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Ear on the Street --- Jan. 16 2009
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C, v2 n6 m5 y1 s. X$ pAbsolute Software (ABT : TSX : $3.36)) }0 K) c: W* F5 ]: u" i1 R# V
Bracing for a tough few quarters
- J7 i4 ]3 W$ Y- r% gCanaccord Capital maintains "hold", 12-month target price is $4.50* D! P: ]/ X5 M! A' [% w; v
; G0 A0 i) R) |2 ?& M/ B# WBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
+ a( k. a- ?' H! `+ ~Growth outlook, challenging pipeline and high cost structure make future unclear: t1 l7 q) F( b$ y" F* L
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
; ^& c& W" i* }; JTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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& Z( G9 W' m# ]0 RAstral Media (ACM.A : TSX : $22.98)5 |0 T. ~: u3 r* r1 \9 Z
Released Q1/09 results: strong, in light of challenging operating environment
: `. Y( b$ b( |& H& s- mBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
; P# c5 D4 r8 L: A* }Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
# M$ C, O5 @8 C# A2 e: nGMP Securities maintains "buy", 12-month target price is reduced to $30.00" C- S7 M1 S- ]' E8 I- r
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00; \& S& |3 W, l( {& l, w. r! C
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$45.07)
8 ~0 u8 ~* w$ {5 RWell positioned with gold production forecast to double this year and next
) K2 \7 L5 w& \1 }Blackmont Capital continues "buy", 12-month target price is lowered to $83.000 i& w$ ?& s8 Y8 y: A% u7 [' K
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 : $17.15)
: Y5 w n$ g" wReduced distributions by 20%; capex also cut5 l: x8 P$ u' v' x/ o/ h
RBC Capital Markets continues "outperform", 12-month target price is $19.00+ O* C7 u; A- a, @6 i
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Andean Resources (AND : TSX : $0.75); [" \. y0 ~ Q, g) ?
Announced F09 outlook
5 t( H% d. ?4 w, fParadigm Capital continues "speculative buy", 12-month target price is $2.256 ^/ K! k; x. y, w2 z
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00% a" ?/ c' o: L% n; f
T0 b1 u( S7 @* }Bombardier Inc. (BBD.B : TSX : $4.65)6 v5 H! {+ @9 @1 ~1 e4 X; R
Rising challenges in Aerospace
/ X" k5 f/ P8 m% RGMP Securities continues "buy", 12-month target price is $8.006 Y, L3 W$ V5 C8 l
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Bank of Montreal (BMO : TSX : $31.84)* ^. |8 k5 s# ]% q
Acquiring AIG's Canadian life insurance business
9 {' m z. e c) ]3 GTD Newcrest continues "hold", 12-month target price is $37.00/ j; g- C' h2 e7 g- o4 o
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Cogeco Cable (CCA : TSX : $33.37)* }2 ~. a1 Y0 a- P
Q1 review: Canada results encouraging, but Portugal remains a drag, ^/ @2 H- t# W$ j
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
+ j8 @) P1 D1 L: {8 dDesjardins Securities continues "top pick", 12-month target price is $40.00
. w! k6 F9 q/ [0 XRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
* v/ Y" Y7 W7 IScotia Capital Markets continues "sector outperform", 12-month target price is $55.003 u& r3 I6 S8 \8 x% t# o8 r
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Corridor Resources (CDH : TSX : $2.45)* F+ a( \' |. H- `: h6 H
Capital budget set to expected cash flow; production guidance lowered7 ?) O" h4 T: f
RBC Capital Markets maintains "outperform", 12-month target price is $4.25# D+ ~1 {( G5 f$ k& P( u
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COGECO Inc. (CGO : TSX : $25.14)
: w* Q, k0 G8 U% s) }Strong radio and cable drives 39% EPS growth7 ? C$ a! H- t' o9 H
Scotia Capital Markets continues "sector perform", 12-month target price is $45.006 N. Y/ z3 c' f `5 l
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CanWest Global Communications (CGS : TSX : $0.51)
* P6 q' `0 N; N2 L+ kTaking action to address tough operating environment
$ q; o+ Q3 b2 s* h G bBMO Capital Markets maintains "underperform", no target price reported
( K" R6 n* p* v; s# P' K- @Credit Suisse maintains "neutral", 12-month target price is $1.00! }, A- |- Z% e7 Q, K
GMP Securities continues "reduce", 12-month target price is $0.50; ]2 l: T$ r' }- m8 \" r
RBC Capital Markets continues "underperform", 12-month target price is $0.75
! p2 M. j! }. c7 W1 t" `: @+ _5 JScotia Capital Markets continues "sector underperform", 12-month target price is $0.50- B( R8 _4 @3 { j* x) c4 U
- m2 q" \5 `' R3 ^7 v5 d, u. HCorus Entertainment (CJR.B : TSX : $12.47)
" Z5 t* N5 B$ L7 Y* W8 NQ1 revenues in line, EPS beat
5 q3 f) u8 D/ T; P) SBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
1 c1 H3 i3 t2 ECredit Suisse continues "outperform", 12-month target price is $20.00! O, E9 D: e ` g
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.006 c3 |, Z" ^" P9 ~# z% @3 v
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
% N2 R I! E$ R8 WRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.500 ^3 q: R: M e+ `+ Z; u( _
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00: @4 s" [- e0 @6 H7 E
. j0 z4 c7 {+ M: q5 U) T' s* tCalloway REIT (CWT.UN : TSX : $11.84)* n O) G5 o1 G9 M2 X0 O
Held investor day0 U, e9 N! f4 r4 [+ O
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00' L6 H3 B2 C$ p H, Z
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
6 E% R$ X. P3 `$ s; qReduced distributions by 38%; guided for lower capex
. H; F' h+ c* {3 [: W( bBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
' e6 P- K1 H' Z, w9 ADundee Capital Markets continues "buy", 12-month target price is $12.00
; E- b; J6 e/ H4 b( Q6 |& z5 J# QTD Newcrest continues "hold", 12-month target price is $7.504 [6 M Q6 |: `. ?1 D
, i# }0 N; w7 R' Z: {1 h7 ^EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
6 T& Q3 K- C! A _Steady market and currency tailwind: A* \ Y5 s8 j1 i2 v
TD Newcrest maintains "buy", 12-month target price is US$5.00% s$ R/ U8 K# _5 u i
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Goldcorp Inc. (G : TSX : $29.74)
* n; {9 H) v. k( yRevised commodity forecasts
. m6 h* M& N5 r% E7 l9 r/ sBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)" { J4 O" u: U6 u# V
Announced Ugandan commerciality on exploration success
2 f; K6 M' b1 X$ P- q5 B, D) pTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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8 p) u9 X1 F! d) j, u$ n5 N5 NHarry Winston Diamond (HW : TSX : $4.98)+ i0 ]* W. M0 o. P7 ?7 x% n
Retail division suffers
1 r$ S% u! M9 HDesjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)3 t8 ]/ o) j: y* D+ w
Westmoreland provided more high grade at Redtree's Jack Lens
8 K+ b- f- N( U: V1 DDundee Capital Markets continues "buy", 12-month target price is $2.30% ]& u a# J; i4 z" ?) i2 L1 u
1 o4 Y* g# ~+ J3 x) {8 G( fLockerbie & Hole (LH : TSX : $6.00)
! K q+ X0 H/ p$ r5 HReleased Q3/09 results: very strong, focus should be on active backlog" b& K k7 o$ F1 A" B0 \# y- q2 `
GMP Securities continues "buy", 12-month target price is $9.00; E, q. k& t+ k
Raymond James maintains "market perform", 6-12 month target price is $8.25* g; w: `+ z+ |2 C2 R6 H/ |
, [' T! w( F3 S$ }8 V0 vLivingston Intl Income Fund (LIV.UN : TSX : $6.00)
, l# x/ P$ N, h0 Z! F+ yReduced distributions by 70%
1 |# h" G; ^# a" I, a yRBC Capital Markets maintains "outperform", no target price reported6 q6 r2 q1 n* q
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)# I" Q- {" b& U3 M8 R
Released Q1/09 results: a little light, but still respectable
& r$ k7 r/ K( A9 _6 ^+ G' p2 KBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50) Y' H% J! q) c5 M2 U
Paradigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)8 g1 d! r- R$ H
Expecting lower CFPU on higher taxes0 ?/ s. c* v' K" S7 Y
BMO Capital Markets continues "outperform", 12-month target price is $18.00- |# n; O T$ V- j
RBC Capital Markets continues "sector perform", 12-month target price is $12.00: r5 d; g/ z' _" s+ ^
TD Newcrest continues "buy", 12-month target price is $17.00* X' f8 _- i U
/ K7 \: S v- nNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
: h- W# ?* z7 z0 t! G* cReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain3 f; c# l% x0 E6 n1 @
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
: A9 q2 U' ]. v4 p8 XCredit Suisse maintains "neutral", 12-month target price is US$1.00
# \% X. Y6 V& q4 C# gScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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% k6 k7 M1 f' ~# cNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
. _$ H% G: l8 E: r: ]2 BDietary supplement business facing headwinds2 ]4 W c" z l- Q! L3 ~
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)) J/ l$ O" \/ `+ a0 h# p: W8 ~9 T
Provided operational update and F09 guidance
9 b) x, H% n+ x mHaywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)
' T2 ~( @: | z/ N! M6 ESouth Barnat resource around the corner F8 s ^/ ~0 V& c, ^
Paradigm Capital continues "speculative buy", 12-month target price is $4.75
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( R. w/ Y6 R ^% y' V4 bPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
- e8 S7 B4 \) |+ D' _Provided operational update
, i$ a( Y- A3 D! l7 e# c) p, O5 bBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00
2 ~: b6 e( b- ^# {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), g. k* c5 w% O( |; v; V
Provided operational update: Grande Prairie emerging as the key focus for F09
6 H* f' M. E; D4 I' O4 O( bGMP Securities maintains "buy", 12-month target price is $12.007 n. o# _+ D% B# e/ ]& i9 a4 f
+ V! \9 J- Q6 I5 {0 eRockwell Diamonds (RDI : TSX : $0.07)
, @# H3 z3 z f; T* e6 FOperations starting to turn the corner
) n' i8 A8 T: [8 r! @* ERBC Capital Markets maintains "outperform", no target price reported2 k- V* M3 O# _ Q; ]: ?: U
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Shaw Communications (SJR.B : TSX : $20.13)
q, x- ~" x, H, @) ]4 \3 o9 |$ UReleased Q1/09 results: in line, subscribers ahead3 N3 H6 N/ p0 {$ F! r
Credit Suisse maintains "neutral", 12-month target price is $25.50# m2 a3 r; S; N' F. {0 `# T
GMP Securities continues "buy", 12-month target price is $26.505 _% M8 p1 \9 S3 a/ J
: j& H6 n5 p* k& }Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)+ t7 I7 N" w+ I1 o+ Y
Held a sell-side lunch showcasing new U.S. team/ ?2 @+ C) ^9 w1 V
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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" X7 e" i. x1 b6 h$ ]% W0 qTrican Well Service (TCW : TSX : $6.93)- ^* I) V- [1 S8 _0 U, g
Awarded Russian contracts
F7 z+ L2 ~) U/ A, q6 CBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75
5 O6 E$ |- \* S% E- b/ m5 HRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00
. `* e. I' r6 W; n& a5 {2 sRBC Capital Markets maintains "sector perform", 12-month target price is $10.000 Y4 H% }- r- T( u0 i
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Sino-Forest Corp. (TRE : TSX : $8.93)& T$ x. u8 N% ]1 b4 X' ~! d& _
Chinese furniture exports rose in November4 p+ c( e& _9 |& J
Dundee Capital Markets maintains "buy", 12-month target price is $23.50 A! y& n d8 c1 V l
; u2 V# N% t& L5 w4 g3 mUEX Corp. (UEX : TSX : $0.88)
- x" L- l. F/ m e) [' e+ T8 N3 @Shea Creek's two largest deposits have become one( \6 I$ f0 S7 N/ Y" e1 w1 Y
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)
3 N8 G1 h5 _# a' D$ z& fReleased Q4/08 results: horizontal focus to continue in F09# s g, R9 X' B6 Y" a, [4 q
Dundee Capital Markets continues "buy", 12-month target price is $8.00
" u3 _. a- q1 b; e" k3 u5 zGMP Securities continues "buy", 12-month target price is $7.50
$ X0 r4 }6 @4 u/ X% g+ K3 A' |Paradigm Capital continues "buy", 12-month target price is $12.00
" K V7 {* P6 B$ ~/ D: x1 QRBC Capital Markets maintains "outperform", 12-month target price is $8.50 H: Y& M) o* B [% E( n/ [
; l w; a: U& I; V5 ?( T- gWi-Lan Inc (WIN : TSX : $1.75)
# o7 ] E+ Z6 g. j) ?/ yHit homerun with Samsung
7 q! x$ C+ Z' U2 h1 iParadigm Capital continues "buy", 12-month target price is $3.50 |
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