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Ear on the Street --- Jan. 16 2009
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. V4 {# p: k. @Absolute Software (ABT : TSX : $3.36)
6 }" i) [5 J7 M8 ?; K* h9 M, g. B) M7 bBracing for a tough few quarters4 w8 Z. M* R# f8 x$ F4 L, @
Canaccord Capital maintains "hold", 12-month target price is $4.50
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2 Z" ?( s3 ~/ X. l! xBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45). s. c. @3 C' {
Growth outlook, challenging pipeline and high cost structure make future unclear
+ y8 y5 r: ]0 ?( Y" jBlackmont Capital continues "hold", 12-month target price is lowered to $48.008 E: m+ h/ s; o; i! F8 e
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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! h: v/ d7 k0 T' t# {Astral Media (ACM.A : TSX : $22.98)
# n" R! Z3 E6 s8 ^& C1 XReleased Q1/09 results: strong, in light of challenging operating environment
* ~0 ?5 E& w8 y. oBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00& [8 G7 @0 Y: \ Q2 b a
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00& v l( Y1 E6 d* O
GMP Securities maintains "buy", 12-month target price is reduced to $30.00* y' x# b$ f( Y5 [1 |/ n! M0 Z4 F/ ?
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.004 V9 l! ?6 m. {' u: e. E) x3 y
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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6 s4 y" ]! [: h( F6 Z- }4 oAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)' l- z6 ~. {$ _3 ^1 L [8 E, b2 L' n
Well positioned with gold production forecast to double this year and next( _: w' T2 K% ^: i4 J7 Y' ^- y
Blackmont Capital continues "buy", 12-month target price is lowered to $83.003 Z3 k" [6 }% _ `& _( h
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.001 i6 D! a. \: Z# ]) v$ L
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ARC Energy Trust (AET.UN : TSX : $17.15)6 [7 R+ D5 L. m9 O, g7 a
Reduced distributions by 20%; capex also cut
+ c8 u8 W# e7 z* }! DRBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)7 v: E6 O( H. s6 R0 \& w4 v; q
Announced F09 outlook9 _# c3 |6 g/ Y) Q
Paradigm Capital continues "speculative buy", 12-month target price is $2.25. r- Q& A" T& V
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00! E, V& Y: M3 e6 M
& C1 u" W7 `4 V/ cBombardier Inc. (BBD.B : TSX : $4.65)
5 B5 b* F% J; K4 `6 aRising challenges in Aerospace* `% @1 u7 x+ c: N5 g$ ` L
GMP Securities continues "buy", 12-month target price is $8.00
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3 j5 Y4 G% Y0 d; x6 JBank of Montreal (BMO : TSX : $31.84)! c' x4 N- F" u* {0 M' }
Acquiring AIG's Canadian life insurance business
0 g* C4 }4 ]8 w! S0 g. h* c9 _& fTD Newcrest continues "hold", 12-month target price is $37.001 c2 u4 I" h% I& o7 j( f
! H/ o! z: i: yCogeco Cable (CCA : TSX : $33.37)
9 Q4 ^6 S2 j: q' A5 A8 R( PQ1 review: Canada results encouraging, but Portugal remains a drag/ x# M! j# ?: T, P
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
$ R1 n" h. d; F3 yDesjardins Securities continues "top pick", 12-month target price is $40.004 F5 f, ~8 A' A. X% C- G; z
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
& \: l: g) M& x0 S7 RScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)4 D( T( g% [# m
Capital budget set to expected cash flow; production guidance lowered
6 t# S0 z( o; b5 Y7 d4 b- cRBC Capital Markets maintains "outperform", 12-month target price is $4.255 S$ e9 }8 m, [% `+ D) q
: Y D$ z Q1 w% zCOGECO Inc. (CGO : TSX : $25.14)
! `& M; A3 V( Q+ xStrong radio and cable drives 39% EPS growth
3 S7 n1 W& G; _# |Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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3 c3 c& @6 [3 ^8 gCanWest Global Communications (CGS : TSX : $0.51)7 u4 z+ Z6 a3 K
Taking action to address tough operating environment& `! p0 M+ e, [1 L/ N
BMO Capital Markets maintains "underperform", no target price reported8 d( A% ]& B1 V! @
Credit Suisse maintains "neutral", 12-month target price is $1.002 a4 R2 [ y0 h! ^- I
GMP Securities continues "reduce", 12-month target price is $0.50- s5 {9 ]9 F1 [" k
RBC Capital Markets continues "underperform", 12-month target price is $0.75. v6 X. @$ |) v. s) j8 ~
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.505 P! u4 d1 T+ @. D0 `: s: H
6 V0 I$ g+ n2 S1 |- d4 `0 tCorus Entertainment (CJR.B : TSX : $12.47)
' x+ D/ U! L$ }" f. O' F; I2 cQ1 revenues in line, EPS beat
; `. W) W9 i* t! @BMO Capital Markets continues "market perform", 12-month target price is cut to $15.009 Z- r$ \9 n4 s; f
Credit Suisse continues "outperform", 12-month target price is $20.005 Y$ ^# p; y3 s+ n' y8 s
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.003 ^; h7 }+ d3 i0 [' Z
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
]- z, ]8 L0 d: p' qRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50* e; s3 h7 G1 ? c! N9 L0 J @
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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* t3 _1 s, G; X# i# d& TCalloway REIT (CWT.UN : TSX : $11.84)
* G) g% `# n" _; ]! Y$ L' ^Held investor day m6 A9 B7 _% {% X- U& I7 V
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.008 @# ~" p9 _& n$ s% z- s
/ h( |+ b5 c8 Y6 ^8 @0 r" K& xDaylight Resources Trust (DAY.UN : TSX : $7.77)
! J) G+ `! z6 V! M* zReduced distributions by 38%; guided for lower capex% ^! t* D, R3 v* C
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
/ b3 f9 Y; f. Y) o4 U# u; CDundee Capital Markets continues "buy", 12-month target price is $12.00
5 L; V5 B& j& w' r$ I& sTD Newcrest continues "hold", 12-month target price is $7.50- E" M) x7 B$ S }+ D: F1 I
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)2 u7 i4 H& K) I$ e r! f
Steady market and currency tailwind
; u/ y$ o2 k) J/ V* `8 e8 r$ hTD Newcrest maintains "buy", 12-month target price is US$5.00
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Goldcorp Inc. (G : TSX : $29.74)
! B# N% P# n- O; r3 \Revised commodity forecasts" X/ P, y& I5 G+ Q! [
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)* X7 r5 E: a# f( k! v
Announced Ugandan commerciality on exploration success I" F, ?8 {0 {/ I% R1 G$ M/ [
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50. h* ]- U& V' K' \
5 s) N- g9 X" |Harry Winston Diamond (HW : TSX : $4.98)
+ F5 a6 j7 M+ YRetail division suffers
% ^$ W5 } G( gDesjardins Securities maintains "buy", 12-month target price is $12.60
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& j- d$ {% o# i5 X7 Q' C3 DLaramide Resources (LAM : TSX : $1.84)4 K% |% H& e: Z
Westmoreland provided more high grade at Redtree's Jack Lens+ a: i, E: ?! ]0 D: n
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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% b K0 ^7 { a1 P; w( TLockerbie & Hole (LH : TSX : $6.00)1 J& z, K& V7 ]. U' j
Released Q3/09 results: very strong, focus should be on active backlog
, L$ Z& @3 n' u/ x% oGMP Securities continues "buy", 12-month target price is $9.00
- |) C! }$ @4 V" _: Z1 B. f2 FRaymond James maintains "market perform", 6-12 month target price is $8.25
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- U U5 m- ]6 J" m5 _$ ^( \Livingston Intl Income Fund (LIV.UN : TSX : $6.00)9 H) d& x* n2 }# I: ~
Reduced distributions by 70%) F7 w( f2 [: Z
RBC Capital Markets maintains "outperform", no target price reported
/ k$ b8 m. E, OScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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. j8 M. Z/ z# `# g5 iMatrikon Inc. (MTK : TSX : $2.04), h9 @* T8 ?$ b, c" O
Released Q1/09 results: a little light, but still respectable7 Q# ~" K2 q* D/ | _5 N, i* {
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
8 e% Z, J- I% P5 nParadigm Capital maintains "buy", 12-month target price is $4.00
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& z9 e6 a" X3 B+ cMullen Group Income Fund (MTL.UN : TSX : $10.97); s/ S* f* h* ~1 H) d
Expecting lower CFPU on higher taxes
- G+ E& c, C/ c5 F' p. _$ I MBMO Capital Markets continues "outperform", 12-month target price is $18.00: u% a. Q9 o- M3 g6 j
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
9 U; ]+ z0 ^. r: vTD Newcrest continues "buy", 12-month target price is $17.000 N# P! |$ G" L, B4 V4 D2 _- o
" O* H, d' @9 B! E$ YNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
% ?7 `4 K, v jReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
1 }4 S4 n8 P9 F' \. W2 C5 }Blackmont Capital continues "hold", 12-month target price is reduced to $1.25% W- C, ?" b" i3 u9 r8 D
Credit Suisse maintains "neutral", 12-month target price is US$1.00
: }+ b1 T1 t- B- B1 m& d6 g7 ]7 JScotia 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 X1 Y5 f3 d) g- c
Dietary supplement business facing headwinds& |1 G2 C1 d7 j1 D1 U3 u1 ^
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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8 N+ k" [5 f5 B+ l6 |& m& S% \/ u( m! aOpen Range Energy (ONR : TSX : $1.18): H3 E* e/ ?. r/ s& l# r
Provided operational update and F09 guidance
) u* \ c2 y- u& mHaywood Securities continues "sector outperform", 12-month target price is $3.25) H: L/ K3 L" J; }5 A" y6 W0 {
$ ], S% _( _' ]4 @4 dOsisko Mining (OSK : TSX : $3.13)+ E) B. ^' N; k* h6 {/ g0 Y. q3 @
South Barnat resource around the corner
* w# V' R, g$ YParadigm Capital continues "speculative buy", 12-month target price is $4.75* b9 w/ I4 Z3 f
, o* s6 F+ r% P. o' w5 rPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
$ i. `+ ^2 V+ ^: x5 ~4 TProvided operational update
+ z+ B4 Z2 l9 j' I x4 M) g7 `Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
/ a9 S+ o, W$ J: v7 h6 ~9 | XTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50. G7 e2 \, T7 U5 j" {% A2 F
! S) x# i' c( E: ], {Paramount Resources (POU : TSX : $7.85)% c3 q" c' ]$ L( a3 \
Provided operational update: Grande Prairie emerging as the key focus for F09, a* V6 L5 C0 g2 M1 {
GMP Securities maintains "buy", 12-month target price is $12.005 Q: |, p# ^5 f$ x
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Rockwell Diamonds (RDI : TSX : $0.07)/ _9 O* A2 D' q" u% z) d% e0 u
Operations starting to turn the corner
f& b! C5 }/ `3 L8 G; G8 L5 \RBC Capital Markets maintains "outperform", no target price reported) Y0 }4 `! g" a- I2 ^5 J( m7 v
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Shaw Communications (SJR.B : TSX : $20.13)
! E! j2 k$ B6 h9 |2 I) B( |1 wReleased Q1/09 results: in line, subscribers ahead2 a' T4 K3 v; }* Z, j" P
Credit Suisse maintains "neutral", 12-month target price is $25.50- r" g4 s$ E% k* \
GMP Securities continues "buy", 12-month target price is $26.50
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2 `; l/ e1 h, pSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)$ G1 G0 x4 h, K: ]2 D, V
Held a sell-side lunch showcasing new U.S. team
# R' h% f! |7 C) V* mScotia Capital Markets maintains "sector perform", 12-month target price is $33.00, B0 O$ u" c; R, w2 D# H0 N5 u3 @
1 i% S I" g6 G( ?Trican Well Service (TCW : TSX : $6.93)8 I S5 y x V: Z
Awarded Russian contracts
4 s& S/ I2 X. \ {* h2 @8 SBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75
: R. F& @8 c9 H) z/ d# |Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
9 `5 m d* X5 K# B4 ?1 `RBC Capital Markets maintains "sector perform", 12-month target price is $10.00! ^& o8 W2 u. ]5 ^1 u) @* x
# A# y! Y2 ^7 a+ o( P( w5 Q3 CSino-Forest Corp. (TRE : TSX : $8.93)
0 Q, |1 s3 P8 N8 r; u- k" SChinese furniture exports rose in November' U2 g& p* T2 q& K" X. w7 F' e
Dundee Capital Markets maintains "buy", 12-month target price is $23.50: e) p' R7 B6 u* B: V
6 F1 E4 C3 D' |- D: g/ S" O( N7 t& m9 ZUEX Corp. (UEX : TSX : $0.88)
+ N' D: G5 a! _$ p& N5 y/ i) GShea Creek's two largest deposits have become one; N. s. y4 l6 n
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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6 U. @5 V9 R5 a6 h$ H* dVero Energy (VRO : TSX : $4.72)
4 y' X/ O' C/ s. o, sReleased Q4/08 results: horizontal focus to continue in F09
8 ~2 M/ |% Q( EDundee Capital Markets continues "buy", 12-month target price is $8.00
; W4 D% R& _+ s O( FGMP Securities continues "buy", 12-month target price is $7.50 T+ B' u; Z2 H1 E8 P
Paradigm Capital continues "buy", 12-month target price is $12.00, q" Q4 Z0 v; e
RBC Capital Markets maintains "outperform", 12-month target price is $8.504 w7 v# M% ]& Q* D/ }, a
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Wi-Lan Inc (WIN : TSX : $1.75)
- e+ h- P. {* r3 h/ V9 x, QHit homerun with Samsung$ W2 b$ F* H# Z
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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