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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)2 F D2 O6 `3 D' _' L
Bracing for a tough few quarters' Q# g' Q* J& E5 y$ c
Canaccord Capital maintains "hold", 12-month target price is $4.50# Y: j( s$ k0 m; x) \6 Q
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45); l! s9 {7 o$ `- @1 i( _
Growth outlook, challenging pipeline and high cost structure make future unclear4 }0 n4 f' |: T5 r2 H" J
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00: K- v$ z) i/ M9 E ]
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.000 d' T7 {' m- k
! A: t( E- ^. c! C. cAstral Media (ACM.A : TSX : $22.98): ?0 ]3 a6 Q! j$ B3 ~" H
Released Q1/09 results: strong, in light of challenging operating environment! _! c5 R) }5 \( Y J
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00. a( m3 s Q) H: {3 B1 z
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00, Q2 `; |# ]3 ~# c& A
GMP Securities maintains "buy", 12-month target price is reduced to $30.00* z8 s1 P( v, c/ T$ e: E
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
$ X3 ]2 D' ^, \7 zScotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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1 a+ e9 n0 o$ o. [Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
" V$ o, ~8 `9 N+ WWell positioned with gold production forecast to double this year and next
* v1 I3 |5 M# ~* D0 I2 KBlackmont Capital continues "buy", 12-month target price is lowered to $83.00
6 G0 c$ b" H. Z& v7 |TD 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)/ q9 Y3 [+ ~0 I+ }0 J8 o
Reduced distributions by 20%; capex also cut- O7 }. i& E/ T6 i/ \2 H7 K$ g
RBC Capital Markets continues "outperform", 12-month target price is $19.00# B8 a6 ]# \% C1 ~7 W& _2 a
- i6 G0 G1 D2 x [- N3 X! n9 ]4 qAndean Resources (AND : TSX : $0.75)
2 ^) x/ y7 c' ?$ V! ]Announced F09 outlook$ m( P: i/ f. S1 z( g Y/ J. e
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
8 R. K" q$ M6 {" S& v) y& i% [7 kTD Newcrest downgrades to "hold", 12-month target price is cut to $1.003 F8 b. x: M. t; m: U8 M1 Y. `* `1 X
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Bombardier Inc. (BBD.B : TSX : $4.65)8 `9 X' D z, V7 B. s& A
Rising challenges in Aerospace/ \9 F. n8 e5 f8 z9 G% k) l
GMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)
. `! t0 s# G3 ]( EAcquiring AIG's Canadian life insurance business
' a8 n9 G6 r A9 K' jTD Newcrest continues "hold", 12-month target price is $37.00
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; I$ H6 W0 t* R: ^( u& ]4 z! rCogeco Cable (CCA : TSX : $33.37)
9 q# l9 p( T; i0 D4 c, a# `Q1 review: Canada results encouraging, but Portugal remains a drag
' o% ~+ g ?' P, S# l9 CBMO Capital Markets maintains "outperform", 12-month target price is $46.00: E) N- ?. l9 ?& m1 d, t l
Desjardins Securities continues "top pick", 12-month target price is $40.00
6 j! x+ y0 G, ]& `4 e* g' s8 QRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
0 b! z5 }# f; _% y, N/ sScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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~0 |; e- `% s$ wCorridor Resources (CDH : TSX : $2.45)
% S4 j0 O. z; |( lCapital budget set to expected cash flow; production guidance lowered
% c& V/ \$ L2 ^0 i, I* i! vRBC Capital Markets maintains "outperform", 12-month target price is $4.25! V, g7 e' ^3 G9 F
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COGECO Inc. (CGO : TSX : $25.14)4 I3 G7 R+ `8 X7 l8 a
Strong radio and cable drives 39% EPS growth
2 A3 |' y0 l, U- UScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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- Z3 D0 O) j# ~2 E, rCanWest Global Communications (CGS : TSX : $0.51)1 X: b/ n2 R/ J: g
Taking action to address tough operating environment
5 V/ Q5 Q. r9 v7 P$ SBMO Capital Markets maintains "underperform", no target price reported, q3 g: n! q2 }' J
Credit Suisse maintains "neutral", 12-month target price is $1.00
! p# }( W- A9 v8 k( ?7 BGMP Securities continues "reduce", 12-month target price is $0.50
2 R8 h7 h0 |$ J% mRBC Capital Markets continues "underperform", 12-month target price is $0.75* l' U% ]1 Z. {$ q: o
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50' I% r/ @4 F$ U8 F
5 c% X) Z2 d7 F* h, ?Corus Entertainment (CJR.B : TSX : $12.47)# J8 n: ^: A+ C, H2 ?2 G
Q1 revenues in line, EPS beat* ?4 a1 Q1 w6 @$ Q
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00: o& y6 E7 O9 G/ B
Credit Suisse continues "outperform", 12-month target price is $20.00
) D# H8 @8 w9 s: @, VDesjardins Securities maintains "buy", 12-month target price is lowered to $15.007 Z$ ?! R" P* O e H# Y! h. ?: p
GMP Securities maintains "buy", 12-month target price is reduced to $17.00& x/ v1 u6 O" x e% B
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50/ o! L& B8 Q8 j
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00: ?6 e+ C3 P D
" B5 B; }; ?/ C- k6 m7 B6 PCalloway REIT (CWT.UN : TSX : $11.84), r9 ^" V) O& j$ w9 r! z
Held investor day9 V* A; ^0 Q, o$ }; y, Z7 [
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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( m0 E' G, M! ZDaylight Resources Trust (DAY.UN : TSX : $7.77); l* L( U2 ]% g" ?
Reduced distributions by 38%; guided for lower capex" u* I/ B1 E; j$ K+ v
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00: f& a# k- T4 |5 X! Z v& @
Dundee Capital Markets continues "buy", 12-month target price is $12.00
8 Y5 ^# m4 Y- n Z7 a4 M0 ~TD Newcrest continues "hold", 12-month target price is $7.50
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
: {, N) E% i O+ E3 USteady market and currency tailwind
8 A5 L" F) C; w% e- d# Z: jTD Newcrest maintains "buy", 12-month target price is US$5.00
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/ h# N/ T3 j7 \) p9 k6 c7 o/ _Goldcorp Inc. (G : TSX : $29.74)3 r/ s, |- B1 V0 z8 b/ ?3 D
Revised commodity forecasts
9 Y8 o2 @; w; R! X1 G3 a! ?8 |Blackmont Capital maintains "buy", 12-month target price is reduced to $49.006 O9 c2 g* S; Y, u) {
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Heritage Oil (HOC : TSX : $3.77)
, ^! T6 z9 l9 p9 `' TAnnounced Ugandan commerciality on exploration success: h' ~' n8 @" o: T% b
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.502 i) R: Y8 r/ M. e6 `" }0 C) R8 O
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Harry Winston Diamond (HW : TSX : $4.98)
0 y* q" g0 g" D: s3 XRetail division suffers3 J) [. I' N+ q) G9 J
Desjardins Securities maintains "buy", 12-month target price is $12.60, E) D# u! T. N# u8 D( f/ r
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Laramide Resources (LAM : TSX : $1.84)7 I1 U" z/ h: x7 A
Westmoreland provided more high grade at Redtree's Jack Lens
- f' a) X+ {; |( r' pDundee Capital Markets continues "buy", 12-month target price is $2.30
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& j; v) D y o) ELockerbie & Hole (LH : TSX : $6.00)3 L" E7 x& ^8 p* ^/ `
Released Q3/09 results: very strong, focus should be on active backlog
& ?6 h) l6 j w4 ~/ EGMP Securities continues "buy", 12-month target price is $9.00- o* u6 o. ~4 z! w/ \
Raymond James maintains "market perform", 6-12 month target price is $8.259 Y( T& y2 S, r* L+ ~" P1 F
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00), I$ z+ p- C* l
Reduced distributions by 70%
7 B( h9 \% z' W0 uRBC Capital Markets maintains "outperform", no target price reported# K: @0 c" K4 [2 U
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50# f* u! w4 Z( l7 @
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Matrikon Inc. (MTK : TSX : $2.04) V5 i/ l s4 X' G
Released Q1/09 results: a little light, but still respectable
: N) I$ c1 ^4 ?7 [- `- b! O! YBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.503 z! d$ U8 M* j$ s% @# R: R( b: Y
Paradigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
4 H: p9 @" A0 Q" y {' ^ _Expecting lower CFPU on higher taxes# v/ x) @) Y2 S- c2 |& Z& K
BMO Capital Markets continues "outperform", 12-month target price is $18.00% t o( h" E, l1 M
RBC Capital Markets continues "sector perform", 12-month target price is $12.002 C! |' A Q; I! y3 |0 H4 l5 P
TD Newcrest continues "buy", 12-month target price is $17.00
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) O# B# R# B+ I$ ^4 }* cNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)5 Y d" X' I0 [; u
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain4 K% [5 _4 o3 S6 o% Q2 }* G' y
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25/ t( s+ j, O9 s6 F* h5 x
Credit Suisse maintains "neutral", 12-month target price is US$1.00
% s4 M" J0 Q. b$ XScotia Capital Markets continues "sector underperform", 12-month target price is US$0.803 h& o9 A- n( w m! D4 K
3 E) Y6 g0 [6 r! _% _* }: XNeptune Tech & Bioresources (NTB : TSX-V : $0.79)3 B5 e6 ^; [, h A
Dietary supplement business facing headwinds( ^" ` Z! c0 d: J9 w8 Y! A
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.004 a! R- a% |. e2 \
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Open Range Energy (ONR : TSX : $1.18)
- X. M: ]9 i1 cProvided operational update and F09 guidance
6 m5 Q' C0 V, S1 b. J, R5 F# Z/ AHaywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)
$ \! f+ b( @5 I* ^8 Y) u3 JSouth Barnat resource around the corner- \8 V; J' a& c) v; I
Paradigm Capital continues "speculative buy", 12-month target price is $4.75 h, y% }2 q! A- F
5 W+ V! i% ]* KPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)/ p+ i$ o2 G0 h6 P' w& ^3 d
Provided operational update8 y. k d, _" E* u8 _% ]
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.008 F& u. E" ~+ _# t4 O
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.501 P. M/ k0 F( H2 i! O' i+ ~
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Paramount Resources (POU : TSX : $7.85)
. _& q% w& l0 q& U4 fProvided operational update: Grande Prairie emerging as the key focus for F099 }* N3 ^, O2 K/ e1 H
GMP Securities maintains "buy", 12-month target price is $12.00/ ?2 {% L0 d# x/ D6 A$ e- c
. W6 t3 [5 G/ J! }2 eRockwell Diamonds (RDI : TSX : $0.07)
J1 }6 g' z, \* J9 [% DOperations starting to turn the corner
( w! @) @6 J/ y7 P, B' uRBC Capital Markets maintains "outperform", no target price reported' b- l: A" @: @
$ I0 J3 O" G5 E- {8 ^Shaw Communications (SJR.B : TSX : $20.13)
5 v! B5 F+ s/ p# ^# I. vReleased Q1/09 results: in line, subscribers ahead
7 W7 q# `9 I. s' U& nCredit Suisse maintains "neutral", 12-month target price is $25.500 g* A6 `8 h; E+ 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$20.48)
" Q& [; U' E2 O9 g4 dHeld a sell-side lunch showcasing new U.S. team$ W, T6 R/ s$ S" D' u# r
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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Trican Well Service (TCW : TSX : $6.93)' x# N! H8 d% \- U1 d; K2 `
Awarded Russian contracts& ^8 f0 S( Y1 o1 P* I7 z+ o: y
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
) Y1 {9 k7 r' xRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00
+ X6 |! y! S0 j6 b8 a5 {2 F6 [' URBC Capital Markets maintains "sector perform", 12-month target price is $10.00/ A# ^" x' A q m5 Y5 r0 e
4 B( j4 T& m8 ~. uSino-Forest Corp. (TRE : TSX : $8.93)
5 G+ M4 u C0 |/ SChinese furniture exports rose in November# l' J% g" {6 T7 p6 y
Dundee Capital Markets maintains "buy", 12-month target price is $23.50 X3 h2 e. r* _& W: U9 y, ?6 w. u# m+ i
: ~# x+ x8 ?! qUEX Corp. (UEX : TSX : $0.88)- N5 c* w& V% g+ Y( h
Shea Creek's two largest deposits have become one
" s% ?" G) U" V7 h1 s$ I+ qDundee Capital Markets maintains "buy", 12-month target price is $2.75( \% D5 _+ }- p8 \% F; W
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Vero Energy (VRO : TSX : $4.72)
" E# v3 ?& {# zReleased Q4/08 results: horizontal focus to continue in F09, h9 b/ }# z% {( b& l$ Q/ y
Dundee Capital Markets continues "buy", 12-month target price is $8.00" z3 p D* {+ |% v5 m2 }- P
GMP Securities continues "buy", 12-month target price is $7.50
6 T+ R) i9 P7 N L2 Q) wParadigm Capital continues "buy", 12-month target price is $12.00
* U4 f5 N0 O2 nRBC Capital Markets maintains "outperform", 12-month target price is $8.50& w. Z3 o& R* f, w2 N9 K' ]
6 G9 g* S3 N% h0 F7 |Wi-Lan Inc (WIN : TSX : $1.75)# ]7 k }4 U7 \4 X# \
Hit homerun with Samsung/ u7 v/ O8 @$ O" g
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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