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Ear on the Street --- Jan. 16 2009) ^, n8 u& ]6 _& |/ j% c! a1 ^
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Absolute Software (ABT : TSX : $3.36)& D5 R$ p$ Y5 X$ h
Bracing for a tough few quarters
2 j! H" p+ r- E0 @8 QCanaccord Capital maintains "hold", 12-month target price is $4.50
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9 R3 K( w/ l. @9 [Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
" J0 q2 G# h. D5 N/ f6 p1 _5 `Growth outlook, challenging pipeline and high cost structure make future unclear7 T* g. o: g1 t6 _
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
2 p7 p8 D" d& i+ w2 X' m oTD 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)3 w: h* |1 _5 R9 }5 Z: ]
Released Q1/09 results: strong, in light of challenging operating environment5 ~+ u6 u6 e* q! x# W6 r: @0 R
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
1 D" Q; }2 u7 t9 r4 w7 ]( i' X5 v+ o: WDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00
# L. @" \' H) gGMP Securities maintains "buy", 12-month target price is reduced to $30.00
# q; g4 Q R% q+ w" LRBC Capital Markets continues "outperform", 12-month target price is raised to $31.004 e! G& \6 C/ x, q
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00, D# @# f9 T* A. h; m
) D- ^4 B" S, ?Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07); y8 T" m. B: `1 c' i
Well positioned with gold production forecast to double this year and next* J$ i: c' `0 q t5 v
Blackmont Capital continues "buy", 12-month target price is lowered to $83.006 K. k6 \% |8 o, Y* ]
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00+ b2 a' F% o J" Z5 D( |- g$ a* d
6 b4 g5 f5 _! h. WARC Energy Trust (AET.UN : TSX : $17.15)
# A. [8 f% j8 V1 E2 _5 aReduced distributions by 20%; capex also cut5 E: c- g/ K2 U5 ?/ v% Y) B
RBC Capital Markets continues "outperform", 12-month target price is $19.007 g$ q5 B0 ?% m7 |/ Z3 x5 B
* ] W' P+ n' M9 x! D/ M( fAndean Resources (AND : TSX : $0.75)1 t' T6 g9 W6 B* B/ d3 v
Announced F09 outlook
( z) g5 W8 W- zParadigm Capital continues "speculative buy", 12-month target price is $2.254 P1 u$ H/ P1 g, ?+ y
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.000 [6 S* m6 b. l& m. K8 o
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Bombardier Inc. (BBD.B : TSX : $4.65). \- C" V: G$ C2 W2 U b2 d
Rising challenges in Aerospace
% a( ^" @; S" yGMP Securities continues "buy", 12-month target price is $8.00, V5 u! q! a0 D8 F9 b0 _) G, K$ H! s
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Bank of Montreal (BMO : TSX : $31.84)# X4 U0 d4 |- \
Acquiring AIG's Canadian life insurance business6 Q% F+ D/ I' Y" C, `1 U
TD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)# Z$ _$ d# Y- e% j1 K
Q1 review: Canada results encouraging, but Portugal remains a drag
: t+ @9 h7 B; X2 g% p# w/ z$ D' X! BBMO Capital Markets maintains "outperform", 12-month target price is $46.00: g: _4 B0 h6 _* N
Desjardins Securities continues "top pick", 12-month target price is $40.009 v+ J" h8 m6 `, Y
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00; m- H4 A+ ? n! k9 K2 k
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.004 v. }; O1 g/ G0 {# p: A
3 b' ]4 T# i; x7 ^3 iCorridor Resources (CDH : TSX : $2.45)2 R7 x) e7 n# v$ g7 o8 b! l5 U
Capital budget set to expected cash flow; production guidance lowered3 A: `- _: N# y5 ^1 l. d" M2 p' L# z
RBC Capital Markets maintains "outperform", 12-month target price is $4.250 ~: d. ` y5 s, o
- C# R1 K0 N* i" W$ z) ^; J3 D! JCOGECO Inc. (CGO : TSX : $25.14)
, Y9 G7 m+ t S7 r8 b5 O2 z6 q) V" _Strong radio and cable drives 39% EPS growth) @- d6 l0 |9 A9 d- h
Scotia Capital Markets continues "sector perform", 12-month target price is $45.005 @9 K# z3 z' p# i
- r0 W. e; F0 C( h) E" bCanWest Global Communications (CGS : TSX : $0.51)9 r9 P. \% e! k( N8 Q
Taking action to address tough operating environment
( o! P1 t3 A" r4 {: PBMO Capital Markets maintains "underperform", no target price reported: C/ c. o4 W1 C- W* @, N8 s# z
Credit Suisse maintains "neutral", 12-month target price is $1.00/ J1 H6 ]! X: A5 H& M" X
GMP Securities continues "reduce", 12-month target price is $0.50, h4 d9 a- T* N0 D" y: a
RBC Capital Markets continues "underperform", 12-month target price is $0.75& ^: G) F8 q! f8 w1 q
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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" x' b; A3 c2 fCorus Entertainment (CJR.B : TSX : $12.47) z) o( W2 J! j* i" h6 m
Q1 revenues in line, EPS beat
9 `0 v2 c0 r/ C/ `: u9 {! t3 O3 UBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
- b$ l0 \( r C% `7 t% JCredit Suisse continues "outperform", 12-month target price is $20.00
0 [; X' Q q' R; d! JDesjardins Securities maintains "buy", 12-month target price is lowered to $15.006 x( a- v9 o/ n( F* V/ }
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
2 S" S; \# D6 h8 t" F" t, {RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
' a3 [: j% j* u6 H% KScotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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7 R7 B% Q4 X. M: `- q3 d6 \Calloway REIT (CWT.UN : TSX : $11.84)$ _) u4 O2 y- c& z2 E
Held investor day
, t: D o/ ~4 G' j: i8 sScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
3 {! Z) H+ s, e) a6 lReduced distributions by 38%; guided for lower capex8 z$ d- C* o/ F9 Q
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.009 {/ Q2 |2 ^4 U# O+ M5 P# ^9 k7 N$ l
Dundee Capital Markets continues "buy", 12-month target price is $12.00
; r+ @% T p1 {5 E3 `% `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)2 [. x9 l% G& Z* Y- W% t. x
Steady market and currency tailwind
6 ?: q# I* t2 K- p" DTD Newcrest maintains "buy", 12-month target price is US$5.002 b8 Q: O) f1 _0 p( {" T
. J% ~# {. B( V0 T: S8 M: BGoldcorp Inc. (G : TSX : $29.74)1 h- ~- A8 t) _& n
Revised commodity forecasts; Z" c1 \4 p4 g2 t6 C3 Y
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.004 W; F( ^# @4 [; Q
m8 k0 C5 N, EHeritage Oil (HOC : TSX : $3.77)
2 y1 Y. `- g+ t9 |Announced Ugandan commerciality on exploration success. m, y6 A4 K. e5 o, `
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)
( i$ p+ y" k" g" A( _2 }Retail division suffers
) R' z6 l; c& g4 i j& oDesjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)
% s" N7 J1 M2 ], a: a$ WWestmoreland provided more high grade at Redtree's Jack Lens, Y t y S2 ~5 b4 D7 g5 z
Dundee Capital Markets continues "buy", 12-month target price is $2.30& P$ \: R. B; C
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Lockerbie & Hole (LH : TSX : $6.00)1 m9 u( ^; ~& k: J6 n$ p- R) s+ ^
Released Q3/09 results: very strong, focus should be on active backlog
5 c- D J/ q1 j+ h2 X% E1 h; wGMP Securities continues "buy", 12-month target price is $9.003 G$ V, p4 `6 J. X1 q3 z
Raymond James maintains "market perform", 6-12 month target price is $8.25
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)' Z4 I$ @. g( u( a: x
Reduced distributions by 70%
, {1 E. h* z8 K! l" ^ iRBC Capital Markets maintains "outperform", no target price reported: m; C$ g# l" R
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)
% e" t$ K3 n9 T5 N/ }Released Q1/09 results: a little light, but still respectable
- C' I6 c1 Q+ s/ DBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
7 v. d2 D4 g* e7 S5 B: f9 O: lParadigm Capital maintains "buy", 12-month target price is $4.00: H3 q/ V: w* n" ]. @. T4 d$ F
$ _$ Z# ?: O/ a2 Y3 ]Mullen Group Income Fund (MTL.UN : TSX : $10.97): s. B( b& B3 [
Expecting lower CFPU on higher taxes
0 @% X& d# }6 \. K7 f6 yBMO Capital Markets continues "outperform", 12-month target price is $18.002 ^+ M5 l) M* f
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
' k0 i% @, P! r( H/ STD Newcrest continues "buy", 12-month target price is $17.00
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4 s9 T; y- ]! b! N( `Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86); v+ F9 P4 V7 Q, X6 L) n b
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
r% ?: e9 Q" yBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
3 j* Q* T& `' r& H" xCredit Suisse maintains "neutral", 12-month target price is US$1.00/ J, k3 n, V1 V/ _4 h$ V4 q
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)
) @8 Q, [/ ^* _+ `Dietary supplement business facing headwinds: s J2 l4 u# E5 \% Q0 p
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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8 j( V5 [4 s9 i0 X6 ]/ ^Open Range Energy (ONR : TSX : $1.18)
6 `! H, A$ x7 V' q# r6 RProvided operational update and F09 guidance
2 W" e* q$ ~9 s* Z+ K" k" j# q& FHaywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)9 w' \$ L, r5 Y' Q
South Barnat resource around the corner# M2 F, E) `4 Z: d9 P
Paradigm Capital continues "speculative buy", 12-month target price is $4.75
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5 e0 a# O% [% J- W* u6 a. A- N/ nPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)' N# x. d$ F- V0 p% H
Provided operational update
- P- N/ s4 `+ ZBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00& I9 P% P, S/ U, W- y* k
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.509 y* E- v' { o6 ~ t T
' q+ ^: C9 G1 ]: [. NParamount Resources (POU : TSX : $7.85)- x- Y& Q7 I0 W0 t, h( Z2 ^
Provided operational update: Grande Prairie emerging as the key focus for F09: D6 Q, m3 N, H
GMP Securities maintains "buy", 12-month target price is $12.00' |' D0 s8 S" e4 s: j' T
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Rockwell Diamonds (RDI : TSX : $0.07)
6 @1 ^, |8 N- p; T! t+ W3 gOperations starting to turn the corner
! J w+ c; ~! d$ J5 a9 ^RBC Capital Markets maintains "outperform", no target price reported; H3 w2 W# Q$ J& f7 ^0 n$ E( K! r
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Shaw Communications (SJR.B : TSX : $20.13)1 K, j8 V6 t. O
Released Q1/09 results: in line, subscribers ahead H# \! w" W9 @8 e% z' e/ \% p1 R
Credit Suisse maintains "neutral", 12-month target price is $25.501 J- y. m( x. n4 P# z! w% p
GMP Securities continues "buy", 12-month target price is $26.50
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B0 e7 m# r$ H7 R5 F2 p4 K9 eSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)+ G$ Z' Z6 ?& ~$ x0 u. y
Held a sell-side lunch showcasing new U.S. team
a/ n! _3 f+ J9 a/ R* s( FScotia Capital Markets maintains "sector perform", 12-month target price is $33.00) S. a, Y9 _* G5 T0 _
, E( w. O5 s: Z; ETrican Well Service (TCW : TSX : $6.93)3 B6 h, c9 \9 R, y
Awarded Russian contracts
0 w9 V6 d% R/ [ KBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75
) q: ^' T1 @( W; CRaymond James maintains "market perform", 6-12 month target price is lowered to $9.002 h; o! v8 Z- i! U
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00( o" J- J4 r% R9 Q* W+ C8 s% J
: S/ T1 k' n$ TSino-Forest Corp. (TRE : TSX : $8.93); M+ C. t3 o% C: Z0 R
Chinese furniture exports rose in November
" A! T/ W/ m# @" H9 C# X+ xDundee Capital Markets maintains "buy", 12-month target price is $23.50
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) R( H/ t" [& gUEX Corp. (UEX : TSX : $0.88)
0 X1 i1 n7 @ {9 S/ `% jShea Creek's two largest deposits have become one
8 ^6 M; j4 s+ ^$ C# {* W$ BDundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)
?" i% n- i4 _* S5 _6 R( V4 c! AReleased Q4/08 results: horizontal focus to continue in F09
& X1 b3 y! e1 c0 [( k- PDundee Capital Markets continues "buy", 12-month target price is $8.00
- |- i' {2 J- C. B: IGMP Securities continues "buy", 12-month target price is $7.50
2 N5 E9 s" p) c6 l% j& jParadigm Capital continues "buy", 12-month target price is $12.00! n+ `1 Q) F8 U
RBC Capital Markets maintains "outperform", 12-month target price is $8.50 Q' [8 S6 l6 o% { F W
, |1 Q/ F$ H& q2 jWi-Lan Inc (WIN : TSX : $1.75)
- q4 t" o% `! [9 Q& |- uHit homerun with Samsung5 H. [$ R) ~% n+ D- ]( W) L' t" [6 d
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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