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Ear on the Street --- Jan. 16 20094 o1 K7 `' O0 O3 C. }* @4 P$ S
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Absolute Software (ABT : TSX : $3.36)
$ V- |4 }; V* Y4 l) NBracing for a tough few quarters! `$ k& K0 @# u9 V
Canaccord Capital maintains "hold", 12-month target price is $4.50
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+ `5 u0 p! I, y' s& x) YBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)( e- Q. d8 L3 ]9 [
Growth outlook, challenging pipeline and high cost structure make future unclear$ v- X5 z# a+ b- w L% ~
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00' Y9 O$ G5 Z8 F4 [
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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Astral Media (ACM.A : TSX : $22.98), c& ^5 e8 {4 }# ?
Released Q1/09 results: strong, in light of challenging operating environment
* s6 K1 b8 d, j$ F- n. e; DBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00* J1 Y" \ Z; [6 ~1 e! u0 W0 J! N
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
G! x$ D. `& R: Q2 _5 G9 SGMP Securities maintains "buy", 12-month target price is reduced to $30.004 D. J; S& G# W$ ]# c
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
7 W' x, ~4 G/ UScotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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8 k: j8 Z$ u( b$ B! f/ LAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
& Q- ^& @2 T, L2 F/ b/ b: JWell positioned with gold production forecast to double this year and next0 N! M; W, h" B6 z3 _ ^* ]
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
9 y9 w+ S, Y! o7 ]$ M/ sTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00, u0 c7 i3 d h6 n; n- |
+ h5 g2 D% e: c) oARC Energy Trust (AET.UN : TSX : $17.15)/ t7 V$ `, _- O8 A/ }! ? y
Reduced distributions by 20%; capex also cut ^1 ^: Y) \5 p. k( Z
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)$ f; u2 H* V! u
Announced F09 outlook
& U; ~6 D0 E+ R4 {0 ]+ i# B5 y1 ZParadigm Capital continues "speculative buy", 12-month target price is $2.25% ], i, \+ F4 }+ t" D8 d
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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; B2 N: \& s$ |* pBombardier Inc. (BBD.B : TSX : $4.65)9 G0 [& Q5 b+ N* K- s- B
Rising challenges in Aerospace8 _0 m7 n2 Q) r: ?" A D
GMP Securities continues "buy", 12-month target price is $8.00! [& h+ j1 j3 R0 K
/ |1 m ~6 l j5 J2 bBank of Montreal (BMO : TSX : $31.84)
0 ], y% K5 d% V$ v& zAcquiring AIG's Canadian life insurance business
7 R6 C0 n, B3 U% A+ a/ ITD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)
1 N) q$ l% z: i: J! r" z; k0 OQ1 review: Canada results encouraging, but Portugal remains a drag: ^% u7 i! n$ a( z
BMO Capital Markets maintains "outperform", 12-month target price is $46.004 U) c/ d" K+ p
Desjardins Securities continues "top pick", 12-month target price is $40.00) l( @7 h! z5 r2 r! f
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
3 U% s M# T+ zScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)
" r- j0 z6 @2 ^# L9 O, o _Capital budget set to expected cash flow; production guidance lowered( g( ~9 g( F7 n9 t! a& m1 f, }
RBC Capital Markets maintains "outperform", 12-month target price is $4.251 b% Q5 i( i0 W! E8 D( G# i4 s
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COGECO Inc. (CGO : TSX : $25.14)
4 }! H& m1 d9 Q2 p3 }Strong radio and cable drives 39% EPS growth
; R- `. S1 b5 ~4 O; [# b% rScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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7 V- ?/ M# t3 pCanWest Global Communications (CGS : TSX : $0.51)
' Z# y3 k3 p2 V0 W/ X7 _1 T1 wTaking action to address tough operating environment( }% i, L# h5 n, \! ]! h
BMO Capital Markets maintains "underperform", no target price reported
/ n# ^) C* p. i( e/ K% ?Credit Suisse maintains "neutral", 12-month target price is $1.00" y$ s2 m. [' Q4 W
GMP Securities continues "reduce", 12-month target price is $0.50, x( m4 P9 V/ o3 `$ x) {
RBC Capital Markets continues "underperform", 12-month target price is $0.750 `3 e& i' f3 `" ~2 `" W; K
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50+ x. s1 C# @9 P
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Corus Entertainment (CJR.B : TSX : $12.47)
* V3 h9 K% S# `! C, P) L1 [Q1 revenues in line, EPS beat
2 M) @8 k: E2 Z8 M; qBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00) K p# w$ C5 n
Credit Suisse continues "outperform", 12-month target price is $20.00; [4 Y, b. c; P$ t8 f$ R) c
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00- s4 ?. q7 {) {3 T
GMP Securities maintains "buy", 12-month target price is reduced to $17.00 E: T, M4 f9 G2 v, k9 X& M
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.508 G" T2 C. t5 O% ? L* L& _
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00* |. N" o7 I0 b8 v2 j3 R" G, d
# ?$ F7 F( Q$ y$ yCalloway REIT (CWT.UN : TSX : $11.84)- H" B4 C* p0 U
Held investor day) h8 M6 n4 }9 u& _) }: @
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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; t( E; V$ Y( O: t& N+ m, T9 ] X& N# }Daylight Resources Trust (DAY.UN : TSX : $7.77)
" ^! f9 F% T3 c: j4 }Reduced distributions by 38%; guided for lower capex/ ?& a2 V. M0 S& X
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.002 y9 W: w: l7 J1 n
Dundee Capital Markets continues "buy", 12-month target price is $12.007 y1 p( e& [2 L3 n& D4 }/ W6 K
TD Newcrest continues "hold", 12-month target price is $7.50
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; W3 l9 R& R# h: U6 P# v* L: uEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)0 r2 N9 X* } J8 j/ \
Steady market and currency tailwind
# b& Z$ r1 I9 s& J+ JTD Newcrest maintains "buy", 12-month target price is US$5.00; v @ m3 E# F8 ?: ^, n
& U: b) S6 N! M" V0 v8 b) Y# NGoldcorp Inc. (G : TSX : $29.74)
* U7 [. }5 w- o, u- q+ F- ERevised commodity forecasts, W& ^- p, G7 g
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.000 F) v, |6 A: p$ p( `
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Heritage Oil (HOC : TSX : $3.77)
% s9 U d5 R3 uAnnounced Ugandan commerciality on exploration success
4 Y6 l; _$ `% h$ }2 {& NTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.504 A, P/ e& W3 m
: M# O% ^1 j7 t, g! Y' PHarry Winston Diamond (HW : TSX : $4.98)2 D1 V: ]4 q) u7 a$ |$ b" h8 R
Retail division suffers
+ T4 Z: f' N: C' TDesjardins Securities maintains "buy", 12-month target price is $12.606 H' A! h# Z7 L7 h5 }
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Laramide Resources (LAM : TSX : $1.84)5 K4 b$ i" \" q2 N- O( ]- O) n, H
Westmoreland provided more high grade at Redtree's Jack Lens
5 i% e, P* v/ Z% \Dundee Capital Markets continues "buy", 12-month target price is $2.300 I6 B N. [1 A) j# f
% j) B5 f% V1 K$ V. X8 pLockerbie & Hole (LH : TSX : $6.00)
5 D2 b% u4 j: o- J. AReleased Q3/09 results: very strong, focus should be on active backlog
( ^6 r- q2 Q" `8 r; zGMP Securities continues "buy", 12-month target price is $9.00
% ^8 u! E& ^! l" I, M, r% J( N4 Z DRaymond James maintains "market perform", 6-12 month target price is $8.25
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)
6 ^) d Z0 C$ _! oReduced distributions by 70%2 D' z/ F! H5 c! x2 d; @
RBC Capital Markets maintains "outperform", no target price reported! O# [$ P, x1 X. \, V
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)
, s' v. s7 z/ G0 R- mReleased Q1/09 results: a little light, but still respectable" x( Q5 p' ~8 S: H( ]
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
( |$ n8 u8 r0 c7 _Paradigm Capital maintains "buy", 12-month target price is $4.00
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# j8 _( t/ S& O3 c; HMullen Group Income Fund (MTL.UN : TSX : $10.97)
# D2 f2 Y* B/ q ?Expecting lower CFPU on higher taxes
. e9 J7 |5 C9 y4 A" ZBMO Capital Markets continues "outperform", 12-month target price is $18.00
8 H- L/ _/ `* r5 d: {RBC Capital Markets continues "sector perform", 12-month target price is $12.009 m/ H5 z% @$ t. v
TD Newcrest continues "buy", 12-month target price is $17.00
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! s1 |+ R6 b1 oNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86), {- Y: K7 Q& A, m/ l0 O
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
' o" |2 C. K$ @, ~- s/ ^Blackmont Capital continues "hold", 12-month target price is reduced to $1.250 D6 q4 s' W6 [. e$ F' k
Credit Suisse maintains "neutral", 12-month target price is US$1.004 E* ]) t0 i8 t( x' E: C E# `2 H
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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. [0 ~1 d" _# |0 D) {, Y, T# WNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
) o" J& V$ [3 l, o" i( R* KDietary supplement business facing headwinds
) C: N# b( C: r S" O9 uParadigm Capital maintains "buy", 12-month target price is reduced to $4.005 w( ?4 K' [- o! D' t
! y7 x" I' Z/ d; h/ T( j5 D* w5 eOpen Range Energy (ONR : TSX : $1.18)
! r: |5 t- g$ o1 z/ `0 TProvided operational update and F09 guidance- R+ ?! ]: z2 D7 l
Haywood Securities continues "sector outperform", 12-month target price is $3.25& S; i4 Y0 v% L2 U9 ^
5 L4 O% j0 B" R+ b, ~Osisko Mining (OSK : TSX : $3.13)
o8 P6 w2 u9 Y* P# \) n2 M4 L3 [5 Q2 ySouth Barnat resource around the corner$ o. {5 a* P% _3 O3 K
Paradigm Capital continues "speculative buy", 12-month target price is $4.758 x A# E" u+ s+ [& U$ u7 u/ w
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75); R+ G4 N) K, g2 Y& G
Provided operational update
: I# a$ ?$ |8 ~" YBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00
) u% o) e( d1 m# X5 kTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50; j9 a& ?2 g( O+ e# I; I
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Paramount Resources (POU : TSX : $7.85)( W. e; g; p3 l r1 D# D
Provided operational update: Grande Prairie emerging as the key focus for F090 d: {* m9 R9 _! {8 F: e
GMP Securities maintains "buy", 12-month target price is $12.00% ], t/ E$ _. Q; U0 @+ j& M
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Rockwell Diamonds (RDI : TSX : $0.07)# f' t) l. t& W$ _- A F. u9 w/ ]4 O
Operations starting to turn the corner) r2 o* J" [) {2 B5 Q0 s8 ^
RBC Capital Markets maintains "outperform", no target price reported
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Shaw Communications (SJR.B : TSX : $20.13)
$ t9 N) ~9 o! h" ~8 p6 L) X: kReleased Q1/09 results: in line, subscribers ahead B/ n. Y3 F. l
Credit Suisse maintains "neutral", 12-month target price is $25.50
4 j. m; N( O1 ?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$20.48)7 e; D9 w9 Q4 [8 ~% l
Held a sell-side lunch showcasing new U.S. team% @# M; E, n$ X5 T
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00 y+ W7 {' U/ J" E+ m6 e
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Trican Well Service (TCW : TSX : $6.93)
2 b" }7 \3 p2 ~3 E. S+ CAwarded Russian contracts
t0 Q ~7 d7 [0 @7 t4 vBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75
/ K7 t0 S; ]$ O L; w5 V" P' nRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00
8 F$ b6 ?3 w2 ~/ p1 {3 T4 BRBC Capital Markets maintains "sector perform", 12-month target price is $10.00& [' V9 W" I) p/ o C
% K8 {1 V5 \' j& zSino-Forest Corp. (TRE : TSX : $8.93)% r7 o9 i2 {1 G% v( ?
Chinese furniture exports rose in November
# K8 {9 V/ ?" a8 [: BDundee Capital Markets maintains "buy", 12-month target price is $23.50
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+ A! g/ n7 o# PUEX Corp. (UEX : TSX : $0.88)
" |0 {8 }( N' L5 ?- ^Shea Creek's two largest deposits have become one, V2 y1 v7 O# e9 ^9 t' J* b
Dundee Capital Markets maintains "buy", 12-month target price is $2.75' H1 q3 v3 f7 @0 e/ r9 X
c! t4 R8 L3 ?4 _Vero Energy (VRO : TSX : $4.72)
; ?( \& y% w1 V- i/ D$ R& bReleased Q4/08 results: horizontal focus to continue in F09
: u) i$ ?1 }; N x+ I$ `2 m6 U/ `Dundee Capital Markets continues "buy", 12-month target price is $8.005 }* y J9 R0 Q |6 E( I* g
GMP Securities continues "buy", 12-month target price is $7.50 ?) m$ u. v4 i
Paradigm Capital continues "buy", 12-month target price is $12.00
5 }# \# d6 N& @7 u+ qRBC Capital Markets maintains "outperform", 12-month target price is $8.505 d/ J4 |! j7 P$ @
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Wi-Lan Inc (WIN : TSX : $1.75)4 Q9 q- h0 L8 ~' A: B& V( |
Hit homerun with Samsung
6 R2 D+ S1 F6 K* j' k( e2 f9 sParadigm Capital continues "buy", 12-month target price is $3.50 |
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