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Ear on the Street --- Jan. 16 2009' K3 h1 t+ ~8 `1 K) n1 @
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Absolute Software (ABT : TSX : $3.36)
0 q. b) w2 l" H# L3 WBracing for a tough few quarters" G/ g' t4 C. o9 @1 x% P" k6 p
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)
5 m; {5 {9 {7 b& F: ?8 AGrowth outlook, challenging pipeline and high cost structure make future unclear
5 U! L6 t& I; s7 h3 D) tBlackmont Capital continues "hold", 12-month target price is lowered to $48.00
# i7 N# N' A5 H1 eTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.006 ?4 @- p& H+ _$ o. x: ?" A
+ P: w9 j) v3 D. V8 n4 dAstral Media (ACM.A : TSX : $22.98)+ A5 r5 a- ~3 m D( z# O; D
Released Q1/09 results: strong, in light of challenging operating environment
% w; o/ @# \- _% yBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
1 d: W6 w. |: k6 ~" L' UDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00* l) J% g$ w9 }4 a/ ~& E
GMP Securities maintains "buy", 12-month target price is reduced to $30.00& y8 v" \% q6 g: n# _# u' j. I2 P% b; _+ T
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00+ c, ^" V. ]7 t5 p! \
Scotia 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$45.07)
( W8 d, {$ P. ?Well positioned with gold production forecast to double this year and next
# P) h2 `( A2 Y; u) W% YBlackmont Capital continues "buy", 12-month target price is lowered to $83.00
/ r, z8 N0 ^# W+ wTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00( D1 b' o1 R6 N' _
+ t6 S7 _( J9 D# ], m& P+ F3 UARC Energy Trust (AET.UN : TSX : $17.15)5 @3 B# f; i+ d, p6 p
Reduced distributions by 20%; capex also cut+ p. m9 e4 g/ Q7 X g
RBC Capital Markets continues "outperform", 12-month target price is $19.00! U" A4 Z1 M( b ^+ w. S- M
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Andean Resources (AND : TSX : $0.75) c( [# x S+ R
Announced F09 outlook6 V' I* y+ t8 n
Paradigm Capital continues "speculative buy", 12-month target price is $2.253 A% g* P F' B6 ?9 k
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.000 j3 @/ G# E( V* h# s& p* X8 j* m
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Bombardier Inc. (BBD.B : TSX : $4.65)) A F+ d9 D" D2 o& w
Rising challenges in Aerospace% c4 D: p* x$ T O8 B; t1 l- c5 n
GMP Securities continues "buy", 12-month target price is $8.00, z; Q$ k) |& V
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Bank of Montreal (BMO : TSX : $31.84)* h# M& T$ I3 n* l5 n; ^. I
Acquiring AIG's Canadian life insurance business3 [" r. F8 @% d1 U# J
TD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37), n8 {3 H# i5 |' @
Q1 review: Canada results encouraging, but Portugal remains a drag
7 h5 {4 l% x7 s+ wBMO Capital Markets maintains "outperform", 12-month target price is $46.00
+ m9 P5 a8 o# \Desjardins Securities continues "top pick", 12-month target price is $40.00+ A( a$ L% u' C
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00( d4 Z$ e, G5 V% G9 q
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)! [8 `4 n; ^, ?: {+ t- s
Capital budget set to expected cash flow; production guidance lowered) B& A+ Q' k* ^" g7 c9 F+ @5 G
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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6 K/ X6 c$ M7 Q& V% G1 k/ {COGECO Inc. (CGO : TSX : $25.14)0 |' v* L) G3 M p1 j) f
Strong radio and cable drives 39% EPS growth0 `. x5 F; b% O1 z S) X* C
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00% g; g& R1 w: R" L! ?9 @2 \' T
$ A$ e" p/ {! L/ ~CanWest Global Communications (CGS : TSX : $0.51)
) F" _4 ]- j$ N7 mTaking action to address tough operating environment
( g2 n0 [( |5 q) q& Z# w+ hBMO Capital Markets maintains "underperform", no target price reported. i3 ^ ~# Y/ u2 T: L: H
Credit Suisse maintains "neutral", 12-month target price is $1.00
9 |: D$ T% y+ p( [/ @( u$ ]GMP Securities continues "reduce", 12-month target price is $0.50! p; g; r f" e* J
RBC Capital Markets continues "underperform", 12-month target price is $0.759 y) U- M& L- p0 F
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)0 W0 [" {" B( T1 M$ a" ~2 Y
Q1 revenues in line, EPS beat$ F; ^6 \# t% t4 Z& L& _
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
! G1 W3 Q ]8 X' N7 {& ICredit Suisse continues "outperform", 12-month target price is $20.002 f+ D4 E/ _9 m. F* { p: [
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.006 M, X) E% X8 C* L
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
# @3 I( L+ Q) w* U, ?& p8 ]4 BRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50" ]+ G V0 ?2 J4 @7 J9 K, U4 E) j
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)
5 s' r( }4 a0 M8 B7 J0 a8 t8 cHeld investor day
: Z- F, b- H( d0 X& ]Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00$ t& M1 Q. m# G6 {8 A
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Daylight Resources Trust (DAY.UN : TSX : $7.77)% Q4 ~8 T. x. C6 a
Reduced distributions by 38%; guided for lower capex+ W' O/ W; V3 g Y" U4 x8 ]; @
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
) B9 [; ]3 e* s: P9 IDundee Capital Markets continues "buy", 12-month target price is $12.009 `5 S: m9 L: q6 o( R0 Z
TD Newcrest continues "hold", 12-month target price is $7.501 M0 q, Z; P) w! _ T0 L
( |7 }1 x+ N9 d) A: M9 a* G2 REXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)0 e2 ^( W: }- u8 l( i+ ]
Steady market and currency tailwind
& ]& g3 J' G9 C# L- fTD Newcrest maintains "buy", 12-month target price is US$5.007 D# Q( }) b4 H6 g6 G& D4 W
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Goldcorp Inc. (G : TSX : $29.74)
7 T1 T) b" w9 F4 d6 Y- LRevised commodity forecasts: n! b3 [( A/ u8 N* Y3 o4 p, Y# I
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)
' N. ^$ W6 X3 w; L3 TAnnounced Ugandan commerciality on exploration success/ P: }4 q5 {7 F4 n9 G, F" I
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.508 H# l. G: G+ A* n
, a9 a: u% e1 F) o" [% u! |Harry Winston Diamond (HW : TSX : $4.98)4 [% f+ ^2 J2 m. q' X7 t
Retail division suffers
; v R) t5 z9 w3 o% VDesjardins Securities maintains "buy", 12-month target price is $12.60( U9 ^) Y* Y2 b9 P6 \
/ L5 O. i' } x( V% T6 R% JLaramide Resources (LAM : TSX : $1.84)
( S( x u. p P7 P( R# q1 AWestmoreland provided more high grade at Redtree's Jack Lens% s) I% L- o4 B' I8 L+ m: y& U8 J
Dundee Capital Markets continues "buy", 12-month target price is $2.30" P% V; L- B9 e8 O, s
: C6 J/ W7 k& I. nLockerbie & Hole (LH : TSX : $6.00)/ u* ~1 Z* k/ A& t* I; N
Released Q3/09 results: very strong, focus should be on active backlog% b, J( i/ D4 m7 l
GMP Securities continues "buy", 12-month target price is $9.00
$ t. C; k/ p9 V ~7 q# x0 ORaymond James maintains "market perform", 6-12 month target price is $8.259 Z9 u8 L) y4 Q8 ?) h4 Z
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)0 U6 }0 [5 |6 N/ }1 ~& v
Reduced distributions by 70%
" c3 Z- l x p1 P W% K. @RBC Capital Markets maintains "outperform", no target price reported! C( Y# F2 a8 z' q! e) g
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50: ~+ j3 g5 v5 Q/ z" m( h R
/ E! u( O- ?: HMatrikon Inc. (MTK : TSX : $2.04)
1 @4 q" I$ _- t& `2 e' HReleased Q1/09 results: a little light, but still respectable, s5 o J4 v" T3 {: z
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50: J9 |2 K4 Y/ A/ b: h
Paradigm Capital maintains "buy", 12-month target price is $4.009 Z# z4 J; |0 Y3 ?/ M
C9 [: }! P7 V" R4 `# X* o* T' F: T% wMullen Group Income Fund (MTL.UN : TSX : $10.97)
' P/ z& ~; B" y* `/ |; kExpecting lower CFPU on higher taxes
" p2 w$ S4 R. H7 B( SBMO Capital Markets continues "outperform", 12-month target price is $18.00
' ` `. }3 ~' v" a0 _2 s2 ORBC Capital Markets continues "sector perform", 12-month target price is $12.00
' r! x, R& z' \! Z0 c% ZTD Newcrest continues "buy", 12-month target price is $17.005 L; Z7 k+ a4 S8 [5 b6 A( g% q
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
" y6 d8 ]9 E' s0 o; l, }5 bReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
+ E/ l' q% _8 i; S) d# QBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
( n! E" x5 l( B. p# ICredit Suisse maintains "neutral", 12-month target price is US$1.00/ X# W7 ]5 R/ J7 @+ {9 o6 A
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.806 k* |8 }) p0 u; X) l
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)
- K* l% i5 S2 _* L4 ]7 \Dietary supplement business facing headwinds; j/ s$ k. c- M: s6 f" E) m
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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]0 y8 N- \' uOpen Range Energy (ONR : TSX : $1.18): D- ^* v+ y' p5 R6 q" ~" g
Provided operational update and F09 guidance
! I/ R* B, T. F {Haywood Securities continues "sector outperform", 12-month target price is $3.259 d. w% v0 B! y: w' ]! W7 t9 A
' W7 t' y/ N0 ~0 \$ pOsisko Mining (OSK : TSX : $3.13)
0 `( X2 Q4 ~ Q6 ]1 r* Z! nSouth Barnat resource around the corner
, h5 w% \9 R, a. N) DParadigm Capital continues "speculative buy", 12-month target price is $4.75, J, v6 h+ j+ s! h5 l8 n
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75). g: ^3 }' }9 w; k- D
Provided operational update
3 y5 S: y& C% B5 ?* ZBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00
2 M. t( u4 J V! e) ?4 M" T- OTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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/ X( G; T# R# S) rParamount Resources (POU : TSX : $7.85)
& ~! r/ c |* J1 sProvided operational update: Grande Prairie emerging as the key focus for F09
% b- m3 P8 ?; |+ L: `8 OGMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)
: X0 I# t2 d% D- n9 gOperations starting to turn the corner
& u1 s( R: {8 VRBC Capital Markets maintains "outperform", no target price reported
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% H- X3 Y. v" u. Y) m5 qShaw Communications (SJR.B : TSX : $20.13)
4 {3 j+ S% ^# _& k( }, n, VReleased Q1/09 results: in line, subscribers ahead
2 o6 a" F1 A3 C! C2 q; D6 n5 eCredit Suisse maintains "neutral", 12-month target price is $25.50
( V' ?( @% }2 d1 X- aGMP Securities continues "buy", 12-month target price is $26.50
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)' j: g1 `; [( ]* c- u; U
Held a sell-side lunch showcasing new U.S. team* t, z& I% c# Q7 Y
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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Trican Well Service (TCW : TSX : $6.93), M9 T9 e% c1 G. k u3 v
Awarded Russian contracts- q; w! f6 Z1 C: l+ { _9 Q3 a; f
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
5 v' R* y$ C6 M ]4 @Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
1 e: o( ? j# c1 u" v5 JRBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93)- D3 a1 P. @' ]% ~; Y, z7 j. w
Chinese furniture exports rose in November( q9 Y, j. K1 `- M, D
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)
5 r0 X9 u7 P7 n6 R% PShea Creek's two largest deposits have become one
3 @& X" j' t$ I& N0 ^, L& {Dundee Capital Markets maintains "buy", 12-month target price is $2.75" _" }- D$ `) m' E$ v
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Vero Energy (VRO : TSX : $4.72)) m/ Q) K* Y l: J0 v5 b1 m: e
Released Q4/08 results: horizontal focus to continue in F092 P' ~4 z; `6 u! L
Dundee Capital Markets continues "buy", 12-month target price is $8.00+ `. V1 i" B. P' A
GMP Securities continues "buy", 12-month target price is $7.50
: t3 @+ G9 g1 K- m$ D1 {% LParadigm Capital continues "buy", 12-month target price is $12.00
2 _/ ` y2 p5 z, H ^6 ^& ARBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75)
5 r6 Z4 b" h' j3 M( }% N3 Z' ]) PHit homerun with Samsung" o; D; D$ W- z* s4 G# X7 u- n- y' Q
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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