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Ear on the Street --- Jan. 16 2009
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3 r$ g. z* C% m I0 O8 @* z3 ?Absolute Software (ABT : TSX : $3.36)+ j. ]2 a. J/ `, ?( U
Bracing for a tough few quarters
) G+ M, F$ [( |: I, `. DCanaccord Capital maintains "hold", 12-month target price is $4.50) K% }9 D" U5 m, ]& L
W+ h- p3 |* S' e3 q# s9 gBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)6 b5 k5 q7 `9 l4 j3 v; V' c
Growth outlook, challenging pipeline and high cost structure make future unclear; d1 c8 C: U3 m) {
Blackmont Capital continues "hold", 12-month target price is lowered to $48.005 G+ r) J- o1 g# e; ?
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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Astral Media (ACM.A : TSX : $22.98)* _3 P! H* |- [9 F3 l
Released Q1/09 results: strong, in light of challenging operating environment* R0 [7 C( ?( y2 h0 l. [. |* l
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.006 p1 W2 L" S/ r* O+ m0 e
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
2 k; O( z* a2 H& RGMP Securities maintains "buy", 12-month target price is reduced to $30.00
( j/ A* I* |0 W) W5 mRBC Capital Markets continues "outperform", 12-month target price is raised to $31.001 C" I7 s& p: w; G* Z/ @2 b7 s9 W
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00& q( }; q- |' U7 M( U* I$ U! n. A
6 y) J4 K9 G" S! M* JAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
+ A8 J9 |( l$ f- ^Well positioned with gold production forecast to double this year and next
$ N) X1 z( v$ i) A4 KBlackmont Capital continues "buy", 12-month target price is lowered to $83.00( t5 }' B# h+ I! \& t0 h
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00/ U; Q, W% V; u ^$ `% o H8 H
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ARC Energy Trust (AET.UN : TSX : $17.15)
/ Z/ C: g" o0 w9 ^: k D$ w9 U* C& oReduced distributions by 20%; capex also cut
9 u* X" G& }8 b! ZRBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)" d. g2 m3 m0 X0 D- U& J& L* ~
Announced F09 outlook
$ k6 E, c' x4 QParadigm Capital continues "speculative buy", 12-month target price is $2.25' R8 `6 r& f4 y2 e: D
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.001 }0 v% S |/ b
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Bombardier Inc. (BBD.B : TSX : $4.65)- H6 j0 J+ A2 i' C" f
Rising challenges in Aerospace
2 k. f# X- e0 v2 y. i$ N- DGMP Securities continues "buy", 12-month target price is $8.00
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" {; ^0 Q U5 H+ f0 x7 }. uBank of Montreal (BMO : TSX : $31.84)% X% T, O* O4 j9 M" J/ O: P- Y6 Y
Acquiring AIG's Canadian life insurance business& \& a S. i ?
TD Newcrest continues "hold", 12-month target price is $37.00
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" z* A& S' ]' U' E! BCogeco Cable (CCA : TSX : $33.37)
# X |3 f+ p3 z: Z8 o4 _8 ^% QQ1 review: Canada results encouraging, but Portugal remains a drag
5 Y l+ R- a: ]- x2 k0 WBMO Capital Markets maintains "outperform", 12-month target price is $46.00! I1 C0 e8 @- q0 s
Desjardins Securities continues "top pick", 12-month target price is $40.00; j$ P; D+ G$ n& ?0 e. p8 L
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
# ?+ m8 _6 t. O1 ]% m' X! dScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)
C @' s$ J* A! I) l; vCapital budget set to expected cash flow; production guidance lowered
; F" q- _/ G& R0 W ?; vRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)
" o: z6 V2 T( |$ jStrong radio and cable drives 39% EPS growth
0 g3 D& P$ T; c& q3 _: }5 w. S, c CScotia Capital Markets continues "sector perform", 12-month target price is $45.006 ~, F# Q- I% U0 `# q& a
7 o7 p" V( V* P; tCanWest Global Communications (CGS : TSX : $0.51)
& A0 D- ^7 a' |Taking action to address tough operating environment
% \4 F- g u. S/ }1 [! z9 }BMO Capital Markets maintains "underperform", no target price reported
5 Y% m! h* L" vCredit Suisse maintains "neutral", 12-month target price is $1.00
- N1 s4 d5 H8 l9 F( c; D+ xGMP Securities continues "reduce", 12-month target price is $0.50+ ^ u. C! `: O4 R1 w
RBC Capital Markets continues "underperform", 12-month target price is $0.75
# }6 O8 b2 B1 o8 R; w$ k5 @Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50* @0 }. L0 V7 m5 ~
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Corus Entertainment (CJR.B : TSX : $12.47)
2 S) w6 `" l$ J) BQ1 revenues in line, EPS beat6 P% l# N1 s. @( H+ ]5 B/ P% \
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00" ^1 Z; m' w. W" N7 _2 x7 d# X5 o
Credit Suisse continues "outperform", 12-month target price is $20.00" S* j% b% w( c
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
! G" u0 Z% _* K; [* a, [! `+ rGMP Securities maintains "buy", 12-month target price is reduced to $17.000 C& K# p; L0 I- L c+ p$ H2 L
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50/ n- F! U8 l0 s6 `0 z; O
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)1 R; Z Y; N( K
Held investor day
9 U# j. t4 d D/ Q4 N- Y# {Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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7 V! j& {- F4 L) ]0 rDaylight Resources Trust (DAY.UN : TSX : $7.77)
) ^& E2 P8 Y7 C$ N6 oReduced distributions by 38%; guided for lower capex
- T# z8 s, { K8 {5 ZBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
, |: A7 q4 t8 x2 v# y& ~Dundee Capital Markets continues "buy", 12-month target price is $12.00
& x: \8 h) s) M: E" ^TD Newcrest continues "hold", 12-month target price is $7.507 h$ ~$ ?4 ~5 ~5 a$ b4 U* {# }
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)0 P9 C6 s) k& P# }" t
Steady market and currency tailwind- n! U$ g' J, k/ l' O# ?. P
TD Newcrest maintains "buy", 12-month target price is US$5.00
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- d& S! ?, R2 I0 e7 FGoldcorp Inc. (G : TSX : $29.74)
' E0 N1 r5 J1 s- s5 v l, jRevised commodity forecasts
6 D# k8 ^+ @/ `3 B0 fBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)
0 R3 T: p$ E5 ?* F! U3 |( cAnnounced Ugandan commerciality on exploration success1 Q, f1 t( E9 {4 c
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50+ ?% O$ u$ T9 F3 u5 B! a
) w& g9 U/ w2 h w( s6 m! n" s- qHarry Winston Diamond (HW : TSX : $4.98)
% L4 S9 x+ `8 A% h4 A* S) p% \; WRetail division suffers
! D! J: H4 G8 RDesjardins Securities maintains "buy", 12-month target price is $12.60
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I6 Z9 }) H& ~, OLaramide Resources (LAM : TSX : $1.84)! V% f. Y& r( ?+ J4 o
Westmoreland provided more high grade at Redtree's Jack Lens$ p3 _$ v" p. V- {, J" s5 C
Dundee Capital Markets continues "buy", 12-month target price is $2.30$ N S1 U* T& O0 S2 B, I* h
/ g! @1 @- y) V# f" nLockerbie & Hole (LH : TSX : $6.00)
' N- V& R/ A/ g+ }* w+ m! F3 qReleased Q3/09 results: very strong, focus should be on active backlog
) a; Z% p( D; ~" }9 J! A3 r$ ?GMP Securities continues "buy", 12-month target price is $9.00
1 ]0 d1 c; y# ]( DRaymond James maintains "market perform", 6-12 month target price is $8.25; d# s$ B# r9 X5 y0 t g" D4 V% |
' S3 I& ?" w6 w( Y5 W$ g: DLivingston Intl Income Fund (LIV.UN : TSX : $6.00)/ f: X+ i. A: \! g
Reduced distributions by 70%
2 ]! L% q4 v8 T& B- ^$ k0 ^5 vRBC Capital Markets maintains "outperform", no target price reported
! g7 z0 k4 {% j- y& gScotia Capital Markets continues "sector underperform", 12-month target price is $6.504 I7 {. A4 L' B2 d
`+ q% F' o+ q5 Z; ]- T8 B$ y, ~Matrikon Inc. (MTK : TSX : $2.04)
5 W, y! H& n: f! @+ oReleased Q1/09 results: a little light, but still respectable
* I! |* L2 X3 L7 a4 w! ~9 u, oBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50$ m% I2 @7 j' R1 T V) e5 d M0 ]# H
Paradigm Capital maintains "buy", 12-month target price is $4.00& ]3 q2 w+ e0 j; Q! x) D
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Mullen Group Income Fund (MTL.UN : TSX : $10.97) |4 r. _$ L* d, R% C
Expecting lower CFPU on higher taxes& Y( s' | H. J( O0 f, I4 o
BMO Capital Markets continues "outperform", 12-month target price is $18.00+ \% j, Y2 H0 E2 E7 R
RBC Capital Markets continues "sector perform", 12-month target price is $12.00" g2 i/ P& n3 E4 v' G. W/ o
TD Newcrest continues "buy", 12-month target price is $17.00
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86), B& z6 G4 u' v# h- [) o' S
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain, a9 p% U6 `. _0 z3 I6 S% U0 l/ h
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25: C( }' \! n" l, A# h1 m. F! }
Credit Suisse maintains "neutral", 12-month target price is US$1.007 L" W8 B9 i1 U1 c2 U4 U+ V: _; ~
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80# ^0 I0 |9 o5 i9 {0 p
( A, Y0 `$ B' HNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
( |% T+ O- \$ Z8 j9 WDietary supplement business facing headwinds6 Q5 o8 w2 f2 u) l
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.008 D/ K% `: h% c/ {% U; F% Q p
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Open Range Energy (ONR : TSX : $1.18)
* o" H2 o. V; dProvided operational update and F09 guidance
" V2 W* B( B) n" g9 FHaywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)0 k& y8 o$ V/ n% m! K
South Barnat resource around the corner, n" H' i& F1 G E
Paradigm Capital continues "speculative buy", 12-month target price is $4.75
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5 f8 O, u) H4 {1 D! [Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
) u J$ I. O* b3 K" ]Provided operational update* |9 ]" l4 T9 B# m# x' l/ l
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00$ y3 A% F- E0 t g" E5 Y M
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50" M# c9 y1 c$ p4 U2 P+ V* u1 ?6 m
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Paramount Resources (POU : TSX : $7.85)
) |4 y4 [- `2 d4 @Provided operational update: Grande Prairie emerging as the key focus for F09
) ^2 z. W. r# H; Q5 ?* [/ F: mGMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)& ?& D0 e e" {1 d, g% O; j
Operations starting to turn the corner0 N. V/ j$ m, S: P" F- o
RBC Capital Markets maintains "outperform", no target price reported
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5 M& X6 i* b$ I: C" n. f B# W% r- UShaw Communications (SJR.B : TSX : $20.13)2 w9 ?: j' d+ @2 F& F/ e7 t! e) z
Released Q1/09 results: in line, subscribers ahead1 \4 p/ s9 V" E6 m* l! y/ ?8 t
Credit Suisse maintains "neutral", 12-month target price is $25.50
" N9 Q) H3 n# u1 SGMP Securities continues "buy", 12-month target price is $26.50! p/ l2 G& W% K7 d/ v$ C
% m8 e0 l7 G. w: h& v+ |( `Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)! F- k0 D9 E- \" n; [8 O" k2 k
Held a sell-side lunch showcasing new U.S. team
, X( I- X: [$ U( F. U$ eScotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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% J% L1 l+ e1 `, u# H. k! {* l4 h: XTrican Well Service (TCW : TSX : $6.93)
' K n* E# l$ m/ F+ IAwarded Russian contracts
" G2 C) _/ G/ v3 n! uBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75* ~! I3 i. Q/ k0 D+ z
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
2 W7 U+ A. D DRBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93)
& v5 \# o! t1 u5 C' \% BChinese furniture exports rose in November# h6 T) \# ~2 J. I' a4 @# a9 z
Dundee Capital Markets maintains "buy", 12-month target price is $23.50. M! G7 `4 L7 W2 u: x6 ^
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UEX Corp. (UEX : TSX : $0.88)' n- j' \+ W: Z6 N1 Q% P
Shea Creek's two largest deposits have become one
; \3 v! `( }, Q" r; J- V* r# LDundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72) R" ?$ `2 Y1 L+ [7 f0 g, ]
Released Q4/08 results: horizontal focus to continue in F09
9 I' s9 p8 G& RDundee Capital Markets continues "buy", 12-month target price is $8.001 f3 V Q; R+ k# I& o
GMP Securities continues "buy", 12-month target price is $7.50
9 {* @- ^3 T, }( r3 c* z! ZParadigm Capital continues "buy", 12-month target price is $12.00
" [/ Y* R! f4 T8 w4 r9 gRBC Capital Markets maintains "outperform", 12-month target price is $8.50
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a7 S& j' `- k1 Y2 g0 o8 JWi-Lan Inc (WIN : TSX : $1.75)
5 N3 Y. }( ^/ b- H$ j" OHit homerun with Samsung9 n# h6 m# Q. o# G4 I3 @
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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