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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)% k* B& O* K$ `
Bracing for a tough few quarters. S* Z) P4 p F! ^6 U
Canaccord Capital maintains "hold", 12-month target price is $4.50
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45); L; {& }5 G/ _7 o6 |1 p
Growth outlook, challenging pipeline and high cost structure make future unclear
. Y( t& X) }$ F6 j FBlackmont Capital continues "hold", 12-month target price is lowered to $48.00/ _( X g# I- W6 u+ s6 O! n
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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, e6 s' c' ?% b* VAstral Media (ACM.A : TSX : $22.98). @: U$ M) A8 c8 Y! b
Released Q1/09 results: strong, in light of challenging operating environment
. I% u' |$ W+ b5 R0 }! W* GBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
8 ^0 ]* y5 b( u# l( V' SDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00
, B- Q# @6 T4 G" ]GMP Securities maintains "buy", 12-month target price is reduced to $30.00
& B# i7 g: c9 _: h1 `, R! Z# c2 LRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
: t* J3 K8 U7 i p8 G! x6 dScotia 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)
3 f! L7 F3 T0 W/ O5 tWell positioned with gold production forecast to double this year and next2 H: P" d9 Z a# c" d
Blackmont Capital continues "buy", 12-month target price is lowered to $83.002 ~8 O7 Q) F5 r+ M7 w
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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5 `/ }- v% ?: m+ _ARC Energy Trust (AET.UN : TSX : $17.15)
H4 [& u! S- i' y7 TReduced distributions by 20%; capex also cut
2 u! I" V p6 W6 K/ {2 }RBC Capital Markets continues "outperform", 12-month target price is $19.00
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# Z5 X# ]1 p. B% { d3 ?Andean Resources (AND : TSX : $0.75)
7 F. o9 x& I K0 Z4 z6 fAnnounced F09 outlook
4 k: I$ h. [+ {$ o" P7 ^Paradigm Capital continues "speculative buy", 12-month target price is $2.257 c6 a8 |. ^) L! c A' C' K( O
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.005 a1 c) K+ U- g S% ~. g2 ^5 v) a$ \
3 q! p g Q; Q4 CBombardier Inc. (BBD.B : TSX : $4.65)! i9 y: s, Z0 U' i2 K
Rising challenges in Aerospace
K' q% W& M0 M8 v _GMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84); v& r% E# y% q0 X4 p
Acquiring AIG's Canadian life insurance business
2 a W5 ^9 E7 l$ @) ATD Newcrest continues "hold", 12-month target price is $37.00, y4 r% v9 x/ k7 z" y# b3 S. H
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Cogeco Cable (CCA : TSX : $33.37). I3 p* \3 x( J1 }, `5 }3 t
Q1 review: Canada results encouraging, but Portugal remains a drag
3 f) X: q0 O5 p( g- cBMO Capital Markets maintains "outperform", 12-month target price is $46.00/ X& N; e9 s! `) c4 E+ u
Desjardins Securities continues "top pick", 12-month target price is $40.008 q+ t+ O5 ^# T+ n0 R5 j
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.003 R6 m3 H1 Q3 S% g& u
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00) n' O" P- g4 |3 |) z2 Y# t! y' D
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Corridor Resources (CDH : TSX : $2.45)2 z: Z+ } h3 R( U# `
Capital budget set to expected cash flow; production guidance lowered
* K' e D' x* J; tRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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4 S }6 o7 e* J9 T$ M& z" mCOGECO Inc. (CGO : TSX : $25.14)5 ]; Q9 j' w( w! |
Strong radio and cable drives 39% EPS growth
- |! p* J' }) N7 P7 lScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)
( b. q- v1 d) O( eTaking action to address tough operating environment# @3 `$ Y' O& I r9 a
BMO Capital Markets maintains "underperform", no target price reported5 l6 j/ q d, t, N5 }4 s
Credit Suisse maintains "neutral", 12-month target price is $1.00: ^# ^$ p4 B: m- v
GMP Securities continues "reduce", 12-month target price is $0.50 Q' e0 p* z4 Y D
RBC Capital Markets continues "underperform", 12-month target price is $0.751 X0 V9 Q& Q3 R9 n, V# K7 {& m2 C
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50) ^6 |7 ~6 n2 P; N" ` h& b" \5 d: I
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Corus Entertainment (CJR.B : TSX : $12.47)
2 `( ~9 B8 ?/ |Q1 revenues in line, EPS beat
+ [' G' m% c. O& ABMO Capital Markets continues "market perform", 12-month target price is cut to $15.00/ { `$ `7 \/ b% D; e
Credit Suisse continues "outperform", 12-month target price is $20.00! T; p. N8 U6 Z) r
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00* ^- x3 C C0 F- \
GMP Securities maintains "buy", 12-month target price is reduced to $17.00 j8 D% M( ^$ z4 s- i
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50, V- k! i7 e9 ~# F% J
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)5 H1 m y5 {; p. a% i
Held investor day7 ?% i5 r3 ^% X; }1 o3 R6 i
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00. p0 N1 d( ~: b# {7 s2 N$ k
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
& p3 w( `! T$ `/ A q( eReduced distributions by 38%; guided for lower capex0 P: B' q# `2 ^3 g9 S
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00+ B7 O3 K# v2 P! s% L
Dundee Capital Markets continues "buy", 12-month target price is $12.00
* A& O/ v6 {6 `5 S; oTD Newcrest continues "hold", 12-month target price is $7.50. s- Y2 w; s4 O3 X7 k7 l v
, \1 J0 j$ U; N% v4 Z' OEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
0 X9 w( \. h* m- o' Y/ ASteady market and currency tailwind: o( |! b9 X3 S8 B8 q
TD Newcrest maintains "buy", 12-month target price is US$5.00) B- S: V( o0 k. p- M
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Goldcorp Inc. (G : TSX : $29.74)
5 ]5 G7 J" k; {8 s+ q3 gRevised commodity forecasts4 |( t7 _9 o# ~5 ]0 I, Y4 c
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)
* d* N$ e; W# }3 K) d' D" }; vAnnounced Ugandan commerciality on exploration success
4 l P6 a7 c3 }& @5 M0 T! lTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50: e) ^. x9 G" w* S* _' }
' R7 }/ ]- T6 J/ N& m M5 z! a* {6 uHarry Winston Diamond (HW : TSX : $4.98)5 i( X7 i9 J6 y+ g
Retail division suffers/ w- G& \& [# q3 [, f8 }6 y
Desjardins Securities maintains "buy", 12-month target price is $12.60+ \* C/ \* F2 h) c2 x: m8 Z; H
7 Z: g* U8 e5 M$ L) Y) {Laramide Resources (LAM : TSX : $1.84)( y' c! s( v v: {, C1 {4 \8 _- X; U
Westmoreland provided more high grade at Redtree's Jack Lens
/ ?' j2 u. _. t; S7 SDundee Capital Markets continues "buy", 12-month target price is $2.30
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- o& u* b- T7 q8 f$ T" ELockerbie & Hole (LH : TSX : $6.00)
0 {+ ]/ P/ ~4 x. D) xReleased Q3/09 results: very strong, focus should be on active backlog
e% k! |: @( p+ w8 AGMP Securities continues "buy", 12-month target price is $9.00. u: x3 h' V7 B3 \. S$ }
Raymond James maintains "market perform", 6-12 month target price is $8.25+ t2 K# w1 X1 s7 s3 q
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)9 C7 v' {9 ^& k' \, y
Reduced distributions by 70%4 ]# |# c3 @3 ]" Z8 O
RBC Capital Markets maintains "outperform", no target price reported
* n3 `' q6 y! r! @' jScotia Capital Markets continues "sector underperform", 12-month target price is $6.50* i1 Z9 I; k; c
/ ^; J3 s5 V* [' BMatrikon Inc. (MTK : TSX : $2.04)
1 j7 \2 v5 Y" s) pReleased Q1/09 results: a little light, but still respectable. h- E6 ?, _5 C+ W9 F0 g
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50" q+ [1 j2 e) p8 D4 ]' d+ {
Paradigm Capital maintains "buy", 12-month target price is $4.00% D7 i7 i8 h, {0 \# T, N, Q
5 B' X* n! z; t4 x& SMullen Group Income Fund (MTL.UN : TSX : $10.97)
7 k8 i( }4 \# L) \7 L: y+ i6 a# zExpecting lower CFPU on higher taxes0 |; x- g4 _# C3 `% M; ]
BMO Capital Markets continues "outperform", 12-month target price is $18.00
* U/ f& S% s" j* R. F3 K7 n, |RBC Capital Markets continues "sector perform", 12-month target price is $12.008 m! D+ T- x. |; I2 t
TD Newcrest continues "buy", 12-month target price is $17.00
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
; p8 H1 G6 O1 _+ rReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
; _+ z' ^9 @/ z6 `Blackmont Capital continues "hold", 12-month target price is reduced to $1.25. Q1 k* G* i! T/ F7 c' u! u$ G
Credit Suisse maintains "neutral", 12-month target price is US$1.008 x. {7 [1 b4 n6 m' i
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80* ]1 h9 N" y- V4 L/ G0 t
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)
# N5 q; B" J2 j$ H* P6 N; I! X JDietary supplement business facing headwinds
0 k* K' z# H' NParadigm Capital maintains "buy", 12-month target price is reduced to $4.00, v" z* K- V: b% J! Z1 l: c
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Open Range Energy (ONR : TSX : $1.18)2 J3 s$ U9 L% D; k
Provided operational update and F09 guidance9 m# m. \ Q [* b. p" R8 B0 j
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)' h0 I% M t$ F* n. S! W
South Barnat resource around the corner, ~- U0 y. `% E- t
Paradigm Capital continues "speculative buy", 12-month target price is $4.75) \1 g+ T( Q$ ~" d9 [
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)1 Z5 B; z5 o0 a& H- u
Provided operational update5 z1 i- Y6 ]( C4 b; T4 K( X
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
( M7 G$ `1 z: ETD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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Paramount Resources (POU : TSX : $7.85)
# o% q+ i# F k0 r: o8 NProvided operational update: Grande Prairie emerging as the key focus for F097 v( f' M6 t: [- R9 U( A5 ~
GMP Securities maintains "buy", 12-month target price is $12.00$ Y9 Q$ x. y8 x7 @
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Rockwell Diamonds (RDI : TSX : $0.07)
2 Z4 @' ^6 h, f5 `! K; b% T. QOperations starting to turn the corner3 p& J* P* p( E4 v7 |
RBC Capital Markets maintains "outperform", no target price reported; x; P/ Z! Q/ a! V
7 }* C- g- l T& V' T0 H* f5 }Shaw Communications (SJR.B : TSX : $20.13)
. x0 I1 t0 i* C' i. u4 |1 xReleased Q1/09 results: in line, subscribers ahead
" }* L- J3 ]! A& ^Credit Suisse maintains "neutral", 12-month target price is $25.50
1 ^+ m7 B5 \7 K& h: `' ^GMP Securities continues "buy", 12-month target price is $26.50" c& T+ ]! O: B6 B1 X' s- D
! v2 A; Q8 u' X h& fSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
( j2 v; C& I8 r G* @% J( v' GHeld a sell-side lunch showcasing new U.S. team1 u3 c9 C3 i5 p5 e
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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3 y" W( I$ f1 T( XTrican Well Service (TCW : TSX : $6.93)
% T: g6 J: i" a! JAwarded Russian contracts
0 |: G8 k+ A5 t. X: K( tBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75* k D6 R0 G( \* s' G9 c- R
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
& L5 S% y* J: \' uRBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93)
3 D: i Z) l3 I3 _; RChinese furniture exports rose in November
% Y K$ J5 g8 H5 K7 A! bDundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)
; C5 V# v4 g) D, U3 G/ x+ SShea Creek's two largest deposits have become one9 f, o+ K0 V, D* t2 [( [
Dundee Capital Markets maintains "buy", 12-month target price is $2.75* b- Y. @8 s' ^% F* r0 d
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Vero Energy (VRO : TSX : $4.72)
+ @& D8 F* D+ V ^. N+ BReleased Q4/08 results: horizontal focus to continue in F09
/ {! l' z# |+ E5 j7 M8 E8 I7 HDundee Capital Markets continues "buy", 12-month target price is $8.00
, N9 n" v2 H0 H5 _6 [4 q9 v! K; JGMP Securities continues "buy", 12-month target price is $7.50
0 W6 G! [1 N+ \3 M# f1 `Paradigm Capital continues "buy", 12-month target price is $12.00 c5 i7 Z, j+ J* n) n, q+ k1 f1 E
RBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75)
( ]; u9 k. Z6 {, W/ _+ |7 hHit homerun with Samsung
7 q7 \1 c0 S4 O, RParadigm Capital continues "buy", 12-month target price is $3.50 |
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