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Ear on the Street --- Jan. 16 2009
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' _+ S; F$ @5 c Z& p1 S/ CAbsolute Software (ABT : TSX : $3.36)
, G/ z* _# Q: ?) h7 B; VBracing for a tough few quarters1 j5 [ [) R9 y; \
Canaccord Capital maintains "hold", 12-month target price is $4.50* o2 r2 V! m7 Q
5 {8 j) ]9 ] J2 oBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)9 R2 Y$ }& e- s
Growth outlook, challenging pipeline and high cost structure make future unclear
0 w( j# S. B/ JBlackmont Capital continues "hold", 12-month target price is lowered to $48.00
! Q f/ Y7 [2 E. R: b3 C. iTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.007 W, F$ L3 G( r, D
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Astral Media (ACM.A : TSX : $22.98)
" q, r0 _$ s6 H: OReleased Q1/09 results: strong, in light of challenging operating environment. A" Y U0 z( K3 n
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00- N1 b& |! G7 f% S
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
+ r4 G- ?5 E/ |GMP Securities maintains "buy", 12-month target price is reduced to $30.00
& h6 j9 D' D, zRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
5 B4 T3 v2 c% X tScotia Capital Markets continues "sector outperform", 12-month target price is $30.006 B& g1 s$ q) ?, G0 d1 f
/ K' H% T3 l! jAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)! X# t7 q3 t6 D
Well positioned with gold production forecast to double this year and next
0 i0 n+ g" O& V' Y( ^& nBlackmont Capital continues "buy", 12-month target price is lowered to $83.005 f7 X( l' P1 P' \$ ]; i
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00/ \9 P5 o! N/ V8 M9 C
$ f9 e, c n; J6 w/ g# XARC Energy Trust (AET.UN : TSX : $17.15)
: \3 U3 @- {+ f, IReduced distributions by 20%; capex also cut
4 y- w2 Z2 B6 f& ARBC Capital Markets continues "outperform", 12-month target price is $19.00
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" Y+ k# G' i! M vAndean Resources (AND : TSX : $0.75)* g+ A) i( M) x6 J5 f
Announced F09 outlook( J, m7 d$ ^; x8 h9 C( W
Paradigm Capital continues "speculative buy", 12-month target price is $2.252 H. Q& a; v# n" w w
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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Bombardier Inc. (BBD.B : TSX : $4.65); a( M! k! V9 G
Rising challenges in Aerospace$ ?2 e. r, e$ `, V" L6 v5 N4 A
GMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84); e% d0 f, J( \/ v2 d6 w, R
Acquiring AIG's Canadian life insurance business
8 ~9 Z# ^% d0 X3 gTD Newcrest continues "hold", 12-month target price is $37.00) A) x3 ~( q6 d. l6 [
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Cogeco Cable (CCA : TSX : $33.37)) L, e: {' R8 b# w# Q* g7 d0 W
Q1 review: Canada results encouraging, but Portugal remains a drag
* V6 G% l$ i+ ]BMO Capital Markets maintains "outperform", 12-month target price is $46.00* i" A! W; I* a
Desjardins Securities continues "top pick", 12-month target price is $40.00) U0 u; P+ @! B3 P7 t; w& Y3 F! m% s, n
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00/ z6 p1 F& o0 F: J% q
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45) l h8 s7 C! k$ D: Y F! z
Capital budget set to expected cash flow; production guidance lowered
/ k& j9 r. h/ ]4 m$ y- KRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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5 G: |5 y, Q" o7 xCOGECO Inc. (CGO : TSX : $25.14)
4 }: q3 t0 ^+ QStrong radio and cable drives 39% EPS growth
% t* a0 H2 |- J JScotia Capital Markets continues "sector perform", 12-month target price is $45.00. @: |: P1 a1 |7 Q% H* Z7 A0 K4 ]
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CanWest Global Communications (CGS : TSX : $0.51), s0 w" O, Z9 w/ o2 H
Taking action to address tough operating environment
( O& k% x) j V7 D( YBMO Capital Markets maintains "underperform", no target price reported
, q3 Q( R0 C! ?& w4 ^" ]2 RCredit Suisse maintains "neutral", 12-month target price is $1.00
. k+ N( Z7 V! z7 C- Y G8 ^GMP Securities continues "reduce", 12-month target price is $0.504 n( j% M5 K) y3 y1 d
RBC Capital Markets continues "underperform", 12-month target price is $0.75
0 c/ [# u2 o) v# H' l' k1 l, R! M% `Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50( o6 P% r4 a6 V- f
0 n+ t0 I' U/ _8 }0 j! rCorus Entertainment (CJR.B : TSX : $12.47)
: s. r* O% \9 Z# f$ p! hQ1 revenues in line, EPS beat
* P# X/ X1 {! @6 N% oBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
: R6 p, X5 E# l' g; X6 g' x. k& bCredit Suisse continues "outperform", 12-month target price is $20.00
. c# v+ T v2 H# p9 | |Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00$ H y6 [& T7 O9 u8 i( O5 ^" z
GMP Securities maintains "buy", 12-month target price is reduced to $17.00% E1 `4 V- b6 u3 v: F1 a. A6 J
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
+ p; ~: _8 K6 D/ _- m3 }Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)
2 C: Y4 _5 z7 c2 w2 U$ Z& kHeld investor day
* G2 Y2 I$ Q- pScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00. e5 y0 |. W0 j% n/ `& L5 c1 }
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Daylight Resources Trust (DAY.UN : TSX : $7.77)- r) X4 z n7 s0 K9 f! w5 p
Reduced distributions by 38%; guided for lower capex% r: S) m, Q" ^, h, @
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.002 y) ^# y4 y1 D+ x" r2 R" [
Dundee Capital Markets continues "buy", 12-month target price is $12.00! G* b2 E) y! J. k
TD Newcrest continues "hold", 12-month target price is $7.50
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; _8 W# A& b3 z7 X, a% FEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)$ a* E3 F g" w1 @% U
Steady market and currency tailwind
- B3 R* |0 Q. f5 ^- b. tTD Newcrest maintains "buy", 12-month target price is US$5.00
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Goldcorp Inc. (G : TSX : $29.74)
- R L; A+ k6 [' L* Y2 G+ t9 E2 aRevised commodity forecasts
" p8 C' u2 k7 r# lBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00; J- U7 ~ ~, `7 _
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Heritage Oil (HOC : TSX : $3.77)
7 b, q2 x* o: \9 G- C! `1 DAnnounced Ugandan commerciality on exploration success% z; P! @- L) S' Z2 `; W
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.507 d9 \/ X- i/ V& s
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Harry Winston Diamond (HW : TSX : $4.98)- l- |1 Q1 _$ b. b9 t; c+ c$ H
Retail division suffers
" W! \4 r m; ?, z" o5 T* ZDesjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)8 ~2 _$ L* `" w: J
Westmoreland provided more high grade at Redtree's Jack Lens
/ l" D3 f- f0 z, z5 I* wDundee Capital Markets continues "buy", 12-month target price is $2.30
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d# X- z) n# A: T+ n. NLockerbie & Hole (LH : TSX : $6.00) s$ s P. a. K# K7 s
Released Q3/09 results: very strong, focus should be on active backlog [' b2 T# o' L( C0 S5 ]/ N( R# _
GMP Securities continues "buy", 12-month target price is $9.00
- y1 j6 x' S2 ~Raymond James maintains "market perform", 6-12 month target price is $8.25
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) d$ B2 _$ @% W( g8 ALivingston Intl Income Fund (LIV.UN : TSX : $6.00)
, r J7 j( ]& J: v C' Y' wReduced distributions by 70%
/ X3 t/ t' D7 I3 O. P* `RBC Capital Markets maintains "outperform", no target price reported
8 {6 J4 c! |! Z l+ E+ NScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)
. G. L. \3 j# @& h" ?Released Q1/09 results: a little light, but still respectable
% a+ h; e( l% ^( S% s* `; gBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
! w) t6 ^4 Z% N B! ]* UParadigm Capital maintains "buy", 12-month target price is $4.00$ u% e) |7 D' j1 l
" P. m8 @8 W8 S& l" m, ^Mullen Group Income Fund (MTL.UN : TSX : $10.97)- f' R3 T, v+ _& n9 }# C
Expecting lower CFPU on higher taxes Q3 T8 Z3 t$ J: L: a
BMO Capital Markets continues "outperform", 12-month target price is $18.00
% r, {+ Q& @( Q; L) TRBC Capital Markets continues "sector perform", 12-month target price is $12.00
3 M4 c) } G+ I& TTD Newcrest continues "buy", 12-month target price is $17.00. C6 c p* B. m
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
% h3 x1 x$ P6 i6 [! {( CReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain9 H2 O/ X p" |6 r) h% Z, T: H; R" {
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25, V$ w" M! m# n+ w1 ~$ @
Credit Suisse maintains "neutral", 12-month target price is US$1.001 n% b2 q) [; G
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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8 f+ n( n, k5 y! a7 X7 K; h" HNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
( h7 Q2 N) B/ Y0 KDietary supplement business facing headwinds
6 r Y6 \- P3 H% }3 C) eParadigm Capital maintains "buy", 12-month target price is reduced to $4.000 g! D( f8 C1 o: g
; P5 p/ k4 k JOpen Range Energy (ONR : TSX : $1.18)5 X V4 r5 y: m
Provided operational update and F09 guidance
6 v, W. w" G5 ~' cHaywood Securities continues "sector outperform", 12-month target price is $3.25
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' J" a' Q+ B0 ^Osisko Mining (OSK : TSX : $3.13)
7 q; S& j% Q8 M% `% @7 V9 H8 \South Barnat resource around the corner( F: Z. I" Z9 j1 G* ^. }
Paradigm Capital continues "speculative buy", 12-month target price is $4.75+ R0 E' k7 H! v' Z G1 i. \+ A, G" t9 a
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
- y) ?7 }4 B# ?2 E, F% lProvided operational update* m$ V$ ^$ S5 z- d$ @3 f) d
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
2 k9 m# M5 _) NTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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Paramount Resources (POU : TSX : $7.85)0 A+ G* f; H q( P
Provided operational update: Grande Prairie emerging as the key focus for F09
1 f- j( P- W+ T9 b/ LGMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)
( }3 J/ [) T5 s8 J9 C% I7 rOperations starting to turn the corner" |4 n/ M2 n9 u9 Y2 z
RBC Capital Markets maintains "outperform", no target price reported4 o2 g% n* T: o8 _5 S2 c9 ~
4 H" [. T# T. s1 u6 [! M" X% LShaw Communications (SJR.B : TSX : $20.13)
, i0 H4 Y* p5 t& o6 pReleased Q1/09 results: in line, subscribers ahead
( ^( T: M2 Y5 z2 a D/ U. SCredit Suisse maintains "neutral", 12-month target price is $25.50
' S" I' `8 |. h+ g+ m6 T3 QGMP Securities continues "buy", 12-month target price is $26.50
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- A* v4 t/ c# Z: @( K& E4 dSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)3 `% w9 Y0 U( H4 {% m
Held a sell-side lunch showcasing new U.S. team8 k4 U1 f% E) [, S
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.007 J0 l# i6 l6 i; P+ F6 K
; E3 l0 Z; v1 c. f5 aTrican Well Service (TCW : TSX : $6.93)
5 G; \, d N; B$ [* ^Awarded Russian contracts
' E$ [, u. e. q! EBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75* I! b$ a, Z5 W; i6 N+ Y
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00( Z7 {2 a4 r% j% D7 a: `/ `8 e% B
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00% u1 ~! o( c$ U5 G
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Sino-Forest Corp. (TRE : TSX : $8.93)
; j* e, X% | p/ X) z4 `/ xChinese furniture exports rose in November
7 f8 {( Q1 c) j* G. S: zDundee Capital Markets maintains "buy", 12-month target price is $23.50& {. j0 X# G, U
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UEX Corp. (UEX : TSX : $0.88)/ \% H8 M' r$ k9 }' L2 Y
Shea Creek's two largest deposits have become one @% d5 ?! Y. d- }
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)
& F$ B7 |9 R# F2 gReleased Q4/08 results: horizontal focus to continue in F091 M! X+ r+ C$ W. D0 g, s* r
Dundee Capital Markets continues "buy", 12-month target price is $8.008 G _* g6 N0 X- l1 `" J0 X3 H$ |
GMP Securities continues "buy", 12-month target price is $7.50# v* E4 r. V+ c! `3 ]/ ]
Paradigm Capital continues "buy", 12-month target price is $12.002 E- @" A/ n5 y0 `& ?
RBC Capital Markets maintains "outperform", 12-month target price is $8.50/ n, Y5 F5 Q+ u- f. [- f5 Y& D
3 q* m9 `6 z3 j. g- d) \$ jWi-Lan Inc (WIN : TSX : $1.75), h) h" _5 E& l: ^. M: {+ g
Hit homerun with Samsung
2 V# {4 ^- w- F# ^+ b/ [% aParadigm Capital continues "buy", 12-month target price is $3.50 |
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