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Ear on the Street --- Jan. 16 2009* n( M! q: _# |$ C; V% j! W
* g0 L4 o6 K6 Z C$ n0 h$ wAbsolute Software (ABT : TSX : $3.36)! Y! K9 U) [; s, W/ F9 F+ g; f0 m
Bracing for a tough few quarters/ F+ K e; ?' s) v
Canaccord Capital maintains "hold", 12-month target price is $4.50
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)- F& Q6 |2 l$ x2 P v% N
Growth outlook, challenging pipeline and high cost structure make future unclear
?" d$ f5 \; X0 ~+ ^% N: H2 _Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
/ o% I* @9 m+ vTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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2 t# _: |! K6 e" L# l2 ?4 R; ]' OAstral Media (ACM.A : TSX : $22.98)
! O: F2 i! H8 [* ^/ y8 Z& [Released Q1/09 results: strong, in light of challenging operating environment5 z- A, p9 N' }4 u. p4 h& E
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
& N" |4 E0 F1 L2 @/ YDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00
2 |" ]; B/ G* x% C9 f4 }, W9 UGMP Securities maintains "buy", 12-month target price is reduced to $30.00! P8 U' y4 M Q2 Q* o( g+ _
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
' e& D) S* _9 V' H/ P6 e) f M5 A; SScotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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$ S3 q. x0 f$ r/ O( u$ `, Y( XAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
8 o. ~1 c j5 E2 tWell positioned with gold production forecast to double this year and next a. E% L B5 T8 C8 M6 P
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
6 h* b4 ]( C/ W, O6 ?+ c) r. d* V" c1 ZTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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& S5 Q9 U! G: S# p) d# zARC Energy Trust (AET.UN : TSX : $17.15): C/ s* B7 ?8 o8 s8 l- B
Reduced distributions by 20%; capex also cut
" w/ i2 @1 J( e& KRBC Capital Markets continues "outperform", 12-month target price is $19.00& U0 x- Z% _$ }
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Andean Resources (AND : TSX : $0.75). Q0 X! F$ ~) e+ }: U% Y) M5 `
Announced F09 outlook
' s: w" y! F' rParadigm Capital continues "speculative buy", 12-month target price is $2.25, S, t' p9 E+ h9 _; p( D7 c
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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: }8 _ L( z7 \0 V, B) dBombardier Inc. (BBD.B : TSX : $4.65). s' r9 A9 F# R9 d7 d
Rising challenges in Aerospace
. U% b# a' r, C7 |) H" wGMP Securities continues "buy", 12-month target price is $8.008 b: m- x& s# J
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Bank of Montreal (BMO : TSX : $31.84)9 O' m- T: B" o8 U+ K; u) A; S
Acquiring AIG's Canadian life insurance business' @8 v/ ~, d) Q: ]
TD Newcrest continues "hold", 12-month target price is $37.007 `( H% ^9 a& O+ X3 @/ R
# `' j! B' q$ \$ I( q! ^* oCogeco Cable (CCA : TSX : $33.37)
' `# \4 Q' |+ y& y. NQ1 review: Canada results encouraging, but Portugal remains a drag# W \- r; A, C- O8 K. W
BMO Capital Markets maintains "outperform", 12-month target price is $46.00 d5 o/ y, |; G% P
Desjardins Securities continues "top pick", 12-month target price is $40.001 V3 _6 p$ U$ ?
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00: O% u2 e9 q5 z/ |# G: C) z
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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% ]3 G5 P. x- Y U+ y3 |, |! FCorridor Resources (CDH : TSX : $2.45)
2 E& | o( ~0 V* tCapital budget set to expected cash flow; production guidance lowered. n0 i0 c% }$ \+ ~5 @
RBC Capital Markets maintains "outperform", 12-month target price is $4.25/ @9 C1 B: [* Y+ }" U2 Z. S
# D* ?3 s/ W ECOGECO Inc. (CGO : TSX : $25.14)' O0 C- i& R# C4 z6 N6 W9 x
Strong radio and cable drives 39% EPS growth4 S- c$ O9 [+ s( b, I: N# f+ K
Scotia Capital Markets continues "sector perform", 12-month target price is $45.008 ]7 J! r0 T0 P6 y
4 n/ M9 m+ H% n. {8 p' ]& [CanWest Global Communications (CGS : TSX : $0.51)+ C2 h0 Q1 } r
Taking action to address tough operating environment- D. q: }7 R$ l! B0 P5 d9 T
BMO Capital Markets maintains "underperform", no target price reported9 M, ^& \6 `2 ~
Credit Suisse maintains "neutral", 12-month target price is $1.00
* v% a8 q! f+ i/ }# \& EGMP Securities continues "reduce", 12-month target price is $0.50
- V c' l, S _! h0 I# ERBC Capital Markets continues "underperform", 12-month target price is $0.75
" i+ L+ N P7 ?- t# ]5 qScotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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" }4 b4 U7 r# I1 RCorus Entertainment (CJR.B : TSX : $12.47)
! N8 u/ M& M3 V! aQ1 revenues in line, EPS beat( O H b6 `* w& d" N1 X% }2 w
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
3 }6 E! g$ T. m: {Credit Suisse continues "outperform", 12-month target price is $20.001 v0 p3 `" \# k) L8 B5 S e+ R- }
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
( |: |) t6 T, q0 P- L! E3 {GMP Securities maintains "buy", 12-month target price is reduced to $17.00
' ^. o- _6 B. [RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
4 j8 ?' a6 I* fScotia Capital Markets continues "sector outperform", 12-month target price is $18.00& I/ V- ?& J; G
0 K/ E8 c9 j/ }) ^& ?; Q6 ZCalloway REIT (CWT.UN : TSX : $11.84)
; x6 C; `" w& O* {Held investor day: `: z% @; P$ q" I3 @! S/ o" ~
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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" X2 c( Q: k3 Y- J4 ~7 j0 aDaylight Resources Trust (DAY.UN : TSX : $7.77)
( F$ h/ H' l. |2 y9 M' q1 q* PReduced distributions by 38%; guided for lower capex
1 f7 |, [1 p0 `# v; y; @$ HBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
6 _- T4 Z. C; oDundee Capital Markets continues "buy", 12-month target price is $12.00% ]( I7 A. I6 z+ g
TD Newcrest continues "hold", 12-month target price is $7.50
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5 Y7 ` l1 c/ G8 D9 S# t! T) [EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90). m6 v- B' Q% w9 `1 @' m' N
Steady market and currency tailwind! I: F# F* f, e |
TD Newcrest maintains "buy", 12-month target price is US$5.00* w- d6 e6 r9 Z6 y/ u4 b1 z$ E
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Goldcorp Inc. (G : TSX : $29.74)
# E I- S: M! `5 |4 FRevised commodity forecasts
8 O% P/ B$ Z8 r% k4 oBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00+ Z2 x% R) |- n: G7 K9 D+ D
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Heritage Oil (HOC : TSX : $3.77)
8 J) P g# t# U. @: b& t8 oAnnounced Ugandan commerciality on exploration success5 H7 K: a ` C3 Y$ q% S
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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/ N3 q# Y- J) Z9 p8 B( a( @0 xHarry Winston Diamond (HW : TSX : $4.98)" i# M5 j2 S3 p# t; K
Retail division suffers" x& {2 e* M. C4 `9 ^7 R6 S Z
Desjardins Securities maintains "buy", 12-month target price is $12.604 D* Y( l: A! l; u5 X7 i- |- G
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Laramide Resources (LAM : TSX : $1.84)1 r9 _9 q2 _/ R+ G3 s5 K7 O
Westmoreland provided more high grade at Redtree's Jack Lens' s5 H7 A1 q# F# s( I8 O; b- D! D
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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. E. T& u+ S+ A/ `: BLockerbie & Hole (LH : TSX : $6.00)3 _; o t/ t& K, j/ K6 d
Released Q3/09 results: very strong, focus should be on active backlog
& n. e- `6 n2 q8 JGMP Securities continues "buy", 12-month target price is $9.001 @/ _1 Y v& M. n
Raymond James maintains "market perform", 6-12 month target price is $8.25
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4 q& N3 {+ M; G2 s. _: \4 RLivingston Intl Income Fund (LIV.UN : TSX : $6.00)
$ |$ o2 @) c8 y" z1 ^! e2 F! @Reduced distributions by 70%' N* Q `: A6 h; t* N
RBC Capital Markets maintains "outperform", no target price reported
4 M6 Y1 ^" f* WScotia Capital Markets continues "sector underperform", 12-month target price is $6.504 r" b/ `6 r4 {/ X4 E4 X
4 b. ?( I# o, SMatrikon Inc. (MTK : TSX : $2.04)
" c4 m4 s! t5 w8 b& o$ eReleased Q1/09 results: a little light, but still respectable
( S) @/ B2 g. Q6 l( E4 GBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
% T4 o/ |$ _; |5 G* e, NParadigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)- y2 {6 z# ~" f6 L8 Z) u# x( @* a
Expecting lower CFPU on higher taxes$ t+ V! G& C# R! l) W
BMO Capital Markets continues "outperform", 12-month target price is $18.00, \4 ^0 k' |; { e. b
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
' @1 ^3 u; k }TD Newcrest continues "buy", 12-month target price is $17.00
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# |, `+ d2 h. s! F% }Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
_' i. b+ F6 B/ \Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain1 O0 ]% u& T0 E
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25& J6 z1 j9 b" v- {
Credit Suisse maintains "neutral", 12-month target price is US$1.00" d& G, R: z' P- a% `0 i
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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1 i. p: i8 c' u! }$ Q. U# r9 Z3 ANeptune Tech & Bioresources (NTB : TSX-V : $0.79). {9 N$ j: |% a7 v' r6 x2 o
Dietary supplement business facing headwinds. Z3 F0 G" q$ Z- }$ G" w# c
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00' G+ S* v5 v. `; ]8 Q: l1 f$ a2 Y
# J/ S( \: C8 r( Q) |" mOpen Range Energy (ONR : TSX : $1.18)
% F, S/ l1 Y, ^# aProvided operational update and F09 guidance2 b( ^1 a1 X7 P8 V
Haywood Securities continues "sector outperform", 12-month target price is $3.252 Y( n" K0 `. ]8 R
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Osisko Mining (OSK : TSX : $3.13), ?9 j0 Q; M( W0 {; L
South Barnat resource around the corner8 P8 S4 ^/ ]! Z/ f
Paradigm Capital continues "speculative buy", 12-month target price is $4.75) H. x0 V( k2 h$ _( O
; l: r' h6 T4 I, yPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)5 j- W% x6 i+ {4 M
Provided operational update
4 M- b4 X4 O# ^Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
5 J' g( ~ b8 A4 ^: O1 O+ mTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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" q! M5 q) P$ J( i, d) sParamount Resources (POU : TSX : $7.85)( L+ |9 b% o' J2 M# N, _4 {
Provided operational update: Grande Prairie emerging as the key focus for F09
! x, T. {, E) RGMP Securities maintains "buy", 12-month target price is $12.00
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4 R; t1 J5 T0 n# T+ [Rockwell Diamonds (RDI : TSX : $0.07)
$ u7 f/ K5 v, e0 LOperations starting to turn the corner# W1 K9 ^: f9 X; W& D
RBC Capital Markets maintains "outperform", no target price reported( N6 s' I! R. F* J& g: Y: b: Z
( L6 p3 q9 C: j3 ~Shaw Communications (SJR.B : TSX : $20.13)
3 @5 v8 k2 w# z. [! u+ x) v. RReleased Q1/09 results: in line, subscribers ahead2 ]8 L9 Q1 [* F! b) \( E
Credit Suisse maintains "neutral", 12-month target price is $25.50
2 q; ]9 U1 [& q% p6 N: _, cGMP Securities continues "buy", 12-month target price is $26.50/ o; Z0 _; a+ J1 k' l
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)" Y9 m$ p8 @# Z* g8 i0 j
Held a sell-side lunch showcasing new U.S. team1 T: k1 }( b5 j# l, ]/ W
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.000 w! U$ b. Q/ E" | ]9 \
( m% W+ R3 t! K- \& WTrican Well Service (TCW : TSX : $6.93)( `& D5 ^3 Q {4 a% `5 f
Awarded Russian contracts
9 _/ Z; q5 p: e) _- G% m0 r6 p5 h$ QBlackmont Capital maintains "hold", 12-month target price is reduced to $8.751 B( S3 p5 x/ g: K0 q# l
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
4 y/ ?! h" }' j) x7 TRBC Capital Markets maintains "sector perform", 12-month target price is $10.004 V' d5 u( U3 | w! W0 `& a
) D7 m7 Z/ M* lSino-Forest Corp. (TRE : TSX : $8.93)8 J8 [; ?+ y. y% I7 h5 _+ s
Chinese furniture exports rose in November
8 `5 f+ o; d( B# i) LDundee Capital Markets maintains "buy", 12-month target price is $23.50- x& }$ R5 `+ l+ K8 }
, `* A/ a# I9 |6 q5 KUEX Corp. (UEX : TSX : $0.88)
[" O: ?. K8 H) d; XShea Creek's two largest deposits have become one
$ n7 h4 m- O4 }' T. ]. F3 IDundee Capital Markets maintains "buy", 12-month target price is $2.75
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4 c# c2 v% d8 o( K! J$ ^7 aVero Energy (VRO : TSX : $4.72)( N% K( k1 V) i4 P' S
Released Q4/08 results: horizontal focus to continue in F09
3 r$ O/ j4 T( ]8 Q: n# j! k8 u) v( T0 ]Dundee Capital Markets continues "buy", 12-month target price is $8.00
) y1 W% G- L8 c) Y- G$ h# {" h5 GGMP Securities continues "buy", 12-month target price is $7.50
* @! n9 w7 D, C, R G! s$ KParadigm Capital continues "buy", 12-month target price is $12.00
9 p" |& s4 c) K; b) q; b! \) u+ r1 jRBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75) |4 d" h* P2 w
Hit homerun with Samsung% I' p. M. [7 Y% L
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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