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Ear on the Street --- Jan. 16 2009# V0 \! o1 }7 B
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Absolute Software (ABT : TSX : $3.36)( k* ]# w8 N" L) X
Bracing for a tough few quarters
3 G( C! A& p1 F4 r/ [Canaccord Capital maintains "hold", 12-month target price is $4.501 X( K" w2 d5 a# }$ ]8 `4 K
$ [! B4 b, z6 B) W' Q$ F: M5 l3 g; PBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)- M" o: j& @9 o
Growth outlook, challenging pipeline and high cost structure make future unclear# S9 r- E* G6 ~/ q
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
6 U" v5 R0 ^/ ~- yTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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( ?" K8 O4 S5 e$ R n( ~" AAstral Media (ACM.A : TSX : $22.98)
& J; h! ]! p& oReleased Q1/09 results: strong, in light of challenging operating environment
" R" W* r0 R' ?BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
2 N% L7 c4 ?# ]4 q6 \! s" fDesjardins Securities maintains "buy", 12-month target price is slashed to $28.009 j9 L: Q5 C: f9 Y6 n. |5 o
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
3 } u; J, u" wRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
0 r* n6 W' [# H$ d/ EScotia 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)9 D& b0 [! Y. _. `& R4 u
Well positioned with gold production forecast to double this year and next2 k/ E( V( v; D2 r5 J
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
: _; g( c6 m# M+ d3 [) C# ]% tTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00$ c: y! @+ a7 {1 m0 _
' N% M1 c" Q. f$ ^& }) @ARC Energy Trust (AET.UN : TSX : $17.15)8 ?7 s1 ]% x* x+ A. R
Reduced distributions by 20%; capex also cut, t% a8 E4 b/ D; ]
RBC Capital Markets continues "outperform", 12-month target price is $19.004 w5 s4 }; N; c+ b6 M- g' W
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Andean Resources (AND : TSX : $0.75)# f6 c+ L, b, p* v' V$ z f
Announced F09 outlook8 i* r V, w) P2 w8 u, J
Paradigm Capital continues "speculative buy", 12-month target price is $2.25" E! n# z; w4 u' h
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.006 g L2 v( G: L$ f
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Bombardier Inc. (BBD.B : TSX : $4.65)2 L9 b) ?* K+ J2 a+ s) ^
Rising challenges in Aerospace! Y V R& v! n4 D0 Y0 y
GMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)
/ g; b# K8 K! `$ [; {Acquiring AIG's Canadian life insurance business& ^; k1 U7 Y& f( R5 J4 a
TD Newcrest continues "hold", 12-month target price is $37.000 i- q& J' X1 a% ~" `
* L4 G. c8 f2 m# T( OCogeco Cable (CCA : TSX : $33.37)' \. O+ h; g7 T# m6 M( \
Q1 review: Canada results encouraging, but Portugal remains a drag$ @& B5 H8 W& F- {- t4 g. J
BMO Capital Markets maintains "outperform", 12-month target price is $46.00# Q" H- n* L# M/ y0 Q
Desjardins Securities continues "top pick", 12-month target price is $40.00
% T6 q- j+ N b* q/ tRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
r. l% l5 l0 o! O; c/ bScotia Capital Markets continues "sector outperform", 12-month target price is $55.000 S0 n: P; ]2 I# D
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Corridor Resources (CDH : TSX : $2.45)
. a$ T( i# \) L' iCapital budget set to expected cash flow; production guidance lowered
/ a( e! j+ c( ~+ S7 dRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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+ c/ r9 u# M+ F# g7 SCOGECO Inc. (CGO : TSX : $25.14)
) Q: o9 ^0 b$ E5 t8 k% vStrong radio and cable drives 39% EPS growth
, u% j3 W7 x9 z4 r4 I" tScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)# o) J/ _0 Y+ @0 j: [9 O
Taking action to address tough operating environment' t' a( u% t0 w2 |$ w1 ~( V4 h
BMO Capital Markets maintains "underperform", no target price reported
5 z9 D# o# o3 D7 BCredit Suisse maintains "neutral", 12-month target price is $1.00. r" f7 [4 y+ J( u- A
GMP Securities continues "reduce", 12-month target price is $0.50
% h: R1 w4 }; ?/ qRBC Capital Markets continues "underperform", 12-month target price is $0.754 N0 q# _6 ^6 K' _+ W+ m x
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)
6 X) f3 E: d+ l2 [/ ?8 CQ1 revenues in line, EPS beat# `% w. x' u/ X# U5 J7 s
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
& _9 ]: `& ?' Q) wCredit Suisse continues "outperform", 12-month target price is $20.00( @& n9 K( M1 b9 Q* U: J' v( \' l
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
$ j+ s& B5 S& O8 AGMP Securities maintains "buy", 12-month target price is reduced to $17.00
* C7 e' Q3 m5 h& v: A- M: VRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50# E) C' K! m' r8 ?
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.005 i6 s. |$ |$ b* W
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Calloway REIT (CWT.UN : TSX : $11.84)5 b; `( O3 S, D4 @% {( u
Held investor day( j2 t: G( Q. s( ~' m' l
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
* ?2 P+ [3 A8 L# L7 SReduced distributions by 38%; guided for lower capex* K2 |, y. j ^1 o7 d B) V
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00. J* W2 [8 g9 r! _
Dundee Capital Markets continues "buy", 12-month target price is $12.00% u7 B3 V8 n& K Q
TD Newcrest continues "hold", 12-month target price is $7.50* l5 v! U+ W9 Z( U6 e
- w) Q2 O; S+ [ F3 tEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)' W7 @7 k; } h8 y) x
Steady market and currency tailwind
1 H! N& ~" Y5 {" R M9 @2 BTD Newcrest maintains "buy", 12-month target price is US$5.00
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Goldcorp Inc. (G : TSX : $29.74)
! J E0 p! |) @; O1 Q2 C' yRevised commodity forecasts" Y, g% a2 O7 {- r
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.006 s. N1 b- d% R1 K6 U+ O) k% Z% a
) m& m6 v/ r" |; i R. ~; T9 @Heritage Oil (HOC : TSX : $3.77)/ i* w* G/ E6 B8 z, N# I
Announced Ugandan commerciality on exploration success
) i( i0 @! W$ V. D3 X6 [TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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2 l3 h/ \& F6 d* Y0 C4 PHarry Winston Diamond (HW : TSX : $4.98)0 q, L/ Q1 G( \- `! u" a8 t
Retail division suffers, @+ i# `* m, n! |1 v; q
Desjardins Securities maintains "buy", 12-month target price is $12.60, Z+ R4 I+ T O6 s
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Laramide Resources (LAM : TSX : $1.84)
2 ?* e2 z/ Q* w3 _0 H, ~Westmoreland provided more high grade at Redtree's Jack Lens, }& d- M# w t
Dundee Capital Markets continues "buy", 12-month target price is $2.30% ~8 o9 T/ k: u" k7 |% u1 u- r2 h
( k& a7 p+ p# B/ YLockerbie & Hole (LH : TSX : $6.00)
$ u# |' g& \5 Z% b2 W+ Z5 W! sReleased Q3/09 results: very strong, focus should be on active backlog1 m7 k* j2 n# Z2 I* ?2 B- J; _
GMP Securities continues "buy", 12-month target price is $9.00+ ^6 w5 B: m9 h J% ^! R+ a
Raymond James maintains "market perform", 6-12 month target price is $8.25
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)
0 k) h1 |9 q/ F) AReduced distributions by 70%
7 f2 e" c* k# U c8 |$ w* o! a4 V( }RBC Capital Markets maintains "outperform", no target price reported9 ~4 h1 w1 }; Q6 L0 B
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.506 j( g+ h+ a* m/ K& E
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Matrikon Inc. (MTK : TSX : $2.04)- |7 v+ S; {# @1 C! o% A
Released Q1/09 results: a little light, but still respectable
( E' @6 ^! J9 `- BBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.502 J! G! t+ _5 O! G% ^$ a9 @( K# Y
Paradigm Capital maintains "buy", 12-month target price is $4.00, _1 J# Y: B" ^1 D, p* O% o8 \+ u6 c
/ T* M6 t5 t$ x y+ @# qMullen Group Income Fund (MTL.UN : TSX : $10.97)- f! g1 o, T1 U2 Y
Expecting lower CFPU on higher taxes
9 A& U t+ D$ i4 NBMO Capital Markets continues "outperform", 12-month target price is $18.001 E7 n& r: u, P2 f- }1 v
RBC Capital Markets continues "sector perform", 12-month target price is $12.00* T L9 U- V f" W" t
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)
9 b+ S8 u+ _/ ]' o3 u# B* OReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain1 h* s7 u# h/ B
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25/ i/ I8 F1 t# C
Credit Suisse maintains "neutral", 12-month target price is US$1.00
: Q3 U/ }$ h1 Z4 IScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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+ P: H7 a2 [- ]: u8 h7 GNeptune Tech & Bioresources (NTB : TSX-V : $0.79)6 {6 E t% @8 G' s% N
Dietary supplement business facing headwinds; [# g# X9 P9 T$ X [
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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9 S8 A7 j+ v9 v# pOpen Range Energy (ONR : TSX : $1.18): Q, _) P* f+ C
Provided operational update and F09 guidance
0 U! k8 m4 h0 H' eHaywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)7 s0 }9 u0 q" R- x
South Barnat resource around the corner
2 r/ ]) R8 T2 TParadigm Capital continues "speculative buy", 12-month target price is $4.75
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, G [+ m g8 i% b6 \Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
( ~$ h2 M/ ?( l# q: HProvided operational update8 D& r5 {& ]1 `0 K* B) r6 S
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
1 S4 O- b, L! G" z5 MTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50* {7 I, ~+ h& l$ y" u8 H; V
& ]. e# I* g$ C- T, F/ L9 FParamount Resources (POU : TSX : $7.85)
$ r# e( S. n' }Provided operational update: Grande Prairie emerging as the key focus for F09
/ g4 W7 D' f Y9 TGMP Securities maintains "buy", 12-month target price is $12.001 Y9 \5 J9 L: r2 t5 j- j, A
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Rockwell Diamonds (RDI : TSX : $0.07)
" m5 {% g9 f4 k& Z% [- }" ^Operations starting to turn the corner9 e) k* o) W8 T/ J
RBC Capital Markets maintains "outperform", no target price reported
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Shaw Communications (SJR.B : TSX : $20.13)
0 Y+ S; |* K3 k& j7 v/ FReleased Q1/09 results: in line, subscribers ahead
* k# x; B' L3 _Credit Suisse maintains "neutral", 12-month target price is $25.50
6 |2 R: v- m' CGMP Securities continues "buy", 12-month target price is $26.50
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2 Y9 z/ r' q- K# @/ y$ u: C& JSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)0 ^( Z7 u; `6 ]; O( i" A
Held a sell-side lunch showcasing new U.S. team$ K, D$ \. q, n/ m9 {
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00; J- ?( Y% h. `* a: u- F$ v! J( M
' W/ w7 E7 o7 {1 [Trican Well Service (TCW : TSX : $6.93)! @& q0 e$ m% g# p
Awarded Russian contracts
/ j Y. o/ Z" G' SBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75
5 P( s8 {8 j! P6 \. MRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00! e7 R! _- e1 c% }( |. q/ W8 x% V
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00: l \$ L8 t6 ^; O, d2 c3 d
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Sino-Forest Corp. (TRE : TSX : $8.93); s& g& m+ |* i( K
Chinese furniture exports rose in November, d0 ?( p4 n3 T) V" s" r8 [, |
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)' ~& i, k- I% ?: Q# a, k
Shea Creek's two largest deposits have become one0 V, y! L9 L4 \# p5 p# k$ |
Dundee Capital Markets maintains "buy", 12-month target price is $2.750 ?$ W, R/ n" V+ E2 H2 c5 D
0 I: ^; z1 a3 q6 |' D4 Y2 f6 sVero Energy (VRO : TSX : $4.72); u# E4 A* \3 C! V! _0 n4 n! G+ h3 _
Released Q4/08 results: horizontal focus to continue in F09+ l# Y5 v7 X. V8 e6 ^- |% V
Dundee Capital Markets continues "buy", 12-month target price is $8.00
% i, X' ]* S3 uGMP Securities continues "buy", 12-month target price is $7.50
' z' `3 ]: k1 yParadigm Capital continues "buy", 12-month target price is $12.00
) y5 i8 ]. _* s1 z% JRBC Capital Markets maintains "outperform", 12-month target price is $8.50/ A7 b; w6 [, @9 ~
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Wi-Lan Inc (WIN : TSX : $1.75)5 W7 ^/ ~2 |1 Z! O% J+ m1 G' {
Hit homerun with Samsung
! }) B. D" c( Y- ?9 G5 \& F5 CParadigm Capital continues "buy", 12-month target price is $3.50 |
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