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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)
: f2 o# x3 Y: f6 Z5 d. Z) \3 mBracing for a tough few quarters
; [) `$ S! j p& I2 `Canaccord Capital maintains "hold", 12-month target price is $4.50
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)! z. L* H. C% H' Z
Growth outlook, challenging pipeline and high cost structure make future unclear
& S: }4 n5 ~2 c' C X, |' Q) lBlackmont Capital continues "hold", 12-month target price is lowered to $48.00! D- l5 v% u% Y( }2 F, E$ O- ?3 u
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00% o! J; u3 r) A3 R
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Astral Media (ACM.A : TSX : $22.98)
( B t2 r# S- SReleased Q1/09 results: strong, in light of challenging operating environment
7 E$ s$ k4 E! R/ y6 \* U" XBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
3 A! x x; A; |; nDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00
( m6 G2 b* y. a. _$ k) QGMP Securities maintains "buy", 12-month target price is reduced to $30.00
) `1 `0 @+ F4 C% \1 N- S, F+ XRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00# w, J- A6 u8 t3 h5 F
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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+ \) e% x. Q$ {( D. u: d: T! XAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)/ u1 P1 i2 Y3 Y# C
Well positioned with gold production forecast to double this year and next$ k* ^5 y1 ]: Q7 T0 Z
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00' [& L. n/ h; h4 o7 |7 `
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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" R5 o6 l- u6 h4 ^ARC Energy Trust (AET.UN : TSX : $17.15); F. L% p$ d" |: a. S. g
Reduced distributions by 20%; capex also cut
% [2 k: e5 N, E; RRBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)
& S3 c0 ~+ ?. ]0 o# y/ Z j% cAnnounced F09 outlook, D2 K+ W+ R/ P3 s: _2 S+ E# |5 ]7 M
Paradigm Capital continues "speculative buy", 12-month target price is $2.25- u2 j, C) V) E7 o% ~
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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p: A* e1 I/ }9 LBombardier Inc. (BBD.B : TSX : $4.65)5 @* R" L- f$ }( ]6 Y
Rising challenges in Aerospace
* ~( [+ ?. |& m( }& W- i9 m5 VGMP Securities continues "buy", 12-month target price is $8.00
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l3 f7 S4 f0 b1 M0 ?Bank of Montreal (BMO : TSX : $31.84)
9 I( e T; W6 r; B X( M4 f( e9 C: YAcquiring AIG's Canadian life insurance business1 m- ?+ j8 j/ T- Z8 T' f- W* M/ `: n
TD Newcrest continues "hold", 12-month target price is $37.00: l. B! W" k. q
) u% Y# J. c) v6 U* o+ jCogeco Cable (CCA : TSX : $33.37)
# _3 m, e4 s L1 zQ1 review: Canada results encouraging, but Portugal remains a drag
2 }6 e. R. u. _* R- A% o* d2 aBMO Capital Markets maintains "outperform", 12-month target price is $46.00. I: O4 U6 Q2 p! h# \5 ]
Desjardins Securities continues "top pick", 12-month target price is $40.00" F8 N( v' q4 @% S
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
; r7 i6 P7 l& {. K. b& c2 @ uScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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5 l9 y8 B0 G3 z+ `2 wCorridor Resources (CDH : TSX : $2.45)
! `" G8 ^$ x# DCapital budget set to expected cash flow; production guidance lowered9 I- Z7 P. z) _; |
RBC Capital Markets maintains "outperform", 12-month target price is $4.25) o$ t% N7 a; R: }+ J
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COGECO Inc. (CGO : TSX : $25.14)
) n* W, S0 ^: l9 o0 v4 v# f D6 wStrong radio and cable drives 39% EPS growth. Z& u& z0 g) Q# ]; E8 V+ \, o
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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5 q6 }) N- u5 T; k2 |3 z1 _CanWest Global Communications (CGS : TSX : $0.51)- j7 N$ o. l3 _3 @. D
Taking action to address tough operating environment
( y/ h* c3 n/ C) C. V9 g! V+ SBMO Capital Markets maintains "underperform", no target price reported6 L N, \- Y' M! g( Q* q
Credit Suisse maintains "neutral", 12-month target price is $1.00, w) {( c" f3 V4 T
GMP Securities continues "reduce", 12-month target price is $0.50, X) w8 n/ g% L1 F
RBC Capital Markets continues "underperform", 12-month target price is $0.75
' n5 C; k5 u& G7 k1 vScotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)
3 @' G6 u) X S# q/ X6 P" a+ X- gQ1 revenues in line, EPS beat* B$ J! D# m8 }" Y5 \" Q9 I# Z
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.003 v2 ]9 E9 j3 k7 F, J+ H+ l
Credit Suisse continues "outperform", 12-month target price is $20.00
6 V4 w2 Y- z8 E$ r) ^ w8 oDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00$ e% n' w. L5 @) B3 g7 l
GMP Securities maintains "buy", 12-month target price is reduced to $17.00( H( n, `" p& x R3 n- A
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50- Y! ]1 H% {) m# E, ?
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00! H9 j' r& c; Q. \7 {( E5 ~
% U" p. \* O) P3 F7 TCalloway REIT (CWT.UN : TSX : $11.84); U1 g4 R/ g5 ]4 Z" @% d
Held investor day
% X7 I( ^0 s1 [+ K3 m3 K- A' i! f4 RScotia Capital Markets maintains "sector underperform", 12-month target price is $11.009 X6 r4 X. m: J8 ]+ K
& N. ~3 w4 p* p$ H6 A# v) GDaylight Resources Trust (DAY.UN : TSX : $7.77)# s8 P, v% L; U( T
Reduced distributions by 38%; guided for lower capex, B# c8 \1 u8 R/ ]! f+ I2 _
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
+ s5 T8 U7 }8 w) u7 wDundee Capital Markets continues "buy", 12-month target price is $12.00# y7 g: Y* @; X4 j8 W5 _, l( D
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$2.90) r7 |* a( p4 ?$ ]0 n+ M9 M
Steady market and currency tailwind
4 G: U' g" q O+ _+ Y# mTD Newcrest maintains "buy", 12-month target price is US$5.00 N# J' j/ s2 Q3 Z
, R2 U8 J1 |' n( g3 K% t" e- tGoldcorp Inc. (G : TSX : $29.74)% \; Q0 Z# Y. Q) g; q
Revised commodity forecasts8 o1 q8 X& U& h8 i6 j5 ?5 {; a
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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. E. G6 k# [ RHeritage Oil (HOC : TSX : $3.77)# X% x7 t+ U$ _! `$ E
Announced Ugandan commerciality on exploration success
3 J7 w) R* |: P% w. K' DTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)
8 m) i! _! x( IRetail division suffers( K: O; m3 h/ z# }0 i8 |
Desjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)
3 b- V" c$ e4 ~: f9 `Westmoreland provided more high grade at Redtree's Jack Lens( ?3 ?, k$ x3 a# Y4 L
Dundee Capital Markets continues "buy", 12-month target price is $2.30 A/ K l( Z* o" m5 }; p4 |( m) O
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Lockerbie & Hole (LH : TSX : $6.00)( ~. ]7 T/ p2 B; Y
Released Q3/09 results: very strong, focus should be on active backlog+ X8 y* n: @7 [
GMP Securities continues "buy", 12-month target price is $9.00. J5 z; Q5 t y) w. f( ?% @ 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 : $6.00)
+ r2 Q! N" {$ i% m- ?) k6 s: f. Y" ~' TReduced distributions by 70%, U9 a* }; t6 [/ R4 n5 E
RBC Capital Markets maintains "outperform", no target price reported
4 u4 H4 ^ `) C$ u* [5 oScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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( L5 J5 v* R. oMatrikon Inc. (MTK : TSX : $2.04)
, a' ]! i4 ^6 D. P! S9 r: hReleased Q1/09 results: a little light, but still respectable
6 ]* u; Y# b W2 t* F+ y1 R% `BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.500 b) ^/ _1 t ~3 @: D# H& {& N
Paradigm Capital maintains "buy", 12-month target price is $4.000 ]! f7 s% V9 ^ O
: w5 v% R& ?5 L q$ `/ z# i- [( fMullen Group Income Fund (MTL.UN : TSX : $10.97)
6 X* w. W4 w# X9 Y+ W% D8 f' ^Expecting lower CFPU on higher taxes4 ]4 r/ [' p0 K5 G- s& d
BMO Capital Markets continues "outperform", 12-month target price is $18.00
' R# s! W# ?! z, r9 ]8 E( PRBC Capital Markets continues "sector perform", 12-month target price is $12.00; I6 S/ b! E# h3 t" B
TD Newcrest continues "buy", 12-month target price is $17.00
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+ l# q4 ?; }" F. qNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)% g9 P! t8 a, d9 g$ V' J! {
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
+ t4 W. ~! J7 _0 g6 Z( dBlackmont Capital continues "hold", 12-month target price is reduced to $1.25 ] O) ]: M7 J- ]1 w: q$ d* q* a
Credit Suisse maintains "neutral", 12-month target price is US$1.00. b% R4 e- J/ u1 i
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.800 b2 R* ?. b9 _" q
! N& T$ A0 }* V- u5 WNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
8 h9 S5 ~# {/ Y% [2 z* r# R U7 HDietary supplement business facing headwinds
% K9 P) t6 v0 E$ A9 A% t0 MParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)5 ?5 S1 y+ i9 I" b9 X$ N. r5 S
Provided operational update and F09 guidance/ z+ k' n Z* D# ^' o3 `0 g2 O
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)% |* F+ j7 V3 I9 ?7 J
South Barnat resource around the corner
! l, O) s) ?9 [+ o, F7 z+ o) IParadigm Capital continues "speculative buy", 12-month target price is $4.75
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( t3 N% R3 O, }0 k$ y: u5 yPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
5 d3 G$ D9 O* P* z4 GProvided operational update* C8 L) L' e7 e4 k* A; J
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
& u% `( Q2 T$ G# k3 @TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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Paramount Resources (POU : TSX : $7.85); X7 I+ C& {2 k0 j- V# V7 i, T, P
Provided operational update: Grande Prairie emerging as the key focus for F09
( p, c# X" l2 n# F9 ]% bGMP Securities maintains "buy", 12-month target price is $12.00* d7 j$ ?4 H& h! F9 T/ Z+ B8 j% p
2 P- V2 p5 x+ _3 M& A2 ?( k6 g5 }Rockwell Diamonds (RDI : TSX : $0.07)0 Y/ X) A" o# y* }; B3 f9 k
Operations starting to turn the corner
5 b" {% ?7 }% g; FRBC Capital Markets maintains "outperform", no target price reported4 ]5 h W4 I% p# r0 L
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Shaw Communications (SJR.B : TSX : $20.13)
/ r! j5 G0 t2 HReleased Q1/09 results: in line, subscribers ahead. x; n. h/ ?. [
Credit Suisse maintains "neutral", 12-month target price is $25.50 v$ D+ }7 e- ]7 I
GMP Securities continues "buy", 12-month target price is $26.50
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
6 w% k3 ]9 a; ?. ]Held a sell-side lunch showcasing new U.S. team
' K9 X* I" n2 G; U* }, `Scotia Capital Markets maintains "sector perform", 12-month target price is $33.002 l7 e: b. T/ j% |) s# l
- ?! P" I& q3 y$ xTrican Well Service (TCW : TSX : $6.93)
6 `0 |# X3 B7 f, YAwarded Russian contracts
, B0 s& z. \2 VBlackmont Capital maintains "hold", 12-month target price is reduced to $8.752 |+ F5 ]1 D+ D7 B! \! T7 I% }
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.009 e" j2 t" s9 H
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00% \% V( f. X3 p* h4 x
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Sino-Forest Corp. (TRE : TSX : $8.93)
3 [# `) U0 L' l1 EChinese furniture exports rose in November" m# @- j' Z; J1 S. O$ z
Dundee Capital Markets maintains "buy", 12-month target price is $23.50' S" B( a1 F, ~$ T6 y L) @
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UEX Corp. (UEX : TSX : $0.88). ~9 j5 m5 w4 Y
Shea Creek's two largest deposits have become one2 E! h" g* ?! q& J0 ^
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)4 w8 `9 ^, ?! |+ d9 Q7 X
Released Q4/08 results: horizontal focus to continue in F09
$ A: R$ K4 V3 W) d2 ~Dundee Capital Markets continues "buy", 12-month target price is $8.00
3 b& X8 _0 t0 R" {) Z, \" q, \( WGMP Securities continues "buy", 12-month target price is $7.50
1 j5 k6 }+ [0 g4 b4 uParadigm Capital continues "buy", 12-month target price is $12.007 n' W3 G8 Y: ^! }% K
RBC Capital Markets maintains "outperform", 12-month target price is $8.50
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6 T/ @$ p: \" f' F2 F( p* {Wi-Lan Inc (WIN : TSX : $1.75)* {' F j/ ~" n% J0 ^4 `5 {
Hit homerun with Samsung: d# ]; t) R6 J6 y
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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