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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)9 A1 n. v9 C& _2 {
Bracing for a tough few quarters
0 T2 W& Q; L6 v* W3 q! u4 L% `Canaccord Capital maintains "hold", 12-month target price is $4.50, m- W/ B. |. s" v/ [
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)( X" t. }% T9 |1 j# h3 z& L9 n
Growth outlook, challenging pipeline and high cost structure make future unclear
z& e! P0 Z; `- E( N6 t) RBlackmont Capital continues "hold", 12-month target price is lowered to $48.00: p! ?7 X) c, c% g9 \
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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4 C. G* V' c5 C' JAstral Media (ACM.A : TSX : $22.98)
6 e0 |) x9 }7 k2 L" C# t4 Y* Y% ~+ FReleased Q1/09 results: strong, in light of challenging operating environment Y) G( v4 i2 |
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.005 a: K# t- g: V, P
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
H+ A. V4 b! D0 a! wGMP Securities maintains "buy", 12-month target price is reduced to $30.005 B% r; h5 e7 T' U; ^0 Z# e; v2 b% j
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.000 e% R7 C: R( z. Y1 O m2 c! V+ W
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00, f6 g. _ K8 L# Q8 O$ ^
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)( L0 S: S9 _6 \7 i; x4 P9 n! u
Well positioned with gold production forecast to double this year and next% W/ `& t! G8 Y. P0 c
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00( H' e; O& P4 }+ T9 t K5 O
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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$ p& p, z3 r o wARC Energy Trust (AET.UN : TSX : $17.15)
- m, k+ _. {2 z+ w+ oReduced distributions by 20%; capex also cut
+ {" c# s* b0 _. U+ r; i: HRBC Capital Markets continues "outperform", 12-month target price is $19.00
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# |/ x8 q) C4 V9 g1 T& \Andean Resources (AND : TSX : $0.75)
: j0 Y& L" r& Q/ a( Q6 @Announced F09 outlook
: v' I: v1 A; f$ {. C& J9 G3 mParadigm Capital continues "speculative buy", 12-month target price is $2.25
! m; \4 s4 N. I$ E# LTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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Bombardier Inc. (BBD.B : TSX : $4.65)5 K/ A$ a# _; Q' C% n1 M
Rising challenges in Aerospace5 h1 c1 r7 y; U) @) W
GMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84), z+ V8 F1 ^5 f' I
Acquiring AIG's Canadian life insurance business
6 X8 b: d. Z3 }' b" q9 BTD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)$ |# u2 ~, |$ @$ f$ _: g
Q1 review: Canada results encouraging, but Portugal remains a drag
$ c8 j. y, W! V# [BMO Capital Markets maintains "outperform", 12-month target price is $46.00
# o% c# R8 M; i" B+ W. YDesjardins Securities continues "top pick", 12-month target price is $40.00
0 u5 I4 B/ L ]7 c9 i8 eRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.005 R9 j* L! Y9 H1 A" K
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)
1 Y1 k' f* p9 ^1 x1 CCapital budget set to expected cash flow; production guidance lowered2 f6 [% y/ c& y* z2 l; p# d
RBC Capital Markets maintains "outperform", 12-month target price is $4.25% L4 \: G9 S# X' q
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COGECO Inc. (CGO : TSX : $25.14)
, `' @" |6 [8 _Strong radio and cable drives 39% EPS growth
: L, F; `# J* J' c& X6 |* aScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)
- g6 ?/ r$ n% D7 ~6 X7 o9 V7 p0 H9 tTaking action to address tough operating environment
) L0 E9 N+ |( X. E' pBMO Capital Markets maintains "underperform", no target price reported
4 e; v; w* c4 N j& \% E. E4 v2 oCredit Suisse maintains "neutral", 12-month target price is $1.00
" l" u- @! v) W1 eGMP Securities continues "reduce", 12-month target price is $0.50
. C1 @4 a Z3 T$ M! XRBC Capital Markets continues "underperform", 12-month target price is $0.75! q/ }* W6 j) T3 S& a" G+ b) f; n
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50- E7 ?! o6 L$ m! U
+ l/ b8 a2 r5 i# E% ]/ T- @6 cCorus Entertainment (CJR.B : TSX : $12.47)
6 `8 X9 ?4 A" j/ M2 iQ1 revenues in line, EPS beat
( t; j) z6 j I! B4 h2 \, s# E/ MBMO Capital Markets continues "market perform", 12-month target price is cut to $15.005 u6 h* Q: z; p6 a
Credit Suisse continues "outperform", 12-month target price is $20.00
3 r" ?4 q/ a: ?! |( t' ?Desjardins Securities maintains "buy", 12-month target price is lowered to $15.005 f) o3 R1 J2 c( i: L: I3 Q
GMP Securities maintains "buy", 12-month target price is reduced to $17.00, c. G# G4 D" ?& `$ f7 L
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
- R1 W' n; u9 a7 T# U+ ~6 l9 I5 N. VScotia Capital Markets continues "sector outperform", 12-month target price is $18.00# k$ j. n% i' {: p* ^
$ O: J8 D9 a% L; c0 {Calloway REIT (CWT.UN : TSX : $11.84)
: o5 l9 v$ P& A4 {6 DHeld investor day
$ R6 d$ y" P) D, A& H1 k P: cScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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/ ]; g( {; Z6 W# L+ C! T0 o {# m# `Daylight Resources Trust (DAY.UN : TSX : $7.77)
8 a$ A0 |6 S7 j% yReduced distributions by 38%; guided for lower capex0 ~# w7 u/ w( X8 ?
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
4 C# d* q! P9 z6 n# qDundee Capital Markets continues "buy", 12-month target price is $12.00
4 s- E: D7 D7 D, m2 f6 }TD Newcrest continues "hold", 12-month target price is $7.50, l, b4 }, T' C( R1 _ \0 t/ t
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
8 ^8 o! L& O/ [ C! e% _( rSteady market and currency tailwind4 T+ P+ h; Z+ i8 T
TD Newcrest maintains "buy", 12-month target price is US$5.004 ]& T* W, b* R# t; E# a6 d# ?) ~
/ W% x: q: m# i& o" R8 HGoldcorp Inc. (G : TSX : $29.74)- G' {* T9 J! s% H* o/ F
Revised commodity forecasts8 w* \" g. {& Q0 Y2 U
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00, `) V T3 y3 n* [) s! r
7 F Y1 y1 |3 r6 \ n' qHeritage Oil (HOC : TSX : $3.77)8 Y3 O* ?* E- h! d0 ^6 S
Announced Ugandan commerciality on exploration success( H r: L( |$ _/ N* p2 |
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.508 N9 N8 H8 m, k! r' _0 C
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Harry Winston Diamond (HW : TSX : $4.98)
* B" |! f% S0 K, I% yRetail division suffers+ r j* @9 @; J1 x! ]7 c
Desjardins Securities maintains "buy", 12-month target price is $12.60% r+ h9 Q' d$ `4 C1 ]3 t* K
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Laramide Resources (LAM : TSX : $1.84)
. @4 e6 N/ v$ j# e3 u TWestmoreland provided more high grade at Redtree's Jack Lens! @) J2 L8 Z! w3 p- h1 b2 d
Dundee Capital Markets continues "buy", 12-month target price is $2.30/ A. ` @) [3 D) A" ~( S2 i$ i
1 n: e% v+ c. X4 \Lockerbie & Hole (LH : TSX : $6.00)5 K( i) L2 b, h& K5 x
Released Q3/09 results: very strong, focus should be on active backlog# Z: J) O2 P/ G( q
GMP Securities continues "buy", 12-month target price is $9.00
* x6 u( G2 w! a* h; Q7 ~Raymond James maintains "market perform", 6-12 month target price is $8.25! ?! w8 D0 _7 b" E6 P+ b" Q
& p# F$ h$ o) ?/ |' NLivingston Intl Income Fund (LIV.UN : TSX : $6.00)
1 ]) u g$ C/ {0 n5 \0 u0 PReduced distributions by 70%
! W3 n2 z4 |" ]7 y& Q3 @4 aRBC Capital Markets maintains "outperform", no target price reported
) N( S: h+ [$ ` u! O7 }- O9 tScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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) u8 O. [( O2 ]* e! b: hMatrikon Inc. (MTK : TSX : $2.04)
+ G4 m0 _; C' z/ fReleased Q1/09 results: a little light, but still respectable
6 \/ ?! t! a* ]' b; B0 c+ eBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50) A7 H& Y6 d$ I- i" G) o3 v- o8 K2 ~) c
Paradigm Capital maintains "buy", 12-month target price is $4.009 _8 w$ `# _0 K- K" W
5 p$ u# _. E& [* hMullen Group Income Fund (MTL.UN : TSX : $10.97)
- t. ?6 Y2 a7 g' EExpecting lower CFPU on higher taxes/ m' a/ }3 T- q9 r% S& z
BMO Capital Markets continues "outperform", 12-month target price is $18.00
- }( u" s+ u% e# IRBC Capital Markets continues "sector perform", 12-month target price is $12.00
}% R# H* W* Y1 r! t( K! x2 ZTD Newcrest continues "buy", 12-month target price is $17.005 ~& `5 e' X3 A: u
* `3 F( ^: y7 dNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)* v' A0 u' H Z8 w4 R* K* x! W
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain# z+ S3 m4 ]6 |$ X
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
. X4 K0 L1 V3 o9 F) OCredit Suisse maintains "neutral", 12-month target price is US$1.00
8 w4 K9 v6 [- r# q6 L5 OScotia Capital Markets continues "sector underperform", 12-month target price is US$0.809 R2 H% A! @4 C' @7 l2 |
6 }- C+ k) X fNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
' d7 F, w3 g, f) _4 w+ r. XDietary supplement business facing headwinds
* B: ? m; S! D. Y* I9 m, YParadigm Capital maintains "buy", 12-month target price is reduced to $4.00" \( b, M1 @& ~% s# i; \5 I. F
& |8 K* Z+ B2 {! s' }) s, WOpen Range Energy (ONR : TSX : $1.18). F7 p8 ]5 `0 B" L+ ^
Provided operational update and F09 guidance, i0 Z( c: b; [5 u% d
Haywood Securities continues "sector outperform", 12-month target price is $3.25$ J) |! U: T! e5 |: M0 v9 K" l
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Osisko Mining (OSK : TSX : $3.13), E, i/ U; ~8 j p2 b
South Barnat resource around the corner2 ~4 Y+ N# y' g; p! r0 w" b
Paradigm Capital continues "speculative buy", 12-month target price is $4.75
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+ }1 M& f$ U9 WPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
0 m; o4 {. E, T# e/ rProvided operational update
9 N% ~2 g/ ~* S9 ?/ i) g8 Y: ~+ OBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00
, h2 X, {& Z1 r! Y& p0 D( DTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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Paramount Resources (POU : TSX : $7.85). g6 l5 y6 C7 ]: A# L) o. O
Provided operational update: Grande Prairie emerging as the key focus for F09: `+ f: l4 y) Q
GMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)
* ]. K6 q. F" k5 P( r! I: n1 SOperations starting to turn the corner
% I9 l9 z0 J! [- W+ DRBC Capital Markets maintains "outperform", no target price reported
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Shaw Communications (SJR.B : TSX : $20.13)
c. A$ x& z+ kReleased Q1/09 results: in line, subscribers ahead
1 z9 |4 I( W0 a0 H/ N; b. ~. r! X& MCredit Suisse maintains "neutral", 12-month target price is $25.50, T3 x! E X3 l0 d0 P# Y l
GMP Securities continues "buy", 12-month target price is $26.50
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7 k; {& L( r/ {# b& F% b4 n1 SSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
" u, l9 \' k2 w2 m; M% QHeld a sell-side lunch showcasing new U.S. team
8 m* X2 e4 s0 N1 rScotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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9 G5 U, R3 Q8 W2 v U# dTrican Well Service (TCW : TSX : $6.93)
6 i' Z; h# C2 t+ TAwarded Russian contracts2 \& Q$ H* E; }+ U8 ^/ v5 o) r; B2 {
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75( c" t9 X; b) g* E
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
0 n/ p0 Z8 c5 T2 n& ?RBC Capital Markets maintains "sector perform", 12-month target price is $10.006 F: H, E# v$ [
+ J7 r% [' e9 i% SSino-Forest Corp. (TRE : TSX : $8.93)' K2 _3 Y' x- X% K& d
Chinese furniture exports rose in November+ C9 ?% Z* T/ K* D
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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# Z: H* b$ |( @ g( vUEX Corp. (UEX : TSX : $0.88)$ c. n' [1 C; [6 a3 J$ O- ` x% C
Shea Creek's two largest deposits have become one- S6 S8 A5 U) m5 K: R+ d U
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)3 o' L/ e- @/ [9 P0 O5 K
Released Q4/08 results: horizontal focus to continue in F09
% o: [: w) }* B; z. eDundee Capital Markets continues "buy", 12-month target price is $8.00$ ]# j6 Q+ o: U2 V+ A' g
GMP Securities continues "buy", 12-month target price is $7.50
0 U" k& }% H' dParadigm Capital continues "buy", 12-month target price is $12.009 u# J0 \- F& I8 x; x, I/ h- I
RBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75)
9 U+ \& r& `5 `7 UHit homerun with Samsung7 @. r# G! f* Z& ]
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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