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Ear on the Street --- Jan. 16 2009- _' u1 Q. d' z! A* I
! j8 R+ C8 ?1 U; F! z9 o5 p bAbsolute Software (ABT : TSX : $3.36)
& w8 F# T+ e, h9 U$ zBracing for a tough few quarters& \& Q3 i ?6 C+ @
Canaccord Capital maintains "hold", 12-month target price is $4.506 t8 F1 j5 M4 V/ p
8 c [8 m4 U0 k7 D7 L1 q" R5 MBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
. T! {2 E/ G; k6 K }1 \Growth outlook, challenging pipeline and high cost structure make future unclear; z0 A2 }7 Z, w% B" ^7 f5 K7 h
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
4 G, _0 n& {9 _% G4 e- x8 STD 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)
5 ]: Q, K- Z# T+ n3 R0 I: zReleased Q1/09 results: strong, in light of challenging operating environment
; o# S; M. S& H: {2 g' wBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00& }4 @+ Y: q4 q7 n; A- O
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
2 A$ D M) y3 B6 a3 d( `GMP Securities maintains "buy", 12-month target price is reduced to $30.00; q6 R% B# B2 w) r4 b' b
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00* H7 ^' t6 _. c
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
D; f- F1 \+ QWell positioned with gold production forecast to double this year and next; v* t! T5 q% S. ~
Blackmont Capital continues "buy", 12-month target price is lowered to $83.008 d+ j! p6 t6 U
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00# o6 |4 D4 \' n
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ARC Energy Trust (AET.UN : TSX : $17.15)
9 \( W4 T" g/ m8 HReduced distributions by 20%; capex also cut
: e! c& H2 C2 ? F% I. TRBC Capital Markets continues "outperform", 12-month target price is $19.00
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' G0 M6 n& B) U: d/ J9 m7 P GAndean Resources (AND : TSX : $0.75)7 K/ t( U7 t( J7 L2 ]/ K- ~. l
Announced F09 outlook# D% j6 O3 t6 l H8 u
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
$ b0 T! H) w. HTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00+ [4 B) y8 X5 q- u2 [ b( |
$ J1 `' k7 x5 [2 A4 W3 I: |Bombardier Inc. (BBD.B : TSX : $4.65)0 L+ D5 d. ]' U; ~
Rising challenges in Aerospace% d) ~5 L9 F: _6 a. V0 C
GMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)+ Q: S1 k3 o$ b' d( ], }
Acquiring AIG's Canadian life insurance business( j* T, a+ a' K- j) R) s
TD Newcrest continues "hold", 12-month target price is $37.00. q' M; x" E2 I8 G }6 v
+ M& `- }0 X4 Z8 Y* B! [" A: nCogeco Cable (CCA : TSX : $33.37)" H9 V8 S& D, \7 V
Q1 review: Canada results encouraging, but Portugal remains a drag' S" _$ H8 [) x; Q9 ~; v- T
BMO Capital Markets maintains "outperform", 12-month target price is $46.00) d% q- b* C" q& I5 p: d: ?
Desjardins Securities continues "top pick", 12-month target price is $40.003 z* j% E" M& n/ I/ P! u$ z" j5 p7 P
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
$ P: r$ M( K7 o0 p: H% {# C5 h4 NScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)# K. \/ e+ r8 `3 [3 V
Capital budget set to expected cash flow; production guidance lowered/ S. z# m) _3 d% |$ ?* L
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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5 ?0 b* l2 ~; }; O: M2 T# NCOGECO Inc. (CGO : TSX : $25.14)
: U+ |" E" Z& Q6 L5 W; Q4 G8 UStrong radio and cable drives 39% EPS growth
1 |5 @0 A/ p# s. |2 }Scotia Capital Markets continues "sector perform", 12-month target price is $45.000 G$ z; W, _7 m7 w1 _# D5 Y4 A1 P0 d+ b8 S
. g9 z, G* `$ r% z( ^CanWest Global Communications (CGS : TSX : $0.51)
; J7 ]6 M0 x! P) uTaking action to address tough operating environment, e0 U! U# e8 ]) {3 K
BMO Capital Markets maintains "underperform", no target price reported% Z; |* Y+ ?2 l' l& x: G
Credit Suisse maintains "neutral", 12-month target price is $1.00
# }( Z0 q9 F( \3 N' nGMP Securities continues "reduce", 12-month target price is $0.50" O* k& Y9 L" m8 m, o+ M. _* t- O
RBC Capital Markets continues "underperform", 12-month target price is $0.75
" B, ~6 M0 ?5 ]! O0 E$ m9 yScotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47) ?2 D+ i8 K5 x( ^) o' s n
Q1 revenues in line, EPS beat
8 g9 B# G) f+ s! y+ f3 eBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
! ]) g0 u- o& g$ gCredit Suisse continues "outperform", 12-month target price is $20.00% K* X( l% C* X3 H9 R
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
& K* o. j7 W' Y9 M5 e2 \GMP Securities maintains "buy", 12-month target price is reduced to $17.006 W3 o5 Z0 X& h# y8 q
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
/ c. _0 Q$ K" v- qScotia Capital Markets continues "sector outperform", 12-month target price is $18.00' @& z( q6 g/ S" Q8 ?' ^4 r1 j
) M2 [8 ^1 U& T+ |. ?Calloway REIT (CWT.UN : TSX : $11.84)
& A9 o" u* z$ hHeld investor day# O8 z: a. e) R! o( p$ B4 p( v
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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+ O5 A; a' S/ j+ QDaylight Resources Trust (DAY.UN : TSX : $7.77)
5 A4 ^) A* T, d' }% N9 K4 \+ hReduced distributions by 38%; guided for lower capex
% W( D# f. j7 @3 C1 r4 tBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
) E' i) A5 ~% G( G& zDundee Capital Markets continues "buy", 12-month target price is $12.00
+ q$ V6 `3 q* G2 k7 H2 g, ATD Newcrest continues "hold", 12-month target price is $7.50! D- @. m; X) `
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)4 ?5 w0 V+ L; l) a8 N# y3 B
Steady market and currency tailwind7 v% P7 x$ n+ Z E+ @: N) N
TD Newcrest maintains "buy", 12-month target price is US$5.00$ l' @" c* K0 _; Q
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Goldcorp Inc. (G : TSX : $29.74)8 R O P3 R% k
Revised commodity forecasts
6 L, C" d, }- `# a, B) i( i' fBlackmont Capital maintains "buy", 12-month target price is reduced to $49.004 [) O9 j8 f' L, V+ T5 d
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Heritage Oil (HOC : TSX : $3.77)
* z9 g5 ]5 Q" H$ lAnnounced Ugandan commerciality on exploration success- z) _+ x- C2 j3 R( @( c
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50+ e" e4 r9 v3 {& ~5 T2 W( t
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Harry Winston Diamond (HW : TSX : $4.98)- G0 q8 ?4 }0 s% @; R1 m+ g
Retail division suffers4 c, \& {. ^% \, z0 J" y" d
Desjardins Securities maintains "buy", 12-month target price is $12.604 C6 n, a% P& u6 |5 n
% R# F: D% S8 i; N# l0 h" ~9 w5 kLaramide Resources (LAM : TSX : $1.84). Y3 i" k+ T6 @" {
Westmoreland provided more high grade at Redtree's Jack Lens
`, W5 B$ l7 T- @- B. K" }Dundee Capital Markets continues "buy", 12-month target price is $2.30
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+ }- y( _4 O# W+ d" bLockerbie & Hole (LH : TSX : $6.00)
( N' Y" m* \/ C. u, Z) ]" mReleased Q3/09 results: very strong, focus should be on active backlog
$ [7 K6 i* e: @% e1 SGMP Securities continues "buy", 12-month target price is $9.00
4 }- ~( ?, o) A7 BRaymond James maintains "market perform", 6-12 month target price is $8.25
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B% C: @: i6 Z. z! Q0 D. RLivingston Intl Income Fund (LIV.UN : TSX : $6.00)
! r* l w2 l5 l) J0 q0 NReduced distributions by 70%
- q7 p8 H$ G( HRBC Capital Markets maintains "outperform", no target price reported
9 {) [3 f" k q- T( \Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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* H! z! V' z/ C I" S5 U: q2 b* JMatrikon Inc. (MTK : TSX : $2.04)! p, [5 G# k+ }$ F6 d9 s
Released Q1/09 results: a little light, but still respectable
: q9 N6 d2 U$ ]+ z. E# x+ G6 R: [BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
1 X N* R3 S3 h: kParadigm Capital maintains "buy", 12-month target price is $4.00, c6 C* q# h! Y) f. u( W- W) G( x
% U2 x2 [4 j% b. v' Q. X/ ?Mullen Group Income Fund (MTL.UN : TSX : $10.97) {3 Y* ^0 K! d& e0 |/ [
Expecting lower CFPU on higher taxes8 C2 c7 C; l2 A$ t1 F4 t
BMO Capital Markets continues "outperform", 12-month target price is $18.005 D& i" o$ U t+ c
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
$ `9 n2 H* t5 Y R" zTD Newcrest continues "buy", 12-month target price is $17.008 V2 T& O4 r& @( v' }
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
* b; p; P+ b% Z! h2 f' KReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain( V' J; ^# T- N
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
1 _9 ?. u1 r0 n3 @* ]- eCredit Suisse maintains "neutral", 12-month target price is US$1.00 `: O' p2 n5 O- u5 W9 {1 {
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)
# {7 X+ j1 ~0 \Dietary supplement business facing headwinds d5 }) i5 X) ~
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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, _7 M" O# R, A, Q- jOpen Range Energy (ONR : TSX : $1.18)
/ Z" h. O! F; {' c3 l1 m! l2 lProvided operational update and F09 guidance3 y$ `0 v; A- o0 n' B. i! j6 l
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)
9 Y+ z4 e) i- d+ N8 ^% T5 r; S7 ?South Barnat resource around the corner6 K P, ]% k9 M
Paradigm Capital continues "speculative buy", 12-month target price is $4.75
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% t5 p! A- q# I7 Y( o" K; P# Q$ VPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75); I* A' g' {! q$ ?
Provided operational update
0 P( Y; B9 Y9 gBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00
1 e+ F0 C; V1 OTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.507 N1 R; M6 {* t4 q. g
* M% |* @7 {2 [Paramount Resources (POU : TSX : $7.85)' ?! ~3 J; a& a( p3 z/ P5 e
Provided operational update: Grande Prairie emerging as the key focus for F09
8 |/ h; v3 p; m" `' b$ M4 m' r5 KGMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)
/ |) ~( r. u( D/ DOperations starting to turn the corner
9 V+ Z+ _ P5 ^/ p: W$ KRBC Capital Markets maintains "outperform", no target price reported n7 r. z9 c% m' J6 B( @( W% K
2 u u: z$ Z3 H& c( b4 i9 t* {Shaw Communications (SJR.B : TSX : $20.13)9 f- W: j% U ~
Released Q1/09 results: in line, subscribers ahead. H( c) O6 a3 Q g) t" I
Credit Suisse maintains "neutral", 12-month target price is $25.50* R3 _, l! Y R- |- a7 i
GMP Securities continues "buy", 12-month target price is $26.50* Z+ O) G* o) S7 H
! c4 O! ]2 x. h/ SSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
0 ^; o0 o& e7 X5 f- tHeld a sell-side lunch showcasing new U.S. team' r- S8 J: l4 V
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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9 u( h- u: h3 G( kTrican Well Service (TCW : TSX : $6.93)
( ]: Y8 p8 {$ g+ T( e3 _Awarded Russian contracts# @/ r6 ~7 n. q& u. u, \
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
" C/ b$ B% x6 `# d8 ?6 XRaymond James maintains "market perform", 6-12 month target price is lowered to $9.004 u; K8 n; `% R- Y+ u- `8 b
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00$ N9 [: U' _7 {( D1 f
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Sino-Forest Corp. (TRE : TSX : $8.93)+ _; i8 r( m3 Z( Q; V
Chinese furniture exports rose in November6 L: X9 \7 U1 k# h! [+ @% b- O& M" G
Dundee Capital Markets maintains "buy", 12-month target price is $23.50! k, ]# {! Z: c" U$ B" z; H; K1 q
9 R" o S& e8 N; YUEX Corp. (UEX : TSX : $0.88)
* P9 R3 E, s. C$ T+ ?Shea Creek's two largest deposits have become one
9 P9 ^# G4 G. m: L) z) Q3 f$ BDundee Capital Markets maintains "buy", 12-month target price is $2.757 H a* ^9 c2 s# @5 u g3 Z9 H
7 r d) V) r7 Y# M8 S4 ^Vero Energy (VRO : TSX : $4.72)- {, ]6 s; g/ g+ t# h1 I
Released Q4/08 results: horizontal focus to continue in F094 q% H$ ~2 v* \6 I8 a; B' h4 h
Dundee Capital Markets continues "buy", 12-month target price is $8.00- I% V: M) @# r/ V# o
GMP Securities continues "buy", 12-month target price is $7.50
; |. b8 w' `6 `3 aParadigm Capital continues "buy", 12-month target price is $12.007 h6 K- O7 Y5 D# x" g
RBC Capital Markets maintains "outperform", 12-month target price is $8.50& Y+ u& M( K% E0 R
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Wi-Lan Inc (WIN : TSX : $1.75)
$ U3 K: [- J4 THit homerun with Samsung! b! T1 B% O2 }0 D# |) c
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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