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Ear on the Street --- Jan. 16 20099 ]; `# t& |6 Z/ S
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Absolute Software (ABT : TSX : $3.36)( g# u% B$ @6 g
Bracing for a tough few quarters9 z+ M$ S* `8 v6 E
Canaccord Capital maintains "hold", 12-month target price is $4.501 J; L6 F7 K! R$ y- J# K, Z
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)6 E1 R5 O1 R$ j$ M" e3 b. R2 ~
Growth outlook, challenging pipeline and high cost structure make future unclear
: B4 C, G2 F w9 eBlackmont Capital continues "hold", 12-month target price is lowered to $48.00
( F' ]* L0 S f$ u; OTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.008 C. G0 e& e- q. W% t2 ^+ b, z, b
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Astral Media (ACM.A : TSX : $22.98)
0 Z3 k; H: `% n4 wReleased Q1/09 results: strong, in light of challenging operating environment
8 y, D- O6 q: h( w1 e- T- yBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00, B' v6 R# s" m9 ]
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
+ {( \& A' @3 q' I+ zGMP Securities maintains "buy", 12-month target price is reduced to $30.00+ }& j9 J f. E5 ^+ X$ u+ F) `
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00# ~% V. `9 l6 T1 [
Scotia 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$45.07)
' s( k* S$ t+ s v |$ h$ M0 Q, XWell positioned with gold production forecast to double this year and next9 E* c7 O3 {8 N' `# Z4 x! D
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
1 D0 N7 @# F U _% E$ rTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.008 N4 I( n$ v& b) f7 Q
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ARC Energy Trust (AET.UN : TSX : $17.15)' s4 U+ U* V1 k. |$ _1 F
Reduced distributions by 20%; capex also cut% {% c: u) i" N- P' {& `. J
RBC Capital Markets continues "outperform", 12-month target price is $19.00: c6 V4 @+ T! X" M& n
% `* B! D4 e4 B! M/ u7 [Andean Resources (AND : TSX : $0.75)
! Q9 M1 i b! J( X; XAnnounced F09 outlook5 ]+ o/ r4 p. Y+ H: U/ v' {4 H
Paradigm Capital continues "speculative buy", 12-month target price is $2.250 A/ T' u H0 D8 q2 J6 y0 B
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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Bombardier Inc. (BBD.B : TSX : $4.65)/ k" T, h6 ?: i1 X! ]' @
Rising challenges in Aerospace
. h$ E! z7 j# }GMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)
4 J x! N7 ^! j& @8 oAcquiring AIG's Canadian life insurance business
6 Z* J) \8 c/ K, V- mTD Newcrest continues "hold", 12-month target price is $37.008 @" k6 `: Q1 M; \
( L* s) W) K" e u7 _Cogeco Cable (CCA : TSX : $33.37)6 O" C# Y E* p# C0 t' U
Q1 review: Canada results encouraging, but Portugal remains a drag# Z2 f4 S' M9 t/ r1 i
BMO Capital Markets maintains "outperform", 12-month target price is $46.00% d; j) @" T, W! x7 l
Desjardins Securities continues "top pick", 12-month target price is $40.00
8 B& [1 ?- b: cRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
3 c: {4 s Z! L+ t* J3 T" A. s$ A+ hScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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! z) |' i( Z c3 M7 O/ T4 A1 JCorridor Resources (CDH : TSX : $2.45)
9 k. m3 |$ a' H2 oCapital budget set to expected cash flow; production guidance lowered3 j, T4 z! [3 \# e0 x
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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& |) t. e9 ~1 y' [COGECO Inc. (CGO : TSX : $25.14)' N! Q) B: B8 ` @
Strong radio and cable drives 39% EPS growth
1 h) V Z; j zScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51), z+ s( y$ g8 s; a# i3 l9 D) i
Taking action to address tough operating environment/ y- u7 b( q" K/ ~' F$ H" G% I
BMO Capital Markets maintains "underperform", no target price reported3 P7 f' ^4 F; N; k9 R
Credit Suisse maintains "neutral", 12-month target price is $1.00% b. _- [! ?. i$ F0 r- Y/ b
GMP Securities continues "reduce", 12-month target price is $0.50% ^; ~% a4 X7 A' _8 Q( J. @+ \
RBC Capital Markets continues "underperform", 12-month target price is $0.75& h$ i6 \9 s! [( x2 r
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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# n N4 Q& A0 a7 z% p2 f' nCorus Entertainment (CJR.B : TSX : $12.47)4 _) r. }* B9 S0 L+ B" V
Q1 revenues in line, EPS beat
% P) i8 A( H/ A) {BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00- ]% { \+ t5 |/ m2 Z! d
Credit Suisse continues "outperform", 12-month target price is $20.00
! r, Z5 y( Z$ H9 K/ ODesjardins Securities maintains "buy", 12-month target price is lowered to $15.00% S- X2 k$ D& v3 X0 L0 x5 p& N
GMP Securities maintains "buy", 12-month target price is reduced to $17.00: O0 v; u4 Y6 p" j3 j. E' k! L
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
, P# Y8 T* k1 }4 z' HScotia Capital Markets continues "sector outperform", 12-month target price is $18.002 U" B g# N, l7 b$ \
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Calloway REIT (CWT.UN : TSX : $11.84)9 z9 u+ y' C/ b/ y9 ^
Held investor day
3 Y; `' {- Z& x& g Y0 k$ aScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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Daylight Resources Trust (DAY.UN : TSX : $7.77)4 a9 L8 _: z' A) d7 h# @) N" I1 T
Reduced distributions by 38%; guided for lower capex
* x' g. X" M/ Z" \BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
2 U) |; O3 b7 BDundee Capital Markets continues "buy", 12-month target price is $12.001 e/ V, P9 M0 D3 W) y
TD Newcrest continues "hold", 12-month target price is $7.50, ?2 E; B0 o/ Y, s6 C
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)( r4 y2 h- m1 F; J, B
Steady market and currency tailwind. W+ V8 P: m9 W6 V" p/ @* \
TD Newcrest maintains "buy", 12-month target price is US$5.00
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Goldcorp Inc. (G : TSX : $29.74)0 `2 G3 W9 s2 {9 i9 x$ ~6 S
Revised commodity forecasts
; v( S6 M" f9 T5 L1 kBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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0 Q" K$ V* [* d2 g# G, DHeritage Oil (HOC : TSX : $3.77)* j4 y* R5 B. J( d3 X
Announced Ugandan commerciality on exploration success7 a4 }: U# A! ~9 T: h
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)
8 k3 r- s; R0 T: y5 D9 M0 t8 {5 p& j5 v" ~Retail division suffers7 h4 c+ H, |% y: }# [
Desjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)
0 v) N- `7 z8 ^4 b$ yWestmoreland provided more high grade at Redtree's Jack Lens2 G% t2 y9 i0 C7 r" s6 w
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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. O7 }( ]/ R6 `- |Lockerbie & Hole (LH : TSX : $6.00)8 g+ L6 {2 q, M
Released Q3/09 results: very strong, focus should be on active backlog
8 K, f- X0 C' S" XGMP Securities continues "buy", 12-month target price is $9.00
" R6 l( N, T7 p" p9 N5 URaymond James maintains "market perform", 6-12 month target price is $8.25 K( Y7 f7 q2 T: }. K
' R5 e8 x3 b0 p1 l: r5 w& VLivingston Intl Income Fund (LIV.UN : TSX : $6.00)
4 g0 Q! o& q3 A0 IReduced distributions by 70%
" g4 r4 a" f5 {8 V7 b1 oRBC Capital Markets maintains "outperform", no target price reported
8 {# ^; P5 P! A* {, }Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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* o7 ]2 C( `9 R7 h7 ?0 K/ a2 RMatrikon Inc. (MTK : TSX : $2.04)8 S3 g' ^4 m. L9 W' H9 n
Released Q1/09 results: a little light, but still respectable& S4 V5 {2 V' n
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
+ c7 N) p/ z5 T& LParadigm Capital maintains "buy", 12-month target price is $4.00
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6 ~- [( Y$ }- @; b' q) ] e3 u% ~Mullen Group Income Fund (MTL.UN : TSX : $10.97)
, O2 O9 _! m( x" iExpecting lower CFPU on higher taxes
; \4 d$ P( o) ~- fBMO Capital Markets continues "outperform", 12-month target price is $18.00% H" t6 ~, |$ Y/ I5 K1 q3 u- K
RBC Capital Markets continues "sector perform", 12-month target price is $12.00" W- v6 J" e+ l0 ^0 l
TD Newcrest continues "buy", 12-month target price is $17.00& Y3 j0 c& G" B1 m; _9 {6 C6 e
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)0 c6 \; _- ^2 ^6 k+ x) L
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain9 u! g+ u8 E$ e
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
) O( }% W$ I2 Y# s% q" BCredit Suisse maintains "neutral", 12-month target price is US$1.00
# j: J+ M/ O2 G/ e" l+ KScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80/ W/ M( K; p+ q) p4 P
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)
2 J7 v. u# N1 f5 m& D |# tDietary supplement business facing headwinds
0 J7 Q! {! o% K3 y( p3 q% JParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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( z9 i# t$ G- G! L POpen Range Energy (ONR : TSX : $1.18)8 q3 f7 @: l& ]4 }/ d
Provided operational update and F09 guidance
5 g6 C. v. Y3 L* \: G; V hHaywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)
* k+ t V, W9 `9 xSouth Barnat resource around the corner
1 A. Q8 z4 H* l) H- W/ B- mParadigm Capital continues "speculative buy", 12-month target price is $4.75
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7 L: o6 D6 P9 ]/ DPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
. ]/ D3 L# n+ C z3 TProvided operational update$ |4 _! f3 C) e: ~8 j) J
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
/ [' [9 _ v* z: P4 B, o) Q% c2 @# ETD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50/ M8 z5 X) B0 A; }" M
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Paramount Resources (POU : TSX : $7.85)
4 Q% z/ z# F2 a: \- _: m* XProvided operational update: Grande Prairie emerging as the key focus for F092 k# L7 F- ]+ N) o9 z" g) D
GMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)/ `# |+ q" t8 g1 h2 e
Operations starting to turn the corner! ~+ r) C! n1 z1 w
RBC Capital Markets maintains "outperform", no target price reported
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5 O% r4 q, }3 @* @7 N% vShaw Communications (SJR.B : TSX : $20.13)
w2 C0 y4 I+ g8 z: e& ?Released Q1/09 results: in line, subscribers ahead
* l8 m% D' g$ G$ YCredit Suisse maintains "neutral", 12-month target price is $25.50
2 X0 a" V) O" v2 YGMP Securities continues "buy", 12-month target price is $26.50
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; Y- S. M3 J% MSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)7 W! Z" F2 ~. {
Held a sell-side lunch showcasing new U.S. team1 D& x, c$ i0 l0 f V
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.009 h( ^0 k! O8 U; E/ A$ \( u
0 v: M1 h; @7 p% _$ N" GTrican Well Service (TCW : TSX : $6.93)
& Y4 K; B; v! P4 F5 o' Y3 pAwarded Russian contracts
2 j* P7 d; X+ \+ {Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
& [+ {! r+ s' k5 z3 rRaymond James maintains "market perform", 6-12 month target price is lowered to $9.000 E( D- l, X# X
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00/ C f8 I, S3 i% G- w
+ J4 S( e" m. ]0 OSino-Forest Corp. (TRE : TSX : $8.93)
/ Q& f( I7 S" \% C1 W7 MChinese furniture exports rose in November+ r Q0 Q6 u; M3 ~& d# P& f3 [
Dundee Capital Markets maintains "buy", 12-month target price is $23.50! {/ u9 b$ S/ n! `* u
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UEX Corp. (UEX : TSX : $0.88)# Y8 v$ e: C" \
Shea Creek's two largest deposits have become one# W# a' H" |3 ^: O+ P; l
Dundee Capital Markets maintains "buy", 12-month target price is $2.755 f9 E, x5 z+ X9 c& n& y. c8 H
2 l0 \4 _6 W( c8 u7 V4 Q& }Vero Energy (VRO : TSX : $4.72)
* ^2 R4 |; u/ {" H/ tReleased Q4/08 results: horizontal focus to continue in F09
- A) S2 W. r( [0 V) F! D) EDundee Capital Markets continues "buy", 12-month target price is $8.00
9 G' r. X! g6 p. b; [8 M; cGMP Securities continues "buy", 12-month target price is $7.50: W* d$ X% V7 `$ P
Paradigm Capital continues "buy", 12-month target price is $12.00# Z4 r3 Z# o' i# l P. `
RBC Capital Markets maintains "outperform", 12-month target price is $8.50& l; }/ h$ [+ |- x( t9 U* i) o8 d8 O
_5 F' L c0 }% C! w" V5 l9 ~7 eWi-Lan Inc (WIN : TSX : $1.75)
& G1 I. g& u3 m z8 CHit homerun with Samsung
) y# z% O2 X) g1 G) E" r0 N' s# qParadigm Capital continues "buy", 12-month target price is $3.50 |
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