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Ear on the Street --- Jan. 16 20097 K' ?9 _3 d0 M
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Absolute Software (ABT : TSX : $3.36)
: Z9 w& }9 h- Y! pBracing for a tough few quarters
( X2 x9 T A: z+ X4 UCanaccord Capital maintains "hold", 12-month target price is $4.50
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! ]( B) O0 B# E' rBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)* {+ t6 z$ c7 ^- }, D& L7 A. B" C, o
Growth outlook, challenging pipeline and high cost structure make future unclear) ^9 @; Q" N5 O( ^* e% B/ L. ~
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
. l- F, ?) s# C- c) `& rTD 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)
; k1 i( Q/ b1 P# I' W" AReleased Q1/09 results: strong, in light of challenging operating environment
( ^/ k) d7 R' Z3 fBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00: T8 {, e3 Q2 F7 U- K
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
$ L- n, ]( E8 J% i2 Z; s4 J8 J( ~( nGMP Securities maintains "buy", 12-month target price is reduced to $30.00" h8 y2 f1 C" _0 D& y% K
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00$ C: @9 N; g8 N0 c1 Q8 O8 j
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)8 ^4 Y4 Q. ~& `# p2 C' X
Well positioned with gold production forecast to double this year and next
* K- l- B4 w. y6 R, mBlackmont Capital continues "buy", 12-month target price is lowered to $83.00
. h! J" x- N! S0 JTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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2 i* C$ g1 M3 j) u7 Q; }ARC Energy Trust (AET.UN : TSX : $17.15)+ k3 D; N' \1 W E! Z
Reduced distributions by 20%; capex also cut) Q- q$ h/ a8 K/ o V
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)
5 I8 B- f1 q, y4 ?Announced F09 outlook
7 }& [0 h3 g/ w5 d; mParadigm Capital continues "speculative buy", 12-month target price is $2.25
z% `; r2 ^0 m! X8 L$ K3 e4 _6 oTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00- A E" x3 W. ^% S
, H( B' l% o" M: }+ b$ }7 C) fBombardier Inc. (BBD.B : TSX : $4.65)- D) K/ O6 ] d( K. L
Rising challenges in Aerospace
7 m% C7 {8 R9 c H M; EGMP Securities continues "buy", 12-month target price is $8.00* `2 |% f- B6 K+ V3 j2 s( `8 n
5 K R$ P- e" g3 }! r K' ZBank of Montreal (BMO : TSX : $31.84)
# v6 G6 g2 U: n+ XAcquiring AIG's Canadian life insurance business( ], \0 `2 E3 s) b6 z" [
TD Newcrest continues "hold", 12-month target price is $37.00# k6 w; e9 Y9 H# c" P9 m# P
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Cogeco Cable (CCA : TSX : $33.37) y+ l% L7 w6 w: T* E+ \
Q1 review: Canada results encouraging, but Portugal remains a drag
( a3 p. _! Q# v/ P0 W' lBMO Capital Markets maintains "outperform", 12-month target price is $46.00
) N! K( ?% G$ e1 |Desjardins Securities continues "top pick", 12-month target price is $40.00" S' Y+ {( R- s- `, k2 l
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
, h( o. l! q1 U! m5 TScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)& v0 B7 D' N: e
Capital budget set to expected cash flow; production guidance lowered9 r+ }$ K x( g& z: T4 u5 c
RBC Capital Markets maintains "outperform", 12-month target price is $4.25+ O8 x' E2 {$ S1 g E+ f4 ]- P: D c
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COGECO Inc. (CGO : TSX : $25.14)
4 s" M; ~. L2 P* A5 r( a. @& oStrong radio and cable drives 39% EPS growth
, U. [# y; ~% s$ Q- @Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)* @+ Y/ W1 P7 R! H' k9 M% B
Taking action to address tough operating environment) `3 o' \7 o0 K( K% b4 @% H7 t
BMO Capital Markets maintains "underperform", no target price reported
5 \+ x s6 H7 u3 }; ~& e' Z: v5 QCredit Suisse maintains "neutral", 12-month target price is $1.00. k/ T' V5 H' M. J+ S" P) @
GMP Securities continues "reduce", 12-month target price is $0.50
- k) G8 y+ {0 \" ?# H4 m0 wRBC Capital Markets continues "underperform", 12-month target price is $0.75
' k7 s }4 P; f$ QScotia Capital Markets continues "sector underperform", 12-month target price is $0.501 D0 L5 p5 g& c3 L/ z
! d8 |; h, G+ o( r8 QCorus Entertainment (CJR.B : TSX : $12.47)
{/ x0 l! s" U: b7 `" @Q1 revenues in line, EPS beat
( S0 b$ D1 S: Q; SBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
9 @- ~ q% F! lCredit Suisse continues "outperform", 12-month target price is $20.005 z) Y5 W4 o* ?0 O
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
! B- H( B, X6 q* l2 H" UGMP Securities maintains "buy", 12-month target price is reduced to $17.00: |# d1 o8 H4 j3 ^; Q
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.500 O3 S) Y. z4 f0 V: k% @* z8 `4 L3 h
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00( d- Y2 o' f9 w$ T: B9 ]8 @
4 R; A. `3 ]3 O7 M1 F1 X' UCalloway REIT (CWT.UN : TSX : $11.84)! D+ u8 q; U/ W: X3 f
Held investor day& g! g6 U) `0 R+ l" k" P, V+ T
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
, P* n2 C+ B' [ A5 s* b# TReduced distributions by 38%; guided for lower capex
: ]& x" Y( V6 i L! ?8 n( K$ {, zBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
/ w8 Z. ?* A# B5 w! X$ x1 P: p9 |: g- ~Dundee Capital Markets continues "buy", 12-month target price is $12.00( f/ o- S! }* \5 x8 d% q
TD Newcrest continues "hold", 12-month target price is $7.50
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1 I* A8 d4 E" ^EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
4 P! w. I& \; N, h; gSteady market and currency tailwind$ ]1 l) K* }/ j0 K6 W* ?: S$ J
TD Newcrest maintains "buy", 12-month target price is US$5.004 e+ Q; y4 M4 b# Z e
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Goldcorp Inc. (G : TSX : $29.74)5 v4 u) ~8 E3 @1 V' Z0 m+ I4 {
Revised commodity forecasts3 Q/ V) g% j) \# i" U3 s6 Z* g
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00, P- l6 X$ Z4 Y0 `$ s& b& y
! L, n1 R8 z* N7 \3 ^2 \0 XHeritage Oil (HOC : TSX : $3.77)
; ], T5 a; i. rAnnounced Ugandan commerciality on exploration success" }! k9 U/ d. B# [0 h6 k6 V
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.502 C( T9 c6 U6 W& x4 P
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Harry Winston Diamond (HW : TSX : $4.98)7 j6 d$ y1 U3 s: B/ b- s4 X7 n3 k
Retail division suffers
! a" d' s) S9 M- WDesjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)
+ x7 h% R3 n; A5 u" IWestmoreland provided more high grade at Redtree's Jack Lens" w4 j: j# ?5 u
Dundee Capital Markets continues "buy", 12-month target price is $2.30- c: S& x% y2 F" D _6 q3 a( y
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Lockerbie & Hole (LH : TSX : $6.00) q2 r# r6 t( O! I0 ?( ~
Released Q3/09 results: very strong, focus should be on active backlog
5 Z8 i& B. W6 bGMP Securities continues "buy", 12-month target price is $9.00
' v' W( }1 ]' Q% H4 TRaymond James maintains "market perform", 6-12 month target price is $8.252 d% s6 O( i! K/ n) d* x
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)+ r: W6 c' v9 b! D" a3 i* _( [
Reduced distributions by 70%
% H+ n3 k! C6 d9 B& E( wRBC Capital Markets maintains "outperform", no target price reported3 D0 B3 |$ ]$ _. X9 U& H4 k2 K
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.505 q1 g2 p. y+ N3 ]* X5 s7 l
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Matrikon Inc. (MTK : TSX : $2.04)
5 i2 Y( ~& }9 {' f" h4 | G" I A: }Released Q1/09 results: a little light, but still respectable7 _/ c7 k- L! {( V
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
. Z3 R. z: F$ M! F$ V$ e% eParadigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
0 l$ e8 m: o+ K" m9 v2 f9 PExpecting lower CFPU on higher taxes
5 f" d' F! W; m( j% cBMO Capital Markets continues "outperform", 12-month target price is $18.00
5 Y W D5 E! @7 P8 f" |RBC Capital Markets continues "sector perform", 12-month target price is $12.00
4 x+ r8 h& o/ kTD Newcrest continues "buy", 12-month target price is $17.000 N/ ]3 g A8 h0 Z: h* c
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)# w% k7 z! V( z2 u
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
3 u0 Y4 D( _% o& D: DBlackmont Capital continues "hold", 12-month target price is reduced to $1.25+ l5 L$ L8 h6 L
Credit Suisse maintains "neutral", 12-month target price is US$1.00
7 ~; q% U. ]9 B3 i9 I/ xScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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- J: Q( l) W' p* q7 r% iNeptune Tech & Bioresources (NTB : TSX-V : $0.79)2 s8 h/ u2 J- [, z% F
Dietary supplement business facing headwinds3 _: c, S2 A$ Q2 t4 n
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)0 T" y0 h* S8 [
Provided operational update and F09 guidance P8 m! y9 L' s5 T8 Y0 m! R
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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7 A( R/ E2 U3 sOsisko Mining (OSK : TSX : $3.13)
( V& _& s! Y6 o6 f D+ r Q0 t- Q# jSouth Barnat resource around the corner6 U7 \) L. a6 Y$ J# }
Paradigm Capital continues "speculative buy", 12-month target price is $4.75, q0 c8 |0 v- w' } P% X ?" S% v! j
% H6 Q6 O# k O6 c7 l2 sPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
3 \& h1 ]. `8 i+ D9 c6 k( o9 GProvided operational update
, f, c& a9 e: a, Y/ S6 I: {Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00% V- W6 C* z5 B9 e9 n1 h8 c5 A F0 Q
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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3 k. V) Z0 G2 d& Y2 a: \/ yParamount Resources (POU : TSX : $7.85). r9 M/ N5 G7 t+ U* h
Provided operational update: Grande Prairie emerging as the key focus for F09& \. ^1 B! `+ |* ^8 l' V3 W
GMP Securities maintains "buy", 12-month target price is $12.00& F/ W9 i4 i) l! F+ j6 Q# G
. u0 h/ P' A% R3 zRockwell Diamonds (RDI : TSX : $0.07)) A: g# H, D" Q' N( S. O# D3 @( V
Operations starting to turn the corner+ y; q, s; m$ h, N. E, u
RBC Capital Markets maintains "outperform", no target price reported
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Shaw Communications (SJR.B : TSX : $20.13)
4 r+ c6 r. s9 p) S5 E' V- y! oReleased Q1/09 results: in line, subscribers ahead) y. Y: `# R4 z- x1 y
Credit Suisse maintains "neutral", 12-month target price is $25.50
6 W$ b/ O( C, _( j5 TGMP Securities continues "buy", 12-month target price is $26.50
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# _# A h- q* \; z+ J) O) R5 XSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)% T) A$ ]3 ?, P9 B( H7 a
Held a sell-side lunch showcasing new U.S. team; n- O+ u( i) |" j. ?
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00# F. H. o5 Y+ D* L b
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Trican Well Service (TCW : TSX : $6.93)4 ]& \$ c! A6 s: u
Awarded Russian contracts
0 Y4 a* T0 L# e/ i" O5 x, v }Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
# |. m J) A+ U1 b7 o- A" nRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00& k( v6 E* L {) I1 q" f0 ~" x
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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# ` m$ O$ R/ o2 H- Z8 t) M8 ySino-Forest Corp. (TRE : TSX : $8.93)2 I6 M# R8 K2 |% M, z9 X
Chinese furniture exports rose in November7 _- E, A) R/ q$ g+ O4 ~- a
Dundee Capital Markets maintains "buy", 12-month target price is $23.50- l8 |) |# m5 ?6 J
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UEX Corp. (UEX : TSX : $0.88)
+ o0 y, X7 X7 }) ?' `& NShea Creek's two largest deposits have become one
2 F' I( q2 _3 v- _9 R4 h8 G& ADundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)
- D2 j; |9 ^6 b# tReleased Q4/08 results: horizontal focus to continue in F09
- Y; P/ h. t5 b9 B! fDundee Capital Markets continues "buy", 12-month target price is $8.00
/ C( x9 y6 z6 @. p! p" aGMP Securities continues "buy", 12-month target price is $7.50
2 i& \! A! S5 j* uParadigm Capital continues "buy", 12-month target price is $12.00
- P, `, p" m, a0 T6 F. hRBC Capital Markets maintains "outperform", 12-month target price is $8.50) \ N7 n% \+ B* P C
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Wi-Lan Inc (WIN : TSX : $1.75)8 s# P* g# h7 Z( d. w) o
Hit homerun with Samsung. l4 C: }. Q: Z
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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