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Ear on the Street --- Jan. 16 2009
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& Z: ^+ ^: J4 f" jAbsolute Software (ABT : TSX : $3.36)
, U8 ^0 j# [+ v1 b) eBracing for a tough few quarters7 {/ H7 t; ~' p& W4 W5 `- Y3 P3 ~
Canaccord Capital maintains "hold", 12-month target price is $4.509 S. h3 T0 @: r
& p+ H' T' ]* ^ eBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
# R% c& r6 D2 x% N& iGrowth outlook, challenging pipeline and high cost structure make future unclear
{$ O& q# }- q) k: pBlackmont Capital continues "hold", 12-month target price is lowered to $48.00" g H% F" @3 o( _9 `) |8 E1 ?) n
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.004 x0 Y( b' a1 B- I3 r; [2 w. ~
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Astral Media (ACM.A : TSX : $22.98)/ V/ F$ }! T/ z7 F' R
Released Q1/09 results: strong, in light of challenging operating environment, H6 V) m6 g6 Z6 N" A* X' |
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00. a/ R: t" o$ j% T" q9 V
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
0 U( C8 A9 S- j( y$ C% mGMP Securities maintains "buy", 12-month target price is reduced to $30.008 X% I8 X3 q& \2 f# ~+ |
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.004 I; n9 y. x3 \5 O6 W b' k2 S4 W O7 S( i
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00- K( s1 t2 g( E* x1 m( r
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
2 p+ d% C7 Y/ Q4 D8 r3 `$ C: bWell positioned with gold production forecast to double this year and next1 c6 |5 r; T0 O: w' Z+ v/ l
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
0 M M0 _# ?& s6 Z V) F n$ I2 YTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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: E( q/ d( Z5 D& aARC Energy Trust (AET.UN : TSX : $17.15)' K. Q5 n7 J2 m: N6 K6 u
Reduced distributions by 20%; capex also cut* J! D) w* J& B- V) ~; V
RBC Capital Markets continues "outperform", 12-month target price is $19.007 q' z: U0 ]! a Y( ^5 K5 k
! [; r7 K( n/ v2 l3 \" g+ XAndean Resources (AND : TSX : $0.75). Q% v/ r! E: l; M H
Announced F09 outlook
+ x p [$ {- [/ [Paradigm Capital continues "speculative buy", 12-month target price is $2.25 r) M* G9 B+ K: _
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00) H( c4 p$ Q) ?, G
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Bombardier Inc. (BBD.B : TSX : $4.65)
/ X" O* J; W/ b: F& c4 [Rising challenges in Aerospace
. y6 e2 \- M3 }7 X7 c+ l& W8 oGMP Securities continues "buy", 12-month target price is $8.00
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* f; p3 N4 P5 z! |# O) \Bank of Montreal (BMO : TSX : $31.84)) {9 j) ~2 t$ \* ]
Acquiring AIG's Canadian life insurance business, E0 y! p- L1 W& ?5 [$ y
TD Newcrest continues "hold", 12-month target price is $37.00, q" B( _) B, f6 {$ M8 C: g
( c1 |6 b1 ? y( e) [& I. ZCogeco Cable (CCA : TSX : $33.37)+ G' }" ~$ {" [9 t+ Z
Q1 review: Canada results encouraging, but Portugal remains a drag% R$ M9 ^. S' r5 C3 T' k& R6 ~
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
* o5 b% H$ r+ M$ h' S9 eDesjardins Securities continues "top pick", 12-month target price is $40.00% n I) P# J$ N; S
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00" r. L, N. D/ l
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00- u+ J7 u2 e- @/ M7 \# e
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Corridor Resources (CDH : TSX : $2.45)( q+ A" D1 R- f4 f7 B
Capital budget set to expected cash flow; production guidance lowered7 P% U8 _* G: J3 }0 X
RBC Capital Markets maintains "outperform", 12-month target price is $4.25! n' r7 U* p3 U
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COGECO Inc. (CGO : TSX : $25.14)8 r8 A" I6 D, ?3 I) b7 o
Strong radio and cable drives 39% EPS growth
! ~% j! q3 i& _; \- `Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)- |' `, H1 N3 d, e
Taking action to address tough operating environment) C" G* z4 i% |1 r3 O7 X" b5 ^
BMO Capital Markets maintains "underperform", no target price reported
! I/ S" h3 z* P6 `! `' m" rCredit Suisse maintains "neutral", 12-month target price is $1.00
- u, p$ {- P% e' ]+ cGMP Securities continues "reduce", 12-month target price is $0.50
7 \, J3 \8 R) {/ ZRBC Capital Markets continues "underperform", 12-month target price is $0.75. n& k4 ^: ]" a3 r
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50' j/ H2 N# h. T! i
) p" m' U2 s: vCorus Entertainment (CJR.B : TSX : $12.47)
' n3 M _) }7 E6 ZQ1 revenues in line, EPS beat3 _3 l; W+ p; N t5 {% X/ U& t
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00. M/ r5 R/ i5 E: D( ~3 u
Credit Suisse continues "outperform", 12-month target price is $20.00$ d% k) N9 n8 t
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
: k" B4 c t. ]) p% [* ]( eGMP Securities maintains "buy", 12-month target price is reduced to $17.00. Z' D2 N g- b) C4 Y
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50- D$ x/ Y6 J2 j3 V1 l
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84); V( q- C" [6 o* Y" S" z% |
Held investor day
+ Y3 x( k7 {! O$ tScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00( K b3 l0 L5 ?4 M0 v
1 \. `6 _4 A) M- D; I3 _, H5 XDaylight Resources Trust (DAY.UN : TSX : $7.77)' {9 U: q6 a9 D2 Q, h7 s
Reduced distributions by 38%; guided for lower capex$ `, j+ r8 o7 @# i. u( g$ m$ _
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
- [9 s8 [3 i8 ODundee Capital Markets continues "buy", 12-month target price is $12.00
; v: | K9 U' Y$ o0 i+ W6 |. dTD Newcrest continues "hold", 12-month target price is $7.50; [: X& l' _: j8 l! O( H6 h
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
9 E% V3 }9 o7 N( [. g% Z3 _' W5 lSteady market and currency tailwind
3 N% ^# f) w' X+ O) y: MTD Newcrest maintains "buy", 12-month target price is US$5.00
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, N, I) R( @: M7 tGoldcorp Inc. (G : TSX : $29.74). ^- [# ?# v6 m/ R5 N
Revised commodity forecasts3 J6 u/ _) w- ^
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.005 R6 Z7 {2 N3 A5 R6 @
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Heritage Oil (HOC : TSX : $3.77)
$ {" ]" X% w3 n; U) J1 U6 \Announced Ugandan commerciality on exploration success
& k2 i% {# ^5 c: [$ b" l) pTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)
, b6 ~5 J+ p7 q+ d7 B9 W4 gRetail division suffers
5 }: G7 e: K ~" i4 ?! g5 t/ EDesjardins Securities maintains "buy", 12-month target price is $12.60 a2 t& w8 B7 d6 G: [1 Z
; e; q0 b; L* A; ?1 ?" A5 }Laramide Resources (LAM : TSX : $1.84)
8 O1 E& \+ O/ ]- ^- H5 gWestmoreland provided more high grade at Redtree's Jack Lens
7 k! g" A# c& I0 A* |% T l' M k f, aDundee Capital Markets continues "buy", 12-month target price is $2.30
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Lockerbie & Hole (LH : TSX : $6.00)) G# j. |" `( P1 `" H( B5 Y7 A% t
Released Q3/09 results: very strong, focus should be on active backlog
) f3 a7 R' S( T- ~ f$ e" d1 YGMP Securities continues "buy", 12-month target price is $9.00 D1 d" h( F4 C: b* v4 _
Raymond James maintains "market perform", 6-12 month target price is $8.25: `! s6 W! x: w0 a% c2 a% Q) D
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)0 g* z# t4 @8 c w( i, _& e
Reduced distributions by 70%
# P, p% S" ^6 ^, W$ x4 _RBC Capital Markets maintains "outperform", no target price reported+ a# l, [7 j s& I' o6 g
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)2 O) Q' G4 ]6 _6 L. o: `
Released Q1/09 results: a little light, but still respectable t& p( S( L, n, C0 M
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50. p( _1 q4 r0 e) f: |1 O
Paradigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)& B9 r1 h, Q! M6 Y- \# \- ]
Expecting lower CFPU on higher taxes
; s5 h4 e5 X7 zBMO Capital Markets continues "outperform", 12-month target price is $18.002 n/ O. z2 t# E. x4 W
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
# }6 Y7 Y6 o6 j. t# O. PTD Newcrest continues "buy", 12-month target price is $17.00
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
+ s: ]/ l+ B$ `5 { M9 SReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
0 z; _* ~; M4 L4 [Blackmont Capital continues "hold", 12-month target price is reduced to $1.250 y9 V9 X; z% l) U( }( ?
Credit Suisse maintains "neutral", 12-month target price is US$1.00
# R$ I* B* X. B6 p6 Z TScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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3 J" w& \. T7 K. o$ ONeptune Tech & Bioresources (NTB : TSX-V : $0.79)
9 F7 I& n' D; CDietary supplement business facing headwinds0 c7 A' {" i; p I3 g9 _3 o8 W
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.003 R1 a# j% I5 {/ {4 u
- U/ I6 d0 q* }2 q- Y" Y# r+ y3 j5 ]Open Range Energy (ONR : TSX : $1.18)7 F2 g+ ^0 {, `! \3 y
Provided operational update and F09 guidance, ~5 ]+ v$ E; v* c
Haywood Securities continues "sector outperform", 12-month target price is $3.25, \- B4 ~- l' V# p J: X
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Osisko Mining (OSK : TSX : $3.13)
6 [, h# L! m4 d2 q* BSouth Barnat resource around the corner
0 h$ t6 [ V9 N# f& b; x4 @Paradigm Capital continues "speculative buy", 12-month target price is $4.75' J( E6 \1 h1 h$ _+ x8 p
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
" t- j- B" j$ X" f- lProvided operational update |" f, k3 h6 {# n: P, s+ m
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00# l2 u5 y1 F( C ^. D0 Y
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)/ X9 ?2 ~5 o+ ]; }/ W( L1 x
Provided operational update: Grande Prairie emerging as the key focus for F09
5 b3 e0 Z3 s" `9 e p7 JGMP Securities maintains "buy", 12-month target price is $12.00
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{4 I! f' @1 n" E8 Y/ n; b9 @& RRockwell Diamonds (RDI : TSX : $0.07) B. F) N9 b* _! p G8 k6 S& C
Operations starting to turn the corner
! o, W. m" h* B' N6 ?RBC Capital Markets maintains "outperform", no target price reported) a/ n1 U- O" N$ j; P4 _5 b- C
?( h0 W) U% U0 QShaw Communications (SJR.B : TSX : $20.13)
4 z( D' j' a) F! r9 l2 g# z I9 XReleased Q1/09 results: in line, subscribers ahead
' ?" L, S6 o+ Z8 MCredit Suisse maintains "neutral", 12-month target price is $25.50$ j' @3 Z- U# H" p L
GMP Securities continues "buy", 12-month target price is $26.50
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C9 c7 f, [9 `/ b) ZSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)! R# C7 h/ B' e
Held a sell-side lunch showcasing new U.S. team) ?( o5 K* d- ]8 p6 O5 i
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00" I2 b* @' O9 M
0 d5 Y. b4 U/ M9 FTrican Well Service (TCW : TSX : $6.93) [! _1 ~) n8 o
Awarded Russian contracts
u/ p Y" _8 I) T& k) C% yBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75- x: s3 X) a, q6 v2 D, j& L# Y- V
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00+ G1 ?3 f" a+ j2 j; Q
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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1 r5 Y% k+ H5 M6 I- c3 i) W* s) ]Sino-Forest Corp. (TRE : TSX : $8.93)
- w* m; b3 V) K. `! v2 {% GChinese furniture exports rose in November7 V0 R* v. K4 f% x. [- v
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)
( S/ t: a" B6 lShea Creek's two largest deposits have become one
% r: E& K5 U& }; Z0 O0 r. [% Y+ QDundee Capital Markets maintains "buy", 12-month target price is $2.75) b, R8 t, @3 P+ b+ U2 F. K5 z- x
+ F7 _2 U" }$ p8 h6 `, dVero Energy (VRO : TSX : $4.72)' \6 i6 B% o; C+ c8 x) z
Released Q4/08 results: horizontal focus to continue in F09
2 D+ z9 H% L" d8 U' |' v) |Dundee Capital Markets continues "buy", 12-month target price is $8.00
9 i1 V3 g7 x2 Y2 L7 NGMP Securities continues "buy", 12-month target price is $7.50
! p7 s" a7 a- y. b% n4 J; q9 n; mParadigm Capital continues "buy", 12-month target price is $12.00# l, k& d# `( r0 q) H, }
RBC Capital Markets maintains "outperform", 12-month target price is $8.50, O6 \: l3 N: ?
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Wi-Lan Inc (WIN : TSX : $1.75)
! `3 ^/ c: {( a: ^! z( PHit homerun with Samsung; w" D3 N3 e0 E8 X, p9 R
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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