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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36) f2 z8 |% h& j" f# S! M/ U
Bracing for a tough few quarters, H# j* l) w/ U/ J5 K
Canaccord Capital maintains "hold", 12-month target price is $4.50 Z# ?0 w# p! A/ d$ `
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
" G4 E3 p' ~. @0 `, J$ i8 fGrowth outlook, challenging pipeline and high cost structure make future unclear
5 x7 u0 q9 F$ gBlackmont Capital continues "hold", 12-month target price is lowered to $48.00: m% C$ G' I" j6 `! u
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)
v- s9 A+ ]6 Y' }) d7 ]Released Q1/09 results: strong, in light of challenging operating environment0 \8 t. H( P. e
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.004 j. V% t/ m% l" ]7 }
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
9 X' f' ^+ Z1 J# k8 OGMP Securities maintains "buy", 12-month target price is reduced to $30.00
0 y: l. i+ D/ `) t# {+ QRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00 Y' Z7 d9 p0 B% i, d
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$45.07)5 U$ ?: `4 Y2 ?# V, X' A+ d
Well positioned with gold production forecast to double this year and next+ w+ Z( r( h( b' _( W4 {
Blackmont Capital continues "buy", 12-month target price is lowered to $83.004 N8 U3 k, P: \3 n, D
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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, S1 k! U& |# iARC Energy Trust (AET.UN : TSX : $17.15)3 `3 }( G( i4 q6 b) V7 K. b; P8 m
Reduced distributions by 20%; capex also cut6 i1 u" e: F; |: f: q
RBC Capital Markets continues "outperform", 12-month target price is $19.001 a" p; p/ }+ l" g
1 Y- T$ B/ i0 Q/ p9 }6 a/ ~3 ~; }Andean Resources (AND : TSX : $0.75)- N* l/ U' ~; `9 P5 }( d
Announced F09 outlook' W+ B: V! l& |8 g; l
Paradigm Capital continues "speculative buy", 12-month target price is $2.255 q. S+ u( {# f# x2 {
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.005 y% t6 g! U0 W2 W7 O; d* n6 H
1 r6 ^8 f- t# l8 @! V8 Y0 OBombardier Inc. (BBD.B : TSX : $4.65)
" u7 \2 l7 W% d# t0 _" g$ X( p9 [Rising challenges in Aerospace
5 F& H* o8 q. [8 ~$ z6 ~GMP Securities continues "buy", 12-month target price is $8.00: X$ E1 R" o+ a: q
0 x9 ?; b* B3 d) }) }' dBank of Montreal (BMO : TSX : $31.84): [) t4 r8 T- E) N
Acquiring AIG's Canadian life insurance business
3 \( R# u* R- o# K; O- ATD Newcrest continues "hold", 12-month target price is $37.00
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5 R* d$ o; |; }* ~9 G: |Cogeco Cable (CCA : TSX : $33.37)& H/ K. }6 L9 Q; y) d
Q1 review: Canada results encouraging, but Portugal remains a drag7 K: o! e" s$ \" b3 \5 M
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
; _+ Q- s% ]: Q2 Q: KDesjardins Securities continues "top pick", 12-month target price is $40.00
: q% m+ R/ z R& @9 xRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
2 E, b, w1 y5 Q( Q: l! U q$ UScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)
% K; p0 F4 ^2 Y+ z0 CCapital budget set to expected cash flow; production guidance lowered& p, R3 m' J8 j( ^9 v( S
RBC Capital Markets maintains "outperform", 12-month target price is $4.25: u2 c1 ~: t! b u2 X' e! P1 s
, M; M5 _) q; s' @6 s* B# F0 {COGECO Inc. (CGO : TSX : $25.14)# u8 K0 H% ]6 B- W6 V
Strong radio and cable drives 39% EPS growth
1 S8 \7 B U+ w8 zScotia Capital Markets continues "sector perform", 12-month target price is $45.001 |, f' ^: q9 n, o( d3 @
, `1 C+ W0 n% W g) zCanWest Global Communications (CGS : TSX : $0.51)
: @) Z/ q; B5 i1 V# U9 _. a# ^) TTaking action to address tough operating environment; }. O; X$ w9 s4 s$ n' g, @
BMO Capital Markets maintains "underperform", no target price reported
; O) d# G% @' c" TCredit Suisse maintains "neutral", 12-month target price is $1.00
. v, r4 R$ K0 q' fGMP Securities continues "reduce", 12-month target price is $0.50
8 h n+ t1 B% k0 @3 ]2 c/ M, X( VRBC Capital Markets continues "underperform", 12-month target price is $0.75
# s: i0 b, ?% K+ \: x4 P" VScotia Capital Markets continues "sector underperform", 12-month target price is $0.50, `/ `; m" H8 O1 k; j2 R
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Corus Entertainment (CJR.B : TSX : $12.47)& ~4 O! U( h6 V& P, y
Q1 revenues in line, EPS beat1 i( \! e1 z! w4 @& w4 }: }7 o( z" Q: k
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.002 B) J) E- l$ o9 P/ V1 H* B
Credit Suisse continues "outperform", 12-month target price is $20.006 g) R! r3 _2 L3 k$ t. h
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00* l1 D- f% Q- A' y7 z
GMP Securities maintains "buy", 12-month target price is reduced to $17.00/ G7 W- ?! L/ ^+ N r2 v
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50% \; B& c, w) [+ q
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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3 t% ^0 D6 m6 j' c. L0 SCalloway REIT (CWT.UN : TSX : $11.84)
R# w: ]& t7 Q+ P" OHeld investor day
2 g$ n# Z; ]5 vScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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) s; s3 ^5 [9 k! }6 o+ JDaylight Resources Trust (DAY.UN : TSX : $7.77)) B4 z. B& ?) Y
Reduced distributions by 38%; guided for lower capex
1 [, s3 K& N8 h# w: pBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.006 w, Z8 d, @; i6 H
Dundee Capital Markets continues "buy", 12-month target price is $12.00
. S$ X- Y |- e3 q, ITD Newcrest continues "hold", 12-month target price is $7.505 v9 q3 E. m& `* ?2 W9 U$ `0 M
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
% l y6 v+ j' B @) |Steady market and currency tailwind5 x% M' ?: E, j' y
TD Newcrest maintains "buy", 12-month target price is US$5.00( Y% p' w. y. c1 ~8 U/ f! s
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Goldcorp Inc. (G : TSX : $29.74). ^( y: w) `5 V/ x
Revised commodity forecasts
' q! x7 v( b% c: [ b: i0 s3 Z+ GBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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) R5 j+ S! {6 xHeritage Oil (HOC : TSX : $3.77)2 J: S, [7 N; i, C9 g
Announced Ugandan commerciality on exploration success1 E: @; U" u+ o0 R/ @/ j+ P, o
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50: t: c. `. Q- c% |& ^% Z" p
4 `7 L1 t7 t X) Q" q; G1 f2 iHarry Winston Diamond (HW : TSX : $4.98)7 G* b/ T! A- f) |
Retail division suffers
( {1 ?% G1 l! t: H# l1 H' l$ [Desjardins Securities maintains "buy", 12-month target price is $12.60/ z6 w8 q7 B& K. q% l
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Laramide Resources (LAM : TSX : $1.84)$ \* \" \7 X# H1 S/ K( L
Westmoreland provided more high grade at Redtree's Jack Lens9 ~1 Y/ Q( m4 z: h
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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% e2 h D- p5 v4 D& VLockerbie & Hole (LH : TSX : $6.00)& W. M- o/ x8 J1 j& V' i
Released Q3/09 results: very strong, focus should be on active backlog/ \; K! d* m5 d1 ]
GMP Securities continues "buy", 12-month target price is $9.00
( A6 A5 [6 ~% KRaymond James maintains "market perform", 6-12 month target price is $8.255 F: Y1 i; Z6 y6 A" i
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)
. G5 ~: h& {' |Reduced distributions by 70%& N1 ?; V: Z: S1 F2 f' W& v8 ^0 g, Q
RBC Capital Markets maintains "outperform", no target price reported" F7 n' o8 Q! \9 `% ^3 @! a3 @
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.504 m. V# Q- A, d9 K
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Matrikon Inc. (MTK : TSX : $2.04)8 e: J3 M% l/ s
Released Q1/09 results: a little light, but still respectable
+ }8 F3 ?5 D) }4 M" l& }4 n1 R( \! ABMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
, a! ^. D+ a/ a: BParadigm Capital maintains "buy", 12-month target price is $4.003 f( K( v7 e3 r; N3 p
6 ^0 E! m5 I$ ?2 `Mullen Group Income Fund (MTL.UN : TSX : $10.97)
2 e9 T! E" F5 m e: GExpecting lower CFPU on higher taxes! n. E: T$ h; S+ M' B
BMO Capital Markets continues "outperform", 12-month target price is $18.009 t# l# I! A4 o( R( _2 C; y
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
4 O% U( R5 w. f0 N* W R4 QTD Newcrest continues "buy", 12-month target price is $17.00
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7 D6 s1 U% s g2 i2 O) R$ bNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
2 q+ l- y# v3 P/ E0 k WReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
1 `* C ?& R( D: R" {: j0 PBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
8 }/ t8 U7 I8 f k3 H4 d3 _3 f8 V% s2 U. [Credit Suisse maintains "neutral", 12-month target price is US$1.00
( n+ O" j7 Q4 J) f5 N2 {+ U2 v+ }Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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9 [- d! C4 ~9 O1 H, N' p6 R+ BNeptune Tech & Bioresources (NTB : TSX-V : $0.79)- U) O% s0 F2 x( E( A; @" b
Dietary supplement business facing headwinds) e/ I1 ?. Y6 d5 ]9 B) Z2 Z* ]
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.002 m0 ^2 F# L( {; G, B' L
" E( b8 v! B# F+ ^0 wOpen Range Energy (ONR : TSX : $1.18)
! M! ~$ Z3 V& bProvided operational update and F09 guidance
4 G8 w; H" P! Y) G2 K. O, yHaywood Securities continues "sector outperform", 12-month target price is $3.25
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; D/ D5 Q2 @: |$ G0 ~1 P: HOsisko Mining (OSK : TSX : $3.13)
+ a' P4 Z5 k) M( d- h9 LSouth Barnat resource around the corner' ~" I H( k9 w+ M
Paradigm Capital continues "speculative buy", 12-month target price is $4.755 E. O/ H- N8 \7 V
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)) ^- G# _& r6 w# j) k0 [
Provided operational update
( E. r% a( E) C& X- g9 mBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00
6 j+ c' E: h3 P+ iTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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+ R8 w# L' p( Y, w- oParamount Resources (POU : TSX : $7.85)
1 |+ l; I% X T, o; dProvided operational update: Grande Prairie emerging as the key focus for F09
! j% R9 x+ S+ m, V) J- tGMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)0 N) c i& R! @, g$ _% W
Operations starting to turn the corner7 z3 f$ p I/ h9 f; s
RBC Capital Markets maintains "outperform", no target price reported
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Shaw Communications (SJR.B : TSX : $20.13)- D3 h4 z) Y- a+ _* M; G4 {! { R
Released Q1/09 results: in line, subscribers ahead
9 U# X/ o& ^# x( SCredit Suisse maintains "neutral", 12-month target price is $25.50
) X0 n0 q: J4 ~5 r! E& j4 i8 bGMP Securities continues "buy", 12-month target price is $26.507 [; J) e# O2 @% ]" }
; P/ w O: n. q }. ~/ a6 m5 QSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)% k" A2 D7 G' V( X
Held a sell-side lunch showcasing new U.S. team0 U3 k0 ?8 b7 M
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00# M: h1 ^' |& f) b& c( m+ B4 A
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Trican Well Service (TCW : TSX : $6.93)
: y/ J" U2 S( n+ l5 \& NAwarded Russian contracts
8 t5 W9 w' i- B+ @' w% QBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75! W0 f6 n. U) Z6 H) _1 S
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
7 x- j {# h, v; b! [, i5 l2 mRBC Capital Markets maintains "sector perform", 12-month target price is $10.00 |; I. z( h' I9 ~
! v) z7 `) y- ]2 ~' `, @6 V7 G1 ]Sino-Forest Corp. (TRE : TSX : $8.93)+ Y R8 U$ Y3 f3 u
Chinese furniture exports rose in November3 J+ m% a* a. d5 W1 _
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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2 V& D( x1 y- \6 N! e2 J9 JUEX Corp. (UEX : TSX : $0.88)
( S& o6 }0 S I: TShea Creek's two largest deposits have become one% q& x+ l$ t6 O& b, E+ O. T
Dundee Capital Markets maintains "buy", 12-month target price is $2.75+ D, z$ A6 p! E$ I% R+ u
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Vero Energy (VRO : TSX : $4.72)
+ F" j w) M3 ~: e* s: r, E/ ^! w# C4 [Released Q4/08 results: horizontal focus to continue in F09
* E- {6 o# i% G* `1 \$ TDundee Capital Markets continues "buy", 12-month target price is $8.00
! Y+ ?7 E9 k1 [! F2 m. eGMP Securities continues "buy", 12-month target price is $7.50
8 Z3 C. H& s* q( F/ LParadigm Capital continues "buy", 12-month target price is $12.00
& |5 |, I( U) ~+ E/ uRBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75)* p6 @0 C, O+ k4 J+ `
Hit homerun with Samsung/ A" W$ J5 e8 \9 b
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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