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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)# @' S: O( N) V& l; D! _, `
Bracing for a tough few quarters
2 M! {: i- W3 c) ?* j! DCanaccord Capital maintains "hold", 12-month target price is $4.506 A! ] \( G5 r: s8 A/ J* R
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
* ~" P" T2 r" \ T& EGrowth outlook, challenging pipeline and high cost structure make future unclear! X! f* m8 e5 k' Y7 F) }5 T5 K
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
; ^ U1 a$ w3 G, q- E W) CTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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1 g/ _" m1 p0 o* s4 N! MAstral Media (ACM.A : TSX : $22.98)
3 k, d9 b$ m6 J6 e- p* X; x" ?0 `Released Q1/09 results: strong, in light of challenging operating environment
- [4 D( h$ K1 P+ aBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
4 N3 q) G0 o9 y8 ~' ?4 |Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00 E; {0 l: @+ _) y8 a h
GMP Securities maintains "buy", 12-month target price is reduced to $30.00. a, I2 X9 b/ H I' x
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00# c% S M; {0 I6 i# t7 `. E# R
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00# o: l! @3 U" g6 j" F6 u( q( N
$ @9 W9 z9 Y" t: K( ~0 w2 Z1 _Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
& h/ ^! z* p# a+ I- fWell positioned with gold production forecast to double this year and next
& `/ i9 I8 X k( Y& sBlackmont Capital continues "buy", 12-month target price is lowered to $83.00
5 S, X, K# J) s4 l7 B; kTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00+ `, o1 L2 ^# ^% Q/ m
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ARC Energy Trust (AET.UN : TSX : $17.15)
3 |7 S: q- l F( XReduced distributions by 20%; capex also cut( t8 L0 M+ s3 @: ^8 G3 ~
RBC Capital Markets continues "outperform", 12-month target price is $19.005 @* l% j( n5 R# w2 c, D" R% y J
' Q _! z7 Q7 ~9 t. I, L4 EAndean Resources (AND : TSX : $0.75)
- T& p7 a. y5 k/ L! W+ X1 qAnnounced F09 outlook b S# Q: V9 y; @
Paradigm Capital continues "speculative buy", 12-month target price is $2.25- A0 I4 v4 Z6 l- v/ S
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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4 j5 p0 }/ F, g% z- z9 sBombardier Inc. (BBD.B : TSX : $4.65)4 A$ m& `. y) `# b. Q Z
Rising challenges in Aerospace
' n4 O' l: V) e( j! d; @0 S- [% }GMP Securities continues "buy", 12-month target price is $8.00
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! p$ T- f2 W! i5 j8 x L$ V2 dBank of Montreal (BMO : TSX : $31.84)9 Y3 I. M5 c" Z7 a
Acquiring AIG's Canadian life insurance business
7 P5 t, l; N0 x" HTD Newcrest continues "hold", 12-month target price is $37.00) `7 ^% ^7 Z" S* G, u3 }/ u. j
! s* Z( e0 ~) f, L+ Z7 w3 }Cogeco Cable (CCA : TSX : $33.37)1 I' h: e$ I: M8 s
Q1 review: Canada results encouraging, but Portugal remains a drag
+ C6 r& E* D+ k4 rBMO Capital Markets maintains "outperform", 12-month target price is $46.00: E# c8 H" a; x$ Z2 O, w
Desjardins Securities continues "top pick", 12-month target price is $40.00/ f' Z# r5 i7 [
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.002 F$ P8 \6 t+ c; e1 D; b0 R: v7 B6 T- `
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)
% \! ]9 E* {# z, X, XCapital budget set to expected cash flow; production guidance lowered# K0 z' p4 C' x3 K) ?* z
RBC Capital Markets maintains "outperform", 12-month target price is $4.257 g3 [- x8 y9 W) {
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COGECO Inc. (CGO : TSX : $25.14)
. d9 b' i. a0 L3 C4 _! Y5 p( nStrong radio and cable drives 39% EPS growth& k/ U; }4 {3 I. K2 l
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)$ W. H9 ^3 p/ N9 s5 O
Taking action to address tough operating environment
; t0 u, U$ z' l" J' ABMO Capital Markets maintains "underperform", no target price reported
% Y; i$ M* B. u0 A3 E8 c9 g8 SCredit Suisse maintains "neutral", 12-month target price is $1.00
' q+ A# J6 z: J2 gGMP Securities continues "reduce", 12-month target price is $0.503 x4 ?2 |! H/ H6 D# Q5 i/ g
RBC Capital Markets continues "underperform", 12-month target price is $0.75/ N# z- V3 `5 ?3 y; j
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)
K+ {2 _( x+ B( U! {Q1 revenues in line, EPS beat8 n- }2 Z) Y( I- J. T
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00. H6 \0 J, c8 n, S7 e
Credit Suisse continues "outperform", 12-month target price is $20.00
6 M& |* M; j( f% |Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
! N) z+ o3 V z, G# hGMP Securities maintains "buy", 12-month target price is reduced to $17.00/ [$ X8 t( l) h& x& o
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.509 `& w) _0 F) a/ a
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)
* X3 P1 }+ W; @5 b# ] A/ `" h( fHeld investor day9 J6 ~( T" [4 R' u- _
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00& ]; I5 K0 d- D% D Y; G1 n( q. ], |0 Y
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
6 r' b% \( x" M/ RReduced distributions by 38%; guided for lower capex
, ~" M( d* _8 E8 _2 I; [( u& ZBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.006 e3 g& b* h0 S# D$ b
Dundee Capital Markets continues "buy", 12-month target price is $12.008 j7 `3 q+ f2 F) u" ?
TD Newcrest continues "hold", 12-month target price is $7.50. s6 c9 [6 b+ a8 |2 M- s
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90). H/ n) n! w7 h- J7 y
Steady market and currency tailwind
* q' L9 O9 Q: NTD Newcrest maintains "buy", 12-month target price is US$5.00- y! g" [, g- ?7 c
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Goldcorp Inc. (G : TSX : $29.74)3 h& B8 H) n3 |$ \7 ]7 j* Q8 c
Revised commodity forecasts
( ?( ~, N0 x' i6 t9 \% B( p( CBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)& I2 `6 }' ~2 X4 I( v. c+ L
Announced Ugandan commerciality on exploration success
. t }; D2 _7 STD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50& x9 p" u" K) C4 g2 j2 X( q
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Harry Winston Diamond (HW : TSX : $4.98)
$ Q) P6 T# X' a U/ [( }/ }Retail division suffers5 }! P, ]9 O: i/ T9 w; ?
Desjardins Securities maintains "buy", 12-month target price is $12.60+ ]3 v* {9 K' |, L: L/ F) t1 n, s
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Laramide Resources (LAM : TSX : $1.84). F$ K* c$ k$ v' q7 B
Westmoreland provided more high grade at Redtree's Jack Lens: M5 U7 x2 @9 m1 N
Dundee Capital Markets continues "buy", 12-month target price is $2.304 D( ]6 D n6 x0 w
. z! c0 v2 I5 B9 `Lockerbie & Hole (LH : TSX : $6.00)0 t( t$ n- x. l( {& P
Released Q3/09 results: very strong, focus should be on active backlog1 p( a: ~- T9 T1 S* C& S6 c% V
GMP Securities continues "buy", 12-month target price is $9.00 }; F) |# I& @$ y* u% C
Raymond James maintains "market perform", 6-12 month target price is $8.25. L0 ]$ F6 h$ @2 }
, R& i. R/ V L, z4 V: D9 W cLivingston Intl Income Fund (LIV.UN : TSX : $6.00)
( a4 G. b/ t- b6 |7 @2 {Reduced distributions by 70%
* c1 B5 ]2 V/ R2 v! }RBC Capital Markets maintains "outperform", no target price reported7 Y+ [0 Z0 c: f! O5 q4 I
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.501 U$ ?" Y% i5 I
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Matrikon Inc. (MTK : TSX : $2.04)$ v7 f3 s: q" D5 [
Released Q1/09 results: a little light, but still respectable
/ J* A+ P6 f3 D; C; iBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.508 K0 D/ \' A" [
Paradigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
: O+ C& G1 S7 @Expecting lower CFPU on higher taxes
6 W# E' Y+ i; ?BMO Capital Markets continues "outperform", 12-month target price is $18.00' h0 z* |5 P8 H, l
RBC Capital Markets continues "sector perform", 12-month target price is $12.00+ ~0 f$ J! P" z' J1 f. P9 D1 j. l
TD Newcrest continues "buy", 12-month target price is $17.004 `& y$ m* ^% T, x, e3 y/ Y; ~ p/ O
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)9 k+ G# C% } H c. G3 E
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain# _. U. E8 r" L' e0 U9 m; G0 }
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25* A/ k! O# d! T- @, ]" U
Credit Suisse maintains "neutral", 12-month target price is US$1.009 W f9 ^; f; ~* ~: g
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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W' U7 y9 {% B p) Z9 z8 `' yNeptune Tech & Bioresources (NTB : TSX-V : $0.79)& R; a. \5 A. i4 Q: Z% _% Y' ]
Dietary supplement business facing headwinds$ `/ R! _& q8 J9 q# i
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)
' K# \% Y( Y; F* ~; s2 i! K, h$ WProvided operational update and F09 guidance
7 l& @- }% t( d# A0 sHaywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)
M' q' r: ^( I% G. G# `% T4 zSouth Barnat resource around the corner* t- i4 f) H- T- l# l2 }
Paradigm Capital continues "speculative buy", 12-month target price is $4.75
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0 ^4 c- j7 W. NPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)1 {2 g; \5 C. J `+ w# R
Provided operational update
3 m9 z% t f' z9 x& i4 z. M |Blackmont Capital maintains "hold", 12-month target price is lowered to $19.009 w8 y1 W4 B0 L6 s7 p, ?: d* N
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50' y8 p R3 f: P7 u* V3 |
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Paramount Resources (POU : TSX : $7.85)! x/ v8 B$ k9 u# L5 m4 }
Provided operational update: Grande Prairie emerging as the key focus for F09
o& m5 A3 ~3 x( \4 H1 s; _GMP Securities maintains "buy", 12-month target price is $12.00
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2 S/ O/ J/ Z5 NRockwell Diamonds (RDI : TSX : $0.07)" c. W c% w3 K/ U
Operations starting to turn the corner
1 B( U: T) I3 b/ {; @8 tRBC Capital Markets maintains "outperform", no target price reported
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% P! ]. `" M0 E; X1 `8 wShaw Communications (SJR.B : TSX : $20.13): ^; t7 @* ]& w; \6 J/ u% l. J1 e
Released Q1/09 results: in line, subscribers ahead
8 V' v' A& _4 uCredit Suisse maintains "neutral", 12-month target price is $25.50
! c$ c1 ~0 N3 G( B( m% {$ jGMP 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)3 |4 y+ h a5 N# [2 R
Held a sell-side lunch showcasing new U.S. team
& o, U! w1 h' eScotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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# e9 n- ~5 @. O' W0 m+ rTrican Well Service (TCW : TSX : $6.93)% v- ~! u$ t$ k* S( H
Awarded Russian contracts; c: U/ |$ B9 I: \: s1 i
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
& M6 ]3 ^5 w+ h1 A; o& ZRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00
+ x1 |! P3 ]9 A% LRBC Capital Markets maintains "sector perform", 12-month target price is $10.00 r! d- |( T) O2 I6 ]
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Sino-Forest Corp. (TRE : TSX : $8.93)3 {( Z) B$ A1 \0 r* W A* X
Chinese furniture exports rose in November- k! F' Z _1 x: g% b3 t- G6 P
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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+ ^6 V$ q) W; E2 q4 yUEX Corp. (UEX : TSX : $0.88)% ^6 Q2 t; V+ C. c% U
Shea Creek's two largest deposits have become one! L% m& x5 W' ]* ~; Q5 n& x# P' G4 \* c
Dundee Capital Markets maintains "buy", 12-month target price is $2.753 X5 M7 ^7 a% p( D! F1 j/ z
8 A6 q, e! t1 D; P$ r' r7 H8 [Vero Energy (VRO : TSX : $4.72)
+ T9 \1 p5 q/ A% mReleased Q4/08 results: horizontal focus to continue in F09" ?4 p4 L; ]+ o0 h
Dundee Capital Markets continues "buy", 12-month target price is $8.00' O0 g% F: }9 f9 z6 W
GMP Securities continues "buy", 12-month target price is $7.50
; i4 n6 }6 T! H3 J4 TParadigm Capital continues "buy", 12-month target price is $12.00' w& [) X6 ^3 Y% W$ n( O% m% s
RBC Capital Markets maintains "outperform", 12-month target price is $8.50
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3 c0 D3 X$ E# s5 I3 ^5 l' P1 M* lWi-Lan Inc (WIN : TSX : $1.75)5 o l2 T( s) z3 Z, S
Hit homerun with Samsung& G2 w2 i4 L( ~/ F/ G# z
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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