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Ear on the Street --- Jan. 16 2009 v3 s! M& Z. | Y9 {( J1 Y: N
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Absolute Software (ABT : TSX : $3.36)8 y6 `$ k& B& I6 U2 ^
Bracing for a tough few quarters8 @; {) S: v1 e+ P- ^
Canaccord 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)
- e# z5 J7 B5 Q* nGrowth outlook, challenging pipeline and high cost structure make future unclear0 N" g& g8 g7 A2 h
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00& q' R$ r2 ]- \ Q, u+ {& Q
TD 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)
; X8 \% U4 z- L( C- VReleased Q1/09 results: strong, in light of challenging operating environment6 C9 w y* d# B' C. v
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00/ D- Y8 H: G& y9 ~ u! u6 I
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
2 @% v/ e! X9 [GMP Securities maintains "buy", 12-month target price is reduced to $30.00& r* X' \ D- r4 v \
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00: p; {5 o6 i' C0 B q5 L) I8 S6 o
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$45.07)$ Z; Y/ R; _0 s
Well positioned with gold production forecast to double this year and next
2 R& y% b2 r2 g; S5 d8 C+ gBlackmont Capital continues "buy", 12-month target price is lowered to $83.00
3 x d7 u( Z# H. D1 }TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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' _7 u+ |, I F# N$ D; V% GARC Energy Trust (AET.UN : TSX : $17.15)
4 K9 e& C% u/ a) w8 q" oReduced distributions by 20%; capex also cut
9 Q1 \5 L- n& f- K4 h+ CRBC Capital Markets continues "outperform", 12-month target price is $19.000 `0 A U2 B4 u8 j4 t
d7 A$ ~, `* B# S3 R9 v* ]Andean Resources (AND : TSX : $0.75)
0 ^" G0 F& n) c+ R! @& DAnnounced F09 outlook
0 W( M# r5 C0 S ^, vParadigm Capital continues "speculative buy", 12-month target price is $2.25
. Z2 J- h+ o, RTD Newcrest downgrades to "hold", 12-month target price is cut to $1.009 H+ c r% c( t" s3 z, Q( w6 H9 D
8 B% ]8 q" W; bBombardier Inc. (BBD.B : TSX : $4.65)4 R: p, y2 e5 j. |7 v
Rising challenges in Aerospace* g0 t7 A: ^0 @9 U" j# F
GMP Securities continues "buy", 12-month target price is $8.005 `! T. }9 i2 ^3 G
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Bank of Montreal (BMO : TSX : $31.84)
5 w; P' h# |; _: \. Y/ }- W$ y" lAcquiring AIG's Canadian life insurance business
/ |% i4 \( v* D6 k9 ITD Newcrest continues "hold", 12-month target price is $37.00
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6 m3 F1 Q! s- B0 NCogeco Cable (CCA : TSX : $33.37)
7 a- Y3 O) `# Y1 ~5 X/ m( SQ1 review: Canada results encouraging, but Portugal remains a drag2 C# T8 ~9 n- v# l$ \% T
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
X6 [ j6 v( z$ }& PDesjardins Securities continues "top pick", 12-month target price is $40.00
" O' T: |# n. L+ f3 |RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00* i% @& _$ w& }6 z$ O
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.004 \, \* R& o: I4 c, k1 b# k# N
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Corridor Resources (CDH : TSX : $2.45)3 I- t; S, x' s z$ L
Capital budget set to expected cash flow; production guidance lowered0 o. q! G# L! X, {( s
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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3 L# [: ^+ U, o4 x/ F9 z8 eCOGECO Inc. (CGO : TSX : $25.14)
* P; y, g9 B& p2 o- rStrong radio and cable drives 39% EPS growth; [4 d: g8 z) F0 L7 q o. _
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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4 @. d, d; u! s+ lCanWest Global Communications (CGS : TSX : $0.51)
1 F# t' ]8 ?! a1 \Taking action to address tough operating environment" p+ i' R, X; j" P' }% v3 \- u
BMO Capital Markets maintains "underperform", no target price reported
# w$ W" t. j" O9 a, E' l& M& u' UCredit Suisse maintains "neutral", 12-month target price is $1.00/ t+ ^ B; B9 O! U* l4 T
GMP Securities continues "reduce", 12-month target price is $0.50
1 p0 E3 j& t0 S0 Q3 @9 R& D6 KRBC Capital Markets continues "underperform", 12-month target price is $0.75
. F2 x3 q; J' uScotia Capital Markets continues "sector underperform", 12-month target price is $0.50+ V5 X. r4 y- B6 x) n
- x% }& U4 t2 N; c/ V2 [4 P: SCorus Entertainment (CJR.B : TSX : $12.47)
* q3 V! R. N4 V; O+ `Q1 revenues in line, EPS beat
0 z) p# A- G2 |% }" D8 k% [5 w& UBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
! U9 O5 y+ t6 l& d/ K% r4 l, yCredit Suisse continues "outperform", 12-month target price is $20.00
2 @6 k5 G* Q" n' \* Z; ]0 \Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
% l( T Q3 x3 {( tGMP Securities maintains "buy", 12-month target price is reduced to $17.00
8 U* {9 @# I' a" O6 Z8 e9 H4 bRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
. z$ |& i E! D N4 {Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00; ^* q* D; [7 N+ `2 C$ F
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Calloway REIT (CWT.UN : TSX : $11.84)
( m- Z& [2 c3 L3 I4 yHeld investor day/ O) i8 t( i4 w
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00% E( b# i3 N! u/ I. [
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
. \) z( C1 N. M+ UReduced distributions by 38%; guided for lower capex% j& O2 o1 e5 N5 X
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00& p, _+ T% m1 Z, p+ h
Dundee Capital Markets continues "buy", 12-month target price is $12.00
- ?( L9 J5 Z$ A3 y; i' WTD Newcrest continues "hold", 12-month target price is $7.50
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( x' {7 @3 f3 ^& K* n4 ~$ x8 sEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)8 n. T! q' e" V5 n( Q
Steady market and currency tailwind
2 s' A7 U& }. o# Q. I1 WTD Newcrest maintains "buy", 12-month target price is US$5.00, M7 s& c7 N" X6 K7 A/ M+ I
2 V/ T$ B6 k8 @- K0 l" }4 CGoldcorp Inc. (G : TSX : $29.74)
# O3 Y: |* J! y7 JRevised commodity forecasts2 C% q: Y9 i" g2 j
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.000 y* O4 _/ \, J ?
& z+ O$ _' p# ]. Y2 nHeritage Oil (HOC : TSX : $3.77)5 K8 g+ j3 M3 W0 X6 n
Announced Ugandan commerciality on exploration success5 `6 U6 [4 r9 }$ L/ v0 ~$ K! n
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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+ ~( G/ C7 I. [, R! i# UHarry Winston Diamond (HW : TSX : $4.98)
4 U# S1 G: c! f5 P- s `; k4 {Retail division suffers% S0 y5 r Y4 t, f# P
Desjardins Securities maintains "buy", 12-month target price is $12.603 G6 S3 Q0 [) P6 o" x5 q
: Q: |/ j" `" q+ J BLaramide Resources (LAM : TSX : $1.84)
& n/ x/ H4 g! e, a! BWestmoreland provided more high grade at Redtree's Jack Lens
% O( Q/ V) _% u; E- P9 PDundee Capital Markets continues "buy", 12-month target price is $2.30
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Lockerbie & Hole (LH : TSX : $6.00)
3 t6 r9 Y! L$ m$ YReleased Q3/09 results: very strong, focus should be on active backlog5 {: q- x( m% E& Y# [' l% P8 j
GMP Securities continues "buy", 12-month target price is $9.00
# N v4 O6 A# a% O( [9 z" ?Raymond James maintains "market perform", 6-12 month target price is $8.25- K- M% O+ b( O O4 Q" k5 Y- `
* F3 z) J9 o2 ELivingston Intl Income Fund (LIV.UN : TSX : $6.00)* p6 {& B$ u# `8 o' r
Reduced distributions by 70%
+ D2 V0 y6 B' I+ E( C6 Z( PRBC Capital Markets maintains "outperform", no target price reported
/ w% e+ e# K. M# E2 t4 `Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)' O' E' @# W9 j4 K( L' Y
Released Q1/09 results: a little light, but still respectable
% [4 V) c8 g' W! P& a) ABMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
' ]4 G% _& L( d; sParadigm Capital maintains "buy", 12-month target price is $4.000 H5 X7 h* T+ V! p
9 M. h' L! `' f9 q z5 MMullen Group Income Fund (MTL.UN : TSX : $10.97)
, A0 y* K6 ?5 |) O' A* t+ z, HExpecting lower CFPU on higher taxes0 k0 H/ S4 v$ ~% E
BMO Capital Markets continues "outperform", 12-month target price is $18.00
0 v- X" ]! ~$ ?9 l( i. RRBC Capital Markets continues "sector perform", 12-month target price is $12.00: s0 z) v/ p9 A
TD Newcrest continues "buy", 12-month target price is $17.00
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* z' ]' Z1 }1 Z$ B$ QNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
5 \1 ~% m/ r4 h& O i$ \4 i CReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
9 p( S( _- a& WBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
6 V! L6 [& H& b0 YCredit Suisse maintains "neutral", 12-month target price is US$1.00
- r+ i9 ~# V% a( uScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)
( p5 P( d5 ?& q/ l# I! c, YDietary supplement business facing headwinds/ u( o" V) v3 ?
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00, l" O3 _% [; M# I) R; b/ B
& ?. h# V5 c9 G* VOpen Range Energy (ONR : TSX : $1.18)
4 R; t8 W6 J; g& n$ B. f' K9 AProvided operational update and F09 guidance
, k/ G! g9 V6 [8 M6 a) ^% eHaywood Securities continues "sector outperform", 12-month target price is $3.25- k% B( [* ^( D: R# c4 ~2 y; S. O9 l
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Osisko Mining (OSK : TSX : $3.13)) |+ U/ G$ ]; S6 f" f' c6 T
South Barnat resource around the corner
- a9 q) {3 Q1 s9 \" LParadigm Capital continues "speculative buy", 12-month target price is $4.756 K8 ~7 E" `6 |1 U- ^ e P2 u) j
D5 [) X; H. f1 X6 ~! ]Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
; g3 E4 i/ w2 c! t. k, O) zProvided operational update0 {1 I; C9 C2 d7 K, f3 u, v' @3 X g
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
+ H( Q, ]* ?8 P" Z' Z% a8 LTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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; N; V, v3 G2 r+ ^4 y! GParamount Resources (POU : TSX : $7.85)8 ^( S- P! Y" o
Provided operational update: Grande Prairie emerging as the key focus for F09
; d+ ~5 H* Z r7 T- yGMP Securities maintains "buy", 12-month target price is $12.000 G! l: w2 I# l8 G0 ^/ [4 {
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Rockwell Diamonds (RDI : TSX : $0.07)
- Q' u2 s# V& D& H" ~) EOperations starting to turn the corner% w& V/ N: c8 _; d- w
RBC Capital Markets maintains "outperform", no target price reported
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Shaw Communications (SJR.B : TSX : $20.13)0 y4 m2 `$ b. y0 n2 ^2 j1 b3 |( ~* k% S! i
Released Q1/09 results: in line, subscribers ahead! `6 h5 u7 ?4 J( Z1 z
Credit Suisse maintains "neutral", 12-month target price is $25.50
5 w! j' l; n e2 s; z8 wGMP Securities continues "buy", 12-month target price is $26.509 k V) }5 I% c0 w3 c/ Z
' {) H" _; R& H# {* DSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
8 j3 R8 w( [( m9 a( e8 a& gHeld a sell-side lunch showcasing new U.S. team- ^% s5 X. A4 d( w2 }: U
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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Trican Well Service (TCW : TSX : $6.93)
* W; R0 T6 c* r! A( R2 B2 bAwarded Russian contracts9 P' T5 L3 v* l: J9 S
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
1 g+ ~* O1 @; s J1 u3 [Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00: h7 W% U5 k+ i4 a
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00& S( G2 R# J7 a7 r
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Sino-Forest Corp. (TRE : TSX : $8.93)
5 E) s) C8 P3 DChinese furniture exports rose in November0 o0 Q m" @- Y: s9 l
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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* e3 L0 n: M R }1 A% ]% N0 s5 ZUEX Corp. (UEX : TSX : $0.88)+ \6 b+ l. K/ g1 w* x! d5 T
Shea Creek's two largest deposits have become one* w, B$ v* M& |3 {/ y& E8 H7 M
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)
; ?5 M# V9 r' ZReleased Q4/08 results: horizontal focus to continue in F09
4 H2 l! K% t; f* m/ ?! x* ZDundee Capital Markets continues "buy", 12-month target price is $8.00: ?9 b7 b% Y' K4 I, g. N" q* I/ \
GMP Securities continues "buy", 12-month target price is $7.502 \ d" }5 \' T$ |; I Y
Paradigm Capital continues "buy", 12-month target price is $12.00
# `' Z, n# _3 g* h- a8 dRBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75)
3 o: c3 Q. c) n0 QHit homerun with Samsung. w& E8 J/ e, ]& F6 b
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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