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Ear on the Street --- Jan. 16 20094 W' n) A& `# n, X1 d3 M: ?
T$ c; J( V# DAbsolute Software (ABT : TSX : $3.36)! p, @% ~, L1 }2 e% p- V
Bracing for a tough few quarters
/ ]& {9 f7 R9 Z+ ?7 Q2 g. u! X- T8 C* NCanaccord Capital maintains "hold", 12-month target price is $4.50# d) K3 n1 o/ M1 s
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)# k+ k7 U9 j# p9 L
Growth outlook, challenging pipeline and high cost structure make future unclear: U* z$ ~. _; ]# ? }; c5 j
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
) B5 t8 B2 K9 q6 T4 i* S) h# E7 @5 WTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.009 q# h- B8 V/ _" a. p6 S
4 a% A, M! h b2 i/ n; x) y$ Q3 ^' QAstral Media (ACM.A : TSX : $22.98)
& U/ G# t b/ F! `. AReleased Q1/09 results: strong, in light of challenging operating environment- X v1 m, {6 z, n4 C" q
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.003 v" ?6 k3 b1 v
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
, w7 i0 Z6 P0 Z E; e8 kGMP Securities maintains "buy", 12-month target price is reduced to $30.00- h9 d3 U2 o$ r' j
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
5 i5 ^7 r. U/ p, b7 u! bScotia Capital Markets continues "sector outperform", 12-month target price is $30.004 F' e- t# Q9 q
% g/ N9 ~8 p7 _% m8 VAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
2 S1 W+ Y5 d' ?; n* r' u; R" XWell positioned with gold production forecast to double this year and next
7 R7 b" k! I9 V# ]( tBlackmont Capital continues "buy", 12-month target price is lowered to $83.00
8 _ G. Z) x- CTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.004 v6 G3 s1 T8 V; ]: _" N9 F# t
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ARC Energy Trust (AET.UN : TSX : $17.15)- }- f4 `" C. w1 U# w
Reduced distributions by 20%; capex also cut
3 n! d1 j# k# l2 |RBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)
3 ]+ u5 a# z, V: S, [# aAnnounced F09 outlook7 g& l. }0 r* p8 {: P8 p
Paradigm Capital continues "speculative buy", 12-month target price is $2.25' o& N" J7 L' ]7 m* P m
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.004 \* _8 {8 t B/ o
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Bombardier Inc. (BBD.B : TSX : $4.65)
; M0 G6 H; e' q' u! o% j, t9 |Rising challenges in Aerospace
, \9 l7 S( G7 d+ u. G3 }GMP Securities continues "buy", 12-month target price is $8.00$ H: W) O) k) U5 [; |
8 b! ^4 N$ i( CBank of Montreal (BMO : TSX : $31.84)
7 p! v1 G1 h) h* `2 ^% Q$ {0 tAcquiring AIG's Canadian life insurance business
1 h1 q0 G: \; I: p" pTD Newcrest continues "hold", 12-month target price is $37.00
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. @: R* j; _# e: y9 D F% bCogeco Cable (CCA : TSX : $33.37)
& Q e% F7 x3 K/ t' OQ1 review: Canada results encouraging, but Portugal remains a drag; w3 K9 B1 l: K6 w- u
BMO Capital Markets maintains "outperform", 12-month target price is $46.000 h$ g) T, ~; @/ a# v% W Y
Desjardins Securities continues "top pick", 12-month target price is $40.00, y( V# y2 ]! V
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.008 M( U# W5 O/ Y8 E
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00* }. |9 ]1 ]. u2 N; [3 [
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Corridor Resources (CDH : TSX : $2.45)
' N+ T0 X+ L4 Q! y$ H" c* v; HCapital budget set to expected cash flow; production guidance lowered1 C: d2 A" W3 B0 v% a+ j/ t
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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! E3 P7 X( e( |6 |COGECO Inc. (CGO : TSX : $25.14)8 [ C$ f3 I) T! J6 L8 A
Strong radio and cable drives 39% EPS growth' h3 n1 ]% g! n5 z) H
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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6 g/ G1 d4 B& K+ O/ }CanWest Global Communications (CGS : TSX : $0.51)
. Y& h( [2 H$ \$ y. ?2 _5 K* \Taking action to address tough operating environment
! L; j' E' `5 gBMO Capital Markets maintains "underperform", no target price reported
5 d6 }7 |9 L: ^Credit Suisse maintains "neutral", 12-month target price is $1.00* H) A/ }% [- ^! a f
GMP Securities continues "reduce", 12-month target price is $0.50
# [0 }* ]5 b4 j7 ^/ `4 W+ E' N. zRBC Capital Markets continues "underperform", 12-month target price is $0.75
5 V: ?4 a5 D q2 [Scotia Capital Markets continues "sector underperform", 12-month target price is $0.500 X @0 W+ S, I; K. a4 V
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Corus Entertainment (CJR.B : TSX : $12.47)1 n4 T$ }$ j1 g, Q a9 f
Q1 revenues in line, EPS beat
F( Q+ `( W4 [ c8 N+ fBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
4 F2 L0 s& B' @0 h9 c$ TCredit Suisse continues "outperform", 12-month target price is $20.00: S8 F8 J& H( }' a) E
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.008 P, s# ^& G4 a. Y3 ~
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
- M; [/ W$ X3 C0 f T$ k9 {" fRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
0 p0 g0 G. X( t" kScotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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`; z/ ^+ A9 j8 V9 \3 i$ D; lCalloway REIT (CWT.UN : TSX : $11.84)0 O' v* B ]6 D. t" T" k; j h8 i
Held investor day( v& ^1 _3 a" ]2 U! T, l
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.000 z' E' f5 |. s$ }' l# H
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Daylight Resources Trust (DAY.UN : TSX : $7.77): k( V2 [6 M. j) ^+ W8 q: h
Reduced distributions by 38%; guided for lower capex/ ~% F9 m6 l5 `5 }
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
: |7 @- s) Q& w% H1 k, W; _Dundee Capital Markets continues "buy", 12-month target price is $12.00. Y1 i2 q u. {* b! K; z
TD Newcrest continues "hold", 12-month target price is $7.50
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0 b2 f0 @) ]- n* M/ O. iEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
6 f$ ~7 _$ R; y0 U4 @7 b. K. }Steady market and currency tailwind
`4 i u: P+ T( Z' n4 |0 G: QTD Newcrest maintains "buy", 12-month target price is US$5.00- I8 ?- T/ L7 j- g( z, v E
$ U/ b D' G! ]/ c6 c; f2 O/ uGoldcorp Inc. (G : TSX : $29.74)
% n5 d( n! f# ~# g8 f# X" kRevised commodity forecasts
# m w; R" h( r5 ]; ?8 tBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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' i3 z( Z" U: `) aHeritage Oil (HOC : TSX : $3.77)* q6 q5 f& S7 X6 ]1 W5 Y
Announced Ugandan commerciality on exploration success
- `4 l3 Z. B1 @. F! b$ q6 RTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)
: T6 F6 B! i0 d5 \' NRetail division suffers
$ u, N B4 ?0 LDesjardins Securities maintains "buy", 12-month target price is $12.60; F0 [% C# e( m, d0 N
1 d! X* U5 J: U% `& A) |Laramide Resources (LAM : TSX : $1.84)8 E8 P2 k& V+ K2 U/ z3 F
Westmoreland provided more high grade at Redtree's Jack Lens
( U/ m. w2 k) E8 BDundee Capital Markets continues "buy", 12-month target price is $2.30
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; f. w" ~6 X$ E$ {' W$ \( ^Lockerbie & Hole (LH : TSX : $6.00)
; d6 |' {2 ]: a# o8 DReleased Q3/09 results: very strong, focus should be on active backlog' A7 D0 U9 S: Q
GMP Securities continues "buy", 12-month target price is $9.00
) v" W! i, ]" eRaymond 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)- q, E6 |0 e4 Y6 L: q* k
Reduced distributions by 70%2 V' Z% C7 J7 j* e$ y: I3 i
RBC Capital Markets maintains "outperform", no target price reported
5 F+ j( ~2 q% ~# }. d# iScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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% A: j! D' @$ L" R" [Matrikon Inc. (MTK : TSX : $2.04)
0 t/ n; e+ }8 H1 ~/ IReleased Q1/09 results: a little light, but still respectable
4 R) F' B; p' s1 I' gBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
% m' `! x% b0 R# @4 D6 xParadigm Capital maintains "buy", 12-month target price is $4.00* x% t+ U% j& E
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)* a# X+ B" a2 Z* G! z+ s
Expecting lower CFPU on higher taxes$ Q7 A% c; N6 _ D) F+ m$ T. D
BMO Capital Markets continues "outperform", 12-month target price is $18.00
3 C* R5 K- B1 M5 W# k9 nRBC Capital Markets continues "sector perform", 12-month target price is $12.000 J8 c; w9 p# z W6 v) d2 ^* k
TD Newcrest continues "buy", 12-month target price is $17.002 l H! s! ]$ H5 Q& _0 M
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
/ G# [7 N" Y% a* G1 I! u) qReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain' T! v; K7 T& \ E8 H+ r
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25! W8 v) C$ |' h: A! U2 p" K' i
Credit Suisse maintains "neutral", 12-month target price is US$1.00; Y8 [7 W2 w+ D' X
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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1 E+ x U! i, j- {+ m% NNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
2 ~; d1 f! G/ X" cDietary supplement business facing headwinds5 }0 h1 _4 p5 j2 H& L2 Y* Z `4 [
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00+ y+ N; j% d- s6 s' G
0 |" L$ t+ F. o8 _" \. O1 IOpen Range Energy (ONR : TSX : $1.18)1 o% p2 ?% ~, \1 k& U& B t1 I
Provided operational update and F09 guidance
3 j) A1 Y; _' `& _* b j! [! ?1 ]Haywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)# a. n/ V) ^1 w" R9 Y& X5 B6 ~4 w2 e
South Barnat resource around the corner1 v" E: r9 J6 y6 F
Paradigm Capital continues "speculative buy", 12-month target price is $4.75+ F# Q V/ Y7 u4 f4 ?% b; X( a
/ ~$ `5 x G! Q0 A; KPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)5 |( |, I/ \+ z2 j
Provided operational update
% C2 U0 j8 t6 a2 @' ?6 TBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00
R2 F/ g! H6 x! n* qTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50- X$ H$ K% ~5 J. v7 [' ^4 N8 |
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Paramount Resources (POU : TSX : $7.85)
$ `6 ^/ H5 Y; t4 ^8 `$ G( f& z( HProvided operational update: Grande Prairie emerging as the key focus for F09
! e- v7 L- n3 K6 \* J# D& T% _GMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)
5 Q+ A' |" G; D: X1 a SOperations starting to turn the corner
6 C* q6 U# ]) b4 U# iRBC Capital Markets maintains "outperform", no target price reported3 w# Z% w+ E) b. b; g: O5 @1 x* g$ |% ^
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Shaw Communications (SJR.B : TSX : $20.13)0 X5 p4 ]3 m7 e$ M5 v
Released Q1/09 results: in line, subscribers ahead
& A, J) }+ j5 z8 s/ xCredit Suisse maintains "neutral", 12-month target price is $25.50: Y3 `4 T( m1 [7 L! ^5 O, _1 A
GMP Securities continues "buy", 12-month target price is $26.50* F% q/ g. t$ v1 N' [
4 [; C; d, P! R8 a) T4 I7 NSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)3 f6 O" [- \# a# h( _
Held a sell-side lunch showcasing new U.S. team) }' m) ]" E: L: r0 y! J2 w
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00- h: g$ z- o$ ?8 z+ a: W
9 w- a$ I3 X9 }$ }Trican Well Service (TCW : TSX : $6.93)( M- {" q+ \, b" P6 [/ k( [8 b
Awarded Russian contracts, O. e7 T* o1 a; V
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.755 n, z. ^) s( |4 {$ y
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00/ Z! F. I9 T$ \4 W+ Z) K
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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. b0 @% j b8 X7 U" I: u% {) I9 ~$ K% _Sino-Forest Corp. (TRE : TSX : $8.93)8 m; i" v7 x; Q; j
Chinese furniture exports rose in November- w# F4 Z$ }3 n" p5 ]1 |
Dundee Capital Markets maintains "buy", 12-month target price is $23.50) ]3 j7 V d: @* A6 Z" E/ B
5 x2 E( ?- d# C( L/ X$ K/ c9 uUEX Corp. (UEX : TSX : $0.88)
$ `3 d( O3 u0 \7 [Shea Creek's two largest deposits have become one; l1 O0 o p7 \: o
Dundee Capital Markets maintains "buy", 12-month target price is $2.755 y* r" g& r4 X9 _4 G
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Vero Energy (VRO : TSX : $4.72)
" ? S% Z- l0 xReleased Q4/08 results: horizontal focus to continue in F093 F" H- C. p' Q, j; o
Dundee Capital Markets continues "buy", 12-month target price is $8.00
+ F/ ?! Y8 N, @. {GMP Securities continues "buy", 12-month target price is $7.505 _ m% r2 V1 D% y' W2 E b# h
Paradigm Capital continues "buy", 12-month target price is $12.00' \) K6 o4 w1 l1 w
RBC Capital Markets maintains "outperform", 12-month target price is $8.506 D# V# k' `" n4 O6 m
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Wi-Lan Inc (WIN : TSX : $1.75)
( H7 s: K1 n: V% d1 ZHit homerun with Samsung* `1 f$ y& o, G
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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