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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)4 N7 k/ W0 C. \! n5 [* P9 r
Bracing for a tough few quarters
# r) e |; \! K8 v* @4 |Canaccord Capital maintains "hold", 12-month target price is $4.500 e+ I$ H8 G5 X+ [$ O( g( R- z8 W
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
# n) e) F; \& h; mGrowth outlook, challenging pipeline and high cost structure make future unclear
( p/ M U1 e; x1 i6 XBlackmont Capital continues "hold", 12-month target price is lowered to $48.00
- _% o6 `1 b- ~& cTD 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)( O' @! N# ~' ?
Released Q1/09 results: strong, in light of challenging operating environment! G- {( J, y- z& G
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00$ p: D9 T# L: k$ z. o# A- I
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
" H) ?; L8 ?& l7 b" d9 GGMP Securities maintains "buy", 12-month target price is reduced to $30.00
& y0 F+ K$ i) m- a( B l1 ?RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
6 K4 ^# ^9 N+ N XScotia Capital Markets continues "sector outperform", 12-month target price is $30.006 Z8 z! m( B4 D" F
& p$ \$ Q* ?% B) B8 @4 F0 AAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
, t2 N: h+ k) t( W0 lWell positioned with gold production forecast to double this year and next
9 V" {' h& \- X( g: MBlackmont Capital continues "buy", 12-month target price is lowered to $83.00
' ]6 g9 y! m% k% KTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00, [8 f# F. y! P7 O) F$ h3 G
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ARC Energy Trust (AET.UN : TSX : $17.15), J% `5 ~/ [) t; ^% a& n
Reduced distributions by 20%; capex also cut( t* h/ T; t( m! \( i
RBC Capital Markets continues "outperform", 12-month target price is $19.00, i2 |. {( u& L
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Andean Resources (AND : TSX : $0.75)' N' [6 L" ]# G
Announced F09 outlook l" ~0 G5 _8 r8 K: a8 K& `: K
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
; ~- v/ D' [, ETD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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9 @5 g7 M2 }$ TBombardier Inc. (BBD.B : TSX : $4.65)) a( c2 V- N6 B+ E) u
Rising challenges in Aerospace
& q6 K }: S( Q% O4 ]2 |) }GMP Securities continues "buy", 12-month target price is $8.00
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( n/ J; A C% w W# F: I _0 mBank of Montreal (BMO : TSX : $31.84)
* a& A' _1 c/ n/ m+ @+ B* P' u% aAcquiring AIG's Canadian life insurance business5 x+ G* I3 \9 @9 a- K
TD Newcrest continues "hold", 12-month target price is $37.00
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5 \) d, p$ u) t/ d; Z6 V1 \Cogeco Cable (CCA : TSX : $33.37)
D m8 k* b, v- h+ \Q1 review: Canada results encouraging, but Portugal remains a drag
1 {) J, |% E# A3 Z- O/ i3 K# sBMO Capital Markets maintains "outperform", 12-month target price is $46.00
a2 t3 `# T) ]" S) v) F" PDesjardins Securities continues "top pick", 12-month target price is $40.00: e7 k8 r2 O: p' A
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
3 u$ X+ E% {+ }: O" tScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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+ c2 B! ` J& JCorridor Resources (CDH : TSX : $2.45)
- l" S7 X" M0 ~. B( f9 e+ CCapital budget set to expected cash flow; production guidance lowered
. x. |" _, m1 S! i( J7 q; I- SRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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J/ W: |: z/ o6 ^: TCOGECO Inc. (CGO : TSX : $25.14)5 r4 H3 Q8 v) q, _7 d9 a
Strong radio and cable drives 39% EPS growth
6 E7 F8 C7 g: u( D4 lScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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; w5 U0 s( Y+ f! j% t0 h3 @ ^$ mCanWest Global Communications (CGS : TSX : $0.51)8 N' e s7 F: W, q( o5 i/ I
Taking action to address tough operating environment0 |0 R9 ^5 f- b
BMO Capital Markets maintains "underperform", no target price reported/ W' f, j1 C: l2 u
Credit Suisse maintains "neutral", 12-month target price is $1.00) X- E% D+ l m
GMP Securities continues "reduce", 12-month target price is $0.50
% D+ @& a3 |6 J1 h+ oRBC Capital Markets continues "underperform", 12-month target price is $0.75
+ D& v1 q) i+ i' s1 R- `% i4 S7 KScotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)3 m! R T8 m1 M8 d
Q1 revenues in line, EPS beat
: ]; W% d/ y( C6 {3 u5 Z7 a1 j) `: NBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
1 ?( @4 G1 p+ bCredit Suisse continues "outperform", 12-month target price is $20.00' S1 [0 k, X3 [$ C) R( e+ b) R3 I
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00! S* p7 Z) f/ c
GMP Securities maintains "buy", 12-month target price is reduced to $17.007 T; p6 n; a) A# G$ S
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.506 V9 T) k3 r8 P: {/ H: C9 b& k
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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6 y7 E- e) W) `5 S8 R/ aCalloway REIT (CWT.UN : TSX : $11.84)/ W4 H0 K3 J) L; n5 o
Held investor day
9 P* q4 V* n/ V! V" w* _) M, }Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00 I. [8 Q- I. v- c1 [/ d Q1 t
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
# D) c' {6 w- n& U4 c SReduced distributions by 38%; guided for lower capex; |' h* |- z/ D
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
# Q8 [' n8 n, z* R9 M4 uDundee Capital Markets continues "buy", 12-month target price is $12.00
% y6 G$ D9 l m7 j# h) h- s( Y0 ZTD Newcrest continues "hold", 12-month target price is $7.50& v3 @3 T% P' a' q4 _
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
, H* b- i5 F' D2 ^) ESteady market and currency tailwind' b6 X8 k O, _
TD Newcrest maintains "buy", 12-month target price is US$5.00: \1 ?; H/ f' G: M8 M
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Goldcorp Inc. (G : TSX : $29.74)# u' n6 r, j9 x& o0 \
Revised commodity forecasts1 g V( c2 E& _
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00! ^; m1 U1 z1 u! ?0 H. X) E" ^
) f! ]) A, W1 C5 IHeritage Oil (HOC : TSX : $3.77)4 q% Z. ^. V: }( d5 M2 L# K
Announced Ugandan commerciality on exploration success4 v. O, `' c% S9 `
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50/ m% C9 B+ H9 i% Z/ G. F% U
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Harry Winston Diamond (HW : TSX : $4.98)
# b5 S2 a0 H( W8 c9 RRetail division suffers
- q# l1 z6 Z& B0 X: \- yDesjardins Securities maintains "buy", 12-month target price is $12.60
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/ E8 S: C# e: N" }Laramide Resources (LAM : TSX : $1.84)
: `) ^4 K5 a* D! SWestmoreland provided more high grade at Redtree's Jack Lens
3 ~ z; @% P' h2 V# c) VDundee Capital Markets continues "buy", 12-month target price is $2.30# o) n1 `$ `* M7 R( e* c
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Lockerbie & Hole (LH : TSX : $6.00)
; g E/ R9 \6 J- QReleased Q3/09 results: very strong, focus should be on active backlog
) H+ O* r5 c9 f4 hGMP Securities continues "buy", 12-month target price is $9.008 i1 ?' r0 U: J. |' ?" H
Raymond James maintains "market perform", 6-12 month target price is $8.25
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)
8 u, U2 R& }* U1 ]# QReduced distributions by 70%- d% S# s) ]3 E& J
RBC Capital Markets maintains "outperform", no target price reported
5 D3 F8 D2 F3 a, D1 [7 t- w, JScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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3 N) F! S ]# A' a, r9 R( ?( `Matrikon Inc. (MTK : TSX : $2.04)
. a y# S4 L6 ^6 f" J$ N# UReleased Q1/09 results: a little light, but still respectable' N* ?. u. M, T) `/ X# L
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
* V: o$ E1 d; X* R! cParadigm Capital maintains "buy", 12-month target price is $4.005 O) y7 w, K( E+ j3 j
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)- v* G! T# c) ~" l
Expecting lower CFPU on higher taxes" |) l. Q0 f$ n5 H) K, S) [0 l
BMO Capital Markets continues "outperform", 12-month target price is $18.00& t; G) n3 H5 d1 `; L/ Y: n+ Q# I, ], [
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
- c) j/ C5 X: k2 T1 ETD 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)1 k3 ]. W/ T9 A5 o2 I
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
! s5 v/ Z. k% T- Q" D" @0 T! ]Blackmont Capital continues "hold", 12-month target price is reduced to $1.256 [, l3 |: Q- k1 w
Credit Suisse maintains "neutral", 12-month target price is US$1.00
0 K) r& {. q5 d. jScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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' J7 C' t) r7 pNeptune Tech & Bioresources (NTB : TSX-V : $0.79)! m! G* F- Q5 B! e- j k8 s- _
Dietary supplement business facing headwinds
9 P5 r N0 H4 d- c" c9 P' t, LParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)0 D5 S& x* g9 }( @+ S, K3 O' c; c
Provided operational update and F09 guidance5 w4 e. h/ K" N \5 s+ L! h( @; e
Haywood Securities continues "sector outperform", 12-month target price is $3.256 G1 p+ R) B) H% R. T
9 ~; c; ~* u4 w! _- h+ r+ m' L( FOsisko Mining (OSK : TSX : $3.13)0 c Q1 |9 u3 J6 P& k/ e
South Barnat resource around the corner
! e3 I" B$ a! G# e5 V2 DParadigm Capital continues "speculative buy", 12-month target price is $4.750 r% Q. u$ _# J
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)1 [6 n. Y( E3 e+ N6 o
Provided operational update \3 Y$ d. [- Q. w8 n
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
) q, Q8 F8 w4 {0 C( vTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50# q/ }+ X. u) f* I5 U) [% X
; k! j3 Z. e- B5 C& c6 oParamount Resources (POU : TSX : $7.85), ^+ k# y, E! Q5 N/ A
Provided operational update: Grande Prairie emerging as the key focus for F09. \# P* ^3 z+ b9 D3 Z( l% `6 u$ k
GMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)0 B1 |& k3 r3 }' @ R+ O0 l( E8 ?1 j6 t
Operations starting to turn the corner/ S1 k( {( M3 c" A! x5 w) H( D/ C
RBC Capital Markets maintains "outperform", no target price reported
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/ y9 s( t% T" ~Shaw Communications (SJR.B : TSX : $20.13)
; C' o/ f9 ~9 v6 S. A6 Y/ FReleased Q1/09 results: in line, subscribers ahead, `* w& E( m+ s) w G7 w+ V) j
Credit Suisse maintains "neutral", 12-month target price is $25.509 r9 J- F- A0 v8 o
GMP 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)5 `9 d7 B& A, Z# ` ?# X( M8 G
Held a sell-side lunch showcasing new U.S. team2 I3 t; I7 |& @" C. X( u! b
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.001 u+ U+ I) K, v) W7 B8 V0 Y+ e
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Trican Well Service (TCW : TSX : $6.93)
1 f" C2 k. V/ w5 d" n2 [8 nAwarded Russian contracts8 D: \2 `) R) s K
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
/ W# G7 T+ o0 e2 k" @Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
0 `2 e& [. l& ~2 d. q0 y% i: XRBC Capital Markets maintains "sector perform", 12-month target price is $10.00# S+ P: f/ C) V, m: B6 L" ~" l
8 `0 O+ B( Z1 I$ O: YSino-Forest Corp. (TRE : TSX : $8.93)8 b M+ H9 p8 r+ d
Chinese furniture exports rose in November3 h9 P; [! }" w0 W L
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)
% o' m F0 G& O+ l7 ~Shea Creek's two largest deposits have become one
+ ~! V6 F7 j! |; f" s2 J2 MDundee Capital Markets maintains "buy", 12-month target price is $2.75 d1 h) @: \) x+ d" B' O2 j
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Vero Energy (VRO : TSX : $4.72)% d q$ |7 R5 ]. b6 m
Released Q4/08 results: horizontal focus to continue in F092 u) i" t- y" e3 v8 D
Dundee Capital Markets continues "buy", 12-month target price is $8.00( ^7 h2 \% \' U7 U* e
GMP Securities continues "buy", 12-month target price is $7.50/ b$ R, Q' Y, Q f
Paradigm Capital continues "buy", 12-month target price is $12.00
* s; Y* ^( d: nRBC Capital Markets maintains "outperform", 12-month target price is $8.50
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# o( I p% r( ~/ d& eWi-Lan Inc (WIN : TSX : $1.75)1 |4 b: A: l" m# H. B, f
Hit homerun with Samsung" L3 _+ j L+ P
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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