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Ear on the Street --- Jan. 16 2009
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1 j# t8 u# [' E9 m. D# DAbsolute Software (ABT : TSX : $3.36)* w" p# @: x$ }" l4 e
Bracing for a tough few quarters' u$ }4 Y' O, Z; B$ 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)8 z2 i, t8 _( p* A
Growth outlook, challenging pipeline and high cost structure make future unclear; s0 \- t" a1 \7 W" ^7 q
Blackmont Capital continues "hold", 12-month target price is lowered to $48.000 O4 K. l7 {5 z$ a# g
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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% {" v4 w% {6 l* xAstral Media (ACM.A : TSX : $22.98)
4 e0 \0 j7 j! P }Released Q1/09 results: strong, in light of challenging operating environment. ^; W$ Y( I( V7 `; }
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
- ^4 X1 X) S! _( r: zDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00- o. i3 I/ ?0 M9 x1 c
GMP Securities maintains "buy", 12-month target price is reduced to $30.002 P, j. B5 M% c- u$ i) ?) O. z. s1 |
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
* w. Y* {3 U p7 N" TScotia 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$45.07)* @3 H" I1 {" V6 ~# }
Well positioned with gold production forecast to double this year and next
3 v4 E9 D% C r/ a$ x7 eBlackmont Capital continues "buy", 12-month target price is lowered to $83.00
5 R5 ?# }2 b" _( `" [. QTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00: i8 S+ p+ l6 v
- N% J* s/ m, B+ p% k( m( Z" J! B5 `ARC Energy Trust (AET.UN : TSX : $17.15)
# r( p6 `# C Y& e' O5 y' }8 OReduced distributions by 20%; capex also cut# M/ P/ F3 a! l A
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)5 y) o5 t2 g0 T" E) J
Announced F09 outlook
( u. g" ]% a! K1 }% F% X \Paradigm Capital continues "speculative buy", 12-month target price is $2.25
b; t8 @" N, D8 MTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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0 T2 O' K; I" D" T! YBombardier Inc. (BBD.B : TSX : $4.65)1 ?2 K# v9 y/ j/ {5 X( c4 k7 \/ ~
Rising challenges in Aerospace
! T# Y8 z$ e3 T$ yGMP Securities continues "buy", 12-month target price is $8.00% n: ]# C3 K3 j; t
O" J& ~. j3 |" fBank of Montreal (BMO : TSX : $31.84)0 _1 {+ M0 q$ M, e* O: |" `
Acquiring AIG's Canadian life insurance business
" s! g/ D1 q5 N$ _1 I _TD Newcrest continues "hold", 12-month target price is $37.006 W! H: D) F" }9 {0 ~3 I
# A3 M) \% _* M8 f9 b3 gCogeco Cable (CCA : TSX : $33.37)
1 I: x5 [8 s& w0 N. o0 e) d5 nQ1 review: Canada results encouraging, but Portugal remains a drag" W2 ]" Z# S, g J% U) r; L
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
7 a3 n. }* V+ D* PDesjardins Securities continues "top pick", 12-month target price is $40.00
g! A" N( i3 s& M4 ^RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.003 M7 O% h( W1 W% O) F9 x
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)9 B9 ~/ t) ^( C: s& K$ Y
Capital budget set to expected cash flow; production guidance lowered+ J& W- I" W+ O R
RBC Capital Markets maintains "outperform", 12-month target price is $4.25/ j8 W/ ]& }% [! V6 e9 _
4 K$ q, g6 O6 _) KCOGECO Inc. (CGO : TSX : $25.14)
# h0 G4 v a9 @Strong radio and cable drives 39% EPS growth# f. [8 ]: z7 m9 B
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)
. M8 Y% f; M$ l% j: E4 U9 C' kTaking action to address tough operating environment% v+ C# [% l; D
BMO Capital Markets maintains "underperform", no target price reported
; L" x4 x z" c( }6 vCredit Suisse maintains "neutral", 12-month target price is $1.00
$ w( t9 _. R9 J; n6 f! R" C: wGMP Securities continues "reduce", 12-month target price is $0.50+ [, s! h2 P' q6 h5 t) h
RBC Capital Markets continues "underperform", 12-month target price is $0.75
; |! l2 M" t, [: \+ c& ?- fScotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)
% `6 {" p$ ]8 FQ1 revenues in line, EPS beat4 X( ?. Y: s( `7 f) |3 t
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
8 X0 {* G( v4 C3 }Credit Suisse continues "outperform", 12-month target price is $20.00
& k5 q5 r: a7 E( V3 f" N, U% EDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00
' ]! v: `4 W7 v; aGMP Securities maintains "buy", 12-month target price is reduced to $17.00
# I) m" F& H7 a8 U, _% gRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
9 s0 Y* q& h2 {, i+ Q5 oScotia Capital Markets continues "sector outperform", 12-month target price is $18.00- R2 \1 e8 B1 O4 ?# L3 P0 t5 L
% x& S4 a3 q* ?8 O0 e# X. J: ICalloway REIT (CWT.UN : TSX : $11.84)! F. u* ]1 t/ D# t
Held investor day1 X9 o+ {; m7 J5 P X- }9 K
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00* |9 y. c# ~% _" x
6 u; D, C8 t' f; Z' i- fDaylight Resources Trust (DAY.UN : TSX : $7.77)2 k1 y2 n/ s; p I
Reduced distributions by 38%; guided for lower capex) Y5 r3 Q% }: m3 c; d# b$ {
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00+ V5 }, d! }4 x
Dundee Capital Markets continues "buy", 12-month target price is $12.001 t' e$ {- N" p- U+ r% A1 p
TD Newcrest continues "hold", 12-month target price is $7.50' K9 e- ` R7 I7 B) o* e- o
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
8 [2 T% P Q# J0 @4 x2 j$ \Steady market and currency tailwind
9 U, E/ k$ b" |) f! \+ {: c/ ]: vTD Newcrest maintains "buy", 12-month target price is US$5.00
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9 m; V7 e8 G j4 a4 XGoldcorp Inc. (G : TSX : $29.74)
7 f) r# s2 \% h' I2 g5 pRevised commodity forecasts3 H& |0 P7 d4 `+ W$ Q# V5 f
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.002 s$ y7 H6 g3 n- v& A! C
1 Q/ v- C4 [* b! K- eHeritage Oil (HOC : TSX : $3.77)9 }. ?5 T2 o- q9 |2 i
Announced Ugandan commerciality on exploration success0 v, Y( \4 n5 T" l3 C
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50# y. ? X: D9 M" ?
5 S/ V6 @: Y6 F* s$ vHarry Winston Diamond (HW : TSX : $4.98)0 ]! c7 O" p2 s% Q5 W9 g6 b7 Y
Retail division suffers
, `( j. V+ F6 G4 V6 @+ U% FDesjardins Securities maintains "buy", 12-month target price is $12.60
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4 j- p" T# h; j, P4 jLaramide Resources (LAM : TSX : $1.84)
; d9 T* L2 o0 j9 ZWestmoreland provided more high grade at Redtree's Jack Lens4 I0 \6 `: n. d
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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Lockerbie & Hole (LH : TSX : $6.00)0 O) f. b/ ~+ x! s& g
Released Q3/09 results: very strong, focus should be on active backlog- F, t4 |$ u6 h, u2 S: v2 b
GMP Securities continues "buy", 12-month target price is $9.00
0 Y# W" l4 r3 v! @$ N( v; t' KRaymond 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)1 c5 G: }# T, P9 ]- {
Reduced distributions by 70%
) \/ z! N# R( [4 ^" N2 j! ?RBC Capital Markets maintains "outperform", no target price reported5 w' ~6 l \$ Q! I+ c2 t+ Z- r
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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: D4 B; |8 l- Z; U K& \. IMatrikon Inc. (MTK : TSX : $2.04)
1 o; n6 e* I/ K) EReleased Q1/09 results: a little light, but still respectable0 v! c: J( X; m. ~7 }" b
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
: U- |. Q, z. \% B- j4 i4 P, o6 Y- g% xParadigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
! G' V- ]5 @. p# r* `1 z0 Z$ X; XExpecting lower CFPU on higher taxes
" z( D \% Y9 xBMO Capital Markets continues "outperform", 12-month target price is $18.00
' J; \' p. z' h1 Y! h% u: `7 a+ eRBC Capital Markets continues "sector perform", 12-month target price is $12.00
( l/ R0 j( B: o& ~2 {+ ^2 \ mTD 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)
$ L" Z- t3 M! z, n# {. HReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
8 h- ^0 ^6 i- V4 C9 A8 ^3 pBlackmont Capital continues "hold", 12-month target price is reduced to $1.25: { H* N1 F0 @
Credit Suisse maintains "neutral", 12-month target price is US$1.00
0 @) [' z5 O0 p9 i, X fScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80) b7 E$ w+ _9 _9 ?
- A7 B$ _/ `) l+ {Neptune Tech & Bioresources (NTB : TSX-V : $0.79)% L8 f6 ~+ S( w+ ]" g2 q! r
Dietary supplement business facing headwinds3 I% E+ s1 q( l0 K$ S. Y
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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6 w4 e$ b% t; o' }Open Range Energy (ONR : TSX : $1.18)
/ }6 \5 R9 b/ Y& f: C, `8 `Provided operational update and F09 guidance2 u( I+ u) I o
Haywood Securities continues "sector outperform", 12-month target price is $3.25: \3 d* J' |, ]* T8 c6 k1 R
7 j" R0 }- X2 R6 F3 e4 W; IOsisko Mining (OSK : TSX : $3.13)
9 }+ x+ R0 g8 C VSouth Barnat resource around the corner' l# M% r5 F! w8 g' l
Paradigm Capital continues "speculative buy", 12-month target price is $4.75
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2 {1 P; v* c4 OPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
0 a, ^- ]* f4 [) M# nProvided operational update: }& l" ]4 B$ P8 p- x: _# H t$ G' I
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.005 ^7 V v: x7 R& M$ f
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50% i" f& U5 c& D
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Paramount Resources (POU : TSX : $7.85)
4 o o8 B) F! d3 q" F( lProvided operational update: Grande Prairie emerging as the key focus for F09
7 O$ H4 T$ r" w O9 HGMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)/ M4 D' _. O8 g, A/ M6 h+ ^9 Y
Operations starting to turn the corner
5 R l) z' U* e* eRBC Capital Markets maintains "outperform", no target price reported
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! R3 g8 h9 U0 B4 NShaw Communications (SJR.B : TSX : $20.13)5 S x7 j0 @2 { m
Released Q1/09 results: in line, subscribers ahead
5 _# n( E& {6 O& b2 h/ t1 `5 g- ~$ Q+ rCredit Suisse maintains "neutral", 12-month target price is $25.50. ^- n0 N% s& r+ |- r, s6 g0 U
GMP Securities continues "buy", 12-month target price is $26.50; ~( I8 H, y$ l" L
7 a; [+ t5 _0 V! e* W0 o. M! LSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
3 X! `$ D0 ]+ y$ `9 U' ^Held a sell-side lunch showcasing new U.S. team
5 f, v: v8 Z" y, L" b0 \2 x; K& NScotia Capital Markets maintains "sector perform", 12-month target price is $33.00" R+ \7 l- f; \9 {
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Trican Well Service (TCW : TSX : $6.93)( e. Q4 L: X% M* O* i5 j6 d
Awarded Russian contracts
9 t( S% c7 ]) ?, I. K% m& SBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75
3 e& @+ A) k: ^5 j$ p* ^Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00( H+ F8 L8 \. W/ d" D% s& e
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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* i+ Z9 U3 Y/ dSino-Forest Corp. (TRE : TSX : $8.93)# \+ p- v C: X
Chinese furniture exports rose in November
7 v' ~/ L$ o% p$ N- V# R5 s2 X- wDundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)+ J d: g8 z& y- z0 j0 w+ ~& ]
Shea Creek's two largest deposits have become one+ X' b1 ?+ K# W( d" S' N
Dundee Capital Markets maintains "buy", 12-month target price is $2.757 z. [* h m; C6 C2 ~' R
, p5 s# R% j! c; eVero Energy (VRO : TSX : $4.72)
1 E1 F# h8 x# j3 T4 O9 n# u1 qReleased Q4/08 results: horizontal focus to continue in F09
9 W* ?. E; [& Z1 @( y" X6 BDundee Capital Markets continues "buy", 12-month target price is $8.00* D; @7 Q/ r2 P( W
GMP Securities continues "buy", 12-month target price is $7.50% O) H& u9 W. J& y- N8 m! t
Paradigm Capital continues "buy", 12-month target price is $12.00
& B" X9 D1 I) p8 C+ N$ KRBC Capital Markets maintains "outperform", 12-month target price is $8.502 d8 ~8 e% ~, `- p
5 p' v. D$ C( S3 n- cWi-Lan Inc (WIN : TSX : $1.75)
8 f6 J0 a* {, N% \$ @+ oHit homerun with Samsung
, v. H) _" Z4 p6 s# MParadigm Capital continues "buy", 12-month target price is $3.50 |
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