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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)
1 s) T" D5 t2 ~" x5 wBracing for a tough few quarters
; p( l4 H2 | f6 mCanaccord Capital maintains "hold", 12-month target price is $4.500 I4 o- ~& X! {7 P
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
; Z( W. o( }0 ]7 d8 WGrowth outlook, challenging pipeline and high cost structure make future unclear
8 N1 A6 b. u" F7 V- e# \" GBlackmont Capital continues "hold", 12-month target price is lowered to $48.004 {7 m4 C e& g, r; {8 t
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00, b \* E4 Q) E) g& k( M) r+ L
! A# {( I* D" k% I6 u. PAstral Media (ACM.A : TSX : $22.98). `, k/ M) S9 L5 {2 ]6 Z5 r* u( o: z
Released Q1/09 results: strong, in light of challenging operating environment
! [; ^0 `/ B7 ?4 y* v9 bBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.002 Y& G1 k- O* _
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.006 w: S. S: A! I" F' L. h- d( b7 [$ q
GMP Securities maintains "buy", 12-month target price is reduced to $30.00$ H3 B$ M* R! O2 ]) c; C) }) h
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00' I0 L) {9 { b6 X
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00. {& Y4 v* L6 J, j
2 f( L( v/ G- g: l$ `Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)/ z6 y' @: O7 c+ y, c
Well positioned with gold production forecast to double this year and next" U9 z2 Z0 s# g! U+ j1 t
Blackmont Capital continues "buy", 12-month target price is lowered to $83.002 o4 n9 u) S9 c
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)
5 z4 Z( w7 Z( f* v8 AReduced distributions by 20%; capex also cut
8 `/ B3 a6 j9 x: J8 c- g' bRBC Capital Markets continues "outperform", 12-month target price is $19.00% L5 k: z* |( f0 b% s
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Andean Resources (AND : TSX : $0.75)
; v* ?% e! F( n. MAnnounced F09 outlook
3 v) I/ J/ Q, g0 [Paradigm Capital continues "speculative buy", 12-month target price is $2.25
7 |* `; v. m% j' z1 P3 a0 rTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00) s' y% Z4 d, L( ^: S
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Bombardier Inc. (BBD.B : TSX : $4.65)
7 j- P7 j8 I" i/ V, IRising challenges in Aerospace* ?3 p( q6 Z; x5 S& l
GMP Securities continues "buy", 12-month target price is $8.00/ i5 o* g0 [/ V
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Bank of Montreal (BMO : TSX : $31.84)
( x% r& X, V3 wAcquiring AIG's Canadian life insurance business/ T5 z9 v) ?) a4 M
TD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)
3 O* f( d" L$ |; sQ1 review: Canada results encouraging, but Portugal remains a drag4 }7 f+ ]! b% G$ U! w Q2 L
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
s% n( L" n( U! g/ BDesjardins Securities continues "top pick", 12-month target price is $40.00
& N* ?) o: }. ?9 B: P3 k- h& aRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
' Z5 e" n% J" R+ \+ }# _4 L4 QScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)
3 X+ J M6 _4 Q, z/ o0 RCapital budget set to expected cash flow; production guidance lowered/ F) ?( i# O/ J, t
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14): X$ r' {/ `$ Q3 ~. O5 X
Strong radio and cable drives 39% EPS growth
+ L. z8 R9 a) vScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)
: o9 K p8 n! @# l$ hTaking action to address tough operating environment
8 h* H& ?! ]9 C) X! @' ?$ J+ UBMO Capital Markets maintains "underperform", no target price reported1 O" ]9 r( F5 d# a3 |; ?5 }
Credit Suisse maintains "neutral", 12-month target price is $1.005 y( P# @! f y0 p6 T* t) y
GMP Securities continues "reduce", 12-month target price is $0.50
$ U0 e5 F1 T0 O( l( p) QRBC Capital Markets continues "underperform", 12-month target price is $0.753 o& w: a# g+ ]$ V( d* B
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)
4 I& Y' ~2 ]4 PQ1 revenues in line, EPS beat' b8 b) `& [* e9 `& h9 E
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
5 Z! c- y; g8 h/ g: V* kCredit Suisse continues "outperform", 12-month target price is $20.00
: ]) P+ @7 e* @6 t+ ~" lDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00
' {% r$ U% g# FGMP Securities maintains "buy", 12-month target price is reduced to $17.00
5 _ ?1 j0 o0 c" C, s% ]RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
" I. r) f+ l0 G* \0 |* LScotia Capital Markets continues "sector outperform", 12-month target price is $18.00/ w4 Z$ r* ?3 s2 F
6 R7 a V) g+ M- p5 yCalloway REIT (CWT.UN : TSX : $11.84)6 t: x! p: s$ y( X
Held investor day
; [* d6 v7 w# H8 E9 X4 `Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00! l. a; r5 P) @5 M5 [9 a9 W
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
w! {8 N% ]" ~2 e: O' gReduced distributions by 38%; guided for lower capex' _; ]' G/ q0 c/ i3 p8 a
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00/ Q6 O+ r5 G+ M1 ^% u
Dundee Capital Markets continues "buy", 12-month target price is $12.00
- J9 |5 J) i0 j/ V& B- {! l8 LTD Newcrest continues "hold", 12-month target price is $7.502 ~2 c) V/ i( q# v( l" H8 g
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
( J! |( i1 s) sSteady market and currency tailwind7 i* M0 m, _6 Z, Y* D
TD Newcrest maintains "buy", 12-month target price is US$5.00
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Goldcorp Inc. (G : TSX : $29.74)
0 w; R( @, c$ y" [2 R0 S9 N2 wRevised commodity forecasts' A* s% C4 M% z
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00 s& G3 _7 `5 o7 F
# h2 ^. `* u3 M& k; z ~8 A. ?Heritage Oil (HOC : TSX : $3.77)$ V' f* e7 k1 a v
Announced Ugandan commerciality on exploration success" |1 e6 e( V/ l* L9 Y8 s" Z& L3 [
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.500 y! N# W: T& ^! Z
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Harry Winston Diamond (HW : TSX : $4.98)! s' F$ B" U! w. j/ T$ H
Retail division suffers$ u2 S8 J# _1 @* [7 N
Desjardins Securities maintains "buy", 12-month target price is $12.603 L8 r' u9 u z: z; l/ |: w
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Laramide Resources (LAM : TSX : $1.84)
3 H" D( q, l h( U1 gWestmoreland provided more high grade at Redtree's Jack Lens) d4 a* a1 h* X- D# I1 E+ U! q) T
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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Lockerbie & Hole (LH : TSX : $6.00)
1 K6 B) r \) `9 zReleased Q3/09 results: very strong, focus should be on active backlog
; F5 n' H. w j+ t* o1 m8 }* WGMP Securities continues "buy", 12-month target price is $9.00
2 j. p! \% ~* R2 J n! kRaymond James maintains "market perform", 6-12 month target price is $8.25+ b8 E) C, X4 N; w# h9 e
/ V% s- I$ M( s$ V) ~+ L2 FLivingston Intl Income Fund (LIV.UN : TSX : $6.00)8 \, x- z8 _, }1 ^, h
Reduced distributions by 70%
( j# F( o# e) s+ SRBC Capital Markets maintains "outperform", no target price reported, t1 F/ r) h4 s, ~% _: S1 j3 s
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.504 t, c# G0 i0 e5 D/ Z; S; F
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Matrikon Inc. (MTK : TSX : $2.04)
# P# v; O, q9 E; sReleased Q1/09 results: a little light, but still respectable& ]& ^' b: _7 _7 R, o( Z. W3 ~1 S
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50$ p8 A0 l8 e/ U! a& d
Paradigm Capital maintains "buy", 12-month target price is $4.00( Z8 b: D1 o& P1 V3 z
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
# C o' n6 F" ~& xExpecting lower CFPU on higher taxes
& g! D3 J9 V9 u- E5 i! Q$ y" YBMO Capital Markets continues "outperform", 12-month target price is $18.001 T1 N, M0 L1 Z- r
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
* {' m! h8 e' \2 U" uTD Newcrest continues "buy", 12-month target price is $17.00. z0 ?! t& _, X9 U8 [9 S
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
6 ?8 J( F1 a5 x8 `6 U3 cReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
' D' j1 u# n' c" e5 XBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
' g& L K* |8 T/ {+ f2 ~. lCredit Suisse maintains "neutral", 12-month target price is US$1.00
; z5 L! r5 }, UScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80- O P0 M+ {$ L8 y6 x2 X9 S! X
& `6 W7 [1 @4 u' P% A4 NNeptune Tech & Bioresources (NTB : TSX-V : $0.79)% O- b, ?! u* A0 Z$ m
Dietary supplement business facing headwinds
. v" E* t# g9 q# a0 k& c: C5 kParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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' T7 K- q$ Q) e/ v; [# M bOpen Range Energy (ONR : TSX : $1.18)
: ]8 b- G/ t2 E8 S. u- E' z2 d2 cProvided operational update and F09 guidance
! }( |5 M- g6 k5 m: S2 x2 y' RHaywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)8 Q8 t u7 z% R Q; }* |% J# |3 s# F
South Barnat resource around the corner
/ I9 l4 }% ^% V0 O0 z6 r9 f3 k8 Z+ ZParadigm Capital continues "speculative buy", 12-month target price is $4.75
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4 k" w5 r/ E# G) aPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
# w3 Y2 e# X( z1 N2 jProvided operational update( T' f) v R9 z, r7 Z
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
+ e4 B2 `- W+ v2 v; PTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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Paramount Resources (POU : TSX : $7.85): O6 O. p5 O* x% K$ K ]7 H# p
Provided operational update: Grande Prairie emerging as the key focus for F09
. X# T# h$ q; H1 X% HGMP Securities maintains "buy", 12-month target price is $12.00
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3 H' O( R# s7 V& D( o' nRockwell Diamonds (RDI : TSX : $0.07)
* z4 C! {: s1 X6 L6 hOperations starting to turn the corner
?* I& ~1 u$ `0 Z6 ~RBC Capital Markets maintains "outperform", no target price reported+ N& ]: P7 ]0 C2 ~ G$ Z
- P7 V5 T/ P' S( D% ]Shaw Communications (SJR.B : TSX : $20.13)% Q4 m! l* ~, b0 p
Released Q1/09 results: in line, subscribers ahead4 ~ V' b+ r3 L6 E8 U' s
Credit Suisse maintains "neutral", 12-month target price is $25.50- i- T2 c/ M2 j+ j v+ E
GMP Securities continues "buy", 12-month target price is $26.50
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4 c6 s6 ?- }( i- z; i( jSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)- Z/ h' O6 ~ \+ D6 z- k
Held a sell-side lunch showcasing new U.S. team) L6 V7 L. I6 H+ w; c+ R& P
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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; w3 s* ]3 R# a5 G0 Y$ uTrican Well Service (TCW : TSX : $6.93)
( N/ A2 L) U7 q# G2 [; z+ SAwarded Russian contracts
7 Y# ]4 l5 J/ M7 U2 V7 n- H( wBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75/ z' U4 V9 m! [) w
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00, K" ?: ^5 Z6 W6 O" M
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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0 {. e. b# A5 V/ I* p* s6 l6 v. Y& T5 nSino-Forest Corp. (TRE : TSX : $8.93) ~- E( _1 }3 n, U& g* n
Chinese furniture exports rose in November+ }" k8 t; v! J# D5 w6 F7 s
Dundee Capital Markets maintains "buy", 12-month target price is $23.50- U# R* n9 k2 r, Q! P
; O: a* k8 H9 l% kUEX Corp. (UEX : TSX : $0.88)
2 x2 ^7 d3 k0 ^3 k3 S0 O% X `Shea Creek's two largest deposits have become one
7 s1 A" a& T9 i+ ? V* v* h7 KDundee Capital Markets maintains "buy", 12-month target price is $2.75
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& F0 P; t+ u3 F- V# a% pVero Energy (VRO : TSX : $4.72)
9 \) d* e2 t* S0 [Released Q4/08 results: horizontal focus to continue in F09
, F, H- s: o+ n. yDundee Capital Markets continues "buy", 12-month target price is $8.00
: u0 H4 k0 a5 `) b$ G8 Y& LGMP Securities continues "buy", 12-month target price is $7.50 O7 N" f: u4 o) P5 Y. l- O1 h
Paradigm Capital continues "buy", 12-month target price is $12.00
, {* w2 I6 I6 T8 c& w8 N3 L* ORBC Capital Markets maintains "outperform", 12-month target price is $8.50+ ^" Y2 d5 N$ J2 z5 j4 c
+ s; B6 U* U3 MWi-Lan Inc (WIN : TSX : $1.75)
5 C) f: p0 c8 ~- S# Z- HHit homerun with Samsung! T. L& S9 U; P" X
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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