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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)
! J; S5 [9 C" t, a7 RBracing for a tough few quarters! f2 g# \2 }$ h' G: q
Canaccord Capital maintains "hold", 12-month target price is $4.50
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6 {5 d7 r) v2 {3 ^Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)1 J& J$ N. k; ^3 R
Growth outlook, challenging pipeline and high cost structure make future unclear0 y6 A; k1 t, Q! v
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
2 ]- W; y0 j* H& tTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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Astral Media (ACM.A : TSX : $22.98)
, O, p8 f$ E7 B; w( e! mReleased Q1/09 results: strong, in light of challenging operating environment
6 M/ ]& B" j+ I* H/ fBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
8 ?( m- }$ M nDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00
4 @- n7 e1 ^3 f; c. {3 i+ \5 GGMP Securities maintains "buy", 12-month target price is reduced to $30.009 h7 ?, [4 v' D9 S8 H+ Y% G
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
5 o- Q$ y! o6 \! U3 ~1 l& b$ I/ N" w, sScotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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( G) y* a( _1 [8 z7 S$ k4 rAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
. I+ {9 n) Q9 x% `! R: j$ ZWell positioned with gold production forecast to double this year and next1 \+ Z3 k; t/ d3 Y
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00' E$ S6 c9 Y$ e" V
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)
- h- \# i! D* H9 G# SReduced distributions by 20%; capex also cut
1 b0 H% D6 |! Q2 aRBC Capital Markets continues "outperform", 12-month target price is $19.00
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9 A; h q5 F% ^% T. l0 eAndean Resources (AND : TSX : $0.75)( S* D( _3 o4 Y3 O" s" u* T$ l+ O
Announced F09 outlook; H: \6 u$ j+ l6 Q
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
# \; R! ?. i6 S# B; ^- h' w/ F/ iTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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Bombardier Inc. (BBD.B : TSX : $4.65)
_& `; p2 r% }* j4 A: p$ O, \Rising challenges in Aerospace
" _- S( V- D% U, y7 b4 sGMP Securities continues "buy", 12-month target price is $8.009 l4 o* S; m1 n: D& X3 u4 A6 H
2 a- L/ I7 d+ i9 O/ W) S+ Z; cBank of Montreal (BMO : TSX : $31.84)9 u' [# ]$ y2 h1 N( r6 p4 e |
Acquiring AIG's Canadian life insurance business
; @' R% o% I6 N- j- Y( ATD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)
1 [( V: w% O, j" V) ?3 M' t% U o. bQ1 review: Canada results encouraging, but Portugal remains a drag
/ c) r5 d [0 V: @BMO Capital Markets maintains "outperform", 12-month target price is $46.00
' n( x; T4 h' c a4 U$ LDesjardins Securities continues "top pick", 12-month target price is $40.001 U2 }9 T2 ], S* X# f8 o5 O+ r1 _
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00: F4 h( |7 q3 _; e3 k5 S2 b T
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)
& c$ ^9 T7 ]& O+ c5 @Capital budget set to expected cash flow; production guidance lowered
: S4 z- i3 X2 c- ?1 MRBC Capital Markets maintains "outperform", 12-month target price is $4.25; P. F, Q3 {8 l. @( Y2 C! _
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COGECO Inc. (CGO : TSX : $25.14)
# ^9 H3 f9 B2 H+ G% ]Strong radio and cable drives 39% EPS growth
, `0 [) [% C% i+ `) ^, V2 J: z3 m0 uScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)/ Q; d T$ A. C7 D
Taking action to address tough operating environment
: r! `; {* \! [" P. XBMO Capital Markets maintains "underperform", no target price reported
4 g7 G/ T0 q$ P" t, E# zCredit Suisse maintains "neutral", 12-month target price is $1.00
4 |9 {0 _6 x: p9 GGMP Securities continues "reduce", 12-month target price is $0.50# I3 i& y( z/ D( K. C: Q$ p
RBC Capital Markets continues "underperform", 12-month target price is $0.75- k6 p; m+ W- |9 `- A
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.508 j# t, o1 Z4 N v/ C4 @3 M$ H2 j
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Corus Entertainment (CJR.B : TSX : $12.47)
& V, e1 g# ], J% [Q1 revenues in line, EPS beat* b5 M+ ]* P+ U% F+ h p
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
3 _9 x7 h9 y3 ?5 X1 P' O4 oCredit Suisse continues "outperform", 12-month target price is $20.00
# Y# ]& U2 r/ `9 a9 R4 nDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00
" Z* b2 v# f' `) ^GMP Securities maintains "buy", 12-month target price is reduced to $17.00( v* @/ Y5 h! }& a
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50# [1 q6 S" \6 L+ s( c! N5 m
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.006 p$ ^; m ^: \; v# J/ a2 R2 j2 A
" N6 l, ~+ E% ^! j5 tCalloway REIT (CWT.UN : TSX : $11.84)
9 ]4 H3 ?$ E% _. T2 e: l" x( {Held investor day* r$ t8 S4 t! ^5 W/ a, E+ u* E
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00' Q* ^- i! P9 d j6 e: H/ ~' W
M! M/ P% q3 PDaylight Resources Trust (DAY.UN : TSX : $7.77)
* d; m, U$ D& D F" \2 {) iReduced distributions by 38%; guided for lower capex$ m& j$ Y4 R" F, @6 X* I
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
/ E1 N4 ?, C8 G2 a5 g8 G* m7 yDundee Capital Markets continues "buy", 12-month target price is $12.00
6 X6 Z% ?8 W! L; q9 z+ gTD Newcrest continues "hold", 12-month target price is $7.50. W$ l7 Y6 r/ d- s
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)- z @3 P: U; j5 x
Steady market and currency tailwind. t: z4 K# l2 T) ~8 D5 s
TD Newcrest maintains "buy", 12-month target price is US$5.00
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8 W5 b7 T# j. u7 h1 u [Goldcorp Inc. (G : TSX : $29.74)
5 x0 s$ ]/ f2 n1 u1 bRevised commodity forecasts: g5 q. |7 e" C7 r! F# a6 z6 x
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)% _6 b5 m1 l* p
Announced Ugandan commerciality on exploration success
. i V) d- ~! w6 E j3 }TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50( ]/ ?* d& a" {3 {2 D$ V9 D
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Harry Winston Diamond (HW : TSX : $4.98)
! A; H3 k7 ]5 NRetail division suffers$ _2 x" |% d0 u3 r
Desjardins Securities maintains "buy", 12-month target price is $12.60& x8 p2 K# i+ |1 i
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Laramide Resources (LAM : TSX : $1.84)% ]& n/ S6 E$ l
Westmoreland provided more high grade at Redtree's Jack Lens
9 t2 E i4 T" n9 q2 lDundee Capital Markets continues "buy", 12-month target price is $2.30/ w- v" p% t) L
( {4 V9 v# \6 {) V" _Lockerbie & Hole (LH : TSX : $6.00)" o, S2 `. d- h6 r; o% \9 v5 z
Released Q3/09 results: very strong, focus should be on active backlog
) D: G; N. b6 U# [- a6 dGMP Securities continues "buy", 12-month target price is $9.001 c0 o3 [( Q5 f! c6 h {
Raymond James maintains "market perform", 6-12 month target price is $8.25
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" x1 ^! g1 K) i& l2 J# eLivingston Intl Income Fund (LIV.UN : TSX : $6.00)
3 \8 `6 X( B+ |) i2 L0 V6 iReduced distributions by 70%8 b2 O" c9 b* F$ l: u9 }0 `4 z& C
RBC Capital Markets maintains "outperform", no target price reported
& W' \# K. B7 n1 v& f7 pScotia Capital Markets continues "sector underperform", 12-month target price is $6.500 @0 y4 m+ U" m. ~" h$ l
" \8 E5 n4 Q# V' F* d& W5 IMatrikon Inc. (MTK : TSX : $2.04)
$ D7 h0 M+ }7 A( s# tReleased Q1/09 results: a little light, but still respectable& ?+ ^! d" b3 P* j& z- F0 \5 m
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50) V0 ?# N: X( O( S: Y" V. `; S# A/ d
Paradigm Capital maintains "buy", 12-month target price is $4.00( V3 b2 k) j& u8 P2 m/ a
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
* \& f* K' l% V( YExpecting lower CFPU on higher taxes5 ?4 T9 I7 ~5 W m& H3 K
BMO Capital Markets continues "outperform", 12-month target price is $18.00! }) i# _+ g z
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
9 H1 ?5 \1 D; z" ~0 G- {. TTD Newcrest continues "buy", 12-month target price is $17.00
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5 Q2 I s* g/ H$ K% w% rNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)% J9 f" M( q: z
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain. y" R# L0 N7 J3 x6 ]$ F- x
Blackmont Capital continues "hold", 12-month target price is reduced to $1.257 b, ~% v4 A: u+ P: A: J
Credit Suisse maintains "neutral", 12-month target price is US$1.00
- H. \+ c) u/ H# T% yScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80% s. B3 K. f/ E5 t1 b* U4 j" `
8 S& e# [% H! iNeptune Tech & Bioresources (NTB : TSX-V : $0.79)9 J$ R L) N7 l# B7 z6 }8 S' I
Dietary supplement business facing headwinds1 T4 p: A1 t1 A0 t' [: T& R4 a/ R
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00. D0 v) _2 X/ t/ t, H
& }7 ~2 r, ^' c, a' o( U1 V& tOpen Range Energy (ONR : TSX : $1.18)
" u% t/ Z* j$ Z# ^2 i* G6 L( H* L2 CProvided operational update and F09 guidance
& V/ q8 @' n: y t) Z L" S2 y: M1 p1 gHaywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)
. _4 w* a& f% ?/ C5 l, ~7 ZSouth Barnat resource around the corner
- c' V; h% r! G: {7 yParadigm Capital continues "speculative buy", 12-month target price is $4.75. F" r8 X. Y" v8 f; } l
# K4 H1 m8 ^0 m `/ x8 MPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
. i" i0 P4 a1 k# M8 V8 m1 W' F+ kProvided operational update
3 R5 P7 W% b3 W, ?Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00) [/ z' i1 Q: W$ Z- k# D+ X
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50( }' }6 U& P0 i
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Paramount Resources (POU : TSX : $7.85)
; `0 x7 d( r; }& RProvided operational update: Grande Prairie emerging as the key focus for F09
( R/ S: `! H2 N2 [# @- `# vGMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)2 m8 T2 v7 c& @- x" e7 Z
Operations starting to turn the corner9 w, g6 P3 d5 z) n9 N
RBC Capital Markets maintains "outperform", no target price reported% Y5 ]- ]% I: E( U5 _8 i
: S* l+ Q- V0 U: Q0 NShaw Communications (SJR.B : TSX : $20.13)' w& Z) a: Y% x* C
Released Q1/09 results: in line, subscribers ahead; \0 x- F6 z) [: A) O" p
Credit Suisse maintains "neutral", 12-month target price is $25.50
) t+ O8 S$ N3 `: a& g0 i+ gGMP Securities continues "buy", 12-month target price is $26.50 z. e, [$ g& A8 b6 M- a1 s* h
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48): i. N- J# h: y% C/ q
Held a sell-side lunch showcasing new U.S. team2 P* q+ M0 E: K! q
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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' V- S! a! m2 }) J7 V' @Trican Well Service (TCW : TSX : $6.93)
1 y1 ?1 `, v' Z8 E% e2 T# H$ bAwarded Russian contracts
* j3 t6 Q2 I6 j" o$ G, D, h5 JBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75
$ `( \. y L; K1 v/ x8 j7 gRaymond James maintains "market perform", 6-12 month target price is lowered to $9.005 A. z0 s; C; T( j# s) h- a
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93)7 H" m7 `( i& |, j+ l4 e* Y
Chinese furniture exports rose in November
; H i/ Y& j, S) W ?Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)
8 T: y0 M. C1 N J: p, i/ F- mShea Creek's two largest deposits have become one
* m$ J: e& _- d9 dDundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72). q# [7 }7 W$ [3 f% p+ L
Released Q4/08 results: horizontal focus to continue in F09% b: L8 u( A8 ?9 D+ W* `4 A! n; P
Dundee Capital Markets continues "buy", 12-month target price is $8.00# G9 I% q. q* r
GMP Securities continues "buy", 12-month target price is $7.50* d. \% V$ T# _ D, ~& E. k
Paradigm Capital continues "buy", 12-month target price is $12.00
6 \8 _# _: k3 ?7 l* t/ x# ~4 JRBC Capital Markets maintains "outperform", 12-month target price is $8.50" w5 P6 A0 w1 P+ h" u1 ~7 H! j
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Wi-Lan Inc (WIN : TSX : $1.75)% l0 X+ I9 f% q \' H6 w
Hit homerun with Samsung3 l& i4 k! [9 Y
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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