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Ear on the Street --- Jan. 16 2009. g' s8 s, _8 T% ? @) Z/ Z9 G. @
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Absolute Software (ABT : TSX : $3.36)7 w3 Y5 B0 L) ~9 o6 y g
Bracing for a tough few quarters
0 v, X# [, L6 ]% q2 V' ~! ZCanaccord Capital maintains "hold", 12-month target price is $4.50
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)( I b7 N$ L0 w/ t) S, O- L
Growth outlook, challenging pipeline and high cost structure make future unclear! Y1 B( G$ H+ g4 N0 d
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
1 v5 A! i3 m0 q; n' c1 t7 A; ]7 k& wTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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Astral Media (ACM.A : TSX : $22.98)9 U8 s2 _8 [4 E5 n3 c
Released Q1/09 results: strong, in light of challenging operating environment
0 K/ Z) b9 B- }3 m+ MBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
" h) S& A! R: `" x: cDesjardins Securities maintains "buy", 12-month target price is slashed to $28.006 Y7 }' [6 S, h* J! K! k3 r
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
- ]# C1 o+ s& j1 }0 ?) NRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00! t, s9 y) e2 H( W* K4 S
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$45.07)1 x7 W: i6 v$ g9 t
Well positioned with gold production forecast to double this year and next. i3 l1 y8 N+ ~
Blackmont Capital continues "buy", 12-month target price is lowered to $83.006 ?/ o4 d, ~3 m; F9 U
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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" k. y" K8 |: \" K" @) Q1 XARC Energy Trust (AET.UN : TSX : $17.15)
& H6 ?; b% @9 t! o; HReduced distributions by 20%; capex also cut
1 _& H4 N& C: z( h4 U4 r! }RBC Capital Markets continues "outperform", 12-month target price is $19.000 x q4 q1 j; a; t6 q
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Andean Resources (AND : TSX : $0.75)
. s8 h0 c7 n* d0 ]Announced F09 outlook4 F+ ~1 ~ ]$ B. Z" Z9 x0 i
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
& d0 Q+ D% t' i4 ]( {TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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Bombardier Inc. (BBD.B : TSX : $4.65)6 {- T; z3 Z! y% R) N) x& L3 f
Rising challenges in Aerospace
0 J" g# h$ ^1 T3 f3 F6 ?6 Z/ @- UGMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)
R6 C3 M3 q' s1 F- p4 O5 C1 `Acquiring AIG's Canadian life insurance business
% [! O; n. N4 Y9 O. \& bTD Newcrest continues "hold", 12-month target price is $37.00; t3 t9 d) `: `4 M
" Y8 O3 z- c+ Z! K" c2 nCogeco Cable (CCA : TSX : $33.37), y5 K U" E) F8 F9 }) e
Q1 review: Canada results encouraging, but Portugal remains a drag3 T3 u& {6 [! K( s$ f4 {0 n
BMO Capital Markets maintains "outperform", 12-month target price is $46.001 a- b/ W, q% ^- U
Desjardins Securities continues "top pick", 12-month target price is $40.00
; I0 l: N2 {: \RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
& w. p$ o, m* x( wScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)
8 C/ v0 ^ h2 `Capital budget set to expected cash flow; production guidance lowered" y* X8 i8 ]; G
RBC Capital Markets maintains "outperform", 12-month target price is $4.25# R+ s5 P$ f2 M; Y; k' u! W
5 f, h& W' {9 y. BCOGECO Inc. (CGO : TSX : $25.14)( O: }+ k6 C4 E5 {& P2 O
Strong radio and cable drives 39% EPS growth; y- n( r8 {$ n9 q/ x/ G. F2 j# c
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)
3 i. l: Q+ N6 A, c9 ^7 q a" HTaking action to address tough operating environment
; @/ _' b& g! KBMO Capital Markets maintains "underperform", no target price reported
; {" P1 i9 D z ~& Y) f& k' u, ]Credit Suisse maintains "neutral", 12-month target price is $1.00" K% \; A G. Y5 x& ^9 ~ K
GMP Securities continues "reduce", 12-month target price is $0.50
3 v6 M6 W9 R ?0 bRBC Capital Markets continues "underperform", 12-month target price is $0.75! s C9 F$ U2 ?% c# U6 F6 {
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)
9 v& ^0 G* t+ W7 I0 eQ1 revenues in line, EPS beat+ U+ h7 i8 o0 @2 e. Z9 ^" V1 [
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00+ ?- X- c5 }/ ?
Credit Suisse continues "outperform", 12-month target price is $20.006 @& O' a1 z! S5 p1 I
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
1 i6 B7 ~# o# Z7 N0 k9 c( e, \GMP Securities maintains "buy", 12-month target price is reduced to $17.006 J4 Q; u( O; K2 i& s! P) E
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
* i1 O6 [4 O2 I- N' lScotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)
( D+ I+ I- B& d: W9 l: mHeld investor day9 o% D% r* |6 A7 Z$ X
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)1 v8 F5 T9 X0 V7 W5 V
Reduced distributions by 38%; guided for lower capex2 B2 a# j' M+ | Z' \8 {3 X
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00, L. t0 s4 J# C4 _9 ~: G) P" H
Dundee Capital Markets continues "buy", 12-month target price is $12.006 r+ w2 z( W7 g. x
TD Newcrest continues "hold", 12-month target price is $7.50# K; r2 v$ b2 R" Z9 ^
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
0 C: t: x) m3 @; L+ V" sSteady market and currency tailwind
' w& }3 n2 s' y4 R, G5 qTD Newcrest maintains "buy", 12-month target price is US$5.00
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; Z$ O' Y) {+ l, Y7 aGoldcorp Inc. (G : TSX : $29.74)& k0 d: g3 k9 u4 ]
Revised commodity forecasts
" X# b p( q& t, JBlackmont Capital maintains "buy", 12-month target price is reduced to $49.009 R" _) H, d' L* N
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Heritage Oil (HOC : TSX : $3.77)5 Y& \2 G3 I0 C3 ]
Announced Ugandan commerciality on exploration success7 |: T+ ~8 x. W4 C- s2 W7 Y/ m0 u
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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4 t/ ]6 P/ f {6 \0 V1 L: B- |Harry Winston Diamond (HW : TSX : $4.98)2 c6 g% ~1 y [' ~: V0 E
Retail division suffers
3 j5 K* F. K. L: ~) W& [1 |Desjardins Securities maintains "buy", 12-month target price is $12.600 z) y" [+ {0 {4 }9 l* i
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Laramide Resources (LAM : TSX : $1.84)! h8 {& u+ k( \8 L# G+ C0 e
Westmoreland provided more high grade at Redtree's Jack Lens' ?! D/ U0 E% m6 r0 F- {4 M# j5 ^
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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; \$ v# D2 S$ zLockerbie & Hole (LH : TSX : $6.00)
' T5 [: X2 i& j9 }Released Q3/09 results: very strong, focus should be on active backlog! U" R& P# v1 B: d: Z* e
GMP Securities continues "buy", 12-month target price is $9.00
0 t' ?+ S$ B! Z7 L6 w% f% mRaymond James maintains "market perform", 6-12 month target price is $8.25# F$ t( F* W& m$ f1 i
4 j7 {. h- i, [6 D. ]5 V$ l6 h aLivingston Intl Income Fund (LIV.UN : TSX : $6.00)5 J% c( O, g7 X1 L* ^
Reduced distributions by 70%
# p8 j3 Z( l2 v) tRBC Capital Markets maintains "outperform", no target price reported
2 b; ~2 c+ t* I+ O5 }# a' pScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)
3 W) ~6 g8 V; U* WReleased Q1/09 results: a little light, but still respectable& d; ?2 x6 w0 W* [" ~$ t7 Z
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.500 U6 p% A M" e2 |/ _
Paradigm Capital maintains "buy", 12-month target price is $4.006 _5 J1 E# N3 [1 |4 E; s; ^+ \+ T" I& k
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)8 ~3 h0 K$ v4 A& ]: ^ B# g4 _
Expecting lower CFPU on higher taxes
; G! Y2 r" {4 S6 m# \! VBMO Capital Markets continues "outperform", 12-month target price is $18.00# h( ~7 B4 D. y1 a" i" c( r
RBC Capital Markets continues "sector perform", 12-month target price is $12.009 I, K- F4 F& F5 H0 @8 c- x
TD Newcrest continues "buy", 12-month target price is $17.00+ Z! ?) G* B; k' m9 m2 e9 x
* _7 s' W6 B' k. O C/ {4 f2 k4 _Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)4 i C& v% Q6 ~4 ? J8 r( ~
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
' q3 X' J0 A; B0 i4 nBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
$ z( g- r; L7 I) {! d* PCredit Suisse maintains "neutral", 12-month target price is US$1.006 p7 y3 C1 m& ~ c' Q: I
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80! v; E2 a) j5 O# Y" P9 x
) o" \) J) E) F9 r8 ]4 P' d3 pNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
) [8 K1 M7 y& d& RDietary supplement business facing headwinds
. I5 ? K1 Z$ w; U/ xParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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/ d2 T1 i3 |) Q" I/ IOpen Range Energy (ONR : TSX : $1.18)
7 ?* u4 d5 u2 B9 f* n9 c0 H$ |Provided operational update and F09 guidance* Q! K1 s G7 h5 c
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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/ Z3 C3 x2 B3 W% |" z- S5 R# ~+ [Osisko Mining (OSK : TSX : $3.13)
4 y$ n% Z+ X3 M8 o* C8 x4 o' ?South Barnat resource around the corner
# w' l$ K* F! [6 A) z$ G+ o: r, _Paradigm Capital continues "speculative buy", 12-month target price is $4.75$ ^% i8 ]# d d' Y* J
) D. b% k6 l( y4 w& EPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)& t2 w1 N7 X7 E
Provided operational update
: x8 x4 m5 I- d" d- F& {Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00+ i( M% j1 P4 ^$ G
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)4 }/ D0 z+ X) C% @2 J, D* B
Provided operational update: Grande Prairie emerging as the key focus for F09
& x6 |" Y6 \! B& w% }# \GMP Securities maintains "buy", 12-month target price is $12.00* x5 [% J0 t. g& v8 }
0 r! _+ r$ @9 N& w- k* p) b8 IRockwell Diamonds (RDI : TSX : $0.07); J- e8 Z0 S" A! V7 Y
Operations starting to turn the corner
9 l' r6 j. P* @RBC Capital Markets maintains "outperform", no target price reported
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4 {' ^' b9 [2 S& y+ o7 s/ F' [' S0 uShaw Communications (SJR.B : TSX : $20.13)
/ G% p( Y, p% ~- B5 X5 fReleased Q1/09 results: in line, subscribers ahead
8 k$ E6 m1 }0 \0 xCredit Suisse maintains "neutral", 12-month target price is $25.504 s& W5 e9 d x5 V% H: @- q
GMP Securities continues "buy", 12-month target price is $26.50. r3 u7 m% K( N* q
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)1 Z3 f" }4 \# m4 [: F4 o
Held a sell-side lunch showcasing new U.S. team# L- m7 F8 |3 q6 s$ R
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00+ X- P4 y) W0 I6 k, m& R
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Trican Well Service (TCW : TSX : $6.93)# \! M6 K; i' g! l8 Q
Awarded Russian contracts" ]/ R8 g6 _2 ~$ ^ Z
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75# ~' b1 S/ b1 ~) I
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
/ m; E/ M/ m, Y3 h. \RBC Capital Markets maintains "sector perform", 12-month target price is $10.00( ]5 g" C& D# l
6 y( u9 n1 P2 d) i3 A( NSino-Forest Corp. (TRE : TSX : $8.93)
" k* G; D7 r U+ m/ f0 R7 GChinese furniture exports rose in November5 g5 O' W) d, i1 x6 Z9 W
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)
' a/ X* o" ~" U0 ?6 _Shea Creek's two largest deposits have become one& S3 g3 W5 a b* A
Dundee Capital Markets maintains "buy", 12-month target price is $2.751 k3 m+ E+ |- J9 I- p' o
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Vero Energy (VRO : TSX : $4.72)5 c3 U$ z0 l! i$ T+ H! Z
Released Q4/08 results: horizontal focus to continue in F090 g6 j! s, e* a: N+ {9 z* E* g
Dundee Capital Markets continues "buy", 12-month target price is $8.00
+ h# S( v- e( \! v4 t1 S* X0 E) ZGMP Securities continues "buy", 12-month target price is $7.506 N$ Q2 `& `$ V& h$ k3 G( K' n
Paradigm Capital continues "buy", 12-month target price is $12.00
; X1 M+ o! \0 [0 R( K9 F0 WRBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75)
. O+ _7 J# a1 ^' _1 e6 iHit homerun with Samsung+ [* m& r" L+ p# F0 o6 g9 z' c
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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