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Ear on the Street --- Jan. 16 2009
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5 x. v4 k3 Q* d$ cAbsolute Software (ABT : TSX : $3.36): s' M# t$ G+ r4 p. C+ B( _0 n
Bracing for a tough few quarters
8 n, G& j* Z+ l# O3 V1 K4 aCanaccord Capital maintains "hold", 12-month target price is $4.50' I1 x' V4 u* [6 T& p2 U8 k
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)- o4 Q6 w- l! m' u
Growth outlook, challenging pipeline and high cost structure make future unclear
7 X) O9 S9 s2 `Blackmont Capital continues "hold", 12-month target price is lowered to $48.00# v7 ]1 b8 b6 F8 |- g0 E. O4 i
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00/ f& d6 J6 u8 r' M7 z' v
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Astral Media (ACM.A : TSX : $22.98) B* n0 b$ c+ C& g% ?: X
Released Q1/09 results: strong, in light of challenging operating environment N& N2 X# h2 [7 W2 d
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
2 X n+ x: s5 e% W6 WDesjardins Securities maintains "buy", 12-month target price is slashed to $28.007 G( B6 `3 ]/ B# T/ n4 D. Y1 j
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
1 M/ S- O$ s2 g! L! U- W: i" `8 BRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
4 i8 e9 {$ `/ |/ T2 ~; }Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00# w8 k4 t% j4 c* k' S( T8 K
- k% E2 f, A; Q0 @' B; ]" {Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)* H2 c6 D: q8 H& K& M
Well positioned with gold production forecast to double this year and next9 \4 b2 O- b: \
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00' R6 l( W* P' d. Q9 L8 h
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00: b7 F; L& ~- t) j) e- ]$ Y! q; M& d
) v \7 h$ G; \ARC Energy Trust (AET.UN : TSX : $17.15)
3 u" x r1 W* h# B3 z% f" wReduced distributions by 20%; capex also cut
2 p& U [$ Z' @; aRBC Capital Markets continues "outperform", 12-month target price is $19.00
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6 p& @5 H- Q ~Andean Resources (AND : TSX : $0.75)0 k) ~9 J Z8 U$ E8 x
Announced F09 outlook
" M* p! l' X' |' [2 PParadigm Capital continues "speculative buy", 12-month target price is $2.259 r& V. X b' F% p
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00, d) w8 t3 R. r9 M. [$ E
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Bombardier Inc. (BBD.B : TSX : $4.65)
! w3 h6 L) ?3 W+ ~5 Y, lRising challenges in Aerospace
( M( E% ?0 O$ H& e4 }: ]) hGMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)$ @* T9 a+ L. _$ z& V. |
Acquiring AIG's Canadian life insurance business7 S' R# u1 L9 Q' J" e
TD Newcrest continues "hold", 12-month target price is $37.00% O8 @& N; y' w# p
' D0 \7 \8 ^, M0 CCogeco Cable (CCA : TSX : $33.37), l. y7 e6 G) ~% [0 R
Q1 review: Canada results encouraging, but Portugal remains a drag9 U, L5 U e( p6 J* W0 k
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
) h' u- L* i. F2 L# G* g% fDesjardins Securities continues "top pick", 12-month target price is $40.00) Y H( z3 G0 d, ?, ~
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.009 \; X$ A7 \. R& W6 o
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00 {9 f1 ^9 e+ i3 C7 l
# x( {( w1 m- _: SCorridor Resources (CDH : TSX : $2.45)2 v# F8 m6 z W, K. i
Capital budget set to expected cash flow; production guidance lowered
_5 O, V( F) U! @+ U0 W# ^; g8 dRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)2 e* F( W) g& Q6 f7 Z
Strong radio and cable drives 39% EPS growth2 f% Y# P' Y% c6 @2 R
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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9 ]+ p: ^2 A( T @CanWest Global Communications (CGS : TSX : $0.51)
5 U7 p; I/ G1 ~. I8 S gTaking action to address tough operating environment2 u, N8 B+ ~6 \) r' R" ]( H& O+ b8 a
BMO Capital Markets maintains "underperform", no target price reported
- l6 A8 |* G) G" K$ L; n; aCredit Suisse maintains "neutral", 12-month target price is $1.00+ {- ]( z: o% ~! x; F' t
GMP Securities continues "reduce", 12-month target price is $0.504 m# m# C: x7 f1 Z
RBC Capital Markets continues "underperform", 12-month target price is $0.754 p0 G; _9 J: H( _( e6 Z' y8 I# _* n
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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/ J: e4 Y3 y* `, L+ \, Y Q% N0 r7 HCorus Entertainment (CJR.B : TSX : $12.47)
4 o. Y/ }5 D. D; xQ1 revenues in line, EPS beat* E5 p: A( X- p3 s4 g; k
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
) x7 z. r" J& i3 S1 P: JCredit Suisse continues "outperform", 12-month target price is $20.00& S6 ?, R6 r) h- A Q1 A
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.003 O4 |7 R: i6 Q: Q3 Y2 c0 k: B
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
0 f3 h3 X+ K6 p$ K, v9 ] pRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
/ j( P0 s7 V( @% A$ g. h- uScotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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& I3 o2 J% ^7 ?: @9 N" t* d4 \Calloway REIT (CWT.UN : TSX : $11.84)
7 d8 U) g# i0 XHeld investor day
0 `+ [0 v, [* H* i9 V# o2 p2 yScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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/ X1 \0 I* L+ C* k( b+ ]Daylight Resources Trust (DAY.UN : TSX : $7.77)
- p/ f$ x3 Z4 |- g" L' d- e/ ]+ TReduced distributions by 38%; guided for lower capex F6 ?- c2 `% K; O' c6 s% ]
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
1 v. ?3 F5 z& d* VDundee Capital Markets continues "buy", 12-month target price is $12.005 f3 Y" Q' K0 Q+ x p* s! m+ `" _
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)
3 s5 E! Z+ k6 ]' {' [* ^Steady market and currency tailwind
f, d+ g3 H3 N' f5 D6 yTD Newcrest maintains "buy", 12-month target price is US$5.00- i2 _) `7 C6 v) p
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Goldcorp Inc. (G : TSX : $29.74)
. C2 E7 `! |$ T, I: G0 }Revised commodity forecasts0 `8 h& H9 h. h: h: v
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00+ J+ B, v$ l. c Z
3 z$ H8 x) A0 U) _) }Heritage Oil (HOC : TSX : $3.77)/ p% x7 m I* j: z! A
Announced Ugandan commerciality on exploration success
t8 I, T3 M& PTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50* K' S3 X) k/ b" |
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Harry Winston Diamond (HW : TSX : $4.98)
* |. M, i2 t5 {$ J" ORetail division suffers5 x9 M2 P0 W h
Desjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)! G( V% s; @) ^! m7 i
Westmoreland provided more high grade at Redtree's Jack Lens' I0 f8 P# H9 m2 i+ y
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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3 T- r1 }8 |+ p+ p* m& ~1 ULockerbie & Hole (LH : TSX : $6.00)7 U) A E7 i e' _/ F
Released Q3/09 results: very strong, focus should be on active backlog# a# k" Z/ q$ B' t/ ?
GMP Securities continues "buy", 12-month target price is $9.008 y, G$ R2 E) \' C7 U; N. R' W
Raymond James maintains "market perform", 6-12 month target price is $8.25
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% c" p0 x4 B5 h# B! XLivingston Intl Income Fund (LIV.UN : TSX : $6.00)1 m# L t, T: s8 |# ]5 m8 C
Reduced distributions by 70%
6 l' ~: Z1 h% Y& K& k i8 ARBC Capital Markets maintains "outperform", no target price reported! v2 v% ^% j3 w7 s/ F- l' |: d
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50 e! \# k0 p6 W3 e; j
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Matrikon Inc. (MTK : TSX : $2.04)
& M5 y7 N5 J8 C9 k) F6 k1 a! A7 NReleased Q1/09 results: a little light, but still respectable
# ]3 L+ T1 k; w9 }BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
* g/ U5 H7 C- n& bParadigm Capital maintains "buy", 12-month target price is $4.00
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2 {, w: V5 C- p! Q7 u) T* s$ JMullen Group Income Fund (MTL.UN : TSX : $10.97)
0 b5 Z5 u+ K8 J& p) D# A9 gExpecting lower CFPU on higher taxes
# j( D/ E% }7 D& i( ~8 rBMO Capital Markets continues "outperform", 12-month target price is $18.00( ~- @6 v; [" e
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
$ `8 [" V/ Y9 ?6 _1 eTD Newcrest continues "buy", 12-month target price is $17.00
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)8 z& o" D/ E% m; D9 X0 S
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain$ P6 C; r) m+ J9 W) h5 b( k
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
& z! u) `0 W3 xCredit Suisse maintains "neutral", 12-month target price is US$1.00
( Z I2 E- Q; b) a$ _Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79). E$ z$ R& l. R) y" Q
Dietary supplement business facing headwinds. q% w7 Z7 Z3 C, n% S( j7 x4 r" o
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)
- J, T& ^+ v* g# wProvided operational update and F09 guidance; S- ]- `' i& z8 T3 G
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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7 s9 N- K& g4 J& s- i; t* G3 LOsisko Mining (OSK : TSX : $3.13)
% T" ]7 `9 U+ ^+ m; L8 ^South Barnat resource around the corner
) r. j1 _: k: j* dParadigm Capital continues "speculative buy", 12-month target price is $4.75 m2 i) ?$ e1 z/ S
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)8 m- F+ h, a! X7 T* m% O
Provided operational update
( G/ o% s5 }' S5 ^Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00: A. C0 b% _- I# Y% W# ]; G
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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8 T$ M9 M3 q% E9 h' R CParamount Resources (POU : TSX : $7.85)/ u9 h, W* F5 M+ u) t( L* ~
Provided operational update: Grande Prairie emerging as the key focus for F09
( u' A; h3 Y3 JGMP Securities maintains "buy", 12-month target price is $12.00
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* p, Z b: x( x! q5 T/ DRockwell Diamonds (RDI : TSX : $0.07)+ }8 a3 e' O5 @% c
Operations starting to turn the corner; M0 P9 C0 W4 H: c( O- A
RBC Capital Markets maintains "outperform", no target price reported& d5 U" ^4 }) \8 y% B1 S# g) k1 ~
" d0 o9 y6 q, z4 w5 L3 aShaw Communications (SJR.B : TSX : $20.13)
9 |( [3 {+ b# g) R- o6 y( yReleased Q1/09 results: in line, subscribers ahead
- y1 f d) g. E6 cCredit Suisse maintains "neutral", 12-month target price is $25.50
! H0 B1 R( m0 X) x# i F/ xGMP 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)
0 b# c2 K5 j# F: R5 L5 L+ LHeld a sell-side lunch showcasing new U.S. team2 t' { g. I5 z" n# q3 o1 k4 ]' }( I
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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Trican Well Service (TCW : TSX : $6.93)
* k4 {3 t% [6 D0 aAwarded Russian contracts6 {/ N2 F8 K& g+ C7 H
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
" ^8 L( v, H; P; n. `: J& v5 z: x) TRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00
/ [8 j( `3 H0 m- {RBC Capital Markets maintains "sector perform", 12-month target price is $10.00( Q4 [: n3 l- I& m+ `
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Sino-Forest Corp. (TRE : TSX : $8.93)% V4 W7 ?+ e. v
Chinese furniture exports rose in November
2 b. Y0 Y5 N7 G4 J1 ODundee Capital Markets maintains "buy", 12-month target price is $23.50- K2 K( r) x0 ^1 F, P6 g
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UEX Corp. (UEX : TSX : $0.88)3 u# Z4 \* ]% y; I2 T- F
Shea Creek's two largest deposits have become one3 F6 Q8 E. A) K
Dundee Capital Markets maintains "buy", 12-month target price is $2.75& C7 N! J0 P7 X; |+ Z' h
: B: d! _$ i% x0 f% RVero Energy (VRO : TSX : $4.72); w) X& N3 V+ y$ }
Released Q4/08 results: horizontal focus to continue in F09: I+ ]6 b" m9 f2 M [5 ^/ T9 E- Z
Dundee Capital Markets continues "buy", 12-month target price is $8.003 F+ G' y0 D z" T3 S9 \1 h
GMP Securities continues "buy", 12-month target price is $7.50
3 u5 f4 w% q0 m- W3 E/ P6 VParadigm Capital continues "buy", 12-month target price is $12.005 W9 X) W0 a6 d& m& c6 _; B$ c( F
RBC Capital Markets maintains "outperform", 12-month target price is $8.50# [$ ?, A' ~0 U' B1 P! @
# _* |: w! `5 [) e, K4 s% qWi-Lan Inc (WIN : TSX : $1.75)
: {( _) K7 O) U3 ]" B& c" ~$ eHit homerun with Samsung2 \ I8 b) R% L N5 l& g }
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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