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Ear on the Street --- Jan. 16 2009$ W* }( f+ G: ~5 Z+ o
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Absolute Software (ABT : TSX : $3.36)
1 s; R+ n. j- m! {Bracing for a tough few quarters
, q. q# f- n* ~' n9 M) mCanaccord Capital maintains "hold", 12-month target price is $4.50
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
9 u/ l0 |: n) p4 q0 G1 J1 sGrowth outlook, challenging pipeline and high cost structure make future unclear
: u; e' h0 Z% r. u8 F. U% A- j6 {Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
, R8 F3 D3 _: \TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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6 Y3 Z- C% k# DAstral Media (ACM.A : TSX : $22.98), k" N) r9 E" S& d
Released Q1/09 results: strong, in light of challenging operating environment" `' c* E4 O. q/ t5 @( V
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00, u5 M: p1 G9 t7 c# b/ N) A) R/ l; I
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00/ V2 o8 p: x: t5 Z1 D
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
$ a: }& k* [; k* KRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00$ j) R. r# _4 ]* v
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.006 y2 R( t. A" e; d5 U6 \
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)$ r& { W2 O* K
Well positioned with gold production forecast to double this year and next5 D3 p* h$ _. S3 v% s7 N
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00* N, O$ K) e7 q9 m3 o8 S
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00# J- S: t+ `4 W& n( r
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ARC Energy Trust (AET.UN : TSX : $17.15)
! d: j$ X* j9 S- l" A# E. uReduced distributions by 20%; capex also cut
1 l0 h' H7 N3 m/ }& HRBC Capital Markets continues "outperform", 12-month target price is $19.00- Z4 }9 P3 p! M6 S
! Y) w0 J) x; B+ \' d% L6 l L2 }Andean Resources (AND : TSX : $0.75)
. v+ k! S' I5 |% \% Y1 xAnnounced F09 outlook
# \1 D% X6 A" @6 oParadigm Capital continues "speculative buy", 12-month target price is $2.25' o0 I' q0 _, Y7 L
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)
0 K. R3 L0 R. X# }! W* J+ ^- Z; g0 aRising challenges in Aerospace; K. a1 C' t" T8 v: L' G
GMP Securities continues "buy", 12-month target price is $8.00' K& S: @) o% n ?: g6 ?
3 q7 J5 h& S3 C5 G1 b0 JBank of Montreal (BMO : TSX : $31.84)
0 A" u2 I7 O. E$ { x. h# l: t* wAcquiring AIG's Canadian life insurance business
9 k9 d8 g% `" x( wTD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)
& h2 I. @ z+ }Q1 review: Canada results encouraging, but Portugal remains a drag
: A. _( r) _ h, V/ v+ A2 L3 }BMO Capital Markets maintains "outperform", 12-month target price is $46.00
' K0 `( @! O' d4 m9 p' zDesjardins Securities continues "top pick", 12-month target price is $40.00
& c/ r6 q- A, F% b: A# K) b( ^! WRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
, U, I9 x& B S/ d3 u, FScotia Capital Markets continues "sector outperform", 12-month target price is $55.00; n# w- |4 d) E, o8 T! R) U0 M
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Corridor Resources (CDH : TSX : $2.45)
4 {. `4 b* B6 N; }' aCapital budget set to expected cash flow; production guidance lowered) N( Y+ ]9 |$ ?# g- |8 z' _
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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9 |$ P. a# \; S% @4 |7 o# G, }! ~COGECO Inc. (CGO : TSX : $25.14)
1 ?6 z6 v2 v4 I+ d. l# O5 F, zStrong radio and cable drives 39% EPS growth* \8 k& g% Y: w
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)
% X" _: W9 a- v( U4 g7 N" NTaking action to address tough operating environment: S' ]( c* [7 X6 |# S7 n
BMO Capital Markets maintains "underperform", no target price reported: k9 m/ \/ b" t) c2 Q, v
Credit Suisse maintains "neutral", 12-month target price is $1.003 N! u- C' A+ I; P3 }9 R
GMP Securities continues "reduce", 12-month target price is $0.50# c: c+ N* e) G0 u! V: z+ F
RBC Capital Markets continues "underperform", 12-month target price is $0.758 v. {! W4 k5 w- P \& ?- ?! Y
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50# B$ o& F4 `* |/ L) G" Q' g: D
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Corus Entertainment (CJR.B : TSX : $12.47)
7 i5 r! n* j q9 `+ Z' t- LQ1 revenues in line, EPS beat
: [8 K. w. J G% GBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
$ ?% V$ |. O' w( \Credit Suisse continues "outperform", 12-month target price is $20.00
8 {6 x$ ~: S4 w6 F1 K: z5 `Desjardins Securities maintains "buy", 12-month target price is lowered to $15.008 P* i5 X" z& N- g, a1 Q
GMP Securities maintains "buy", 12-month target price is reduced to $17.00: ?5 \ s/ z# r T0 ?+ r2 d
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
+ O+ `2 i0 P, f6 v+ g1 aScotia Capital Markets continues "sector outperform", 12-month target price is $18.00+ d1 R3 S/ Z: j
- Q# \. p% U6 T) V7 P$ L$ z9 W( YCalloway REIT (CWT.UN : TSX : $11.84)' ^& ^8 T& l! s6 R1 q7 ~$ Y6 p
Held investor day
+ [" o0 f! l; _) p. n5 RScotia Capital Markets maintains "sector underperform", 12-month target price is $11.000 }( j" E; H2 u* U; s2 ]1 _
' O* C$ a5 @8 P3 sDaylight Resources Trust (DAY.UN : TSX : $7.77)
/ h3 i$ y8 w( i! {5 Y) bReduced distributions by 38%; guided for lower capex
1 ^' K4 _- d! D4 c* @. UBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00. L0 ]% d3 q9 `9 t( L
Dundee Capital Markets continues "buy", 12-month target price is $12.00! ?. G6 C r2 ~
TD Newcrest continues "hold", 12-month target price is $7.50
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
; t! K R9 X2 C6 w3 a2 Z3 j1 XSteady market and currency tailwind# K8 x6 T t x! D8 u
TD Newcrest maintains "buy", 12-month target price is US$5.001 V7 V7 n) n/ B" f. r5 l3 V) Y
& Q5 s, K4 a, vGoldcorp Inc. (G : TSX : $29.74)
2 W: o. c# A' c1 a1 s+ JRevised commodity forecasts
7 X) @2 ?1 A1 f) u6 R6 `Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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7 \: a+ b6 E3 Q( T# i. {$ ?3 z( eHeritage Oil (HOC : TSX : $3.77), z: g: n+ R; J# ] I% z9 g' b
Announced Ugandan commerciality on exploration success$ w- ?* A9 t$ e4 a6 H. C. z' U
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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; d( J. G9 Y9 m0 S2 {Harry Winston Diamond (HW : TSX : $4.98)
1 ?4 h6 i% R1 `* V( e. HRetail division suffers
; g- M2 ~% \# \) s. nDesjardins Securities maintains "buy", 12-month target price is $12.606 B6 E1 ?# i8 `! S& @5 v
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Laramide Resources (LAM : TSX : $1.84)
+ b0 {) x, a/ E: |* Y( I; iWestmoreland provided more high grade at Redtree's Jack Lens
- }8 Q9 j/ w/ o$ lDundee Capital Markets continues "buy", 12-month target price is $2.30
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" |9 Y6 |, q1 O! z2 m/ _Lockerbie & Hole (LH : TSX : $6.00)
4 r6 G N+ C, s; ?) hReleased Q3/09 results: very strong, focus should be on active backlog
8 D4 M3 J6 B. q+ G1 G$ S/ i, z6 NGMP Securities continues "buy", 12-month target price is $9.003 ?$ h; q% P1 t( e1 @
Raymond James maintains "market perform", 6-12 month target price is $8.25
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)) C6 Q: Y/ A/ E' k
Reduced distributions by 70%# Z9 e3 H7 {/ `& X
RBC Capital Markets maintains "outperform", no target price reported# H2 P; I1 ]: f/ g
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)
% S" }9 ~+ E6 v, ]( BReleased Q1/09 results: a little light, but still respectable
8 t2 r" E. ?/ r1 MBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50' @' c+ D, |3 E0 o
Paradigm Capital maintains "buy", 12-month target price is $4.00! U, Z% n' E7 V. l% w
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
# K# z, j- G7 R' y: pExpecting lower CFPU on higher taxes' Q8 W2 k4 j# L
BMO Capital Markets continues "outperform", 12-month target price is $18.006 \0 p6 o* b5 z! v7 \
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
8 A2 _$ K- B: a0 X. n& P5 aTD Newcrest continues "buy", 12-month target price is $17.00
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)8 p. w8 ?( A- v! \- M8 f# v
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain4 b$ X1 ~+ b9 G# \: w7 U
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25( E: |; v, ~8 D
Credit Suisse maintains "neutral", 12-month target price is US$1.001 C5 E$ y# w. E5 h* d+ z: r
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80- H1 d: g, |) V7 j
0 g5 ]8 g G8 m2 Z. r) ^Neptune Tech & Bioresources (NTB : TSX-V : $0.79)
5 x. x# q) U( O. g& f/ h/ r: B# D* p) yDietary supplement business facing headwinds& L+ t' X2 S, b: U
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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5 I" j4 J- y9 F0 P. ]( O& O0 `Open Range Energy (ONR : TSX : $1.18)
; ` L# W! z/ \5 y4 iProvided operational update and F09 guidance
! w% A1 P! C/ c* }, \1 UHaywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)' P! r& K5 f( t& V! K
South Barnat resource around the corner
" a; j6 P7 A4 b( c+ k; e$ A3 ZParadigm 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), l; ^: ?3 q% s/ b
Provided operational update
8 W" X) `! d- U+ J" N9 T7 oBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00
" S" L/ L) |# jTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.504 l: \" f J) c/ y$ B/ |* [: N$ E1 S, i
3 K0 t. k* ^0 u1 h6 G2 ~" Q8 ?- bParamount Resources (POU : TSX : $7.85)
# _3 h' { ?+ @0 j" f2 I% QProvided operational update: Grande Prairie emerging as the key focus for F095 v3 V6 v$ y; l; L
GMP Securities maintains "buy", 12-month target price is $12.00
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( a4 [8 m6 {- r# K% w9 BRockwell Diamonds (RDI : TSX : $0.07)
- c7 i- p6 O1 N5 IOperations starting to turn the corner$ d$ g( M& m9 D5 Y' ~6 n
RBC Capital Markets maintains "outperform", no target price reported
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Shaw Communications (SJR.B : TSX : $20.13)
/ o2 Q! ? @1 G& T- V' N9 N+ ^Released Q1/09 results: in line, subscribers ahead
7 ~! ^) c( j4 ?0 s' x2 t. GCredit Suisse maintains "neutral", 12-month target price is $25.50
% T0 [. v3 f' u- }2 [2 u: c: ?GMP 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)
6 y8 ?( U, Z' W0 ~% r' b. vHeld a sell-side lunch showcasing new U.S. team
% G! o2 c3 G+ o& N: I* ~) w# DScotia Capital Markets maintains "sector perform", 12-month target price is $33.00/ U3 ]( @1 {$ e( e
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Trican Well Service (TCW : TSX : $6.93)7 x5 _9 L1 m& l0 m+ V7 c
Awarded Russian contracts9 c' b4 F, [" |9 {* n' D
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
0 J2 q; o5 j! i; ^Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00 Y3 y1 d. @/ D- P6 ~+ A/ a6 l& \
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93)+ D. J9 V" R, q' @4 T, x
Chinese furniture exports rose in November: m# [0 R& M% W( [) I& u! T6 g
Dundee Capital Markets maintains "buy", 12-month target price is $23.500 X4 R- R2 U# b5 s) m2 u& r- }7 B" g
/ T/ @ O' }7 H. c5 X9 BUEX Corp. (UEX : TSX : $0.88)
9 W* A7 }- d" D# |2 Z. {# iShea Creek's two largest deposits have become one
( u8 }/ x" b2 n. sDundee Capital Markets maintains "buy", 12-month target price is $2.75
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- K4 F# N# E4 fVero Energy (VRO : TSX : $4.72)
4 b6 N' M( S+ B% q1 `: l9 [$ s3 C1 aReleased Q4/08 results: horizontal focus to continue in F09
0 P2 [% H0 Q/ f) uDundee Capital Markets continues "buy", 12-month target price is $8.00 {" p4 M0 k% w% I. X
GMP Securities continues "buy", 12-month target price is $7.50: u) Z4 Y7 `9 g! }$ U' T8 v
Paradigm Capital continues "buy", 12-month target price is $12.00
' {, M! p( b. c3 i4 P7 \9 |! s+ ~RBC Capital Markets maintains "outperform", 12-month target price is $8.50
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( S9 K$ O9 g9 H1 qWi-Lan Inc (WIN : TSX : $1.75)
$ v! r& t$ C/ `/ P4 K+ a. L) J* R- w% IHit homerun with Samsung
; D6 `1 e2 a, R" @1 CParadigm Capital continues "buy", 12-month target price is $3.50 |
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