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Ear on the Street --- Jan. 16 2009! d6 t/ ]+ P% U8 B4 U
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Absolute Software (ABT : TSX : $3.36) b0 q6 l2 {, ~5 ^( h3 `
Bracing for a tough few quarters6 I+ v' U9 }% _1 X5 P$ y" H
Canaccord Capital maintains "hold", 12-month target price is $4.509 [. b9 @) D: V4 X7 A V
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45): k" c0 X0 d1 q) I+ `
Growth outlook, challenging pipeline and high cost structure make future unclear
2 P3 C7 q `3 U' yBlackmont Capital continues "hold", 12-month target price is lowered to $48.00
* Y+ E5 D" A4 m) T8 wTD 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)
" ]# }7 g5 z' s! s8 QReleased Q1/09 results: strong, in light of challenging operating environment
$ ~4 N: [1 |0 m- ]. uBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
, t& X8 D) z+ M+ \3 Z" ^; PDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00
/ u% g& `( W5 w4 qGMP Securities maintains "buy", 12-month target price is reduced to $30.00
, u& J/ N7 u! [; LRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00' L+ Q% k4 K" H% b
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)& W6 B! v6 f6 T. ^" A% Z
Well positioned with gold production forecast to double this year and next4 C; Z8 g7 e; F4 h( Z
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00* J* x6 \% x- F. i
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)
( s, K6 ]/ r6 aReduced distributions by 20%; capex also cut
+ C! j2 e9 }, ~& ^' SRBC Capital Markets continues "outperform", 12-month target price is $19.00
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* [- r: }$ D) ~9 Q1 @5 ^. t9 nAndean Resources (AND : TSX : $0.75): @6 Q, T: v O# U2 I/ z- m
Announced F09 outlook: ~$ h/ x! ? B* Z J+ |8 Y: o
Paradigm Capital continues "speculative buy", 12-month target price is $2.251 k3 q; T; q1 A: a/ p
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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Bombardier Inc. (BBD.B : TSX : $4.65); A3 x, L) x) @8 T+ A0 @
Rising challenges in Aerospace
% Q: r5 Z+ @+ C/ A9 YGMP Securities continues "buy", 12-month target price is $8.00) w |$ ?# K( ~' D
6 U& S" N4 N5 @% {; L F/ KBank of Montreal (BMO : TSX : $31.84)
! D- [: V9 V& X1 h0 B5 {Acquiring AIG's Canadian life insurance business2 B q. r- z: w, d) { D x
TD Newcrest continues "hold", 12-month target price is $37.00) z9 f2 A0 O1 y# D
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Cogeco Cable (CCA : TSX : $33.37), |9 D# o! U: F( @
Q1 review: Canada results encouraging, but Portugal remains a drag
, a" Q( P! e& M7 ~6 wBMO Capital Markets maintains "outperform", 12-month target price is $46.00
& o* U1 Q2 a" G/ b9 }7 l3 wDesjardins Securities continues "top pick", 12-month target price is $40.00
' s6 c( ~2 U' {% H' p/ X+ { \RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.007 t. {* [& R: T$ i, u8 `3 \" y2 [
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.005 y+ s& w% @0 m& e: b; z5 w# z& i! t9 I
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Corridor Resources (CDH : TSX : $2.45)
% p/ G$ J9 z$ s0 CCapital budget set to expected cash flow; production guidance lowered
* Q8 }3 {7 Q/ ~% l$ A( e) C& DRBC Capital Markets maintains "outperform", 12-month target price is $4.25; _( I) m5 p' J5 B: e
+ {! @) g& Z( b' PCOGECO Inc. (CGO : TSX : $25.14)
0 p, w: {+ ?$ b2 i5 ]Strong radio and cable drives 39% EPS growth/ i2 H% R* z! P8 a f' [( _; ~; i
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00: P) P/ [' H$ \3 e; P
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CanWest Global Communications (CGS : TSX : $0.51)
* U m. Z R" Z* \- R+ ~9 r' dTaking action to address tough operating environment( ^/ ?' M7 `4 ^2 _0 y- X
BMO Capital Markets maintains "underperform", no target price reported! C C+ Q7 |1 @; e- R2 q
Credit Suisse maintains "neutral", 12-month target price is $1.00) j% a- t3 ~. ~
GMP Securities continues "reduce", 12-month target price is $0.50; L( w5 [: |. f7 _; J% d; J
RBC Capital Markets continues "underperform", 12-month target price is $0.756 Z; T8 S7 l) C+ X$ b" p" w
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.507 f4 R+ f2 z: i% I' }. z8 h
* m* m* T( j5 p: T( d6 @Corus Entertainment (CJR.B : TSX : $12.47) G# Z2 k% f' E4 j0 s+ p' V/ v3 W
Q1 revenues in line, EPS beat
3 `% q0 t2 _; S( w# iBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
" ?0 h' r7 p3 H* w- O5 sCredit Suisse continues "outperform", 12-month target price is $20.00
; t; M" H* F9 l$ }" DDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00
. s: d8 F! b1 u, ]; R8 yGMP Securities maintains "buy", 12-month target price is reduced to $17.00
- a- j3 z! J5 T# ~6 \. T1 n7 n/ `- RRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
: L5 S ^$ M) g+ \Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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( B- Z0 u% M2 Q5 dCalloway REIT (CWT.UN : TSX : $11.84)
1 j. z( X% k5 W8 lHeld investor day0 c, ]5 g5 G- g: x' D
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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4 R$ Z& _7 E' j @3 }Daylight Resources Trust (DAY.UN : TSX : $7.77)
: ]/ ?- P/ n4 p$ f" r% JReduced distributions by 38%; guided for lower capex
! x, b" _, T% x1 U, m5 }' \BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
( T) L$ A' n; zDundee Capital Markets continues "buy", 12-month target price is $12.00
9 n3 R. Z. J. S0 a( U0 o: nTD Newcrest continues "hold", 12-month target price is $7.50
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
) ~) S, n7 g8 N# B: fSteady market and currency tailwind* u& `2 ^' c& R" I/ Y; i5 f7 G/ H
TD Newcrest maintains "buy", 12-month target price is US$5.005 g x" V/ J" j
3 g. H% g! o8 ~9 N2 s! ~+ t$ t" H1 iGoldcorp Inc. (G : TSX : $29.74)
( l V+ }. i& l' r3 g* O0 gRevised commodity forecasts1 z* s' W5 |; X) g
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00+ y: b6 \. A2 h; Z
. {: V6 x6 A* W @5 P% o/ \Heritage Oil (HOC : TSX : $3.77)
' Q4 r& ?* |/ @( t" U3 Y: qAnnounced Ugandan commerciality on exploration success
3 ]( w8 H8 y2 A# rTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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1 \7 J4 _ {7 s, F! z! {. h! OHarry Winston Diamond (HW : TSX : $4.98)
7 R. L3 u& F8 C9 r- C& n' PRetail division suffers
. O5 f3 O1 d8 T4 b7 PDesjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)4 k- ?+ V- z; ~5 M
Westmoreland provided more high grade at Redtree's Jack Lens
; y9 `! N: D9 _8 e3 c* Y5 F2 LDundee Capital Markets continues "buy", 12-month target price is $2.30) L# F R8 n/ m* l) G! u, ], _( i$ @
( B) S) k$ z* @, PLockerbie & Hole (LH : TSX : $6.00)7 u6 r8 S/ O+ M4 ?
Released Q3/09 results: very strong, focus should be on active backlog
+ V$ K4 O# Y$ B# T: r! B! wGMP Securities continues "buy", 12-month target price is $9.00( O, b; q2 r6 m, J# t
Raymond James maintains "market perform", 6-12 month target price is $8.250 D7 W% W s/ q6 A5 A( a
( y; T- k0 L" ~( J! o. xLivingston Intl Income Fund (LIV.UN : TSX : $6.00)
/ i. O u3 u/ j; q# W. ^Reduced distributions by 70%
( [6 P& L% ?' b- T, `RBC Capital Markets maintains "outperform", no target price reported! E4 y' W7 z/ M, {" P+ O
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50% ?$ \' Y! w& k9 i$ F4 E
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Matrikon Inc. (MTK : TSX : $2.04)0 \! t& t- v$ Y- ]
Released Q1/09 results: a little light, but still respectable( c6 c9 p) B( g7 [
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.505 d+ `+ P, p- |4 C/ M2 \
Paradigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)& w7 U) a8 \8 M( n! _& W1 R% p! N% ?
Expecting lower CFPU on higher taxes
% ^6 ^) I4 N2 lBMO Capital Markets continues "outperform", 12-month target price is $18.00( T3 S! K1 W9 ?
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
2 N, @9 y/ D& I8 R8 B8 [) nTD Newcrest continues "buy", 12-month target price is $17.00: h0 E8 P7 a6 N0 |2 v8 `
1 q' w/ _2 H! ]/ Y- Y6 \8 `3 MNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)1 t6 E) ?3 S; J& [' v) v
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain+ q3 u" |9 v, T* u
Blackmont Capital continues "hold", 12-month target price is reduced to $1.256 Y" H1 [* x- J6 y
Credit Suisse maintains "neutral", 12-month target price is US$1.00
7 K5 V) E, o: C& d! w+ EScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80, I" q+ B! W% t: |4 M! I
5 @( g! A3 k/ T, jNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
! N! d7 a" l. Z6 RDietary supplement business facing headwinds: b X# E6 O" c: q% [
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.002 n8 q; K& w# D4 y
" p4 }9 n' w/ x' oOpen Range Energy (ONR : TSX : $1.18)/ w) a" R7 g. e3 M+ V: t
Provided operational update and F09 guidance
1 J' S" O& W4 _Haywood Securities continues "sector outperform", 12-month target price is $3.258 L& t0 I! W, p0 d5 `4 J& P0 i5 I$ t) P
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Osisko Mining (OSK : TSX : $3.13)2 x. Z! X& D# H3 n) x( s* l0 `
South Barnat resource around the corner# n+ y' y0 ]/ p* o7 {
Paradigm Capital continues "speculative buy", 12-month target price is $4.757 b: B! |% z4 h# P, o- x, A: ]
1 @. d5 k- D7 sPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
* M! v [% A, t1 I) g4 y) iProvided operational update
J# ^$ ], z* A2 U" y* L$ d# iBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00% T$ i. }/ Z1 q( z$ g0 }
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)
, R/ h0 v m5 M6 T* X tProvided operational update: Grande Prairie emerging as the key focus for F09
5 R0 c7 T/ b& J& f4 J/ c1 BGMP Securities maintains "buy", 12-month target price is $12.00% i/ V/ [9 o5 l) w" x" j6 z0 P' D
/ w6 R( z o/ d; b2 X2 B) _$ |Rockwell Diamonds (RDI : TSX : $0.07)
" j: d/ D% \+ p, f qOperations starting to turn the corner7 s! b0 z2 E9 g# D6 u7 e$ h
RBC Capital Markets maintains "outperform", no target price reported
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Shaw Communications (SJR.B : TSX : $20.13)2 o& M; B7 L1 ~" O+ A, @# l% |) }
Released Q1/09 results: in line, subscribers ahead
7 ?0 \0 H7 {$ t v- K- pCredit Suisse maintains "neutral", 12-month target price is $25.500 }2 X w6 @. z& Z
GMP Securities continues "buy", 12-month target price is $26.50( c5 w) z$ |4 _- J9 C
& |; t9 _' v/ ZSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
) Y/ t$ f0 ]+ J% jHeld a sell-side lunch showcasing new U.S. team
) i* R1 h. E) r3 r5 r4 ~7 T6 fScotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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! d; @' Y* p# W2 C& u$ T3 u+ N) b& _: _% KTrican Well Service (TCW : TSX : $6.93)9 }: M4 x- T ~2 \7 Y
Awarded Russian contracts* L1 @9 @7 l/ E' D9 L0 ]* A
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
6 Q/ w8 z j) Q! URaymond James maintains "market perform", 6-12 month target price is lowered to $9.009 ~" W* F- Y. y8 z9 C1 P' m% n
RBC Capital Markets maintains "sector perform", 12-month target price is $10.004 |% h, l c9 y- A
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Sino-Forest Corp. (TRE : TSX : $8.93): \. Q" j( V! |9 H8 E* T' F" r
Chinese furniture exports rose in November
( @* Z$ e0 n0 m/ H! Y. X2 hDundee Capital Markets maintains "buy", 12-month target price is $23.50
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3 D$ j& v. _9 F- X. PUEX Corp. (UEX : TSX : $0.88)
. Z" u }+ M) h, i3 N0 |Shea Creek's two largest deposits have become one5 T- d) B* |) R+ n
Dundee Capital Markets maintains "buy", 12-month target price is $2.757 I0 @3 S- _0 X* I2 d- m( |, S$ a
* \6 V9 \% U Y7 qVero Energy (VRO : TSX : $4.72)
$ ]+ ]4 F( e. R7 C6 S3 \Released Q4/08 results: horizontal focus to continue in F091 l/ |" M& f" w0 g# C1 w
Dundee Capital Markets continues "buy", 12-month target price is $8.00
: z# c; N) V8 `: _3 V) _+ W IGMP Securities continues "buy", 12-month target price is $7.50
+ M* o$ V) n0 ^; {' W5 HParadigm Capital continues "buy", 12-month target price is $12.001 n6 |+ ]! z! w/ f) R
RBC Capital Markets maintains "outperform", 12-month target price is $8.50# U' `( c: s2 s% |1 v! k( Y# ~/ J9 x3 }
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Wi-Lan Inc (WIN : TSX : $1.75)
6 `, @; O/ y5 v0 o+ rHit homerun with Samsung- s" s# P% f4 {2 H
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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