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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)
g$ Y1 ?6 J( r! l. pBracing for a tough few quarters
7 C7 q# l6 N% R8 f2 K/ `Canaccord Capital maintains "hold", 12-month target price is $4.50" L8 E! Z& D4 [2 e# J
: |* B7 X- l S# X; C4 C! ~Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
) ]9 O' _1 c2 SGrowth outlook, challenging pipeline and high cost structure make future unclear* j& \$ M$ z( ]/ k2 E/ J$ X
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
$ p$ E/ K5 g+ |, F$ CTD 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)
- O- y# K# z) I) ]Released Q1/09 results: strong, in light of challenging operating environment
: a2 X0 N* B5 P4 ^( r) m9 Q# ? SBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
! t. K4 d& r" ]* P2 n! I8 ODesjardins Securities maintains "buy", 12-month target price is slashed to $28.000 F+ N& D1 Q3 t- A$ H; \& \4 E
GMP Securities maintains "buy", 12-month target price is reduced to $30.00+ U5 B2 x/ L) V0 Y# T0 x
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.001 p1 Z4 z2 q. j4 j: V
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 I* F' v( z% h: wWell positioned with gold production forecast to double this year and next+ |. c: o, {1 W* @; Y9 o
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00" s. _) _9 f! {
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.008 S7 f i6 @$ ?$ P& I& {
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ARC Energy Trust (AET.UN : TSX : $17.15)0 u7 u) e( K8 Y0 A7 p1 Q- f8 ^
Reduced distributions by 20%; capex also cut( A/ I% m1 O- @/ z
RBC Capital Markets continues "outperform", 12-month target price is $19.00. p- }& E1 z# a9 P% V& d3 C
7 r3 s: e: j& V! ~! ZAndean Resources (AND : TSX : $0.75)$ a0 Q: }0 b. Z$ @- l0 s4 I' P
Announced F09 outlook
, W, c: Y H M) ~! U* e& u- f# QParadigm Capital continues "speculative buy", 12-month target price is $2.259 h( E3 r: z% s |2 E q5 y
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00, m) [8 g( E$ o5 ]9 x; y0 N$ X8 `0 B8 c
2 `3 r7 K$ S- W8 U F J4 pBombardier Inc. (BBD.B : TSX : $4.65)
: D- }( e( F, B1 }$ @3 G4 A0 ?: M2 z8 c0 jRising challenges in Aerospace
: G3 B9 ^* Y7 |3 b3 u: F8 X7 q# OGMP Securities continues "buy", 12-month target price is $8.00# N3 B/ Q( B c7 `: P* K! r; `
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Bank of Montreal (BMO : TSX : $31.84)
# N3 X3 C( W0 W& ]' tAcquiring AIG's Canadian life insurance business4 `7 I7 g& f6 T/ f& m' e' M
TD Newcrest continues "hold", 12-month target price is $37.00
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( @( o: f, `, eCogeco Cable (CCA : TSX : $33.37); u# y* i) M2 {0 S- s
Q1 review: Canada results encouraging, but Portugal remains a drag7 z( t6 [. a0 `8 k8 w# \
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
3 r1 S. q3 \' o' p. ]8 _1 }9 NDesjardins Securities continues "top pick", 12-month target price is $40.00! @" E/ ~4 E% l+ K) w5 b/ s
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00: [/ t `7 }5 A: c# h' F1 y. @
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)
! d. X3 v8 c% H4 @Capital budget set to expected cash flow; production guidance lowered
; D# Y, V. o3 J/ Q, ?RBC Capital Markets maintains "outperform", 12-month target price is $4.25$ T; X; r" f9 Q, G5 X Q# B' g
; ^8 c2 V3 Y6 b) C, MCOGECO Inc. (CGO : TSX : $25.14)
- ^. |; J* e5 b/ |% X* |8 [Strong radio and cable drives 39% EPS growth
6 u" s. t6 ]2 W# D, gScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)
6 a2 Q9 v. k% F& G5 p& ~7 O# g; sTaking action to address tough operating environment2 ]$ [8 q7 f8 k& }( _
BMO Capital Markets maintains "underperform", no target price reported: W' @5 m8 \$ F( ~
Credit Suisse maintains "neutral", 12-month target price is $1.001 l6 E/ d* _, q
GMP Securities continues "reduce", 12-month target price is $0.50& y/ m/ x& B$ l# r P
RBC Capital Markets continues "underperform", 12-month target price is $0.75
- G6 r" X' L: `9 d7 v8 _! ], o+ gScotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)
# N* m& W8 M7 I/ WQ1 revenues in line, EPS beat- S7 c) V r2 D7 q
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
- I( j0 G' O* N' d) _Credit Suisse continues "outperform", 12-month target price is $20.00
, L4 L& e6 U( |+ VDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00
2 c6 w5 d) ~9 l2 z: YGMP Securities maintains "buy", 12-month target price is reduced to $17.00
7 P, w2 W" ~9 t( F$ TRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.508 }4 k0 R9 U P7 S% t! q$ z
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.002 j0 l( I7 v# o {; K% j
1 g; S' n; ?6 ]9 q+ c# e# Q/ VCalloway REIT (CWT.UN : TSX : $11.84)
/ M7 L, P5 q2 [! y/ t* yHeld investor day
7 B y3 W: J* G3 \2 T- [+ ZScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00' u, f) n1 B) [
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
! P) M6 q. d+ NReduced distributions by 38%; guided for lower capex
+ U- Y4 [3 r* R% U% zBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
# S7 c* a: k9 p/ I U+ pDundee Capital Markets continues "buy", 12-month target price is $12.00
; T, z6 t# a1 W3 n5 F' ]) gTD Newcrest continues "hold", 12-month target price is $7.50
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: f8 Q8 J2 A0 |7 ^EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90), {- g5 Q. Z9 B( d5 s6 ~- J5 m8 L- c
Steady market and currency tailwind
$ |' p, p: H9 B7 Y& Z% J" }TD Newcrest maintains "buy", 12-month target price is US$5.00
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Goldcorp Inc. (G : TSX : $29.74)
) e) W! Q' C& f* u+ p# c [Revised commodity forecasts
) N3 g/ q1 w5 C! ?7 h. vBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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9 C! N$ s5 u7 q0 L+ ]Heritage Oil (HOC : TSX : $3.77)2 C7 `! ?3 K* o5 \1 K7 s/ s
Announced Ugandan commerciality on exploration success
6 x r0 A9 g2 z( _0 STD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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6 I, l8 ]7 u1 ?# i' \Harry Winston Diamond (HW : TSX : $4.98)
4 @! z2 C9 b9 D' M4 BRetail division suffers
) u- Z' n e% pDesjardins Securities maintains "buy", 12-month target price is $12.604 A4 o0 X5 r/ S) R' R- l# @
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Laramide Resources (LAM : TSX : $1.84)
, @9 h9 L$ _- P6 L5 l8 _" d, nWestmoreland provided more high grade at Redtree's Jack Lens' b! \2 ?3 o3 A9 m6 w9 A# P! Y
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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9 \% z$ ^6 W5 z; O' ?- |Lockerbie & Hole (LH : TSX : $6.00)/ |6 v; b1 s* U
Released Q3/09 results: very strong, focus should be on active backlog
- t3 I' K \( d2 O% ~! y. g% ?GMP Securities continues "buy", 12-month target price is $9.00% M8 `# ?' H2 _) \# ^: g7 G
Raymond James maintains "market perform", 6-12 month target price is $8.25
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' T/ g( O' F6 A; Y' TLivingston Intl Income Fund (LIV.UN : TSX : $6.00)0 |, p! t( j6 [
Reduced distributions by 70% f( y" ]% r, `, B1 Q, J8 z
RBC Capital Markets maintains "outperform", no target price reported
% H) U' _. {) ]5 z2 c' gScotia Capital Markets continues "sector underperform", 12-month target price is $6.50# j! p' f" E- I2 \
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Matrikon Inc. (MTK : TSX : $2.04)
0 [- Q& m1 R3 Y6 _Released Q1/09 results: a little light, but still respectable1 o8 P5 _3 ?! h+ u; J# P
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50$ @0 B% c2 S# o! l0 S
Paradigm Capital maintains "buy", 12-month target price is $4.00* M5 O# M& m+ p4 v$ }) O
5 s+ r. d$ ^0 I) \Mullen Group Income Fund (MTL.UN : TSX : $10.97)
6 G5 G# _2 u5 V* DExpecting lower CFPU on higher taxes9 \6 i8 v5 z5 O( e1 E- K# z
BMO Capital Markets continues "outperform", 12-month target price is $18.00- X" }: R+ X4 ~9 z
RBC Capital Markets continues "sector perform", 12-month target price is $12.006 \/ h2 ?* o. t2 K; o1 S. P" _
TD Newcrest continues "buy", 12-month target price is $17.00
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& c2 p7 a9 v9 v" u6 A4 l6 hNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
8 R# t' ^9 X% j! `/ T$ e6 @: `Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain9 c5 O4 T4 m' j# X
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
1 t4 k w8 R8 G _Credit Suisse maintains "neutral", 12-month target price is US$1.00
3 `6 `% f! w; d; M* J+ d/ iScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)* @; @) d: V; J% P
Dietary supplement business facing headwinds; ?$ z7 @5 b4 T7 P ?% W: h6 {" S
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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/ I* ~/ s/ [' P. e# \6 nOpen Range Energy (ONR : TSX : $1.18) ] y# _0 Y+ g: { N
Provided operational update and F09 guidance% F u7 F" V, n, S
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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9 v8 n- }: s+ P& ]# J6 M [) t0 oOsisko Mining (OSK : TSX : $3.13)8 @: {* i! O1 H% D' q: q% D
South Barnat resource around the corner
2 I/ d! u" O% ?& a Y+ z2 H7 X, VParadigm Capital continues "speculative buy", 12-month target price is $4.75
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, m( |4 v% C- B5 B) hPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)3 p: f3 N O( a# U
Provided operational update
4 H& C' v1 S8 q3 N( ]* ^Blackmont Capital maintains "hold", 12-month target price is lowered to $19.001 l& T1 ]1 x: w) T9 H
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)
% O5 G8 r. L3 K& }Provided operational update: Grande Prairie emerging as the key focus for F09# }7 A$ C9 I% x6 Z# k
GMP Securities maintains "buy", 12-month target price is $12.00. X: a) f6 c2 }6 A) e3 s
9 j2 `* r" p$ P- M! J) d% L7 u4 F) iRockwell Diamonds (RDI : TSX : $0.07)
4 T, F. m- ]0 _0 \Operations starting to turn the corner; D' y& B$ Q; _( D- g: z# x
RBC Capital Markets maintains "outperform", no target price reported) V# A+ X) f' w: Z8 B
( }) z# c& ^# z, P- s' C; Y7 u2 k) DShaw Communications (SJR.B : TSX : $20.13)8 l: b: ~7 x6 [( D: i
Released Q1/09 results: in line, subscribers ahead0 L- w& w" x( `1 I- H( k
Credit Suisse maintains "neutral", 12-month target price is $25.505 y6 @- I# \) }" _2 K) s
GMP Securities continues "buy", 12-month target price is $26.50
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; G4 A( O0 o) F% ?- ~! vSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)' l6 j7 s* | {, G) r }
Held a sell-side lunch showcasing new U.S. team
. r! ?1 j# M7 i' Y& Q# SScotia Capital Markets maintains "sector perform", 12-month target price is $33.00: F$ h* k* \2 r6 O0 N; c* M$ [
, Z3 f. f/ R$ c) [/ Q3 aTrican Well Service (TCW : TSX : $6.93)+ C! Q! `2 }1 w/ S6 R6 z2 Z4 W% Y, Q
Awarded Russian contracts
4 \- `5 w% H* xBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75
x' \4 O- b' B" x- X& r+ A2 \0 yRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00
' w" B* s% t; WRBC Capital Markets maintains "sector perform", 12-month target price is $10.00$ ?# ]" z5 R* p
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Sino-Forest Corp. (TRE : TSX : $8.93)
* j1 j( y' I4 |+ UChinese furniture exports rose in November
/ \& [1 @8 ~7 `4 r( v- bDundee Capital Markets maintains "buy", 12-month target price is $23.50) t, o" G* {3 a; o9 f- T) ]6 c
2 ` _/ T C* E; o% H; {3 G# ~UEX Corp. (UEX : TSX : $0.88)! g! Y- {5 n6 z8 [) {! `( x
Shea Creek's two largest deposits have become one, ^- [1 `+ o# Y$ ~
Dundee Capital Markets maintains "buy", 12-month target price is $2.75- E' O5 l4 k, E8 p
1 y1 o/ T9 t3 OVero Energy (VRO : TSX : $4.72)
) i, Q; T' ?$ b5 c( I2 z, H- sReleased Q4/08 results: horizontal focus to continue in F09
7 K: e; L6 w& s6 k9 A! m. V0 ^Dundee Capital Markets continues "buy", 12-month target price is $8.00
; L1 z* k; } f; Q3 U- AGMP Securities continues "buy", 12-month target price is $7.50% e4 P1 x. @4 @ N: k0 R& Z! \
Paradigm Capital continues "buy", 12-month target price is $12.00
m' Z# f& L$ t$ q# QRBC Capital Markets maintains "outperform", 12-month target price is $8.50) [, Y4 P; |$ ?+ W
% s( e9 y' y2 D. P% B4 kWi-Lan Inc (WIN : TSX : $1.75)
1 [- g3 I4 u# b4 O7 z1 ZHit homerun with Samsung
- k- Q+ p* V1 `, Q% a9 n8 c( VParadigm Capital continues "buy", 12-month target price is $3.50 |
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