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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)
: U5 |5 u; i: m+ S. r& a3 NBracing for a tough few quarters
4 B( u2 y% i/ i. q7 k+ u. iCanaccord Capital maintains "hold", 12-month target price is $4.50
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! ~' b( n; k8 R4 J% d" SBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)7 U6 ]- y4 `5 ^, a6 k, }! S
Growth outlook, challenging pipeline and high cost structure make future unclear$ t4 I* o$ M0 G7 V; x7 n
Blackmont Capital continues "hold", 12-month target price is lowered to $48.009 X/ [# C6 l+ J4 T+ ^
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00) H5 _7 S* N, {. {1 Y1 p1 S5 E3 J
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Astral Media (ACM.A : TSX : $22.98)9 u8 S1 L& y3 ~% b$ }* i+ e! ]
Released Q1/09 results: strong, in light of challenging operating environment
( ^7 ^- t7 Y: E8 I3 E3 Z( _BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
( o; _3 K1 z& B/ A4 }3 x. oDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00
2 J1 ?/ b0 z; p- n! j8 \+ XGMP Securities maintains "buy", 12-month target price is reduced to $30.00
2 m6 _. |. W! ?) ~RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00" d0 l6 A! J* x2 O; K: I2 ]
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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) B7 _9 l D+ }( k$ A. o" KAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
9 f8 g2 c7 L B; |- l- AWell positioned with gold production forecast to double this year and next
. t; `' O6 {! Y p |Blackmont Capital continues "buy", 12-month target price is lowered to $83.002 m8 v6 h0 _5 ^
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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2 L! H+ i$ c* y/ ]3 H+ eARC Energy Trust (AET.UN : TSX : $17.15)* F5 Q& {- u' Q( \$ z g5 b6 S# q: I
Reduced distributions by 20%; capex also cut0 c5 V( n' D0 s7 x4 Q; j1 W
RBC Capital Markets continues "outperform", 12-month target price is $19.00" z) Y9 a( t* d$ p( N# c
& `: S. }1 _6 u e5 uAndean Resources (AND : TSX : $0.75); p' I- W4 k' X7 ]1 H- X; v: @) X/ H
Announced F09 outlook1 k0 [+ C1 x* w
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
& {8 e( Z/ X9 }* {TD Newcrest downgrades to "hold", 12-month target price is cut to $1.006 L" {" _/ U, K
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Bombardier Inc. (BBD.B : TSX : $4.65)2 s% I( p" s0 c/ g; X! v/ Q
Rising challenges in Aerospace
# L. B$ r5 {5 B3 _GMP Securities continues "buy", 12-month target price is $8.007 O) r! l) i7 `0 W/ c2 ?
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Bank of Montreal (BMO : TSX : $31.84)* V n) ?+ B" [5 Y# l
Acquiring AIG's Canadian life insurance business
, \1 R+ v3 }: z8 K f5 dTD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)
, a; M) F/ K% O. t9 y: @* ^/ f8 PQ1 review: Canada results encouraging, but Portugal remains a drag
# s t( R4 v! c6 ^; _BMO Capital Markets maintains "outperform", 12-month target price is $46.00 f$ s, M: b% u* y8 ^/ E
Desjardins Securities continues "top pick", 12-month target price is $40.00
" _0 b3 f! \4 x1 x# h* lRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00 a6 x: P9 w* x- {( N
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.008 o. i3 g2 [* \% \
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Corridor Resources (CDH : TSX : $2.45)) `6 ?2 l% f4 o% \7 H" U
Capital budget set to expected cash flow; production guidance lowered6 c$ w- t2 ?8 V4 B. L
RBC Capital Markets maintains "outperform", 12-month target price is $4.252 g. W& w) c5 u6 n
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COGECO Inc. (CGO : TSX : $25.14)
/ m' d2 x) g# g$ _Strong radio and cable drives 39% EPS growth! h; \0 f" g# e; ?& b( w: I
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00! p! }. v, J+ e, M# m$ U0 o4 L
! w& \8 M" d9 D8 p4 a- o) [ eCanWest Global Communications (CGS : TSX : $0.51)% H y9 `* Z @$ c/ x& @2 l
Taking action to address tough operating environment. [% V5 P" [5 y9 _. k6 Q$ z/ p( y& {7 X
BMO Capital Markets maintains "underperform", no target price reported$ q) b7 L* h( r2 D
Credit Suisse maintains "neutral", 12-month target price is $1.00
* q# y9 e3 s& k0 jGMP Securities continues "reduce", 12-month target price is $0.50
7 T A7 ~) `) NRBC Capital Markets continues "underperform", 12-month target price is $0.75
( W" N, I( D2 N( G$ ^Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50- \$ P2 v e9 C# D' [* l
i+ D/ \; {. ?4 QCorus Entertainment (CJR.B : TSX : $12.47)
; M4 {9 a0 T1 m! n+ {3 e7 JQ1 revenues in line, EPS beat
- o- S/ t! m$ L2 ~' G$ pBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00* d; b0 [" L# A `$ d$ d
Credit Suisse continues "outperform", 12-month target price is $20.00
1 R3 z" {, Z. v0 j# W- {1 A" XDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00
$ E1 Y$ D% s2 O8 SGMP Securities maintains "buy", 12-month target price is reduced to $17.00
/ ^) {8 w! \& w0 _" Q6 cRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
: p0 g5 r1 t$ }' SScotia Capital Markets continues "sector outperform", 12-month target price is $18.005 R6 k6 k& x; S3 T% _/ K& p
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Calloway REIT (CWT.UN : TSX : $11.84)
H b$ w2 s4 A1 Y- B9 C6 ]$ FHeld investor day+ T# N, h. T+ R; L
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
* {8 U: _. O* V. ~* ~Reduced distributions by 38%; guided for lower capex1 Z( P& {6 b7 u/ f8 L
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
/ a" I% V% w6 H0 tDundee Capital Markets continues "buy", 12-month target price is $12.000 f+ L3 v4 ?8 Y
TD Newcrest continues "hold", 12-month target price is $7.50
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% L" i1 ?& w& q% K- I) aEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)* \+ J+ i$ @9 @# u8 N+ c# U0 ^
Steady market and currency tailwind9 q6 r" x8 w* H, ~; W% k( F
TD Newcrest maintains "buy", 12-month target price is US$5.00
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% I5 x3 g- o, x: ~9 x& a: H1 oGoldcorp Inc. (G : TSX : $29.74)3 N. ^+ C1 C. S" e3 ]
Revised commodity forecasts
+ i. ~+ I6 Y- D R7 sBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)' q Y1 p; h1 s5 X4 h
Announced Ugandan commerciality on exploration success2 W" p: M3 [9 X. }+ K
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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2 _8 A& t' m9 E5 p! u7 m Q3 LHarry Winston Diamond (HW : TSX : $4.98)
% e/ V; \( c/ q0 g3 w3 ]$ VRetail division suffers
. }4 P, D4 ~2 b& d( J5 mDesjardins Securities maintains "buy", 12-month target price is $12.609 k; {. Y8 \& e' \
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Laramide Resources (LAM : TSX : $1.84)
m0 @4 F+ n' q7 W& PWestmoreland provided more high grade at Redtree's Jack Lens
' G; T5 C; c* dDundee Capital Markets continues "buy", 12-month target price is $2.302 n& u( g a* h# e/ \2 M
, _5 U5 ^) D& N% O% cLockerbie & Hole (LH : TSX : $6.00)6 E; d9 i* P7 S7 k& U1 v2 [
Released Q3/09 results: very strong, focus should be on active backlog
9 d1 _$ _3 c) @1 IGMP Securities continues "buy", 12-month target price is $9.00
3 s2 w3 z/ r9 I) lRaymond James maintains "market perform", 6-12 month target price is $8.251 B8 J7 k/ r% E+ ~2 G3 T
* b/ `$ f. o( PLivingston Intl Income Fund (LIV.UN : TSX : $6.00)( c6 m7 ?* J0 q/ K" q$ c
Reduced distributions by 70%
f# p( A1 f$ E7 s. Y7 S* ?+ s! hRBC Capital Markets maintains "outperform", no target price reported; x# Y& ~+ p3 o0 {1 h4 R
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.509 X2 p# L! Y, o4 k$ i3 W" V
# w- N9 x. V$ X. h3 k6 ~5 \' w8 fMatrikon Inc. (MTK : TSX : $2.04)
# N2 P, d, n( ^+ y: OReleased Q1/09 results: a little light, but still respectable
0 B( w9 Z# O7 ?. X$ }4 D4 tBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50& p8 J% g( b8 J& Y9 q i
Paradigm Capital maintains "buy", 12-month target price is $4.00' Q. e9 h1 i8 q9 z
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
) Z# W6 o+ t! I0 w" m0 f2 ~' gExpecting lower CFPU on higher taxes
: q4 n3 ]) u6 y) b5 g- q0 fBMO Capital Markets continues "outperform", 12-month target price is $18.003 u: Q# a. W9 {$ x( w
RBC Capital Markets continues "sector perform", 12-month target price is $12.00' M. {- v' y- P y6 y" m# I
TD Newcrest continues "buy", 12-month target price is $17.00* s- A. B0 Z% x& R, n W3 w
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
) p! s2 C R) G" l5 R) Z5 yReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
) u6 E, A B8 c: S% m2 VBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
% e( t0 p, G7 J+ s$ P- T+ m: v3 zCredit Suisse maintains "neutral", 12-month target price is US$1.00
* O( F9 K2 L8 W( \* ^7 B8 `Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)
% m! e6 c' m' G; d3 ~5 rDietary supplement business facing headwinds/ _- Y; F( J" p* ^
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)9 B3 l" ?; B1 k! \
Provided operational update and F09 guidance) o4 H5 X, _1 _4 a, `; t
Haywood Securities continues "sector outperform", 12-month target price is $3.256 p8 e. ]) K9 {( F
( ^2 D5 K; { t, o. MOsisko Mining (OSK : TSX : $3.13)
/ d/ z' m9 b- r9 _0 I4 LSouth Barnat resource around the corner! N) I) g" X2 k& T, e8 r! @& m: A
Paradigm Capital continues "speculative buy", 12-month target price is $4.75
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)3 s! }8 h7 L% d. t1 b' O0 W
Provided operational update4 K. F. e1 d+ k; \/ U) H8 b. x
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00" Z4 V+ }% x& G4 G$ `
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.501 ?9 q3 r+ w) f0 u# M% ^
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Paramount Resources (POU : TSX : $7.85)
5 Y2 A( k( ~8 L* r) f! IProvided operational update: Grande Prairie emerging as the key focus for F09
6 G: X, e5 w) k& c2 o3 iGMP Securities maintains "buy", 12-month target price is $12.00
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2 z' P( y9 L- \Rockwell Diamonds (RDI : TSX : $0.07)2 A8 w" X' l! u( A" ~5 @
Operations starting to turn the corner
( t7 x% ?7 P" Y( Y* \+ PRBC Capital Markets maintains "outperform", no target price reported$ |, }+ Q- n T9 k( W" [7 }
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Shaw Communications (SJR.B : TSX : $20.13)
. o* }6 P9 p( g2 e; n$ YReleased Q1/09 results: in line, subscribers ahead: Q U, m' Q! [2 j
Credit Suisse maintains "neutral", 12-month target price is $25.50
! S" }4 p, [; l( j5 b5 W5 B* OGMP Securities continues "buy", 12-month target price is $26.50# M4 c+ u& ^" r3 T0 l' a$ b
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
$ C6 N! a6 ^8 E) f1 y3 ?8 gHeld a sell-side lunch showcasing new U.S. team, Z: _3 p/ \" X* O3 D5 T) v$ i" T
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00- |% r8 b; X, J" a4 F# A
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Trican Well Service (TCW : TSX : $6.93)
: E' O* r9 q+ O( yAwarded Russian contracts3 C+ Y$ y) P0 H: o) |- ?3 L* k9 @
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
; f( B5 k ]8 _7 S: @1 wRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00: A* `- k/ [, t5 K/ g, }
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93). m4 q7 ]0 ~ G
Chinese furniture exports rose in November
5 s8 V( e' B' E% B( R E% SDundee Capital Markets maintains "buy", 12-month target price is $23.50# N( A9 e% c4 ^) `* P
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UEX Corp. (UEX : TSX : $0.88)
$ M3 v. m1 a! }' w! ?Shea Creek's two largest deposits have become one
6 u1 Q Q2 z( G+ R5 l* y EDundee Capital Markets maintains "buy", 12-month target price is $2.75
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8 q' l( ^$ @( N* h. dVero Energy (VRO : TSX : $4.72)
. t: I. U! Q% }3 m, MReleased Q4/08 results: horizontal focus to continue in F09
5 G9 V, I% k* oDundee Capital Markets continues "buy", 12-month target price is $8.00+ s X, P; n4 v6 t! N/ q9 U
GMP Securities continues "buy", 12-month target price is $7.50. A1 l- s) Q. c4 Y E
Paradigm Capital continues "buy", 12-month target price is $12.00
' X% q! N: Q4 x8 m5 N" k0 ERBC Capital Markets maintains "outperform", 12-month target price is $8.50
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- C4 f# Y3 e# tWi-Lan Inc (WIN : TSX : $1.75)
+ [* w0 A2 p4 S5 s0 A8 xHit homerun with Samsung' |' a2 ^ ^; }3 R& ~" d5 f1 c" e
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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