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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)
: N( H3 G" j% B: W- T6 ?Bracing for a tough few quarters) q) P, ~5 R( Y, n. C( L4 Z3 J4 G% T
Canaccord Capital maintains "hold", 12-month target price is $4.50
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- F& M* q/ u0 B, K+ o. ?' h9 YBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
8 g( X0 _/ A% Q: iGrowth outlook, challenging pipeline and high cost structure make future unclear- {, T0 {1 k2 A c% g
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
, F8 g* z+ q4 A* RTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00- p; b6 g! B# {6 H1 \! [: e1 G- O; ~
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Astral Media (ACM.A : TSX : $22.98)
: q+ d+ J2 l, `* d& z+ xReleased Q1/09 results: strong, in light of challenging operating environment" J% k$ U: Y5 I, ]2 q" i8 K
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.007 b V& y/ {3 B$ F6 L, z
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
0 ?5 ^/ @( }: v, IGMP Securities maintains "buy", 12-month target price is reduced to $30.00: ~/ w& B1 `( u7 l" l0 v& V
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.003 z1 R; o" ?! U) X8 v; ~) u0 q: T
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)
/ z, Y! j0 j+ Z5 s0 L' j F4 W1 S5 rWell positioned with gold production forecast to double this year and next9 r8 ? Y: T# ]) a2 ^% ? |2 g- U4 F! |
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
8 `/ U" {' F+ h& T" kTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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/ B% m. w) d9 R6 P' H" ]3 _) KARC Energy Trust (AET.UN : TSX : $17.15)
5 }7 a: C' v. r$ VReduced distributions by 20%; capex also cut4 J' x( R; [) Z! ^
RBC Capital Markets continues "outperform", 12-month target price is $19.00" }; s. j, E+ c0 k5 G [1 S5 \
$ `' B" Q1 y! f2 lAndean Resources (AND : TSX : $0.75)0 j( ~) c4 f; k; E
Announced F09 outlook
7 y* ~* o$ K U3 WParadigm Capital continues "speculative buy", 12-month target price is $2.25
. _3 ?, E0 y& H+ e: bTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00$ P7 e7 E, P8 Q! w
7 l% S- q4 `) B* T4 S" LBombardier Inc. (BBD.B : TSX : $4.65)
& h: K: S: }$ l; LRising challenges in Aerospace+ W1 Z% o$ Z3 M* n
GMP Securities continues "buy", 12-month target price is $8.00
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4 r7 I7 [3 y7 B) a8 J: zBank of Montreal (BMO : TSX : $31.84)
/ U9 Z3 C7 J; G X! d1 \Acquiring AIG's Canadian life insurance business
% |6 H- J2 f) t" o/ @* KTD Newcrest continues "hold", 12-month target price is $37.00
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! J, z0 a. X" c& F H) Q- h8 LCogeco Cable (CCA : TSX : $33.37)
3 d7 K$ D' Y% k5 m! c8 gQ1 review: Canada results encouraging, but Portugal remains a drag# ~ I* I7 _1 q' h+ r
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
T2 T2 A# i& K- \ i; H' CDesjardins Securities continues "top pick", 12-month target price is $40.00
/ M$ V! n, @/ xRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
& g) ]3 g. x7 h4 p, J7 i5 `% E' [Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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( Z6 v+ s5 k& ^: @( n# W# ~Corridor Resources (CDH : TSX : $2.45)( b- T+ {) N% |8 j
Capital budget set to expected cash flow; production guidance lowered% n+ j! W' n* L' U* m! t
RBC Capital Markets maintains "outperform", 12-month target price is $4.251 u% u6 i. n6 |2 n2 @; w
' z+ a2 N& _4 jCOGECO Inc. (CGO : TSX : $25.14)
5 K0 l- A) v+ F# s: Z; [ ]Strong radio and cable drives 39% EPS growth
9 l! ?7 F) z. \1 |Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)
F: W6 w4 K9 R% C" U7 ]Taking action to address tough operating environment
4 ^$ ^( O: f/ T) h* y" cBMO Capital Markets maintains "underperform", no target price reported
" s: _2 b& i) T7 v+ @- hCredit Suisse maintains "neutral", 12-month target price is $1.00
! e" g0 w# n) |" g. k* yGMP Securities continues "reduce", 12-month target price is $0.50; ?$ v: V$ i( y7 `: x2 i. ]1 k
RBC Capital Markets continues "underperform", 12-month target price is $0.75
3 ~, L/ ^. }/ {' l2 HScotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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0 e; A; U) R( s+ N/ ?* H5 lCorus Entertainment (CJR.B : TSX : $12.47)( a- l0 H0 n$ {* I6 R8 `4 ^+ ]
Q1 revenues in line, EPS beat6 H9 |: t/ F6 ^: c6 m S4 q; f" j
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00) | ~; I8 C( S/ V9 i
Credit Suisse continues "outperform", 12-month target price is $20.00
; d$ o5 r+ v1 t; r: `Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
7 g A3 b" ]; I QGMP Securities maintains "buy", 12-month target price is reduced to $17.00
. ~) R* m# a# f" aRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
7 x) g6 U0 t0 H& @; y" v# x2 X0 nScotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)+ N1 s/ K9 ^# c4 Q
Held investor day
/ O* @5 m( g G3 `8 T% ]Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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' r5 T$ z5 \1 g- H1 Y/ f; }* l% kDaylight Resources Trust (DAY.UN : TSX : $7.77)
) w" n& T. x! h# M1 v g( E0 fReduced distributions by 38%; guided for lower capex
4 ]8 K0 P' R0 IBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
, ?" W& s7 g/ gDundee Capital Markets continues "buy", 12-month target price is $12.00
2 s4 G, k! v! ?% g/ D& Z# D9 M: RTD Newcrest continues "hold", 12-month target price is $7.50& C2 f9 w3 {# r* l( d7 _0 p
: m- G( {2 R8 n) F6 JEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)- y* i' W) x6 f6 v0 X6 F7 p1 O
Steady market and currency tailwind* y6 V# ?8 f: m$ y9 z2 B9 E5 @% _
TD Newcrest maintains "buy", 12-month target price is US$5.00
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Goldcorp Inc. (G : TSX : $29.74)4 t2 f7 U$ P2 k
Revised commodity forecasts
7 ?0 q- I N h# XBlackmont Capital maintains "buy", 12-month target price is reduced to $49.008 t- B5 C& {, {( n9 G2 O
N4 t1 t1 p5 V; n9 T& RHeritage Oil (HOC : TSX : $3.77)
/ x1 ^0 y: N+ i6 X$ ?2 x& pAnnounced Ugandan commerciality on exploration success2 K. U" g( N& Z9 @$ v2 q W
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50+ i3 q3 f& y/ S4 }" R
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Harry Winston Diamond (HW : TSX : $4.98)
6 H3 Y: T1 g2 u$ y* nRetail division suffers; Y' D8 ]0 U! `8 k7 U4 U8 u
Desjardins Securities maintains "buy", 12-month target price is $12.60. t/ V) k! X9 ~( r
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Laramide Resources (LAM : TSX : $1.84)
8 f3 Y1 l7 k5 Q3 \9 @" x0 [Westmoreland provided more high grade at Redtree's Jack Lens
# g9 j! a& Q+ ~8 Q ~+ X4 cDundee Capital Markets continues "buy", 12-month target price is $2.30
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. H. o! d$ J; f( A$ \, ^) qLockerbie & Hole (LH : TSX : $6.00)
+ m8 d* J% n& ]5 [( Q5 {5 uReleased Q3/09 results: very strong, focus should be on active backlog4 Q; R1 B z; n/ \/ y1 K2 f5 x8 H5 H
GMP Securities continues "buy", 12-month target price is $9.00$ i9 l( q4 O5 L* R% k, |% g3 X
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)( R. Y, @# N7 l7 f( Z
Reduced distributions by 70%) w% W" E7 \8 N) v9 g
RBC Capital Markets maintains "outperform", no target price reported
, f5 A: U; E2 D! IScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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) f) h9 Q; {: _, P! rMatrikon Inc. (MTK : TSX : $2.04)
0 E. P& W+ n/ W2 QReleased Q1/09 results: a little light, but still respectable, w. i/ _: B% a
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50+ H E3 i% B6 H( t
Paradigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
. J1 O) K5 q( R7 l+ Z7 bExpecting lower CFPU on higher taxes
4 ~# y) l# p3 u. A R" f# hBMO Capital Markets continues "outperform", 12-month target price is $18.00
9 B9 Q! U! _- w+ b6 \9 CRBC Capital Markets continues "sector perform", 12-month target price is $12.005 n3 V$ s" d& t2 {, M1 `* N
TD Newcrest continues "buy", 12-month target price is $17.00
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9 ^3 ~ l' `, Z1 \Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86); x, ^, ] O- ]) B5 @/ m
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
. _; C% l# e3 zBlackmont Capital continues "hold", 12-month target price is reduced to $1.255 {7 \$ L4 J/ R' z
Credit Suisse maintains "neutral", 12-month target price is US$1.00
& V0 l- e+ j% o$ ?; kScotia Capital Markets continues "sector underperform", 12-month target price is US$0.806 c$ w9 P2 w! C' e) ]* A7 l" B
) @' }) F3 x' wNeptune Tech & Bioresources (NTB : TSX-V : $0.79)& ?4 `) c' ]: v2 c
Dietary supplement business facing headwinds7 L7 H) v% t8 E6 N
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00: A2 b. X$ F. y0 J
9 [& [9 c" p- \+ GOpen Range Energy (ONR : TSX : $1.18) m) L9 e$ y ~/ k7 h- M6 N7 }, W
Provided operational update and F09 guidance9 n2 i9 Y9 l/ D3 ^
Haywood Securities continues "sector outperform", 12-month target price is $3.25( D1 f/ Z6 a' u! b& x
, `0 ~; `& G9 s, h- U" _, ROsisko Mining (OSK : TSX : $3.13)
! _2 R! K8 Y; T" Z* HSouth Barnat resource around the corner( |0 H- c, `/ z ?5 {
Paradigm Capital continues "speculative buy", 12-month target price is $4.75
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
1 `) ?0 N6 a6 rProvided operational update
5 u1 ]# u: c. I S% p- M+ G5 EBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00
8 A" D! }2 I2 h! H& tTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50* q$ [' k" t' W/ Z
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Paramount Resources (POU : TSX : $7.85)$ `5 E1 L& r4 _7 p* J
Provided operational update: Grande Prairie emerging as the key focus for F09* o0 @$ m9 [5 d! H g4 `
GMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)
6 f: t3 ^4 e0 p% eOperations starting to turn the corner7 ^8 ?: r% b. g: K
RBC Capital Markets maintains "outperform", no target price reported) o4 g0 M/ X3 l' } F
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Shaw Communications (SJR.B : TSX : $20.13)
" c) ~+ S6 \2 J+ h7 p8 X6 NReleased Q1/09 results: in line, subscribers ahead, i: d3 q. |/ C6 Z `: ^
Credit Suisse maintains "neutral", 12-month target price is $25.502 d. X4 v) M. T4 g$ y
GMP Securities continues "buy", 12-month target price is $26.50: }" M- b- v, w" l2 R- y
! \" E& t$ g; x8 {Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
- @# G! P' t9 P! w. i) y% NHeld a sell-side lunch showcasing new U.S. team" l' }, \. G$ Q% x
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.008 t* s$ e: R! e* f$ V2 }/ h; [
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Trican Well Service (TCW : TSX : $6.93)9 x7 Z7 N, k9 c
Awarded Russian contracts
; A( z' Y9 W, o1 z P" \: G% j. ?Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
; |% O! U8 w" \" x, n$ nRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00
' a5 v# O' M$ j/ j2 E) ]RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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9 t0 S+ J+ v" C( qSino-Forest Corp. (TRE : TSX : $8.93)/ p5 f: V& `# O7 c
Chinese furniture exports rose in November! k& ]+ `; n0 s7 |6 w
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)
T$ ]; B1 Y) HShea Creek's two largest deposits have become one
; s% H! M0 N1 ?; p$ I5 x% gDundee Capital Markets maintains "buy", 12-month target price is $2.759 r% d4 d" j& L
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Vero Energy (VRO : TSX : $4.72)
# N/ x0 O- `5 q$ y+ ZReleased Q4/08 results: horizontal focus to continue in F09
; x6 l2 t( A/ ^3 m- hDundee Capital Markets continues "buy", 12-month target price is $8.00
! U0 D$ s1 V9 m. j, o& bGMP Securities continues "buy", 12-month target price is $7.50
# A# G& ~% T0 w: R) R2 O9 qParadigm Capital continues "buy", 12-month target price is $12.00
- l/ b0 f2 `/ O, U/ |& vRBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75)
6 V7 l* v0 Z2 E9 h+ H1 x/ nHit homerun with Samsung+ p7 ?3 c c; j. e, c. }
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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