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Ear on the Street --- Jan. 16 2009/ g2 {4 a2 k* p$ @& P: d
1 w6 }4 C C# ]3 tAbsolute Software (ABT : TSX : $3.36)7 _$ G! R9 d3 r. ~! ~1 ?$ Y f" d
Bracing for a tough few quarters
9 P# g2 F- e9 i5 o1 u \. gCanaccord Capital maintains "hold", 12-month target price is $4.50
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$ o: c @/ F3 v8 oBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)# m9 H, p) O4 P8 l+ c
Growth outlook, challenging pipeline and high cost structure make future unclear0 X# @# {. }# f& U7 E$ V
Blackmont Capital continues "hold", 12-month target price is lowered to $48.004 F' n7 R! i7 g$ y( O' I8 g9 r1 h9 @
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.003 z/ S3 h. \& [) |: R, C
3 }% O" Q; [7 D( ~1 g4 b R1 TAstral Media (ACM.A : TSX : $22.98)! f1 u- ?3 N& D6 ]' ]' U0 O& {
Released Q1/09 results: strong, in light of challenging operating environment9 z0 w0 D$ [) k+ z& }! N2 T U
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.001 [7 C& ~( H' [) N3 J% |
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
$ T4 U# m- }& y) L7 vGMP Securities maintains "buy", 12-month target price is reduced to $30.00
' m0 Z: [2 [- CRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00+ q, {& B& e: h% c, R; X
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.004 I$ h/ Q0 ^: J+ T5 R
" j' O; P, ?4 M9 S7 w' B! e5 \/ x& JAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)* L- v( z, l M% u- m# l1 P
Well positioned with gold production forecast to double this year and next
1 u6 O- a q6 D- Z0 A- {) F4 hBlackmont Capital continues "buy", 12-month target price is lowered to $83.007 _; t' c& _: a, W( l
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.004 [+ T* |3 E5 n( {. }0 c9 |
% _& P- S! J" P+ l8 e3 ]* LARC Energy Trust (AET.UN : TSX : $17.15)
4 M- m& a# Y! \- RReduced distributions by 20%; capex also cut
: Q! Y: |, {) _6 h) ZRBC Capital Markets continues "outperform", 12-month target price is $19.00
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% R: M' G" c* e0 u UAndean Resources (AND : TSX : $0.75)
2 [0 q0 X8 k! R& m0 t2 oAnnounced F09 outlook+ R+ w2 g0 p3 a
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
: v" B3 G$ Z7 y! rTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00/ x3 j/ P$ A0 u: z+ S1 J/ G9 N
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Bombardier Inc. (BBD.B : TSX : $4.65)3 d# I( K+ I& P7 d7 t7 v* _
Rising challenges in Aerospace7 O+ ]# w7 q7 s
GMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84). C/ N |! f3 F# M9 z2 z
Acquiring AIG's Canadian life insurance business
& }' L3 w' o& }5 vTD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)/ [. v3 R! l8 t. o4 s5 ^% f3 w0 G
Q1 review: Canada results encouraging, but Portugal remains a drag
; P( b$ T% S6 a1 CBMO Capital Markets maintains "outperform", 12-month target price is $46.00, G6 T E$ I7 e) o7 p
Desjardins Securities continues "top pick", 12-month target price is $40.00. c# `- t! Y* x1 S
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
5 d3 Z+ l" [( A/ h% {5 ]6 CScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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; P( p: t- c- j2 xCorridor Resources (CDH : TSX : $2.45)
/ u. f% ?: d0 l- O$ ~Capital budget set to expected cash flow; production guidance lowered0 M( A7 ~& @' a4 p" ]: @
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)
: n( \& P, ~/ n J zStrong radio and cable drives 39% EPS growth
/ t( \+ y1 F- X) UScotia Capital Markets continues "sector perform", 12-month target price is $45.008 Y5 P$ T! `: ^1 K# l. S6 K. K
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CanWest Global Communications (CGS : TSX : $0.51)
4 T2 T& o& {+ _; V l" k9 WTaking action to address tough operating environment
" s1 _3 c' E& |! rBMO Capital Markets maintains "underperform", no target price reported L5 K- S e/ ?; O/ n) a
Credit Suisse maintains "neutral", 12-month target price is $1.00
; P. P2 {1 |2 x1 D4 B* r- AGMP Securities continues "reduce", 12-month target price is $0.50
' B5 p9 ~# w5 T6 gRBC Capital Markets continues "underperform", 12-month target price is $0.75# s/ z* W# m" _' Y
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)
1 Q* T% r8 N8 ]4 e* NQ1 revenues in line, EPS beat1 |2 C6 Z8 |! _8 w+ y! i O
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
- z: l& D# M2 b% q+ KCredit Suisse continues "outperform", 12-month target price is $20.00
$ \3 l; G E+ h5 wDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00; Y9 J% ^0 J! ~4 ~7 y# T0 p/ I8 |' V b
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
; r1 z7 P+ I/ [) F4 sRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50! U( I. `+ P# e. w5 w7 ~- [
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00$ n6 [. J6 D& H3 `1 O1 |
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Calloway REIT (CWT.UN : TSX : $11.84)
$ Z% S0 ]8 Z( b1 Q! WHeld investor day
0 G4 C- o; R0 n0 {# g4 E9 gScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00+ _: ]8 e' @' R. Y/ B& w
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
4 w5 V- }2 p7 l& c: E0 RReduced distributions by 38%; guided for lower capex; `$ Z& f7 X* s8 n: {2 ? |# Z! H' C
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00& i4 e- Q3 D- K& [
Dundee Capital Markets continues "buy", 12-month target price is $12.00
3 t5 H! E1 q3 z1 E" A _- YTD Newcrest continues "hold", 12-month target price is $7.50
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)$ q" _% Y# c; o! G* t5 N
Steady market and currency tailwind
8 P0 {5 u6 x s$ @: l# q, P+ |! \4 GTD Newcrest maintains "buy", 12-month target price is US$5.00
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4 G+ {6 c6 p- A6 ~Goldcorp Inc. (G : TSX : $29.74); b# Z$ G2 Z* h
Revised commodity forecasts
7 e8 J. c) m4 ?Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)
# j; _2 t% n0 d% X) kAnnounced Ugandan commerciality on exploration success) ?6 c/ Q: A: N' Q2 O1 D1 e7 v1 o) P
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.509 r% N+ G( q" v! K! q; N
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Harry Winston Diamond (HW : TSX : $4.98)0 g% a1 c% p. p- j
Retail division suffers
3 Q6 q$ M: S! ], d; M# sDesjardins Securities maintains "buy", 12-month target price is $12.60) r! ~& W/ y# J: B) m: S4 O7 V# f
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Laramide Resources (LAM : TSX : $1.84)! R: P, j+ @% `, {
Westmoreland provided more high grade at Redtree's Jack Lens! Z3 l+ ~) N2 O O2 H3 r
Dundee Capital Markets continues "buy", 12-month target price is $2.301 o% o7 S; Y. b$ D6 e- `0 ?' W/ b
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Lockerbie & Hole (LH : TSX : $6.00)# X1 b0 ?. ~! ?5 @: R( T8 m/ i8 p5 a
Released Q3/09 results: very strong, focus should be on active backlog1 B; X5 e4 Z N) V4 ^( U
GMP Securities continues "buy", 12-month target price is $9.00
& p3 s. p, K% Q- q" O, SRaymond James maintains "market perform", 6-12 month target price is $8.256 u" e5 S9 b5 f$ y9 [ s
/ Z2 W; i3 H) ~0 p' xLivingston Intl Income Fund (LIV.UN : TSX : $6.00)" f# @& x+ F; C- m" X7 n5 x+ G4 R2 i- C
Reduced distributions by 70%
3 U Z# h! Z- |$ U; |: nRBC Capital Markets maintains "outperform", no target price reported( R7 \% U$ H# Z- S8 A3 ^- y6 c
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)" v) h, k- ~ f, s
Released Q1/09 results: a little light, but still respectable
8 j) n8 A2 d' D$ ^BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50) n- Z) B# R) R+ B
Paradigm Capital maintains "buy", 12-month target price is $4.005 t2 ]- a; M4 C& W2 w/ J n
$ r" d( x% N5 h( h* KMullen Group Income Fund (MTL.UN : TSX : $10.97)
- n3 H# t0 ]& z! k; OExpecting lower CFPU on higher taxes
3 e2 Q* z5 Q' Z, _- m5 }: w- nBMO Capital Markets continues "outperform", 12-month target price is $18.00
# G$ a! J8 T# W9 [; r3 d" ^% T8 t# ]RBC Capital Markets continues "sector perform", 12-month target price is $12.00* [8 z0 X3 E% {! S7 g7 J$ y
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) g) V& ?: K( Q) R- ^% w+ @5 U
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
v( ^0 {( P& l9 n8 n4 I% QBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
5 }2 H$ i2 w* J0 `- F6 h6 O1 eCredit Suisse maintains "neutral", 12-month target price is US$1.00
; ^4 B9 t) a1 y8 n! S/ \Scotia 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)
* h5 s5 E/ z, B- |) h0 O3 SDietary supplement business facing headwinds
6 U1 @ r6 }9 Y/ nParadigm Capital maintains "buy", 12-month target price is reduced to $4.006 o" E) t1 g0 i: E
' h0 x9 N$ S# _" N4 R) x$ w# VOpen Range Energy (ONR : TSX : $1.18)
- I, [* a3 `( a% K9 ZProvided operational update and F09 guidance9 ]# a* F h6 i
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)
. Y7 \, Q. T9 V" s- _South Barnat resource around the corner
% X( [! N8 [) R* VParadigm Capital continues "speculative buy", 12-month target price is $4.751 E5 P p1 A( c$ s- M7 {2 S
& v" ]+ e9 W. p! d' e( B$ KPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)' M! d+ d/ I' m
Provided operational update
6 E$ I. I. J# I+ w L% M! [Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00) v+ M3 ~. s7 g! o. U3 T) v. O
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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# b3 h& Q1 p9 E/ WParamount Resources (POU : TSX : $7.85)
# Z0 ~* f& G' n) v/ kProvided operational update: Grande Prairie emerging as the key focus for F09% U4 K* E* o4 ^! A
GMP Securities maintains "buy", 12-month target price is $12.00. i, O: C4 b0 K5 n/ H3 l! k7 w2 f
4 y+ D! @5 J6 TRockwell Diamonds (RDI : TSX : $0.07)
6 I: t5 d% J4 @" g& A+ v' e- jOperations starting to turn the corner8 _% k* D) O0 h4 i
RBC Capital Markets maintains "outperform", no target price reported8 n5 z" t; k5 Q; y0 q% `0 {
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Shaw Communications (SJR.B : TSX : $20.13)
: G) E0 U( N- g' |& i! ZReleased Q1/09 results: in line, subscribers ahead
. W3 n3 _( [$ c9 NCredit Suisse maintains "neutral", 12-month target price is $25.50
/ @) I8 ^. R' h; a9 [* d) UGMP Securities continues "buy", 12-month target price is $26.50( B+ g4 x; a. |" ^/ n6 k; u
' c9 z M5 W7 ?5 c: zSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)/ R( l9 r5 q! S+ q
Held a sell-side lunch showcasing new U.S. team& d& W5 Y7 ]" W: n
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.001 j7 M2 q" D H! b% ]3 b
# _$ I7 H& b1 P- M% Y* rTrican Well Service (TCW : TSX : $6.93)
7 V- D, ?! ^+ h1 g) hAwarded Russian contracts8 G: O, F0 k) k$ m- n
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75+ @9 @3 f1 c" j* e
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
, |; g( X) F$ C- L- [4 ]* \7 i! nRBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93); q# O1 S& e5 u
Chinese furniture exports rose in November, J& Z3 f5 Y# T1 n/ l
Dundee Capital Markets maintains "buy", 12-month target price is $23.50+ q' W1 I+ T# K8 z
" Q0 N/ e/ e$ b' EUEX Corp. (UEX : TSX : $0.88)0 z& d! t2 Q5 g' z4 J5 w: w1 F6 f
Shea Creek's two largest deposits have become one @3 N4 u% s- h0 @
Dundee Capital Markets maintains "buy", 12-month target price is $2.752 Y, G" [' z1 o& f( f
' w X+ [) C5 ~Vero Energy (VRO : TSX : $4.72)
+ i$ o& R6 f/ ~& y- B/ ZReleased Q4/08 results: horizontal focus to continue in F09# X# J) q6 y! \4 m* V
Dundee Capital Markets continues "buy", 12-month target price is $8.00; J+ B. G7 D" M0 {/ D, y+ h+ {
GMP Securities continues "buy", 12-month target price is $7.50. l/ W1 O+ c& t! ^+ q
Paradigm Capital continues "buy", 12-month target price is $12.00
, l0 }0 M U9 D# F6 @2 N0 G) h$ q0 lRBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75)
# l2 J- r5 r" ^- q. [/ [Hit homerun with Samsung4 s! g. |; A9 y3 C6 }
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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