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Ear on the Street --- Jan. 16 2009
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- s! i' q2 X& ^4 T6 |Absolute Software (ABT : TSX : $3.36)
" c( y, D' f5 o, Z ~Bracing for a tough few quarters
! y s" V0 Z) X# W& m( N8 c8 cCanaccord Capital maintains "hold", 12-month target price is $4.50* {! ]/ K8 h2 M; n# L
4 B6 `5 G+ X) pBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
3 J8 ~; B2 G9 Q2 ~Growth outlook, challenging pipeline and high cost structure make future unclear
, g$ J' [! w y" ]Blackmont Capital continues "hold", 12-month target price is lowered to $48.00% ~" T' M2 i {) M7 V7 E" S% ^$ G
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00) F; Q* A$ a5 q" t) ~9 x
' z) d+ {" H# F3 K) H8 q* F' G3 i4 UAstral Media (ACM.A : TSX : $22.98)1 K3 m/ ]& y9 {! u7 q7 z+ B
Released Q1/09 results: strong, in light of challenging operating environment
. y/ f- a& e0 _: [BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
8 b6 t3 q' u. d. J8 n" ZDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00
3 d- k" C9 h3 qGMP Securities maintains "buy", 12-month target price is reduced to $30.00) g7 m- t( V$ b' N: S0 G
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00: o; p, E' N2 j$ o r
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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4 @* h. s4 W& kAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)6 l$ e( ^' b, Q1 a' J
Well positioned with gold production forecast to double this year and next: ?8 B+ T# k) l% n* S
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
5 p$ [7 p# @- RTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00" k* C* O; K( g5 [. {) k
e. @ M, f9 i: ~ARC Energy Trust (AET.UN : TSX : $17.15)/ X0 m M; R$ x7 L5 d8 U$ |, a
Reduced distributions by 20%; capex also cut
c* }8 ~% k0 Z5 J# Q; Y( ~RBC Capital Markets continues "outperform", 12-month target price is $19.00
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M% w. z$ S3 ]$ E0 EAndean Resources (AND : TSX : $0.75)
7 m" A3 J4 C+ Z: U; \Announced F09 outlook
X I8 |: ]! N5 L# ?4 \$ ^Paradigm Capital continues "speculative buy", 12-month target price is $2.25
/ q$ K9 V9 I! M2 {, I8 ETD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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Bombardier Inc. (BBD.B : TSX : $4.65)
7 s/ u0 K3 e+ X, S2 M8 D9 P/ pRising challenges in Aerospace
$ _ L* o p1 I7 e: i: J! E+ Y4 y3 iGMP Securities continues "buy", 12-month target price is $8.00
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# T* [1 w) P" i) GBank of Montreal (BMO : TSX : $31.84)
* e1 I, ]3 ^& v3 G( fAcquiring AIG's Canadian life insurance business
1 X7 A/ b; R& dTD Newcrest continues "hold", 12-month target price is $37.00+ }% I( o5 e( R
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Cogeco Cable (CCA : TSX : $33.37)3 y4 v1 {- U8 M0 f( L
Q1 review: Canada results encouraging, but Portugal remains a drag
) \ l7 n8 ~. |% M' f% H. vBMO Capital Markets maintains "outperform", 12-month target price is $46.00( U& @0 ?1 G! N: a
Desjardins Securities continues "top pick", 12-month target price is $40.00! `( }- ?2 l0 u" G2 x& ~
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00 |4 L7 T; |, m
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00' q6 L1 y, V @7 J
9 r1 T1 V7 D- G7 Y1 a' tCorridor Resources (CDH : TSX : $2.45)* o6 y# _6 v4 |
Capital budget set to expected cash flow; production guidance lowered$ m6 }; h2 H; r/ G b
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)
1 Y9 H1 a$ y& d2 q1 x1 u) Z4 MStrong radio and cable drives 39% EPS growth
( [6 R7 r4 @ M6 c" z& a3 gScotia Capital Markets continues "sector perform", 12-month target price is $45.00 E; |9 E: ^/ C2 z
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CanWest Global Communications (CGS : TSX : $0.51)
! H" o& p( E5 v1 g# CTaking action to address tough operating environment
* o$ @5 J2 p p9 I+ Y; kBMO Capital Markets maintains "underperform", no target price reported
& u X5 |: d, E2 V9 L3 J A" ]Credit Suisse maintains "neutral", 12-month target price is $1.00: ]1 _6 X: G: |6 u0 X) n
GMP Securities continues "reduce", 12-month target price is $0.50
6 ]8 a6 @# R" P' S6 vRBC Capital Markets continues "underperform", 12-month target price is $0.753 O% ^+ C0 C8 \9 g# H
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)+ O, ?# J! s Z7 h) \, P& x
Q1 revenues in line, EPS beat
6 E/ y# b; |$ v) J5 q6 }1 \ B- RBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00) J5 O; E0 h$ \1 W
Credit Suisse continues "outperform", 12-month target price is $20.00
, B2 l/ [; Z6 T G0 h; K4 ODesjardins Securities maintains "buy", 12-month target price is lowered to $15.00% q* Z) c0 \7 r# [5 i$ C+ `; Y
GMP Securities maintains "buy", 12-month target price is reduced to $17.00 G& Q8 \' K; d: o1 K, [, R
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50- G5 W' T7 \" b' X9 y% f. _1 O
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00/ h* Q* K4 T& e# f
- K$ e O% s/ m6 U% f- |* DCalloway REIT (CWT.UN : TSX : $11.84)5 T4 X& C; j0 Z" S6 e" k9 E
Held investor day1 }5 O7 }9 D9 A/ J' ~$ M/ J
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.005 e# ~ X+ o4 I9 q! r' m9 D0 `
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Daylight Resources Trust (DAY.UN : TSX : $7.77)" N" }" b1 t" v% K
Reduced distributions by 38%; guided for lower capex
4 f8 x! g! C; X+ N- m: w/ @BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.009 v+ `& g" @2 s
Dundee Capital Markets continues "buy", 12-month target price is $12.00
/ N2 H3 X% o. N4 j0 i6 kTD Newcrest continues "hold", 12-month target price is $7.50) R4 \! F6 l: z7 G3 Q- t
4 g8 k& v) P/ \6 U8 e( [EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
) P# n, i" m K, g: w2 V5 q# XSteady market and currency tailwind
3 l! d$ b% r0 u9 N M3 aTD Newcrest maintains "buy", 12-month target price is US$5.00: K' q% c9 X- U0 t4 X2 n& r, f! m6 J
% z. E+ r% [" o4 Y2 kGoldcorp Inc. (G : TSX : $29.74)6 B, Q+ [ l8 g' p2 M" A6 W
Revised commodity forecasts* ?! S2 q# H1 a7 `
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)
7 ?9 _; ^& f( T8 O1 T2 s# zAnnounced Ugandan commerciality on exploration success$ l% p B9 p) v: [5 T* c# k# D
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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0 U' m5 A" x9 v2 kHarry Winston Diamond (HW : TSX : $4.98)
$ R0 E8 _# F8 O4 w/ ?& MRetail division suffers6 U# ?# P" o9 F) d* b$ n' A
Desjardins Securities maintains "buy", 12-month target price is $12.60
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, ]6 J# G: {% l3 wLaramide Resources (LAM : TSX : $1.84)5 q2 { Q4 M- |9 K
Westmoreland provided more high grade at Redtree's Jack Lens: \2 z; {: | T: D B
Dundee Capital Markets continues "buy", 12-month target price is $2.30- c' t8 ~& H- T# f* @0 p5 y
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Lockerbie & Hole (LH : TSX : $6.00)
, N/ B3 f& g: d) `9 uReleased Q3/09 results: very strong, focus should be on active backlog
0 X* X! w: Q x( G8 J8 ?GMP Securities continues "buy", 12-month target price is $9.00& ~2 Q" |( d* j
Raymond James maintains "market perform", 6-12 month target price is $8.25+ y9 K7 B. z' L7 Y/ t1 B S* \
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)% m# N4 ?0 {6 y' a( [
Reduced distributions by 70%0 d! t& C y. N2 R7 }0 h% _
RBC Capital Markets maintains "outperform", no target price reported$ n2 q. T. }4 }" X1 r! H2 d
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)* m7 }) J! i% R( @8 g, r/ m6 o
Released Q1/09 results: a little light, but still respectable
# x% }, ?* M' b! ?BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
1 H0 {# K' y, n/ g* B( U8 G( UParadigm Capital maintains "buy", 12-month target price is $4.003 O0 Q& M# \/ H, ?6 Q- b) B
: A8 ~& x! P# sMullen Group Income Fund (MTL.UN : TSX : $10.97)
- b/ z& V* w, P* r; l/ CExpecting lower CFPU on higher taxes
0 G, }0 m q! ~* c! D% }BMO Capital Markets continues "outperform", 12-month target price is $18.00( Q9 ~" M+ p) e3 W. E
RBC Capital Markets continues "sector perform", 12-month target price is $12.00+ B$ @- n+ @2 w: O( L3 i5 y, j$ y
TD Newcrest continues "buy", 12-month target price is $17.00
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0 j0 t- m: ~3 _) t/ wNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)% U7 ]( D3 Q. n# m4 `# A: J, m
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain% p1 }% T0 ^1 G/ O5 `" T
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
T) r- }9 t1 e& w4 r, M$ F/ N: eCredit Suisse maintains "neutral", 12-month target price is US$1.00 X: L/ ~: I% i! x
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80# I4 N& j1 y) b6 ~$ M8 \
/ O+ v* `1 y3 lNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
& n$ O( E" z% w- J6 dDietary supplement business facing headwinds
$ U% {1 z0 M& i% H7 {8 l/ p8 `Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00, i' X! X9 }" ?, f! H3 e; ?* c
9 f! @9 n4 Y* h bOpen Range Energy (ONR : TSX : $1.18): z+ U W0 _ `' R: O. u
Provided operational update and F09 guidance. d, Q" t5 _. P# `
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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5 o, I; y; R1 V' w; OOsisko Mining (OSK : TSX : $3.13)
) |! i+ f9 e% F9 s/ ]8 ESouth Barnat resource around the corner9 B g6 M# L h) m4 X
Paradigm Capital continues "speculative buy", 12-month target price is $4.75
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)9 B) {# U6 {+ j: n% S; t
Provided operational update
8 `1 p0 v, E& o! V0 q4 F {3 `Blackmont Capital maintains "hold", 12-month target price is lowered to $19.000 C9 ]* v( z. @: l6 k5 ~$ [
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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Paramount Resources (POU : TSX : $7.85)
7 k* f5 {: K6 r) @+ K. pProvided operational update: Grande Prairie emerging as the key focus for F09
, A7 t$ i) D. m' y! Z4 [GMP Securities maintains "buy", 12-month target price is $12.00
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' C2 L* x( P, }* C2 R( N! o/ ERockwell Diamonds (RDI : TSX : $0.07)2 |4 V2 e& m; k; Y
Operations starting to turn the corner9 {# @2 m/ ^6 O% f: o" S
RBC Capital Markets maintains "outperform", no target price reported' \9 [/ o; U( T; B# F* O
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Shaw Communications (SJR.B : TSX : $20.13)
4 g- w2 M4 M t" `1 BReleased Q1/09 results: in line, subscribers ahead: H/ N2 r5 L; \4 o0 j+ _3 n
Credit Suisse maintains "neutral", 12-month target price is $25.50- q" h: \, M5 G
GMP Securities continues "buy", 12-month target price is $26.507 h+ w/ V# k2 d: o/ B
- ^% r) x/ Z9 m3 N, t2 P W/ k8 t+ uSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)0 \+ N/ r2 o9 t$ k. x' {9 I1 a
Held a sell-side lunch showcasing new U.S. team
M5 Y8 R4 K- m3 L9 fScotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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Trican Well Service (TCW : TSX : $6.93)# z/ P* e7 {0 T! F
Awarded Russian contracts
0 x' F x9 }9 t' x- c+ b& j; FBlackmont Capital maintains "hold", 12-month target price is reduced to $8.759 R+ y* [- z/ k+ u) H
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.002 Q1 Y* ^8 h) D0 k! A
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93)
- q0 I7 Q* g6 p: [Chinese furniture exports rose in November
. s- z. q k) cDundee Capital Markets maintains "buy", 12-month target price is $23.50& F7 C) y I0 O# A
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UEX Corp. (UEX : TSX : $0.88)
1 O3 b* K& t. ^Shea Creek's two largest deposits have become one6 P* c/ A+ N0 e' E
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)' t" s. v+ o1 \
Released Q4/08 results: horizontal focus to continue in F09+ d- k% R/ ^; p ]
Dundee Capital Markets continues "buy", 12-month target price is $8.00
; C( [( F6 P2 s0 FGMP Securities continues "buy", 12-month target price is $7.50* _8 \/ }0 @. o/ d
Paradigm Capital continues "buy", 12-month target price is $12.00! ~7 I) t& l/ P
RBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75)8 y" C( ^2 Z) C& U2 n
Hit homerun with Samsung
3 q; Z8 S2 q' Z, ]4 [) G" j& UParadigm Capital continues "buy", 12-month target price is $3.50 |
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