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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)8 ^+ W# Z1 ~/ H' ]! X' A5 ^
Bracing for a tough few quarters
7 M L& y Q6 ?/ I: d6 u* _Canaccord Capital maintains "hold", 12-month target price is $4.50
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! [3 A, j$ k2 j% tBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
9 }/ ~. D5 m- X" ~Growth outlook, challenging pipeline and high cost structure make future unclear- M8 F1 A( Z3 M! j2 X$ V% h
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
% O! S' x7 c% X# y# S0 I5 mTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.001 m1 J* j- v( Q
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Astral Media (ACM.A : TSX : $22.98)+ P; v- j! d9 t% l d- q
Released Q1/09 results: strong, in light of challenging operating environment6 M3 y. @) m, {3 v o
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00+ e" H, u9 J# Q0 }6 `
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00+ J# k4 Y6 P q- F8 `4 J8 ]
GMP Securities maintains "buy", 12-month target price is reduced to $30.008 |" M k- c$ ^1 k2 H5 `" p6 g
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
T1 [+ v& i$ g% ^# p0 y) UScotia Capital Markets continues "sector outperform", 12-month target price is $30.00) y" W4 a! l- Y# _. B
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
8 k, C+ ]: k. e/ x) XWell positioned with gold production forecast to double this year and next
! R- F. Q& Y5 mBlackmont Capital continues "buy", 12-month target price is lowered to $83.001 E4 X% V' `( Q3 P( z
TD 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)" ?- r) }* \/ @6 p |
Reduced distributions by 20%; capex also cut
1 s3 _: m! r3 x5 I) z3 j6 ?7 |RBC Capital Markets continues "outperform", 12-month target price is $19.005 ~' J- m: Z/ ]/ S
- c2 q9 R& ~$ x! L! ?Andean Resources (AND : TSX : $0.75), m2 p0 @* p4 p1 _
Announced F09 outlook
- x6 m2 g1 }; j9 X; gParadigm Capital continues "speculative buy", 12-month target price is $2.25" B+ h6 ^6 l. ~2 ~) H
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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Bombardier Inc. (BBD.B : TSX : $4.65)
. ~8 h4 ~& v0 yRising challenges in Aerospace
5 L( r0 B x& F! ?& c( UGMP Securities continues "buy", 12-month target price is $8.00
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! V# k) I9 L8 P& [5 V" fBank of Montreal (BMO : TSX : $31.84)( C! l; y/ p8 C, a* p" G1 h) P
Acquiring AIG's Canadian life insurance business
, d( l9 b& F# {6 q5 F" U0 W' |8 s+ _TD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)
7 x; q6 G: w; `( X* y/ _) b! HQ1 review: Canada results encouraging, but Portugal remains a drag- W) g* V5 r$ G+ `( ^
BMO Capital Markets maintains "outperform", 12-month target price is $46.00) k7 I( T. Z4 L( [
Desjardins Securities continues "top pick", 12-month target price is $40.00% e! D% H' L9 ]9 {* q" c
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
$ |" z: l9 Q& r" HScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)# g" K* P" L" m, s
Capital budget set to expected cash flow; production guidance lowered
" r' ^) @8 Y6 z# L5 b) B% t9 A5 n: IRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)
% z. l9 G1 A+ c- r& f$ MStrong radio and cable drives 39% EPS growth& c+ `, F5 c0 S1 p) G/ P
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)/ Z5 E6 K6 R1 T3 M, L7 B3 w- r2 @( o
Taking action to address tough operating environment" S1 L8 u; {9 t) b, z/ }+ Z
BMO Capital Markets maintains "underperform", no target price reported
6 o% b# k) q' W% I4 }) lCredit Suisse maintains "neutral", 12-month target price is $1.00
5 F/ y! J- X9 F% |0 \. ^9 |GMP Securities continues "reduce", 12-month target price is $0.50% k/ { C& Z5 h
RBC Capital Markets continues "underperform", 12-month target price is $0.75
, e9 F% ^! }7 j* sScotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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1 x! I4 Y8 b- n6 H; b( u: M1 wCorus Entertainment (CJR.B : TSX : $12.47)- f; s' E; N n; x; K: n" \+ R
Q1 revenues in line, EPS beat2 @; e+ k6 D; p
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00, S( r, n* }/ t# s1 @
Credit Suisse continues "outperform", 12-month target price is $20.00# e1 V) K6 r, s3 R' L
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
3 `4 Y/ R' u; e; i1 DGMP Securities maintains "buy", 12-month target price is reduced to $17.00! L9 p5 {5 d8 J
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50* f- s- K- N. w) d5 x
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)
0 v2 ?, o( l) t5 a2 ^Held investor day
/ H) R, P7 U# q9 `; u J- I& k0 u) kScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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# A5 e3 [' n8 t# S w5 HDaylight Resources Trust (DAY.UN : TSX : $7.77)
$ S3 l$ R; m T E! D2 ~$ XReduced distributions by 38%; guided for lower capex
0 c( U/ f4 a9 U, G5 ?BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
2 ?: v" R# w7 @! b& w! S2 [2 _" ADundee Capital Markets continues "buy", 12-month target price is $12.00% V. Y/ p4 \5 D; e9 }9 w, P
TD Newcrest continues "hold", 12-month target price is $7.508 }0 Q0 J# n6 ^6 E8 @
+ i' s- t0 C2 Q2 DEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)7 N" X/ r( p& u: x' F
Steady market and currency tailwind
6 t2 [8 e% H' B5 lTD Newcrest maintains "buy", 12-month target price is US$5.00' L# u. _. ?$ n) X5 [
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Goldcorp Inc. (G : TSX : $29.74)
# f! S7 c9 {3 c9 H2 k# aRevised commodity forecasts
6 @) v7 I+ s1 R+ Q# G$ sBlackmont Capital maintains "buy", 12-month target price is reduced to $49.000 |# L3 c& f% p. ^) Q5 t/ z
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Heritage Oil (HOC : TSX : $3.77)
# V6 R+ {' K: @9 }Announced Ugandan commerciality on exploration success! i1 w* d M* x+ C
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50* i2 A& k9 M% z9 Y
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Harry Winston Diamond (HW : TSX : $4.98)
2 c& V( B+ ^5 Q- t. a- X1 S# aRetail division suffers6 x' J k8 [4 u+ T6 S/ w" N
Desjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84). I! K! u9 I7 i z
Westmoreland provided more high grade at Redtree's Jack Lens
" I7 Y+ l3 l7 i0 fDundee Capital Markets continues "buy", 12-month target price is $2.30
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Lockerbie & Hole (LH : TSX : $6.00)" k/ O. }" ~8 R, `/ f9 s- d, v
Released Q3/09 results: very strong, focus should be on active backlog D; Z# j- }, R
GMP Securities continues "buy", 12-month target price is $9.00& q! T0 z& q7 n
Raymond James maintains "market perform", 6-12 month target price is $8.251 J: m# D: N; I! ~: K* S, b3 ^
. q2 N6 z: V. ]Livingston Intl Income Fund (LIV.UN : TSX : $6.00)
/ r8 }: W5 W0 M+ _Reduced distributions by 70%
: \1 c8 e7 {( ^+ [ MRBC Capital Markets maintains "outperform", no target price reported+ ~7 ~4 W' B( I0 e
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)# A0 _. h. o: h4 y
Released Q1/09 results: a little light, but still respectable
4 d& [' \- m0 J4 qBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
$ f; V" ]" c( n- ~0 X# O! N7 RParadigm Capital maintains "buy", 12-month target price is $4.00
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+ `& e+ Y' |* J; _5 j; wMullen Group Income Fund (MTL.UN : TSX : $10.97)7 ^* _4 v, ]+ O5 K+ M
Expecting lower CFPU on higher taxes& k& k# D6 q6 h5 |1 }+ d, f" ^$ W
BMO Capital Markets continues "outperform", 12-month target price is $18.00" D; I! A5 G9 [; o' j" _2 S+ A- L9 P
RBC Capital Markets continues "sector perform", 12-month target price is $12.00; R& y. z) T( D S/ D4 n" Y
TD Newcrest continues "buy", 12-month target price is $17.00
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2 v( |6 C' r0 i2 i! ^$ zNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86). \/ V- C$ r' N
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
; S- u" Z' K: }( dBlackmont Capital continues "hold", 12-month target price is reduced to $1.253 a' Z- v+ ]# H- y/ `# ^* Z5 E
Credit Suisse maintains "neutral", 12-month target price is US$1.003 H8 r; T$ d0 l# P0 K
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.807 U; h0 C* g% |/ S. S9 ]" v
. O& a) ]( [4 qNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
6 U9 W$ ]* D& ?) U" p: p! ]* yDietary supplement business facing headwinds2 z4 p" N; c' V4 H6 d( g
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.004 Q; p' r3 P/ j6 |
8 }1 L; C4 e1 W, t. K) YOpen Range Energy (ONR : TSX : $1.18)9 o0 |5 q& w- ] w/ }
Provided operational update and F09 guidance+ N$ t) ~9 f; k, R/ p: ?
Haywood Securities continues "sector outperform", 12-month target price is $3.25$ Z$ C( M. m% D6 m, |5 Y. n
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Osisko Mining (OSK : TSX : $3.13)5 Y8 J5 V9 }. F2 x# K1 p) b* A
South Barnat resource around the corner
0 o a7 R R' B# f: u- PParadigm Capital continues "speculative buy", 12-month target price is $4.75
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9 I2 r! q# ?, ]7 WPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)9 U1 r, e' Q6 g) }6 o
Provided operational update
4 i; w1 @; G9 S' x" q, r6 t8 jBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00
; ], L: a: t6 Z& T7 iTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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& V6 g1 Y6 x# xParamount Resources (POU : TSX : $7.85)
& g. u) C7 d5 q7 R8 q$ H' D7 j# AProvided operational update: Grande Prairie emerging as the key focus for F098 v3 y, e. a! f+ D
GMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)6 l! F9 a" \5 c* T; M
Operations starting to turn the corner. `3 Z+ G- Y" m* L" q0 U
RBC Capital Markets maintains "outperform", no target price reported0 O1 F" E8 e7 d% p, X. x) D8 g
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Shaw Communications (SJR.B : TSX : $20.13)5 E d# Q: m. N! m
Released Q1/09 results: in line, subscribers ahead! T/ I0 {0 j: y2 f( j# M
Credit Suisse maintains "neutral", 12-month target price is $25.50$ ^2 t8 E0 i4 V! w" ^
GMP Securities continues "buy", 12-month target price is $26.50. y* I N& T' O4 A! H
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
) L* j. p, F. E" U) l1 k9 U' wHeld a sell-side lunch showcasing new U.S. team
4 s/ t2 n9 x% |( |! h! l1 rScotia Capital Markets maintains "sector perform", 12-month target price is $33.004 @2 w1 W" q3 b" P: `& U, v
8 D7 x* Y0 A+ r( M0 L$ cTrican Well Service (TCW : TSX : $6.93)2 j1 W. W f6 U( ]5 s) q1 ^
Awarded Russian contracts
: X! w! u/ V0 L( a. ?Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
0 ?$ L" a+ l+ }2 x7 b$ GRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00' p: H. \& U! w. D* j8 s
RBC Capital Markets maintains "sector perform", 12-month target price is $10.006 _ M$ b' J6 c! Z1 |, }1 w, ?( }
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Sino-Forest Corp. (TRE : TSX : $8.93)
2 F3 x) d6 X" w$ P7 mChinese furniture exports rose in November
8 F* V) C1 Q, Y% M: v* `Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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$ }: y6 F. g; z P8 Q! f: ZUEX Corp. (UEX : TSX : $0.88)% ?& a( }0 Y4 X% F, T9 \
Shea Creek's two largest deposits have become one) X# c2 Q5 F: F
Dundee Capital Markets maintains "buy", 12-month target price is $2.75' q! q" p& G7 C4 F( h
8 g2 R @9 F( EVero Energy (VRO : TSX : $4.72)
7 b# D9 Z6 `; M7 [2 T3 Y9 ]1 t; {5 GReleased Q4/08 results: horizontal focus to continue in F09- Y5 k m# l$ P; w8 L5 O# [
Dundee Capital Markets continues "buy", 12-month target price is $8.000 e. A) I( F1 X) H+ d5 C0 l
GMP Securities continues "buy", 12-month target price is $7.50* J; C/ Y+ m( R
Paradigm Capital continues "buy", 12-month target price is $12.00
1 P2 N5 n0 o( K2 M3 f6 p. c) aRBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75)& J* W3 T8 L7 p: V# I4 n: D; ]
Hit homerun with Samsung
7 I7 l& J$ h1 X' aParadigm Capital continues "buy", 12-month target price is $3.50 |
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