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Ear on the Street --- Jan. 16 2009& g W& C2 a8 z8 ~, J
$ [+ ~' j" x8 ~7 G4 ^3 tAbsolute Software (ABT : TSX : $3.36)
; r5 y j+ B6 _ }/ S/ }Bracing for a tough few quarters7 N T- i: L! j0 z7 N7 Q
Canaccord Capital maintains "hold", 12-month target price is $4.50
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* F. s: A3 t- Z, [% q0 pBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
8 c. s0 L, K; [# hGrowth outlook, challenging pipeline and high cost structure make future unclear) K2 s4 m! @: v7 k
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
4 w& y4 N) R- r( M v& w& NTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.006 e2 a# O$ x2 v# k- U6 ?* `$ z
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Astral Media (ACM.A : TSX : $22.98)8 C* o6 @8 N+ C& w+ C G `6 l
Released Q1/09 results: strong, in light of challenging operating environment
% K/ @' X9 X) A7 ] Y* j" X1 \4 EBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
/ u' |7 s+ k$ T* K( K" @7 a3 oDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00# s$ `* L1 t* p2 H9 ?
GMP Securities maintains "buy", 12-month target price is reduced to $30.000 [- ]6 W' d# `6 h) H
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
4 ]: U4 V, }0 ?# V) ]/ i- ZScotia Capital Markets continues "sector outperform", 12-month target price is $30.00) x. }9 }2 s: z, _2 v
8 | D$ a& a; C/ xAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
$ F ?5 r$ p7 Z2 u1 @4 f1 r( kWell positioned with gold production forecast to double this year and next/ I: a+ Y* X( o t; l' j" J. o; q. ^$ Z
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
3 a; v6 U+ s( X+ |3 s( ITD 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)
) ?. q7 r" M/ |5 Z5 G) K( OReduced distributions by 20%; capex also cut
+ y! V1 _* G. n* v) {0 F6 FRBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)7 O- z2 ?# p" @) S2 K. h3 o) J
Announced F09 outlook
& O; i3 e( J W% {# gParadigm Capital continues "speculative buy", 12-month target price is $2.25+ K( X' G- r$ k. d* G, @8 }. D
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.003 P9 S4 K0 G- R- g
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Bombardier Inc. (BBD.B : TSX : $4.65)
# G+ ]1 h4 V7 {( ~$ [8 FRising challenges in Aerospace, B- ]2 j) Z# C2 I
GMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)
/ F/ m9 A7 U `. g$ G6 WAcquiring AIG's Canadian life insurance business0 O6 j. Q; f4 C, T4 _; ~+ e6 b
TD Newcrest continues "hold", 12-month target price is $37.00
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L# o+ P4 v6 z7 I6 k2 rCogeco Cable (CCA : TSX : $33.37)- s0 `4 f$ K7 `1 L
Q1 review: Canada results encouraging, but Portugal remains a drag. \ f4 N9 l M4 {! a. W% ^& a4 v, e3 D- n$ w
BMO Capital Markets maintains "outperform", 12-month target price is $46.00, e1 S5 M! C$ s( H* g2 X3 i
Desjardins Securities continues "top pick", 12-month target price is $40.00% l0 W- I$ p H" f t& c
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
) p0 i6 Y4 x" ~Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00% H1 H2 S% H1 Z. L: Z1 r
8 v3 j! `2 V; Z! m2 p" b3 q( J) q. hCorridor Resources (CDH : TSX : $2.45)
+ l- @% h9 h4 t' P& x3 T: y0 ICapital budget set to expected cash flow; production guidance lowered$ m' P% U" A5 d
RBC Capital Markets maintains "outperform", 12-month target price is $4.25/ F. N- r+ U* J8 T
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COGECO Inc. (CGO : TSX : $25.14)8 B4 J5 s R6 L# s4 ?9 c
Strong radio and cable drives 39% EPS growth0 T5 c, P# F- g, {: W
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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( {: G2 V% C* D9 k$ ^CanWest Global Communications (CGS : TSX : $0.51)
$ ~9 R; [$ B! C$ v8 p5 t. {8 OTaking action to address tough operating environment2 F2 H. i+ v( U* }
BMO Capital Markets maintains "underperform", no target price reported
, e$ R" D% p' C. e: DCredit Suisse maintains "neutral", 12-month target price is $1.001 F+ K* C. j0 i4 p* m2 `
GMP Securities continues "reduce", 12-month target price is $0.50$ @9 W4 l7 s& h# N: H9 G. Q4 K
RBC Capital Markets continues "underperform", 12-month target price is $0.75
/ T8 [# Z1 }& ?, h7 a7 O0 wScotia Capital Markets continues "sector underperform", 12-month target price is $0.50; I+ \5 w4 Z0 R- h% N
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Corus Entertainment (CJR.B : TSX : $12.47)
$ { u" b- s/ i B' kQ1 revenues in line, EPS beat
( h! I4 g* w* g! @8 q- gBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00+ u- a: f" a* s+ B" M' \/ R
Credit Suisse continues "outperform", 12-month target price is $20.00+ l8 @% O" c; c# P/ b0 _; v
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
1 T- v& y" } U4 m. l; Y+ mGMP Securities maintains "buy", 12-month target price is reduced to $17.00
9 R- C$ ^2 {6 a/ K2 I; HRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.501 B. k. a4 n- p$ @& }/ D8 }
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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* {# _7 D$ F+ z, ` \ MCalloway REIT (CWT.UN : TSX : $11.84)5 m; j! ~$ H. z+ X$ R
Held investor day
* Q- ?) }8 I' L- I4 DScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00; c+ m: t, H# P) {- a6 P) T2 T
4 [% b) m, B( K- f" g% R4 E; UDaylight Resources Trust (DAY.UN : TSX : $7.77)
! `' ] F9 w {! f: [% OReduced distributions by 38%; guided for lower capex) Y6 U/ @4 ^- x9 _1 i! o$ Q
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
+ q0 g- n3 n" n) s3 q: ]" U& r& {Dundee Capital Markets continues "buy", 12-month target price is $12.009 ]' J4 z$ a6 J1 s- M1 Q
TD Newcrest continues "hold", 12-month target price is $7.50& ^7 v0 X: v# S4 S% {0 Y/ a
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
5 n* v, R. l8 xSteady market and currency tailwind! q! E3 i% |$ b( A$ f; J
TD Newcrest maintains "buy", 12-month target price is US$5.00
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* n" c5 l& H: I9 T; q0 OGoldcorp Inc. (G : TSX : $29.74)! Q9 C! _, O9 [! \- M+ m# U
Revised commodity forecasts# j% t& |: b) {, `& T7 C
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00. l# T6 V1 N* t8 W' {( E( o
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Heritage Oil (HOC : TSX : $3.77)7 f6 B- n3 t& q+ Q( j
Announced Ugandan commerciality on exploration success, E; t$ @8 x$ h0 g$ U. T- h
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.507 Q, m' B4 p% X. F( C
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Harry Winston Diamond (HW : TSX : $4.98)
, m* d- ?0 l' _% p" m, U6 k/ ~Retail division suffers
% e: n* j# B1 _% r$ h; K5 @( lDesjardins Securities maintains "buy", 12-month target price is $12.60$ Q# H. c$ ?( D% J
/ y; X: @/ S, W: dLaramide Resources (LAM : TSX : $1.84)
( m( M* I; f/ y qWestmoreland provided more high grade at Redtree's Jack Lens" o, {0 v9 h) Y( a& D
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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8 V0 |# f) v) X- Z9 j" MLockerbie & Hole (LH : TSX : $6.00)
2 T: ]& @' o( i( ]Released Q3/09 results: very strong, focus should be on active backlog8 W9 }) Z. U) N1 n u+ M; G; ~/ ~: _
GMP Securities continues "buy", 12-month target price is $9.00 s& o. T, E5 S7 _3 G. z) f
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)
) B- R9 }, W) J( RReduced distributions by 70%
_# x, J" H( X- s2 j) pRBC Capital Markets maintains "outperform", no target price reported
9 \6 d2 F; [0 f: L/ UScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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7 ]+ w9 f) d5 ?, A( o: C) R+ `Matrikon Inc. (MTK : TSX : $2.04)
; o, {) v( K4 J& d* vReleased Q1/09 results: a little light, but still respectable
+ E x& d( F' kBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
* q+ ^6 x9 Q/ p% E* a, _0 JParadigm Capital maintains "buy", 12-month target price is $4.00
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* v4 e& Y4 }: {' @3 `3 L$ f8 O0 [; j1 gMullen Group Income Fund (MTL.UN : TSX : $10.97)3 _7 F1 s* b( r) ~; f
Expecting lower CFPU on higher taxes
9 N5 W3 B5 q% i8 e, N8 a0 UBMO Capital Markets continues "outperform", 12-month target price is $18.00. V: n5 p( R( a. w
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
% ~! B) ?" P5 q& bTD Newcrest continues "buy", 12-month target price is $17.00
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2 V9 r6 c+ Y$ G) h& oNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86): b9 j: j' y: V) Z+ A) F h
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
! y7 v. @8 A: x% ?0 L# w* gBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
% ~5 k p U6 w% x4 ~Credit Suisse maintains "neutral", 12-month target price is US$1.00
) t9 X) I2 }7 n& `! v2 }Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80( O. l' W( L1 d5 S. q: c
5 S7 X8 o# j8 D: j& f1 qNeptune Tech & Bioresources (NTB : TSX-V : $0.79)! ^1 y0 s- l- b& |- S+ Q' a; b2 F* e
Dietary supplement business facing headwinds; [, ?, T& X+ D! ]9 ^$ t( |7 ?
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00$ Z' d; }! Q7 m$ x2 D- j0 ~' Z) F+ o& q
' r8 J" I. o0 Q& KOpen Range Energy (ONR : TSX : $1.18)( }% c4 E: G+ e7 A0 [" W
Provided operational update and F09 guidance
' v! h0 q3 p+ _6 O: h$ [Haywood Securities continues "sector outperform", 12-month target price is $3.25) R7 d3 G7 Y8 C$ g9 L) J
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Osisko Mining (OSK : TSX : $3.13)
, A" d$ ?' V. F# r1 xSouth Barnat resource around the corner1 c- i, m$ Y1 b, c
Paradigm Capital continues "speculative buy", 12-month target price is $4.754 G( M3 E, d+ `2 y0 I4 A Z6 t0 O
7 J- k0 i2 {: `" u8 aPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
. r' }# V$ |: d& _. ~Provided operational update
: q ], p9 Q% K$ cBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00) z1 L7 X, J/ }5 P: e
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.507 }5 Z& d" O; |! v1 f9 f+ Z
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Paramount Resources (POU : TSX : $7.85)" x, g3 Z$ n0 _' D* N( x
Provided operational update: Grande Prairie emerging as the key focus for F09
6 q% s( ?/ [% w, DGMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)' h1 M/ v& f2 p1 H
Operations starting to turn the corner1 k$ c6 V# z& v! r
RBC Capital Markets maintains "outperform", no target price reported
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Shaw Communications (SJR.B : TSX : $20.13)
7 C) S% g& i" U# u IReleased Q1/09 results: in line, subscribers ahead
. s$ ]" i' M2 R7 C, l8 F. u7 TCredit Suisse maintains "neutral", 12-month target price is $25.50
4 V1 w, U ?; T0 f( |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$20.48)2 e! M9 T4 A8 `; M; K% x
Held a sell-side lunch showcasing new U.S. team5 ]: ^3 c" b( k+ ?. K$ n; m
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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9 o& B( p7 {, O! n2 i8 VTrican Well Service (TCW : TSX : $6.93)& \- u' k a- M D+ ` ^4 d
Awarded Russian contracts5 L) X' ]8 f# q5 p8 l$ L$ v
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
& Z; ] o* ]* a3 [) vRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00' f9 P* |* [9 @+ W/ r2 R$ y! K
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00! Y4 U0 K+ K, P$ d8 [4 N6 E7 H3 [
# ]7 t& F7 V( q0 j8 L1 xSino-Forest Corp. (TRE : TSX : $8.93)
3 x+ H9 g; I+ `2 `Chinese furniture exports rose in November3 U9 w: M1 A- G' G, E
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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+ T8 Y, w; D8 I2 ^UEX Corp. (UEX : TSX : $0.88)$ N0 u! o& g. O5 n( e
Shea Creek's two largest deposits have become one
( p0 t) Y+ T2 n" B0 G( n( _# a5 MDundee Capital Markets maintains "buy", 12-month target price is $2.751 N G: n$ V& }8 H6 }: @
" y& T9 p3 V2 r6 l$ NVero Energy (VRO : TSX : $4.72)1 V+ b- R7 w8 n
Released Q4/08 results: horizontal focus to continue in F09/ X$ A3 I8 K% K7 t0 G
Dundee Capital Markets continues "buy", 12-month target price is $8.00/ Z# {3 W2 O$ |7 F1 P( e: q4 D' D
GMP Securities continues "buy", 12-month target price is $7.507 e: P' g( I. ^0 w" d& e1 Q
Paradigm Capital continues "buy", 12-month target price is $12.007 d6 O) u9 y6 i4 W
RBC Capital Markets maintains "outperform", 12-month target price is $8.50( W" \1 b2 L8 p
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Wi-Lan Inc (WIN : TSX : $1.75)
$ B" M: n+ F. d! N, M& A/ eHit homerun with Samsung. F0 v# c; b8 B2 d% N3 {2 P& X
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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