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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)
" [8 V0 ]% Z, A* ]8 \" ~8 WBracing for a tough few quarters* q& E3 R$ n0 a* f9 P" ^
Canaccord Capital maintains "hold", 12-month target price is $4.50
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8 ~; S/ r2 F9 d3 [. l; j& B5 UBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)9 O0 [1 R) s- j9 F1 b
Growth outlook, challenging pipeline and high cost structure make future unclear$ |/ A4 n3 i: i4 t! f/ G( Y, L4 d
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00- |+ X8 y" f4 v5 P5 u+ T
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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# Z0 a" q+ o5 t; f( }/ XAstral Media (ACM.A : TSX : $22.98)' F9 V$ c% J3 A$ ?
Released Q1/09 results: strong, in light of challenging operating environment
# t, C; I7 U. F+ D2 I& O r ^/ dBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00- o2 j7 [" a8 l0 H3 l& h+ K
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
; Y& a9 G. C# D8 FGMP Securities maintains "buy", 12-month target price is reduced to $30.00
9 v& m2 ]" V( X: g. KRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
5 Z3 c, @( q3 c- oScotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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1 m) j( D+ s% @Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
8 ]! L8 f4 x. l, _Well positioned with gold production forecast to double this year and next2 z0 L& W& W: }/ q
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
: k5 [4 Q% y4 Q- b- vTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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ARC Energy Trust (AET.UN : TSX : $17.15)
# A& Y7 l! X: I" i% nReduced distributions by 20%; capex also cut
% c$ C8 j2 N3 @RBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)
" g7 h( j1 j- R% e/ o1 F" C9 z* zAnnounced F09 outlook9 ?3 F; s" H$ G6 f& t" y& w' x& ^
Paradigm Capital continues "speculative buy", 12-month target price is $2.253 m" `5 ~( F- r4 R2 Z. A8 ~
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00* ^4 ?$ R8 C# E) ~3 a
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Bombardier Inc. (BBD.B : TSX : $4.65)
4 T- v9 k5 I% QRising challenges in Aerospace" z+ u5 H2 e! y2 o; M8 `! b: O) M* e
GMP Securities continues "buy", 12-month target price is $8.005 W" T/ G9 a7 {3 F% z
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Bank of Montreal (BMO : TSX : $31.84)4 E; A3 k) l& p2 U6 B* U& K
Acquiring AIG's Canadian life insurance business2 `* P {1 i$ `8 | M: A, |
TD Newcrest continues "hold", 12-month target price is $37.00
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+ ?( X: _" }0 b9 dCogeco Cable (CCA : TSX : $33.37)/ i4 e& ~% |9 |% [, u0 u( V
Q1 review: Canada results encouraging, but Portugal remains a drag( Y& Z+ @: ^" a2 C+ [; H8 {
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
# ?. ~6 C ^0 z% W8 yDesjardins Securities continues "top pick", 12-month target price is $40.00
2 X0 \9 t+ i" M+ {! n9 e& z2 nRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.001 f' k# v% c \0 i% s c8 H' v
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00) _5 S* K* B/ b. w( \: m a6 T
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Corridor Resources (CDH : TSX : $2.45)
: i, m. J% H! o U' A7 J: p H& G) _Capital budget set to expected cash flow; production guidance lowered3 u! g0 q/ ?' Z/ y) q
RBC Capital Markets maintains "outperform", 12-month target price is $4.252 R+ H$ @, K3 V' k S
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COGECO Inc. (CGO : TSX : $25.14)
* E* a( ~9 V' _3 {3 DStrong radio and cable drives 39% EPS growth
0 H0 X: F: J g& }Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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/ |) n) \: D# hCanWest Global Communications (CGS : TSX : $0.51)) D |) } |) e0 J" `& Q
Taking action to address tough operating environment
+ w2 A" d: ~4 H& u* q0 x+ H! pBMO Capital Markets maintains "underperform", no target price reported% `# t) Y7 T0 m' X
Credit Suisse maintains "neutral", 12-month target price is $1.00
1 g+ i. J+ B$ o$ @9 a6 F9 ?GMP Securities continues "reduce", 12-month target price is $0.50
2 ?+ }( @+ D& R* F7 jRBC Capital Markets continues "underperform", 12-month target price is $0.75 A" [+ q) ^5 T: F! a& z( l
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)
8 Q4 U: `9 G, g' m& }Q1 revenues in line, EPS beat* m5 b' ]2 d7 j# B/ P
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00- J5 k! E6 |' b6 [4 {
Credit Suisse continues "outperform", 12-month target price is $20.00
* r5 ` v" g" V7 p+ x4 g! UDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00
# D# M% V9 N" K% f1 b' N% WGMP Securities maintains "buy", 12-month target price is reduced to $17.00, B- R9 Q0 d* a- {
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.501 ], E" j" Y+ t! s1 r$ V# m- s; o
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.006 H6 L, c$ k" K$ _; C* Z W4 A
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Calloway REIT (CWT.UN : TSX : $11.84). g8 J! v" H$ f: U% Y% c
Held investor day+ a( ^% t1 r6 c+ L; V
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00' |* ^- J" e$ z4 Y$ X' S+ i
# {7 x( t/ {7 K0 VDaylight Resources Trust (DAY.UN : TSX : $7.77)
+ i p. H Z5 b" J) v. H! |Reduced distributions by 38%; guided for lower capex- O; _' }; ?8 O& O
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
* z3 |' k, c& T mDundee Capital Markets continues "buy", 12-month target price is $12.00- [! F/ j/ \- Q W# l: R3 J0 U
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)0 K* \: { Q; ~! ]8 T
Steady market and currency tailwind
6 U( F- e* X* d- J3 Z) s0 q4 [1 FTD Newcrest maintains "buy", 12-month target price is US$5.006 j0 d# Y& e* r
; y. F, U( A, e( Q6 T5 c6 NGoldcorp Inc. (G : TSX : $29.74)0 l0 {: _ \# V* z& y/ u
Revised commodity forecasts% ]7 T& D/ F7 M) L* j2 h2 Z1 f
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)
a7 k3 K# T# M& c- \Announced Ugandan commerciality on exploration success$ t+ ?) ?5 i7 q* \7 b& I
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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' o% A' X' G/ e1 h! }. _Harry Winston Diamond (HW : TSX : $4.98)
7 c1 l H. O, H6 J$ k7 v- K xRetail division suffers7 y/ F! S, _' ~" r
Desjardins Securities maintains "buy", 12-month target price is $12.605 N) ?7 J8 e6 `- x8 E. h
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Laramide Resources (LAM : TSX : $1.84)* S5 v2 m" L! U2 M/ u# ?. v' M2 B
Westmoreland provided more high grade at Redtree's Jack Lens
1 i v5 j& |2 [* Q' kDundee Capital Markets continues "buy", 12-month target price is $2.30
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Lockerbie & Hole (LH : TSX : $6.00)& b- g+ y4 Y0 K$ A( U
Released Q3/09 results: very strong, focus should be on active backlog% o6 Z' u% O: Z
GMP Securities continues "buy", 12-month target price is $9.00
) R+ R& _2 s8 G2 n* P' h6 HRaymond James maintains "market perform", 6-12 month target price is $8.25" T0 G+ H& D7 W$ B
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00) g. a4 `4 [8 c/ R3 v' X L- u
Reduced distributions by 70%
! F4 q9 ]# B* y0 q: x7 mRBC Capital Markets maintains "outperform", no target price reported
3 i. G2 x- d3 z7 YScotia Capital Markets continues "sector underperform", 12-month target price is $6.50) s: \: D9 O5 N# r6 S
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Matrikon Inc. (MTK : TSX : $2.04)
& W# C+ \# G s3 y/ }3 z' P7 FReleased Q1/09 results: a little light, but still respectable
- m1 n9 q/ w* \BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.503 F9 V, J6 E( Y2 I: n, L
Paradigm Capital maintains "buy", 12-month target price is $4.00
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. X% I) [4 `) {% G9 GMullen Group Income Fund (MTL.UN : TSX : $10.97)4 z2 M q( p* Y$ \" F
Expecting lower CFPU on higher taxes' k0 S6 X6 r! N m2 G
BMO Capital Markets continues "outperform", 12-month target price is $18.00% T7 A# D9 Z8 M6 ?5 B' T" T: }
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
1 o9 z4 Y W: D) w" l; f5 c( }TD Newcrest continues "buy", 12-month target price is $17.00
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/ W" G* f5 e' j/ INorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
, R7 _1 I- ?2 ^, pReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain5 e; q0 H4 ?1 |5 a% ^" `$ W- L
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25 W% }# ?: e( ], v4 _/ p9 X' J0 s
Credit Suisse maintains "neutral", 12-month target price is US$1.00
* ?9 a. x, O1 K9 j- SScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80. }# X: n6 J0 a$ ?& A
! k3 Z2 _( ^( O' M& S- M; SNeptune Tech & Bioresources (NTB : TSX-V : $0.79)# H: k: D, P6 G q7 L
Dietary supplement business facing headwinds) v6 Z; }4 f. Z! }3 Z
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00$ a* x% D& G! w) M7 u
% J ~% c" r% @5 r5 r5 p$ Y. D9 Z: n, x! wOpen Range Energy (ONR : TSX : $1.18)$ e3 K+ k& U; c( u
Provided operational update and F09 guidance, W4 s1 x* ~2 @1 o& P5 D
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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2 t& b3 t8 V1 t1 g d7 b# ZOsisko Mining (OSK : TSX : $3.13)+ l" S; n. ~6 j8 y' x' {4 b
South Barnat resource around the corner
+ o; w- V' ?% f' i! O" uParadigm Capital continues "speculative buy", 12-month target price is $4.75- I! r. K. v K
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
* j0 f2 T" `" M" o1 U* eProvided operational update
, m' s: e$ S7 ?Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
* w. B0 _% ~" @: bTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.509 w; {7 r, p. x. p1 o1 C" I, W0 f; l
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Paramount Resources (POU : TSX : $7.85)1 e2 F% V, Q' T
Provided operational update: Grande Prairie emerging as the key focus for F09
* d: W. H; s9 H1 {* b* f8 yGMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)1 y. B' Q$ \/ J7 Z7 \) ?
Operations starting to turn the corner
9 a! m |# \. YRBC Capital Markets maintains "outperform", no target price reported5 x7 e8 G* R/ a( H% m
! R" z8 S- j. Z) w4 O( E& IShaw Communications (SJR.B : TSX : $20.13)5 v! m! @; `" f7 \4 f
Released Q1/09 results: in line, subscribers ahead
1 A( \! p. a8 @* t7 ~! {: a& _5 {1 k- BCredit Suisse maintains "neutral", 12-month target price is $25.50- g, m; S" b I& j
GMP Securities continues "buy", 12-month target price is $26.50* H. R; O! |6 o& r6 a
; a( o! O" @* C: v0 E9 Z/ aSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
/ g% A4 f+ r. J/ }9 eHeld a sell-side lunch showcasing new U.S. team
! q2 B' m; X6 D% h7 VScotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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Trican Well Service (TCW : TSX : $6.93)2 X; Y3 y$ T3 x7 Q1 j0 U7 p
Awarded Russian contracts1 W0 F( h5 U/ V7 s& u4 M
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75, u6 Y# b" \! W; X2 X+ \2 h
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.000 l3 p2 v; H% S9 q- j, D, J6 U
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93)8 b$ D D0 h0 Q- m% d8 @
Chinese furniture exports rose in November2 m: X7 U' f5 u" R0 g p/ ?' Q, Y: N
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88): V) N4 J/ m2 [' {8 l7 T1 Z
Shea Creek's two largest deposits have become one
9 a( T. h8 }6 \' x7 }/ NDundee Capital Markets maintains "buy", 12-month target price is $2.75: s9 n2 `' @ o4 x8 f, x
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Vero Energy (VRO : TSX : $4.72)
% h/ p& Y) q5 u. J- P+ oReleased Q4/08 results: horizontal focus to continue in F098 w0 `. A8 F$ b3 |3 `& O
Dundee Capital Markets continues "buy", 12-month target price is $8.001 \7 i x `8 ?" r- o' K X
GMP Securities continues "buy", 12-month target price is $7.50
0 c4 m$ L8 x+ R( NParadigm Capital continues "buy", 12-month target price is $12.00
" D$ f* j3 I9 v Z& jRBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75)
8 O) S/ x0 A Y3 a$ yHit homerun with Samsung; j0 Q) |4 h5 ~4 v8 l# b4 t" l
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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