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Ear on the Street --- Jan. 16 2009" k7 G: R4 w6 I# U3 c6 W+ ]
; G3 P: v7 T. O& s; L* sAbsolute Software (ABT : TSX : $3.36)
) ?. ?' J$ T: t/ n$ [- `) y- l. G. ^Bracing for a tough few quarters
9 P: B* c8 g! a1 o5 y; B9 nCanaccord Capital maintains "hold", 12-month target price is $4.50; r( n* D' T: c5 c& E6 Y/ u$ R- k! B
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)& U6 T* {8 b# B* ]+ f6 F2 n
Growth outlook, challenging pipeline and high cost structure make future unclear
! U6 }! T5 k+ R4 K# V2 k9 sBlackmont Capital continues "hold", 12-month target price is lowered to $48.00
9 c/ f4 Y3 n& }$ y7 O1 }0 D( W3 X2 vTD 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)2 U8 N2 g0 U f( N' h! U
Released Q1/09 results: strong, in light of challenging operating environment
! u4 e# |: _/ w/ {BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
2 p3 H7 [ A! i F5 L6 @Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00: m( N) B$ F6 e$ b
GMP Securities maintains "buy", 12-month target price is reduced to $30.00$ k) Z+ Y; H% g
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00- c8 o) Z3 ~4 f7 }" o/ k; f8 B1 [
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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; c/ X- ?4 ^ ^$ ?Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
) L# W, V) O. j* _Well positioned with gold production forecast to double this year and next) m2 N' c0 ^" L5 O9 L
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
" T7 s0 g+ J3 l; J& D8 x6 tTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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ARC Energy Trust (AET.UN : TSX : $17.15)& K9 K6 d6 F7 N. `. e' ~- o
Reduced distributions by 20%; capex also cut) {, P4 e, Q9 m: j- S6 ~2 P
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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' }$ c9 R- s2 }5 GAndean Resources (AND : TSX : $0.75)6 j& M" ?( ~0 r+ s( v4 B
Announced F09 outlook' C$ w. q8 h$ S: q5 X$ Q5 ^
Paradigm Capital continues "speculative buy", 12-month target price is $2.25& r" [7 W) a, k7 R3 e6 Z0 M1 R
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00% v3 b1 q+ P/ f" [- x& }
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Bombardier Inc. (BBD.B : TSX : $4.65)
% f8 p" _& m, k7 D3 c& MRising challenges in Aerospace8 t" ]: |2 X; Y4 O
GMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)
: N" q# P9 ^9 j) x, r4 `Acquiring AIG's Canadian life insurance business/ ]2 M2 V) m; d3 B& C; M
TD Newcrest continues "hold", 12-month target price is $37.00
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; @ M0 |' j/ n: zCogeco Cable (CCA : TSX : $33.37)
$ ]) n0 I6 \" f/ s$ }Q1 review: Canada results encouraging, but Portugal remains a drag. ~3 D5 X7 C0 i& r/ w
BMO Capital Markets maintains "outperform", 12-month target price is $46.00( e" ~) F: l- t9 U' j3 F
Desjardins Securities continues "top pick", 12-month target price is $40.00
t! K7 C: F0 d9 ^RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00# o: E, H3 v8 e& {) u; D( T9 J8 @
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.007 f& S2 j: l% Z" M9 {
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Corridor Resources (CDH : TSX : $2.45)
& ~' d. d) ?# o5 E6 y$ rCapital budget set to expected cash flow; production guidance lowered4 S3 M9 Y' N5 i' P6 m
RBC Capital Markets maintains "outperform", 12-month target price is $4.256 q+ h) X4 M1 }0 _+ |
( p* S1 {- v, T, R; U8 ~0 SCOGECO Inc. (CGO : TSX : $25.14)$ w4 i. K. d0 S0 I: X! p
Strong radio and cable drives 39% EPS growth8 |' w& d, j" j. _
Scotia Capital Markets continues "sector perform", 12-month target price is $45.006 a. R- U4 x" Q! A& H8 U U- ]5 Y
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CanWest Global Communications (CGS : TSX : $0.51)- Z& M, b, \ n' k$ b
Taking action to address tough operating environment6 }* S! C! {/ i8 l) X$ g; v
BMO Capital Markets maintains "underperform", no target price reported3 n2 |$ ]* V. x s5 e
Credit Suisse maintains "neutral", 12-month target price is $1.00
" T1 h) n2 A, C, h% gGMP Securities continues "reduce", 12-month target price is $0.500 ?, J) P* K9 |' z5 c# z
RBC Capital Markets continues "underperform", 12-month target price is $0.75 `7 }8 _7 r3 n
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)
6 U) o6 T" C H# j( J& }9 uQ1 revenues in line, EPS beat( [# \5 Q& `% H5 J& H" D* j/ P9 n
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
! V; D; V) C- m/ v3 a3 zCredit Suisse continues "outperform", 12-month target price is $20.008 [. U) q) {2 Y$ G, b9 r
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.005 E* u2 o( F: k8 H# U! c% a1 H
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
# K6 q8 L* h$ z3 r% Q3 cRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
6 t3 C5 l. D+ b) u+ k0 U+ x5 WScotia Capital Markets continues "sector outperform", 12-month target price is $18.000 f5 K( B' s+ g3 ?9 _
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Calloway REIT (CWT.UN : TSX : $11.84)' h. Q+ _2 T2 S
Held investor day
+ l2 Y: N+ H7 Y1 T9 \Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00( `9 z; R4 i- ~% e) }, w
9 Y* O1 R$ X' _2 `! Y5 F7 wDaylight Resources Trust (DAY.UN : TSX : $7.77)
4 A0 L+ ?5 k: F0 IReduced distributions by 38%; guided for lower capex
. U+ v5 s- V" A( Z4 dBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
+ G) {7 N) T4 |' kDundee Capital Markets continues "buy", 12-month target price is $12.00
" n' g7 j5 ?2 H! h! s" n$ VTD Newcrest continues "hold", 12-month target price is $7.501 E( a2 K+ }4 J
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
) z2 R8 j4 S7 D5 @0 f9 w; |* X" wSteady market and currency tailwind( z d. \- p- { A7 E$ ~7 {# b
TD Newcrest maintains "buy", 12-month target price is US$5.00
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) m7 H4 K( @% p/ a8 N: qGoldcorp Inc. (G : TSX : $29.74)3 Z* F; ?4 a. B: d- }
Revised commodity forecasts
- t" [' C7 M+ e& Y7 uBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00# V% {7 }' ?1 a) O' O; a8 l
/ b) O8 j9 e4 X* f/ zHeritage Oil (HOC : TSX : $3.77)
5 H' P! n/ P) ?1 j8 A% kAnnounced Ugandan commerciality on exploration success
6 l% ^ Y7 l# v3 _% q- tTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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% G& F3 c. h) O* Q2 S3 b0 q/ v' ^Harry Winston Diamond (HW : TSX : $4.98)
. G, a O# ~" d2 wRetail division suffers8 i3 X5 Y! V. Z, q' N
Desjardins Securities maintains "buy", 12-month target price is $12.609 R, G4 ^, K% M V7 \: v
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Laramide Resources (LAM : TSX : $1.84)
8 a* S/ h& u$ c, G5 @# ]Westmoreland provided more high grade at Redtree's Jack Lens6 A5 ?' J7 Z8 O3 e b
Dundee Capital Markets continues "buy", 12-month target price is $2.30$ f$ e- `% c( [* \* z0 Y( Q
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Lockerbie & Hole (LH : TSX : $6.00)% H" Y k! ?9 {) _3 s
Released Q3/09 results: very strong, focus should be on active backlog
K: b, C3 y; F- a( p6 }GMP Securities continues "buy", 12-month target price is $9.00 w& }7 V3 l1 X5 o4 z7 `
Raymond James maintains "market perform", 6-12 month target price is $8.25
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)
4 ]$ R/ @, T9 }: r, |. lReduced distributions by 70%. u. C' W5 r; E1 |5 C& m; p
RBC Capital Markets maintains "outperform", no target price reported5 P* E* H6 F; ~7 X4 [5 y
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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4 S3 L% t7 F: ?" O) e a0 ^Matrikon Inc. (MTK : TSX : $2.04)
9 o/ }6 z& T3 }/ A- |* YReleased Q1/09 results: a little light, but still respectable( g v" l7 A" g$ V- C0 S
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
9 P: c: n) h2 MParadigm Capital maintains "buy", 12-month target price is $4.00; k4 `$ T; [# }& V
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Mullen Group Income Fund (MTL.UN : TSX : $10.97), b5 [9 g" }! M* ]: e3 v# J: S
Expecting lower CFPU on higher taxes/ [; C/ A! J5 }& q5 Y
BMO Capital Markets continues "outperform", 12-month target price is $18.00
% x7 j( e- w* }: V! jRBC Capital Markets continues "sector perform", 12-month target price is $12.002 d2 p$ o& b! i# o
TD Newcrest continues "buy", 12-month target price is $17.00/ Z$ m8 r. Z# L, w2 Z
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)1 n& Y$ ~- }6 j; r- f
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain7 U6 H6 a9 W1 \+ l4 b6 G: P
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
& P) d8 q( F' @: L2 p# MCredit Suisse maintains "neutral", 12-month target price is US$1.00; c; M9 s) y/ m
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80, Q! f6 d7 J- _( }
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)' G7 l+ @- w+ t* C& G7 n
Dietary supplement business facing headwinds
0 \( i/ E% C2 @& yParadigm Capital maintains "buy", 12-month target price is reduced to $4.00! w/ I1 v2 b! E; A
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Open Range Energy (ONR : TSX : $1.18)
$ r# U: @% ~# t8 j3 ]Provided operational update and F09 guidance R! V [! a& P8 M# \
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)
) I4 p! s5 b+ A2 i& ^South Barnat resource around the corner
1 Q* [3 |2 _, w, x" o6 H; vParadigm Capital continues "speculative buy", 12-month target price is $4.75
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0 w) v* n$ d' c% l/ u% EPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)9 [$ J9 \5 \/ I2 a" u2 s
Provided operational update @9 q7 C7 D+ O9 B K1 @
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00$ `5 a& D2 I" t7 g& Q% F
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.505 r( P: _7 Q& K( ~
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Paramount Resources (POU : TSX : $7.85)
B0 {% J. w+ K# f( H! HProvided operational update: Grande Prairie emerging as the key focus for F09
7 }5 q. G+ O1 ^$ x8 VGMP Securities maintains "buy", 12-month target price is $12.00# r$ c( l& h0 E0 `9 p
: S& x9 q! P( {& s- r6 l" S2 g! pRockwell Diamonds (RDI : TSX : $0.07)
4 @4 `# q9 v5 ^7 v; E2 jOperations starting to turn the corner* _# w% I: p, R* M& h4 ~+ m" o
RBC Capital Markets maintains "outperform", no target price reported7 f3 F+ z1 l' {- O1 y% Z% U8 R% w
5 X0 J* T( @$ D- V" l# @' D+ ]' @# kShaw Communications (SJR.B : TSX : $20.13)
$ E2 B' Z& Q5 ?6 w6 [8 R- T$ ?, gReleased Q1/09 results: in line, subscribers ahead
2 T# ?% P* u) |7 j: O, ]+ ?Credit Suisse maintains "neutral", 12-month target price is $25.508 m: H8 A7 {$ H: H
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)
$ A% d4 u, A" _. D' [+ F uHeld a sell-side lunch showcasing new U.S. team
0 M1 I4 q4 C7 E" J0 w2 n9 h+ N, @Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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Trican Well Service (TCW : TSX : $6.93)
4 F( h2 d' U o% w% B0 QAwarded Russian contracts
$ z; L U7 d: o- O/ m/ QBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75
; J0 a) _& _" l( @Raymond James maintains "market perform", 6-12 month target price is lowered to $9.005 J+ d7 |* p9 r1 t- |2 {
RBC Capital Markets maintains "sector perform", 12-month target price is $10.007 F- X" ^( Q9 a
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Sino-Forest Corp. (TRE : TSX : $8.93)
! X# A& j: l. T( p+ e& Q: ^0 \Chinese furniture exports rose in November
; j- s, }6 [. h. w+ e/ k5 g' }Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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3 `: R& E) b0 O: H0 L) |' bUEX Corp. (UEX : TSX : $0.88)
3 S! k) A/ y, N: s2 JShea Creek's two largest deposits have become one
/ y- E3 {' L: R; U# iDundee Capital Markets maintains "buy", 12-month target price is $2.75" S8 D$ ?; O* T
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Vero Energy (VRO : TSX : $4.72). K7 O+ U, K6 x7 Z$ m
Released Q4/08 results: horizontal focus to continue in F09" }. W9 l) r7 W" G, l1 Y
Dundee Capital Markets continues "buy", 12-month target price is $8.00$ ^) q) c! p6 b0 \$ _
GMP Securities continues "buy", 12-month target price is $7.50
$ a& H' {0 ]; HParadigm Capital continues "buy", 12-month target price is $12.007 I% A/ x. c2 z
RBC Capital Markets maintains "outperform", 12-month target price is $8.50% u' s' L9 ^, J- \. V2 O
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Wi-Lan Inc (WIN : TSX : $1.75)# V6 C7 E% X8 z& G9 b
Hit homerun with Samsung/ Z0 j5 U7 y+ _7 b
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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