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Ear on the Street --- Jan. 16 20090 }& Y6 a) D3 i5 B9 D8 F5 b
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Absolute Software (ABT : TSX : $3.36)
3 ^1 z5 ^6 r# @8 U2 G# S5 rBracing for a tough few quarters
m; B& b0 ~6 K$ x' e+ FCanaccord 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) e/ \. b' i. X3 tGrowth outlook, challenging pipeline and high cost structure make future unclear
- ^% j, Q4 e, }Blackmont Capital continues "hold", 12-month target price is lowered to $48.004 N4 R2 g m' k8 ]0 u0 s5 G
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00% [, U& Z! Q5 \8 ]+ }2 _* q7 k. m
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Astral Media (ACM.A : TSX : $22.98)
$ J6 f( d; V) j& I/ r4 B, b7 B+ N& P3 o5 ?Released Q1/09 results: strong, in light of challenging operating environment
) @3 w9 g& T% N4 Q" {BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00& O% [. \) K# C3 b. L! l
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
8 R, o/ U1 W5 S! F. f# VGMP Securities maintains "buy", 12-month target price is reduced to $30.00; F8 R2 F. s2 x
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00# Q2 C/ x6 T( M# h1 D" j
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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. x! L3 T! g% j9 zAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
- D* _6 \: |: gWell positioned with gold production forecast to double this year and next
: t0 M) R) r; \' m( p" u+ n# xBlackmont Capital continues "buy", 12-month target price is lowered to $83.00
- g3 [( }) S9 z6 W* Q6 e, U. ZTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00$ A+ X1 [, M9 `
% S4 `" c7 V; d5 d1 D0 FARC Energy Trust (AET.UN : TSX : $17.15)) p. P1 ^+ X9 O: L! ?# N
Reduced distributions by 20%; capex also cut
! _# Y! G: T, M0 i% Y1 i$ qRBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)" D# o) E1 d0 w% r5 z
Announced F09 outlook& _! \% ^" ?4 O) w) _
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
# h+ m4 W5 I6 e) L6 N6 U1 }2 ETD Newcrest downgrades to "hold", 12-month target price is cut to $1.003 d( }& {" U$ f! [
9 z# _" b5 Y4 o) N2 v3 QBombardier Inc. (BBD.B : TSX : $4.65)0 d7 C. T' K4 g# m% \* U
Rising challenges in Aerospace- A9 C, z& h7 w0 {* K& a
GMP Securities continues "buy", 12-month target price is $8.007 d: X% E5 k! W/ d
, v: O' Y9 i9 \. MBank of Montreal (BMO : TSX : $31.84)9 x; ]# `3 o3 A- ?0 m2 J! K3 c" k
Acquiring AIG's Canadian life insurance business
: i& \8 k+ F% aTD Newcrest continues "hold", 12-month target price is $37.00
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; P4 a( b! q- o4 E, k0 c( QCogeco Cable (CCA : TSX : $33.37)
' d+ y' z6 t( s5 L4 XQ1 review: Canada results encouraging, but Portugal remains a drag( P0 H) Y$ K3 U: z
BMO Capital Markets maintains "outperform", 12-month target price is $46.002 V; b; u9 d9 F e; p* Y
Desjardins Securities continues "top pick", 12-month target price is $40.00
, }2 N3 m6 r: I& P I) B8 f: sRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00. d3 T% t% h5 a- A% h2 m: J
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.004 U" }* \- W+ Y4 g
6 u' i3 I6 d" G" CCorridor Resources (CDH : TSX : $2.45)9 r/ S1 p& w3 h# S
Capital budget set to expected cash flow; production guidance lowered/ D6 F5 n- o& J0 c7 B* [
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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) |4 w8 c; i2 V3 ~. T) ~' C9 hCOGECO Inc. (CGO : TSX : $25.14)
3 J, ^1 t6 v7 |% S9 pStrong radio and cable drives 39% EPS growth4 l( p, D$ Z( s/ g$ W J
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)
5 j' A% `; X6 ?* [- B7 qTaking action to address tough operating environment- v* B- L4 X: g6 Y2 _" ^- m# n
BMO Capital Markets maintains "underperform", no target price reported
* w% r. j- q( P7 G6 d2 V: B' KCredit Suisse maintains "neutral", 12-month target price is $1.00
( v/ V8 M' M6 q: f; \8 Y, JGMP Securities continues "reduce", 12-month target price is $0.50
]9 u5 T: b) R3 f, }' yRBC Capital Markets continues "underperform", 12-month target price is $0.75! ? j! ~5 t$ Z
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.508 A- Y5 m% r6 N: k8 h
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Corus Entertainment (CJR.B : TSX : $12.47)# w1 h6 P- s6 f8 g7 v/ z( J9 l& \
Q1 revenues in line, EPS beat$ a# W! E2 f# `) |9 _: N$ @5 @
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
) L6 I4 k7 r7 o9 \ k }Credit Suisse continues "outperform", 12-month target price is $20.00$ f5 b: [, X5 w4 t, }/ E% [, \+ U; Y7 a: Z
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00+ @) O0 G ~2 H' s- Y" }
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
- H( r5 s) P7 y4 P. X: J7 JRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
, w( m- n8 n1 q% Q6 gScotia Capital Markets continues "sector outperform", 12-month target price is $18.00) Y, e; |2 y8 i0 s/ h8 {
% s$ u+ e! r% Q1 ^0 | ?Calloway REIT (CWT.UN : TSX : $11.84)% A" @8 z9 j" Z4 N" k+ y
Held investor day
7 `+ ~+ g# o2 n J- `Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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! `2 ~/ d, l& u$ gDaylight Resources Trust (DAY.UN : TSX : $7.77)
$ y$ H& v' G# \. m6 }Reduced distributions by 38%; guided for lower capex& z# L8 I! T( c' ^- A7 W2 h3 ?
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
8 q5 U4 f$ Q& @- t* G7 MDundee Capital Markets continues "buy", 12-month target price is $12.00
& c4 R) x: x+ vTD Newcrest continues "hold", 12-month target price is $7.50* g4 y4 a% {* Y: t- g
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)9 i; X) F) E4 g- E2 D8 ?$ J
Steady market and currency tailwind
4 k* G+ @9 j% A8 r" dTD Newcrest maintains "buy", 12-month target price is US$5.00
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Goldcorp Inc. (G : TSX : $29.74)7 s. R" L9 I; b! m: t* L, t
Revised commodity forecasts4 \2 a7 ^$ C4 _
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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* [; \2 P" g8 Y" C: a/ U4 B( y+ W! \Heritage Oil (HOC : TSX : $3.77)8 i7 X9 F+ F2 r: O
Announced Ugandan commerciality on exploration success. i! S V+ V- {
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)% M# K5 a/ K. @' `
Retail division suffers- A8 z% l- q( T
Desjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)
7 Y5 n, _* f6 s1 W; n, T$ N' oWestmoreland provided more high grade at Redtree's Jack Lens) b2 h3 C0 r6 M+ v+ c
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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. R# C+ X/ t( `- ]& E; j* qLockerbie & Hole (LH : TSX : $6.00)
- Z+ Q2 _3 N; m& wReleased Q3/09 results: very strong, focus should be on active backlog
/ A5 A Q3 s$ [1 eGMP Securities continues "buy", 12-month target price is $9.006 u. L5 x, m9 R7 o' H
Raymond James maintains "market perform", 6-12 month target price is $8.25' K5 _8 q* c' [( A _
6 z; L- N6 a0 |! b/ G. R" ~Livingston Intl Income Fund (LIV.UN : TSX : $6.00)
0 R" R% |0 k( l3 u) C1 nReduced distributions by 70%- ^2 b$ ]# d: M3 D, K5 G; r F
RBC Capital Markets maintains "outperform", no target price reported
2 A& W# [+ D. T. z# @Scotia Capital Markets continues "sector underperform", 12-month target price is $6.507 o7 K9 ^1 I$ j$ k0 D
' r# L$ H q; H8 pMatrikon Inc. (MTK : TSX : $2.04)
0 e: U6 v+ a( X8 ?* T/ G+ pReleased Q1/09 results: a little light, but still respectable9 v% q- R2 k J# b" V/ X
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
& r3 A, C7 G% rParadigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
7 G# W4 ~4 w9 M E R- b4 l1 g3 YExpecting lower CFPU on higher taxes
" A& a! m% V5 Z9 Q6 G0 Z* PBMO Capital Markets continues "outperform", 12-month target price is $18.00
4 I6 e( L* h9 }. G3 R& o, xRBC Capital Markets continues "sector perform", 12-month target price is $12.004 o) m, Y. ]' h- N. ^
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)
3 }0 q9 v# D% K9 g# y9 QReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
2 a' Z; P' I8 @- c( }Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
: |. b' v# f% vCredit Suisse maintains "neutral", 12-month target price is US$1.00: u, R' `- v) d: P" K" Y
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80" V8 ^+ } C6 _5 H5 r# Y+ Q8 `6 p
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)
! T* i7 o5 b4 g8 o7 SDietary supplement business facing headwinds- g' R; Y, j9 M* {$ X
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)
3 u+ e6 E" C4 \: ]! |8 Q- pProvided operational update and F09 guidance2 ~+ n& z1 P7 @; |7 m4 Y: s' l
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)
! u: G `2 }, B5 |9 O9 L; |( ^South Barnat resource around the corner9 K+ a& v$ G) E
Paradigm Capital continues "speculative buy", 12-month target price is $4.75, ^; Z5 v7 G9 \) Q
8 E! u9 P3 C9 Y2 E" e4 g& |Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
- h; K; f8 p. V: u9 v1 t8 ?! b4 `Provided operational update
9 g' z ^& g. w2 W# _# ~" P# PBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00
# T4 X+ R0 c# PTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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Paramount Resources (POU : TSX : $7.85)
# ^6 W; h% v2 B2 Q, e! i* QProvided operational update: Grande Prairie emerging as the key focus for F09! y$ v2 G. u) O( @! [" _- ]
GMP Securities maintains "buy", 12-month target price is $12.007 U: J0 R$ _: `( a- }6 Y5 v5 J
/ N- Z; ` {4 z- YRockwell Diamonds (RDI : TSX : $0.07)
) A5 w, h3 M# l. |8 @) ?Operations starting to turn the corner3 `) [. p% f1 J% T. ]0 p
RBC Capital Markets maintains "outperform", no target price reported( F+ R' g# `3 z$ @) {+ Z, b1 d
4 \6 E5 G! X& k+ k& h0 i4 MShaw Communications (SJR.B : TSX : $20.13)
5 |$ |# e L4 ] s; X+ uReleased Q1/09 results: in line, subscribers ahead
! o8 k0 r9 u3 }9 d+ fCredit Suisse maintains "neutral", 12-month target price is $25.50# Y0 O8 l) c! u, E; ^* ~
GMP Securities continues "buy", 12-month target price is $26.505 O* o6 b9 j) S
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
4 R' {4 J0 p7 U! U2 S) o- MHeld a sell-side lunch showcasing new U.S. team
# a, y7 Q$ M$ R2 f9 zScotia Capital Markets maintains "sector perform", 12-month target price is $33.006 f, r( b4 t$ G/ c, K
$ s" [$ O, |# ^$ T# I, I- i- vTrican Well Service (TCW : TSX : $6.93)
! K0 k% H7 K" E* E$ u/ X- q$ [Awarded Russian contracts
" }/ Q7 u1 \3 `0 Q U8 lBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75
2 x3 [' s4 R2 y1 lRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00
7 l9 _8 m9 p0 D: Y( sRBC Capital Markets maintains "sector perform", 12-month target price is $10.00& b/ D; x& M0 w" b7 A( d
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Sino-Forest Corp. (TRE : TSX : $8.93)$ V# j$ \/ f/ v: D7 D" ^5 `
Chinese furniture exports rose in November7 \. ~2 M2 u; w
Dundee Capital Markets maintains "buy", 12-month target price is $23.500 z0 E% h/ Y3 V: A
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UEX Corp. (UEX : TSX : $0.88)
' U/ s* _+ e' M8 [! A$ {' |! U. g8 ~Shea Creek's two largest deposits have become one5 p6 z5 ]; [; v* @( j( U
Dundee Capital Markets maintains "buy", 12-month target price is $2.75* b6 J! _% |+ M; C
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Vero Energy (VRO : TSX : $4.72)
6 v b* F7 }- N2 {' t) q) X6 MReleased Q4/08 results: horizontal focus to continue in F09
, {5 n% j5 d9 F" y' u& j6 r' }Dundee Capital Markets continues "buy", 12-month target price is $8.00" a1 c% X" @! e) M
GMP Securities continues "buy", 12-month target price is $7.50
# N$ W! F2 U+ }Paradigm Capital continues "buy", 12-month target price is $12.00* n! l5 J1 \ D3 K) y
RBC Capital Markets maintains "outperform", 12-month target price is $8.50
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9 f) ^7 `9 O$ }0 pWi-Lan Inc (WIN : TSX : $1.75)' V0 v5 d' g, d( ?$ o
Hit homerun with Samsung l7 B& ]- T/ f
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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