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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)% I3 {! \) m1 T6 G: Q5 A$ p
Bracing for a tough few quarters
) `$ _" _2 ]* f4 g: d2 T& C) vCanaccord Capital maintains "hold", 12-month target price is $4.50
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)# ~7 D& N$ g/ R- b
Growth outlook, challenging pipeline and high cost structure make future unclear2 j0 v$ i; H: \" ~3 l$ @
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
( q7 S0 d" ~8 H: |/ E, ?! tTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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1 B F- s8 o" R' A4 W/ yAstral Media (ACM.A : TSX : $22.98)# K" U$ r; n; f- G
Released Q1/09 results: strong, in light of challenging operating environment6 ~4 Q8 O# T, [, f2 x$ y
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00 M# m* s" h% d5 ]% j
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
+ U1 W1 }) i5 RGMP Securities maintains "buy", 12-month target price is reduced to $30.00) z7 F. U z O8 M$ }
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
( c% h# s/ p, z2 ~. S! P( KScotia 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)1 |+ E% A9 [# h
Well positioned with gold production forecast to double this year and next
T1 a2 a, z4 A* x& j+ S+ yBlackmont Capital continues "buy", 12-month target price is lowered to $83.00& T' m+ k: y0 B# 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)6 i" D& B% g' r7 H5 M) E* t @5 d6 P
Reduced distributions by 20%; capex also cut
, l& I- [7 ~) N2 P6 u( U; Z/ jRBC Capital Markets continues "outperform", 12-month target price is $19.00( n; o! v: l3 j$ h
; ]* S1 e3 h. i+ ^Andean Resources (AND : TSX : $0.75)
$ G. n g8 r+ M7 }9 l8 m9 t6 UAnnounced F09 outlook
3 C% k& c/ {. q m" }! dParadigm Capital continues "speculative buy", 12-month target price is $2.25
( ]) p1 I# i' [/ \TD Newcrest downgrades to "hold", 12-month target price is cut to $1.007 o3 x1 r' ~& ^: d2 h
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Bombardier Inc. (BBD.B : TSX : $4.65)
7 y7 y$ D5 R+ G( E1 Q- W2 dRising challenges in Aerospace
5 @$ g4 J1 C2 ^GMP Securities continues "buy", 12-month target price is $8.00
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- R; O* h' B/ p, |. QBank of Montreal (BMO : TSX : $31.84)# F9 `& f& V9 c0 k. X7 _; F; t
Acquiring AIG's Canadian life insurance business
7 \ `5 W- a$ G# c) s8 gTD Newcrest continues "hold", 12-month target price is $37.009 F5 ?1 ?8 Z/ w! w4 r! @7 K% n
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Cogeco Cable (CCA : TSX : $33.37)
# [$ I$ a9 N) p1 {/ CQ1 review: Canada results encouraging, but Portugal remains a drag. j t" w* `- s$ G" w
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
8 i8 q) O3 t/ k& x' u/ oDesjardins Securities continues "top pick", 12-month target price is $40.00
# P4 F- W/ ?8 t1 [RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00+ V2 r' B( t# X) C! C2 {
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)
" F$ g, ?4 _0 U: K' a3 GCapital budget set to expected cash flow; production guidance lowered3 u8 D$ o( c) x: H
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)' q t1 c# _# R8 B4 J
Strong radio and cable drives 39% EPS growth
$ r: j6 O/ k& i `( Y! I6 w' X& HScotia Capital Markets continues "sector perform", 12-month target price is $45.00+ i# ]! z' ?8 t a
& T( f+ @2 w. k' x5 hCanWest Global Communications (CGS : TSX : $0.51)
5 Q* |% w+ q# G# o/ B, q- F8 ~9 A5 eTaking action to address tough operating environment- \ W3 @, r6 A8 e& c
BMO Capital Markets maintains "underperform", no target price reported7 A2 X" a& V# ~, p% |8 z$ u/ A
Credit Suisse maintains "neutral", 12-month target price is $1.00
, A4 f `0 B4 j, E0 L+ uGMP Securities continues "reduce", 12-month target price is $0.50
1 G i. U" ?) ^8 o3 h* V$ oRBC Capital Markets continues "underperform", 12-month target price is $0.75
3 t) C+ n# O' C. g( VScotia Capital Markets continues "sector underperform", 12-month target price is $0.50& H: C9 ~1 J5 r4 w9 U
0 V9 i5 l# \! q& v# FCorus Entertainment (CJR.B : TSX : $12.47)
% e7 C# g; M0 E. n3 uQ1 revenues in line, EPS beat. K+ ~4 w0 A l/ T5 ]
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00$ I, U0 K4 s6 a7 Z
Credit Suisse continues "outperform", 12-month target price is $20.00
]/ ?) M# {0 c- p# ODesjardins Securities maintains "buy", 12-month target price is lowered to $15.00
' p2 Y! \' r3 NGMP Securities maintains "buy", 12-month target price is reduced to $17.00, G7 F" d. i$ ~ F$ v' I4 N2 Q" ^' a
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
, x; o! F/ H |Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)
) ?# c# b: S; c7 y M5 H! dHeld investor day
% X( C* H1 y! J# c& d9 fScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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Daylight Resources Trust (DAY.UN : TSX : $7.77)/ ]1 Y8 m5 K7 u& ? S" Z
Reduced distributions by 38%; guided for lower capex
+ ?! {6 W4 ]0 r; K- Q9 ]' dBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00/ P" S$ X E3 ^% x
Dundee Capital Markets continues "buy", 12-month target price is $12.00, ?* |$ i4 i% O4 |# N
TD Newcrest continues "hold", 12-month target price is $7.50
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1 G4 u5 [! l3 `' }EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
9 `* S# c- q' ^$ @4 A/ m: |Steady market and currency tailwind* P# m- A$ N" X6 u+ f
TD Newcrest maintains "buy", 12-month target price is US$5.008 c9 G1 l& @" w- O! g" _: [# J
# ?3 {# p% O, }/ \8 s! @) dGoldcorp Inc. (G : TSX : $29.74) U* }/ s F! ^: e, N# c* n6 q
Revised commodity forecasts* O9 M) t* C: q
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)
2 A3 C* a; c9 c3 l, B6 q ~3 bAnnounced Ugandan commerciality on exploration success; n& ?5 L$ i9 o4 l* Y2 U: T) l
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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( @1 n! H0 B: b# A. J) |Harry Winston Diamond (HW : TSX : $4.98): F# P+ F3 ]9 |; Y0 o& j9 I
Retail division suffers% b8 c. I5 n; x7 F) b- e
Desjardins Securities maintains "buy", 12-month target price is $12.60
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. i4 {" H2 x3 q0 YLaramide Resources (LAM : TSX : $1.84)/ n% Y7 }% b; x
Westmoreland provided more high grade at Redtree's Jack Lens
# c5 G* M I' U7 NDundee Capital Markets continues "buy", 12-month target price is $2.304 {5 }, Q% E' L, l; |( S
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Lockerbie & Hole (LH : TSX : $6.00)
' }1 d$ k. x6 \Released Q3/09 results: very strong, focus should be on active backlog' g6 \+ P2 N! Q$ B- Q/ D4 Z% V/ ^/ [
GMP Securities continues "buy", 12-month target price is $9.005 I/ {9 f# I; ~* |
Raymond James maintains "market perform", 6-12 month target price is $8.25
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{$ R3 K+ r! S6 o8 K2 F2 BLivingston Intl Income Fund (LIV.UN : TSX : $6.00)
' ?: m/ n- m1 k6 n; ~% xReduced distributions by 70%9 f! D! w1 ?. u7 S9 ~9 x) n
RBC Capital Markets maintains "outperform", no target price reported5 A+ O) S5 t! A) U, s2 w5 h- L8 K
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.503 v1 v3 n' x& c/ ?5 r) P) M1 E+ D- [
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Matrikon Inc. (MTK : TSX : $2.04)
6 o7 E! g' s$ L* fReleased Q1/09 results: a little light, but still respectable9 H% {2 }( a$ J
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.500 ~/ D+ Q; P* o0 A* u+ K
Paradigm Capital maintains "buy", 12-month target price is $4.00' l* `7 H& T& l$ a1 T2 ~' y. f
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
- `# U! M7 d: g" v2 i6 F1 ^" u: [1 BExpecting lower CFPU on higher taxes
5 j3 O/ O8 Q* ~8 Q# HBMO Capital Markets continues "outperform", 12-month target price is $18.00
) }! @. `7 O; Y2 z8 |( j* @1 ?RBC Capital Markets continues "sector perform", 12-month target price is $12.00$ R3 a3 W) M& a3 i0 I, x
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$0.86)
6 T9 M0 o. T* e+ _2 ? TReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain z6 A+ G; Q$ _; q/ w
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25. V5 d0 H5 L4 Q4 u' M1 ~8 @' K
Credit Suisse maintains "neutral", 12-month target price is US$1.002 D- z$ ?- l. M4 q0 Y1 t+ ?
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80) S* o$ P5 M4 |- v4 r6 Z( y
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)
7 x4 O7 T- h9 |* MDietary supplement business facing headwinds
5 l0 s! a! h+ C% b7 P5 E; R# R KParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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5 w; j! p6 t* @) {Open Range Energy (ONR : TSX : $1.18). \) m. g* z: A- ~ q! x
Provided operational update and F09 guidance+ V0 E; t j7 E% E! e5 k
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)
3 Q7 o/ M! _( M1 [- HSouth Barnat resource around the corner- Q7 Y9 l2 L9 j' a. |2 g; z
Paradigm Capital continues "speculative buy", 12-month target price is $4.757 D2 H; U/ H3 w4 b
2 r, ^3 r1 n- A# W8 b& O; zPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)7 C; ^# Q* i; U5 Q
Provided operational update
7 B- R3 k' D1 q: F n; P- K6 Q. l5 sBlackmont Capital maintains "hold", 12-month target price is lowered to $19.005 B C# o+ k1 a2 V
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)
& k# Z" f& W4 `( \" p5 OProvided operational update: Grande Prairie emerging as the key focus for F099 h2 p2 z* I# B8 C
GMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)( R) W& K- R6 |
Operations starting to turn the corner) u! t* d3 ~9 |: l3 i4 s
RBC Capital Markets maintains "outperform", no target price reported
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Shaw Communications (SJR.B : TSX : $20.13)# }' o- _+ K5 B( N# l
Released Q1/09 results: in line, subscribers ahead
/ ^3 ]3 ^ q' `5 C" c: TCredit Suisse maintains "neutral", 12-month target price is $25.50
4 ?1 K/ J8 }: z! r% o7 ?GMP Securities continues "buy", 12-month target price is $26.50! L! H7 K F$ d: g5 {7 U
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
; G/ N! ?0 X& ^1 kHeld a sell-side lunch showcasing new U.S. team
4 U$ Y" O& V* l' k; AScotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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/ Q# ]7 N6 M. J# Y' L4 |1 |Trican Well Service (TCW : TSX : $6.93)* q5 Z/ w& u" M2 D$ {& a; _& B3 Q
Awarded Russian contracts1 J5 r7 `4 Q* a+ \" U
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
0 \1 K$ v6 r; _ t2 E% @. w6 }Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
! J$ x% v% g; W x/ uRBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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. x; Q: D- o+ JSino-Forest Corp. (TRE : TSX : $8.93)
" P. `- t4 ?$ z. A" iChinese furniture exports rose in November5 t1 Q# Q4 G: D1 C/ G; p; a
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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P! W* s% |5 @$ kUEX Corp. (UEX : TSX : $0.88)
# `! I4 z3 v" d7 F$ CShea Creek's two largest deposits have become one
2 l* W- b2 U* s* f3 o* DDundee Capital Markets maintains "buy", 12-month target price is $2.75
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% H2 m, M4 f4 H' J# ?( vVero Energy (VRO : TSX : $4.72)' x. G$ V( {5 i8 J8 y6 D- B( l, g
Released Q4/08 results: horizontal focus to continue in F09
" i* Z6 F- |4 Y2 BDundee Capital Markets continues "buy", 12-month target price is $8.00
- `" v7 b0 z6 `8 ~) N2 n* C/ X7 @ X" K5 _GMP Securities continues "buy", 12-month target price is $7.50
- N" d U+ } {5 b! k. i" fParadigm Capital continues "buy", 12-month target price is $12.00
1 B! t8 j: H9 A mRBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75)
, Y+ B( ~ G3 P8 r% aHit homerun with Samsung6 G, ]- z* F4 L6 F) d% R4 H
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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