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Ear on the Street --- Jan. 16 2009
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5 ]3 |/ M L) Q+ f) C8 hAbsolute Software (ABT : TSX : $3.36)5 o1 O2 a" O0 }' ?, Z$ P; F, W. Z
Bracing for a tough few quarters
* I# e' w8 a% F1 W/ ?/ NCanaccord Capital maintains "hold", 12-month target price is $4.50
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
& ]5 z: Q4 W/ P7 F; d& ]3 ^4 k2 IGrowth outlook, challenging pipeline and high cost structure make future unclear# r9 S% _5 N# R3 s: Y% h( } X9 u8 ?
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
, c2 ?. a4 c* E' @0 A* Q( ZTD 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)
) F% O3 m, [8 D/ tReleased Q1/09 results: strong, in light of challenging operating environment
+ l8 L& @( O* {5 Q1 [BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
7 P4 n/ e5 J' zDesjardins Securities maintains "buy", 12-month target price is slashed to $28.007 x& G4 H. x' A& n3 D8 m" o
GMP Securities maintains "buy", 12-month target price is reduced to $30.00+ ~5 o5 X& }9 `0 h
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
& `: O3 D0 A6 m7 PScotia Capital Markets continues "sector outperform", 12-month target price is $30.00% {8 H7 \' z7 s3 U: r
) S. ?' w/ z2 v I5 I. H5 x+ ?Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
( U3 K# w9 K7 N# e, }Well positioned with gold production forecast to double this year and next
% i& ]! q8 x7 V2 y7 ^+ vBlackmont Capital continues "buy", 12-month target price is lowered to $83.00% a+ U& J' t: `
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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% F& \3 L8 f0 H s% g9 a# TARC Energy Trust (AET.UN : TSX : $17.15)- b( d k/ }7 n
Reduced distributions by 20%; capex also cut
2 @0 d+ p1 D {' Z r- v4 HRBC Capital Markets continues "outperform", 12-month target price is $19.00
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N2 t! W; T9 }2 w$ uAndean Resources (AND : TSX : $0.75)- @4 A2 p4 p8 T1 d: Y
Announced F09 outlook
& P* }2 S: S3 ^& ZParadigm Capital continues "speculative buy", 12-month target price is $2.25
) r* |* n( ]+ ATD Newcrest downgrades to "hold", 12-month target price is cut to $1.000 c4 G4 d) ` ]) w1 |$ v
5 J* s! p( ]+ r/ P4 DBombardier Inc. (BBD.B : TSX : $4.65)- N4 t. ^3 B* y& d% m" \
Rising challenges in Aerospace4 n, c1 t+ I: X/ [- x" D
GMP Securities continues "buy", 12-month target price is $8.00* W3 U" n9 L Q4 c& q+ T% |
6 x' W$ J+ D1 n) V) N. nBank of Montreal (BMO : TSX : $31.84) H. `( E3 Y! ?
Acquiring AIG's Canadian life insurance business
* G+ h; E0 u! UTD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)8 b. j6 U, z( Y$ h$ S$ e
Q1 review: Canada results encouraging, but Portugal remains a drag
9 R' d6 z. ]* q" T: P! ^BMO Capital Markets maintains "outperform", 12-month target price is $46.00
. v- U( S, C6 L, o9 s: k; {Desjardins Securities continues "top pick", 12-month target price is $40.00, L! q: s( \7 }
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00& i0 f3 E9 i/ T8 P J
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00) N' ~! S; d4 v3 A* o* x1 _2 F
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Corridor Resources (CDH : TSX : $2.45)
' p5 n( P) X3 |, w6 G! E( y$ n/ UCapital budget set to expected cash flow; production guidance lowered
# H8 X( ]( N4 ?7 ORBC Capital Markets maintains "outperform", 12-month target price is $4.25) p/ [5 s) ]/ q2 E
) _; P7 B6 q5 x }/ JCOGECO Inc. (CGO : TSX : $25.14)
( d- a) ~" n6 i% TStrong radio and cable drives 39% EPS growth
( P5 p0 T. l8 @, W* X$ F7 y9 HScotia Capital Markets continues "sector perform", 12-month target price is $45.00; N. @: \& L1 X7 O. K
; n0 t. O1 J2 TCanWest Global Communications (CGS : TSX : $0.51)$ C$ h1 j5 x" o" |
Taking action to address tough operating environment" h! b" u' ~& y; m* w
BMO Capital Markets maintains "underperform", no target price reported
! u, W) s: @0 E2 zCredit Suisse maintains "neutral", 12-month target price is $1.00- O. m, Y- T" J
GMP Securities continues "reduce", 12-month target price is $0.50! |4 H$ r' a) j* h& v
RBC Capital Markets continues "underperform", 12-month target price is $0.75
6 C @9 Z: c, U7 O" j( w) F% E' E1 YScotia Capital Markets continues "sector underperform", 12-month target price is $0.50% ^/ [9 F: S& E. R, i2 \, y
4 Z3 J% H+ l# i5 Y1 b* KCorus Entertainment (CJR.B : TSX : $12.47)
8 |" l. p+ ]9 {: K7 g% ]3 ?0 e1 nQ1 revenues in line, EPS beat7 |1 ^5 C+ L4 R" ?! f+ {
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.008 J; f8 R3 m% H2 u) L# Z
Credit Suisse continues "outperform", 12-month target price is $20.00 P. n# \6 Y4 e( h8 W. X3 e9 |
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00% Z% F- Z6 }3 ?; r; o- ^
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
* C2 b; S7 m v* h bRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.506 Q2 j: f$ m& A* N
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00" T$ S9 j9 a1 @" L5 I
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Calloway REIT (CWT.UN : TSX : $11.84)3 w- l/ ~% y% ?% ?8 w" |" V* c! s* x
Held investor day6 P! \' G- e {2 F
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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4 z/ L! Z, C- u9 |* I. _Daylight Resources Trust (DAY.UN : TSX : $7.77)
; a: `/ @% h% N* P: }Reduced distributions by 38%; guided for lower capex# ]+ O' `% r# C& E
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
$ v* {8 m/ A0 [' b# iDundee Capital Markets continues "buy", 12-month target price is $12.00( }5 p0 M" F4 F
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)/ W" p) H& R% m' U( y4 a
Steady market and currency tailwind
0 K/ y6 }2 M( ]2 V, tTD Newcrest maintains "buy", 12-month target price is US$5.00
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Goldcorp Inc. (G : TSX : $29.74)
# v4 x7 G+ L6 w+ ^! H5 l3 y- mRevised commodity forecasts8 y2 C" ~- J4 m% _0 e9 i3 j6 F, V5 o
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00. B- `, K* o) Y+ R
( r9 J J6 E! \, s1 zHeritage Oil (HOC : TSX : $3.77). K+ P5 @. n$ H* e2 C
Announced Ugandan commerciality on exploration success y$ K$ H2 B, K$ M
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)
7 c+ V3 w+ k, i' C! p$ sRetail division suffers p( v& J6 F' o+ s3 Q3 X
Desjardins Securities maintains "buy", 12-month target price is $12.60$ v% U! k$ I; h' O- A
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Laramide Resources (LAM : TSX : $1.84)
) J0 a, T. }5 i% c- S' Q# VWestmoreland provided more high grade at Redtree's Jack Lens
1 y% ~$ I9 S& \: E: c9 w; j; U* |' v5 vDundee Capital Markets continues "buy", 12-month target price is $2.30
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Lockerbie & Hole (LH : TSX : $6.00)
}/ @* J! |! o* m/ m% _' m& KReleased Q3/09 results: very strong, focus should be on active backlog i; v/ F. p, E. B
GMP Securities continues "buy", 12-month target price is $9.00! n6 K$ y" g$ r9 g2 L% |' ~, d
Raymond James maintains "market perform", 6-12 month target price is $8.256 ~" U5 ]. W# N' Q9 Q+ n
: [6 E: R4 u" n' `9 B' zLivingston Intl Income Fund (LIV.UN : TSX : $6.00)
9 F' d" w' p6 K; i% I7 [Reduced distributions by 70%
8 K& k8 f, n) p$ WRBC Capital Markets maintains "outperform", no target price reported
- B$ u/ e2 g4 e9 g% ZScotia Capital Markets continues "sector underperform", 12-month target price is $6.503 W2 { k( s# U- j5 {$ ^6 _
! ~! W, m, a+ X; o3 v& aMatrikon Inc. (MTK : TSX : $2.04)
5 M4 H E' _% p! r, CReleased Q1/09 results: a little light, but still respectable% F# U J* S. b, Z$ E$ o s
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50# |5 f5 f+ P2 N4 q; f8 @
Paradigm Capital maintains "buy", 12-month target price is $4.00; i I7 C# G D
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Mullen Group Income Fund (MTL.UN : TSX : $10.97); o/ B# n0 O- t9 q
Expecting lower CFPU on higher taxes) b6 @, R( b! }, \) j" T! \! r
BMO Capital Markets continues "outperform", 12-month target price is $18.00
! q( ?" [% `$ ^; t1 K- w6 U: dRBC Capital Markets continues "sector perform", 12-month target price is $12.00/ x5 n1 g3 d( T% ~1 |# W2 g; {
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$0.86)
: h( p1 Y0 l- ~$ x: N) z p" \0 WReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain! a0 M# d$ @& j1 j/ P1 F) h! g
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25! \( Y5 ^* O- T: G
Credit Suisse maintains "neutral", 12-month target price is US$1.00- P9 W" I# J, z( ]& x
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)
2 l7 x: k- B" \" j3 F" `* }2 qDietary supplement business facing headwinds4 q8 ?* ^6 G- X6 b6 [7 x3 Z
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)
# g* A, y# m- {& x& [Provided operational update and F09 guidance; K# e9 z9 ^% J7 ~
Haywood Securities continues "sector outperform", 12-month target price is $3.25# I0 a/ ?$ Q T: x# t2 [3 a
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Osisko Mining (OSK : TSX : $3.13)/ r2 }2 ?2 I! H" ?7 h/ ?" J
South Barnat resource around the corner' n# D, l7 J6 s
Paradigm Capital continues "speculative buy", 12-month target price is $4.757 `9 h- N0 q; Y+ w$ T
g" I0 A: T$ Y( @* b$ i1 yPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)% o, l' {( r3 r; P' W
Provided operational update
* z; q" [) \9 ?Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00# K6 z; Y' G9 S8 O& [7 }
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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Paramount Resources (POU : TSX : $7.85)/ O& H4 _. x% Q" g# i x; W
Provided operational update: Grande Prairie emerging as the key focus for F09( M0 R+ }# g# A, `. {& j+ W
GMP Securities maintains "buy", 12-month target price is $12.00: P$ p3 p$ p" N% P7 s5 u
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Rockwell Diamonds (RDI : TSX : $0.07)* D4 F, |- T$ M( U: A7 n
Operations starting to turn the corner
( e1 r) e! Y( d& B3 W/ I/ k8 ARBC Capital Markets maintains "outperform", no target price reported
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: F. K& p* `: ]: M' e! UShaw Communications (SJR.B : TSX : $20.13)
% t0 O) H+ B7 b5 k6 jReleased Q1/09 results: in line, subscribers ahead
' ]/ t! t* s; OCredit Suisse maintains "neutral", 12-month target price is $25.50+ c5 y' E2 l6 m
GMP Securities continues "buy", 12-month target price is $26.50( {# A' F/ J9 s
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48): a/ l6 j% h% l( Y
Held a sell-side lunch showcasing new U.S. team
- T5 ?0 O8 v5 m$ H- e% t6 h' N mScotia Capital Markets maintains "sector perform", 12-month target price is $33.00) ^! f6 l r" Z, m6 o
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Trican Well Service (TCW : TSX : $6.93)4 p, D) M% h$ M$ b2 d
Awarded Russian contracts5 g- v: x6 k% [+ e9 }
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
3 F! P1 G- V$ {2 q" X R8 }. L# {Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00; z7 W, p' P7 z
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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8 {+ z2 A' A5 N9 LSino-Forest Corp. (TRE : TSX : $8.93)
4 N8 K/ E9 Q' D3 |. E4 ^6 zChinese furniture exports rose in November
3 R3 G+ R# x2 m# LDundee Capital Markets maintains "buy", 12-month target price is $23.50 t. q% p3 {5 [9 Z( C1 v4 R9 P
7 |+ Y0 ]! O7 u( B" nUEX Corp. (UEX : TSX : $0.88)
" o) u7 t5 `1 A! o5 _5 ]Shea Creek's two largest deposits have become one9 q. ]1 Q7 y' D5 }* h6 D
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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$ I: ^; O- ]1 r. tVero Energy (VRO : TSX : $4.72)# v! f6 a; A9 ? i
Released Q4/08 results: horizontal focus to continue in F09. ` }2 y6 l4 \" {) v# W5 D3 I/ J
Dundee Capital Markets continues "buy", 12-month target price is $8.00
( \! G& `+ | r+ u' ]8 UGMP Securities continues "buy", 12-month target price is $7.507 v- D8 r7 q' k+ X9 `% N- H) z& U( o
Paradigm Capital continues "buy", 12-month target price is $12.00
* ]- S8 i; o" D$ ?/ Z1 m. F/ RRBC Capital Markets maintains "outperform", 12-month target price is $8.50: W; m& W3 e& s; T6 F' |( I; F
4 S( [* P7 u2 p: h# `Wi-Lan Inc (WIN : TSX : $1.75)
3 V$ T9 g c0 ], `# FHit homerun with Samsung1 K/ Q7 {9 `8 {3 B" D2 E
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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