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Ear on the Street --- Jan. 16 2009& W3 L5 ~+ u: _5 U* d
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Absolute Software (ABT : TSX : $3.36)4 N# I* { }# q% Y0 U, T
Bracing for a tough few quarters3 R# C( P: S- @8 K" W; t; t
Canaccord Capital maintains "hold", 12-month target price is $4.50
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3 U; u$ T$ f7 c- S' F8 x4 P* QBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
" g8 q' T* S+ b# l" GGrowth outlook, challenging pipeline and high cost structure make future unclear
1 y; S7 ~( ]8 W! V+ p/ JBlackmont Capital continues "hold", 12-month target price is lowered to $48.00
0 G) Q; P5 ]# [3 P' DTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00* d& _3 y/ P3 P, l# [
/ W+ G1 ^' C# r. r) t( E: j( IAstral Media (ACM.A : TSX : $22.98)) u0 |3 Y- d; |" Y. F/ n
Released Q1/09 results: strong, in light of challenging operating environment7 T' R y$ r( G% w. a4 z4 \9 H
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
) O$ R7 q3 u* R6 Q: bDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00! Z" q* K A: X" S0 @ y! u& f
GMP Securities maintains "buy", 12-month target price is reduced to $30.00$ |! B K* l7 s# x D" s
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00. T+ z3 [( q; a3 e& d6 v, ~
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00: ]5 y! ?' S% Y
, L! K- q2 K1 S9 n G( l4 kAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)) L. t0 J, I0 n0 y& \
Well positioned with gold production forecast to double this year and next
, E, V! V1 `3 |7 rBlackmont Capital continues "buy", 12-month target price is lowered to $83.004 @6 b7 v8 g8 ?6 S# p; R* b
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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/ C/ Q' {1 l9 k- ~0 PARC Energy Trust (AET.UN : TSX : $17.15). ^' l7 k$ K+ X. J: X; W+ |; K0 h4 R
Reduced distributions by 20%; capex also cut2 F6 H: u- |' z8 c9 _
RBC Capital Markets continues "outperform", 12-month target price is $19.00) B$ S& K; \8 ^) i
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Andean Resources (AND : TSX : $0.75)
- W9 f% o/ X: ]Announced F09 outlook
" C4 P& L3 a& d4 }) f) MParadigm Capital continues "speculative buy", 12-month target price is $2.25
[% c6 [" ^' d- Y" TTD Newcrest downgrades to "hold", 12-month target price is cut to $1.007 L- a) c, U( k- o! X
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Bombardier Inc. (BBD.B : TSX : $4.65)
. m- d! R6 B" ]+ s v [" gRising challenges in Aerospace, b& U7 [) e$ M; M, _* L9 |
GMP Securities continues "buy", 12-month target price is $8.008 U: x, [" u0 u; D, |
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Bank of Montreal (BMO : TSX : $31.84)( e5 }2 S( x1 X) {
Acquiring AIG's Canadian life insurance business4 y* i* U1 l5 O2 d2 _
TD Newcrest continues "hold", 12-month target price is $37.006 k; t: ~' W$ P0 ]
# r6 _# o6 E% K. L1 I3 ECogeco Cable (CCA : TSX : $33.37)
$ e' b% p# M# v& FQ1 review: Canada results encouraging, but Portugal remains a drag) c% c* i6 u! d
BMO Capital Markets maintains "outperform", 12-month target price is $46.003 P) r" K# p0 _3 F9 ?
Desjardins Securities continues "top pick", 12-month target price is $40.004 T. ?$ t4 [/ r" b/ ~. O
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00' k( ]5 e0 T9 n/ I
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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5 b, d5 P3 ?" V4 e+ _Corridor Resources (CDH : TSX : $2.45)
# i% J- t4 M. ^; y/ a [Capital budget set to expected cash flow; production guidance lowered3 @1 p# v8 M% k3 W- [ U2 Z" U
RBC Capital Markets maintains "outperform", 12-month target price is $4.252 W% d4 {0 C6 p3 ^+ g9 h1 ^; M
4 p$ W6 R1 f3 D7 Q8 G: A9 KCOGECO Inc. (CGO : TSX : $25.14)7 x6 ]% m" G( A
Strong radio and cable drives 39% EPS growth
; K& b7 P' w! ^( l8 a) r3 xScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)
$ m$ M: `2 e' dTaking action to address tough operating environment
2 \8 A8 C3 Y! B% V5 XBMO Capital Markets maintains "underperform", no target price reported
* h0 r7 @& }9 \8 B* ZCredit Suisse maintains "neutral", 12-month target price is $1.00
3 z8 x. P' r; j s2 V1 ~GMP Securities continues "reduce", 12-month target price is $0.50
8 `% N' c) U, q% j; f: mRBC Capital Markets continues "underperform", 12-month target price is $0.75/ b/ m6 `1 @8 D
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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- b7 q- c3 _( u! q: ECorus Entertainment (CJR.B : TSX : $12.47)
, j# |3 e5 V9 b: M4 v: xQ1 revenues in line, EPS beat
4 a+ V* |9 x9 A8 ] z, j: \+ n* yBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00$ E+ W8 @6 g1 x1 h' e
Credit Suisse continues "outperform", 12-month target price is $20.00
" ^$ n! @. i, A9 K7 I6 c! m0 aDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00* W7 ^3 `1 {' H5 q" H; e* r
GMP Securities maintains "buy", 12-month target price is reduced to $17.00+ k: [! p0 ?% _. n+ T4 c! r
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
7 A6 f/ }5 [# uScotia Capital Markets continues "sector outperform", 12-month target price is $18.00' e# Q) x8 C$ S
5 p( R4 o3 w4 P. JCalloway REIT (CWT.UN : TSX : $11.84)( k) h2 G q" g6 g/ X
Held investor day3 W! s/ M, R3 {4 q
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00- f" {. d6 D% T
3 N3 I, [6 j! ^, k5 y$ C* S# K9 bDaylight Resources Trust (DAY.UN : TSX : $7.77)
$ n1 g3 h; W+ QReduced distributions by 38%; guided for lower capex3 @+ C0 I$ o0 h: H X
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00' p& @. }9 p# B$ i: e
Dundee Capital Markets continues "buy", 12-month target price is $12.009 X, `) ~, t) @+ e3 M
TD Newcrest continues "hold", 12-month target price is $7.50* O) s9 M' R7 {. J0 y. M
6 d; j- N2 r7 p% O2 b$ KEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
* g3 C7 X* G, _ ?Steady market and currency tailwind6 h- g X( F8 G: U' F
TD Newcrest maintains "buy", 12-month target price is US$5.00
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Goldcorp Inc. (G : TSX : $29.74)9 |5 ^7 c6 v% F8 P( E
Revised commodity forecasts
, o7 K4 g# G6 O1 A$ sBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77). E5 }9 [# {" `' T
Announced Ugandan commerciality on exploration success
( M# c+ B* I1 P+ m" l- ^) Q. \TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.502 W. }# K9 f1 u Q
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Harry Winston Diamond (HW : TSX : $4.98)& d! W c& k1 a/ e6 O1 U
Retail division suffers+ ^6 L% v3 ~! n3 ^1 z( ~# y
Desjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)1 q* H3 V2 ]. E/ E
Westmoreland provided more high grade at Redtree's Jack Lens
5 ~ b/ w1 @% m% H& gDundee Capital Markets continues "buy", 12-month target price is $2.30
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Lockerbie & Hole (LH : TSX : $6.00)6 U8 T4 a3 @1 `' c' G
Released Q3/09 results: very strong, focus should be on active backlog
* D8 R: x7 i1 D. `+ c4 A9 ?GMP Securities continues "buy", 12-month target price is $9.00
- E! V! R" V7 CRaymond James maintains "market perform", 6-12 month target price is $8.25
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)
1 Q. R( m' C6 F5 `/ ?Reduced distributions by 70%
2 t, H3 A6 U, Y* ?! d* b: {' GRBC Capital Markets maintains "outperform", no target price reported
; t$ D C/ o) J$ _5 @9 c- v- eScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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1 p# h5 W2 o/ N2 V+ zMatrikon Inc. (MTK : TSX : $2.04); f3 c2 d# A T F% r1 q/ D$ h
Released Q1/09 results: a little light, but still respectable
$ M: H8 E' W* q" u" V7 Q2 m9 SBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
" x1 o9 K) r6 G6 `) n/ F0 w% F0 EParadigm Capital maintains "buy", 12-month target price is $4.00$ b% M' q1 k# X4 t
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
' x( I" }" n$ gExpecting lower CFPU on higher taxes& M ^% O% H, L4 d' j0 K) X
BMO Capital Markets continues "outperform", 12-month target price is $18.00- r6 M2 B7 w$ r2 L3 T
RBC Capital Markets continues "sector perform", 12-month target price is $12.00" k) L) o' Z* t4 b8 [3 p
TD Newcrest continues "buy", 12-month target price is $17.00" v/ y# w1 f5 N: [/ Y6 i
1 D. N8 E& L/ ]# c# L) O+ ]0 [Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)6 D: J9 w$ {# m
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain: l7 b% M7 \) e9 ^. x
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
$ y9 n$ n1 ], p( |3 W! `7 jCredit Suisse maintains "neutral", 12-month target price is US$1.00' j; {5 x" [. g- _$ Y
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80' I R/ m. o6 {4 H3 v: P: g4 n7 K
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)
; h* k o4 }# g% o4 y+ P: t/ JDietary supplement business facing headwinds9 Q& U& ?; ?7 G5 [' Q' D
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)1 }3 D- U+ j# ]' }
Provided operational update and F09 guidance, v5 }2 P" s/ L
Haywood Securities continues "sector outperform", 12-month target price is $3.25 \3 m" h% s( e$ e
' R/ R- \& H" C4 f" qOsisko Mining (OSK : TSX : $3.13)
8 ?+ [- k V5 J0 D2 d6 L8 V$ eSouth Barnat resource around the corner
' f- A6 m* o9 ?. aParadigm Capital continues "speculative buy", 12-month target price is $4.75
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0 {9 s' Y' r( s/ [- I5 VPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)+ L6 t+ ?6 n& ` B6 j+ G1 V" \6 ?
Provided operational update
' m6 f4 q# S! R4 nBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00: h0 ^6 F/ _. G9 R z8 I' U
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.509 L% W) h1 O- B6 G, e, B \5 X
/ x/ D* r) J7 B, G* LParamount Resources (POU : TSX : $7.85)
- s& i. ?* ^) uProvided operational update: Grande Prairie emerging as the key focus for F09
% q; @2 b" i9 K/ B/ d2 WGMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)
. u( c7 _# ^9 p$ C9 ]3 EOperations starting to turn the corner
% ]. R; a4 E/ t; }( T# bRBC Capital Markets maintains "outperform", no target price reported8 O9 x1 |: ~; \2 N8 N. |
9 z' Q; [/ O( x% ^) @. I7 f2 s9 MShaw Communications (SJR.B : TSX : $20.13)
- S+ |: B/ f% f% zReleased Q1/09 results: in line, subscribers ahead
0 ~. n4 m& ]% h2 O8 W/ H& l$ LCredit Suisse maintains "neutral", 12-month target price is $25.50
) p* `) b$ p Y3 Z! q9 p! gGMP Securities continues "buy", 12-month target price is $26.50
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48). a$ D8 m4 @& h5 \2 A, I. ?& u, ]
Held a sell-side lunch showcasing new U.S. team
6 h* ?/ E, ^7 o6 d5 Y+ V& o& [2 b' MScotia Capital Markets maintains "sector perform", 12-month target price is $33.00+ O$ [9 U/ l* X7 u2 }
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Trican Well Service (TCW : TSX : $6.93)' {# k' l' ?8 ]( _$ B* [
Awarded Russian contracts
- I: o4 ~! g6 }( X5 WBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75" g M4 G( b/ W; G" E
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.009 C4 o" E0 ?4 ]" F9 V# F' D' X
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00 V6 j p8 h7 |( l) _7 |
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Sino-Forest Corp. (TRE : TSX : $8.93)
- o/ P9 A; y# n1 }& D3 m$ FChinese furniture exports rose in November, B1 T. ?' y6 n% h- m# [. Y- r$ c# f
Dundee Capital Markets maintains "buy", 12-month target price is $23.504 V8 N4 x. o( i$ [
\! T5 c7 A: Q4 [( _UEX Corp. (UEX : TSX : $0.88), k/ o: i. Q. P$ n5 |
Shea Creek's two largest deposits have become one
- S, M" A. o) ~( yDundee Capital Markets maintains "buy", 12-month target price is $2.75% s/ S W; K( X! T! u: O' x
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Vero Energy (VRO : TSX : $4.72)2 _. C- ?' F8 C9 Y0 h% B9 y
Released Q4/08 results: horizontal focus to continue in F09
+ R4 `9 M, ^. l& H# C0 Y8 {Dundee Capital Markets continues "buy", 12-month target price is $8.00! b- q9 b2 u) r3 T! j
GMP Securities continues "buy", 12-month target price is $7.50
6 \: y0 a! E5 f5 C. tParadigm Capital continues "buy", 12-month target price is $12.00* k7 d" H1 y% s3 B! u8 k: g
RBC Capital Markets maintains "outperform", 12-month target price is $8.501 P: N8 S# O/ E) {* H" w; P
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Wi-Lan Inc (WIN : TSX : $1.75)* R3 S- [2 H- Z9 ^" M) C
Hit homerun with Samsung' S* g2 t. l, W& w
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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