capital Markets continues "buy", 12-month target price is $12.00
) A4 |8 Y7 ~- [. e6 N4 LTD Newcrest continues "hold", 12-month target price is $7.50
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) x- k( d' `* N5 G N; E! x: EEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
6 C2 R' M: z9 E# }Steady market and currency tailwind/ O: u) U7 o! V Z6 f4 E$ _
TD Newcrest maintains "buy", 12-month target price is US$5.000 D0 D2 j) q$ N& ? Z! T
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Goldcorp Inc. (G : TSX : $29.74)
& i2 k8 n; e" v' h" z) V( X( f: u( tRevised commodity forecasts
" [2 `$ [, a. O' ~1 w9 }$ t [Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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7 c: p Y3 D7 A2 I( yHeritage Oil (HOC : TSX : $3.77)
8 K" m! z$ R2 X# j$ _$ ~# ZAnnounced Ugandan commerciality on exploration success: T9 f7 F5 b3 }7 D2 I
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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8 T. y5 Z# j3 S; OHarry Winston Diamond (HW : TSX : $4.98)' \* F* z A0 s3 [
Retail division suffers
$ p: g( T. U r+ J* K3 B. ~6 CDesjardins Securities maintains "buy", 12-month target price is $12.60! ~1 r: c j% Y) @) P4 r
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Laramide Resources (LAM : TSX : $1.84)
. }: C7 }$ `9 z6 D' B$ ?Westmoreland provided more high grade at Redtree's Jack Lens
1 v) d8 s$ R1 c, P3 D& L- fDundee Capital Markets continues "buy", 12-month target price is $2.30
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Lockerbie & Hole (LH : TSX : $6.00)7 g2 O/ j$ ~; f7 @" N( y5 Z
Released Q3/09 results: very strong, focus should be on active backlog
. d& p" v3 y+ R% O. e) _GMP Securities continues "buy", 12-month target price is $9.00' @; D% J6 X5 }
Raymond James maintains "market perform", 6-12 month target price is $8.25) A. ]! b- U7 C E' y8 t, M M m1 t
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)
8 X; A- \$ d0 o- [Reduced distributions by 70%
4 T/ W/ n i8 M. C CRBC Capital Markets maintains "outperform", no target price reported
8 n( q# o+ d% O, rScotia Capital Markets continues "sector underperform", 12-month target price is $6.503 c0 _' o% p4 O% v: r
6 n! h. Z6 u' aMatrikon Inc. (MTK : TSX : $2.04)
: A( o# R4 q) |$ @Released Q1/09 results: a little light, but still respectable% `0 U& E, b0 y7 ^2 D8 v S: a% A
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
* P x; N# H; Y+ a: Y* \' oParadigm Capital maintains "buy", 12-month target price is $4.00
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2 G, g4 L# U0 w' {' U0 Y( o$ T7 bMullen Group Income Fund (MTL.UN : TSX : $10.97)8 C" D4 Y4 F" j/ L
Expecting lower CFPU on higher taxes
# V s. O; |4 C4 }7 o" e0 D; x' e* u- IBMO Capital Markets continues "outperform", 12-month target price is $18.00
) X, w' l6 i; ]8 [; P; ^RBC Capital Markets continues "sector perform", 12-month target price is $12.00
9 f/ K& [7 j7 b' M, ^TD Newcrest continues "buy", 12-month target price is $17.00
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
9 {3 D' ]' c/ xReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
5 q( {2 v) N8 Q ~+ \3 E2 l8 ]0 uBlackmont Capital continues "hold", 12-month target price is reduced to $1.25/ S4 S. O4 i: J1 f! ^+ L0 _' K
Credit Suisse maintains "neutral", 12-month target price is US$1.00
$ y- \! ]8 d4 {* l3 }/ WScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80/ R: {0 ^9 c, [' i& c8 M) I2 \/ _
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)0 p* p# s. I$ f/ I
Dietary supplement business facing headwinds
% \ Q% J6 P* o* e+ v9 E% }Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00( z/ d9 i3 n9 v4 t# x0 L5 R. o
/ T4 p/ ~6 i0 i' l( ?Open Range Energy (ONR : TSX : $1.18)8 B$ s; v, V, }! B/ X
Provided operational update and F09 guidance( G! ~( P2 ^9 z
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)* }" W8 A. Q* U- Y9 G
South Barnat resource around the corner/ n. {' e* Y: ^+ p
Paradigm Capital continues "speculative buy", 12-month target price is $4.753 U5 ~6 u/ S- p: d) Q) d* e
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
+ H: j8 q n! t$ ~Provided operational update8 W$ D" ^. H( C) f, R6 g" V) L! {
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00( n1 l; ^* Z4 q! O% V/ \/ R l
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.506 O# w) W, D8 S8 k8 x. ^
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Paramount Resources (POU : TSX : $7.85)0 h* G0 O v" ~ G N
Provided operational update: Grande Prairie emerging as the key focus for F096 d! D! M$ O9 q" q1 P' q
GMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)
" W# t9 y* v8 R' O2 G7 {Operations starting to turn the corner
9 v7 D- @+ J1 iRBC Capital Markets maintains "outperform", no target price reported
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* G/ F2 f: j3 V& q# xShaw Communications (SJR.B : TSX : $20.13)
% N# c- h2 I3 L) N' PReleased Q1/09 results: in line, subscribers ahead4 X7 C2 `; z- o* f* o8 v
Credit Suisse maintains "neutral", 12-month target price is $25.50! @9 W, |' G2 R! J5 s2 ]. }
GMP Securities continues "buy", 12-month target price is $26.503 W& u" g1 ~# C5 S; ~: _9 t0 m& ~
: ?; ?" f- n' s( }" I* F6 l: L6 G5 @Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
& [( x8 L t" OHeld a sell-side lunch showcasing new U.S. team
; X [& @) B1 T, ~& C: d+ V/ IScotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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7 g3 ~) O2 z4 l3 N) @Trican Well Service (TCW : TSX : $6.93)4 e% ~* z& w) U) J% A+ P2 f& O
Awarded Russian contracts
4 H* N6 n3 w0 h/ `Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
. g$ {+ `! b, ORaymond James maintains "market perform", 6-12 month target price is lowered to $9.00( X8 L% F7 M3 z+ L6 K1 d! I
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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2 m$ ]9 J+ S1 I, W( xSino-Forest Corp. (TRE : TSX : $8.93)& [: {5 w* O# z/ [# p7 Q
Chinese furniture exports rose in November" Z& R2 ^ }, o" ~. Q) K
Dundee Capital Markets maintains "buy", 12-month target price is $23.50& ?% C3 Y+ g& G) ~
4 q0 M. h# I( xUEX Corp. (UEX : TSX : $0.88)1 T* v3 ^# G- y8 O! x
Shea Creek's two largest deposits have become one, Y, i. ]& C' P' Q# n% A; M' V. x
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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+ L) { c' d3 x3 f- {Vero Energy (VRO : TSX : $4.72)/ X1 Z; W1 Q5 S# a$ {
Released Q4/08 results: horizontal focus to continue in F09) b O7 B4 R6 P2 ?' H
Dundee Capital Markets continues "buy", 12-month target price is $8.00
7 H! P8 M; Z2 ~$ c2 H% O# r$ J, [GMP Securities continues "buy", 12-month target price is $7.50
2 f; ^# s" ]8 S/ [! r0 d; OParadigm Capital continues "buy", 12-month target price is $12.006 I0 s: j1 U- e% V0 U, R
RBC Capital Markets maintains "outperform", 12-month target price is $8.50
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: ?' b, O7 b2 a( ? z2 [" GWi-Lan Inc (WIN : TSX : $1.75)
F w% G o+ [6 r% n7 T$ e. l PHit homerun with Samsung0 r5 H& f# x6 \9 ]
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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