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Ear on the Street --- Jan. 16 2009$ \& q. O# j! n. r6 H
6 I1 F$ W+ F* q6 d4 l/ WAbsolute Software (ABT : TSX : $3.36)) }7 ]6 m4 F: M9 e
Bracing for a tough few quarters2 [1 Z/ [7 x$ e6 v
Canaccord Capital maintains "hold", 12-month target price is $4.50
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' q9 J( |2 T+ N* F( m; ABarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
& V1 x# M2 o# Z$ M' d$ m" i1 M- B0 dGrowth outlook, challenging pipeline and high cost structure make future unclear8 o* J) F" b) {5 i% k
Blackmont Capital continues "hold", 12-month target price is lowered to $48.005 S' C# {) o5 G0 q. L8 w5 B) @
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00* M! B% d2 e6 H5 k8 f' f/ u
' z J$ y! T# kAstral Media (ACM.A : TSX : $22.98)
) i# W0 z; a$ a1 i( x, T" `Released Q1/09 results: strong, in light of challenging operating environment
: Y" k+ b6 G0 SBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.008 V1 D* k n# f: | l
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00! ]% q7 x0 z: O4 y" {1 X9 H Y
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
. ^8 L& w5 I& vRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00& R1 G! z0 B2 W* C7 h
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)
6 O+ ?& U- c% r- cWell positioned with gold production forecast to double this year and next3 z! a ^! V* k9 O2 ~1 n8 l: u. A
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
4 r3 g) t% {: R% N1 A f, v- \TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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ARC Energy Trust (AET.UN : TSX : $17.15) x$ F, h5 N9 H; c
Reduced distributions by 20%; capex also cut
0 n5 G8 j. R6 O. L$ `RBC Capital Markets continues "outperform", 12-month target price is $19.00% |. e% G* ^0 e' a+ B+ ~6 C4 k
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Andean Resources (AND : TSX : $0.75)2 m5 Q. C8 n1 E- Q, L$ g/ F, D* h
Announced F09 outlook# V* j8 _9 {1 \" V/ y
Paradigm Capital continues "speculative buy", 12-month target price is $2.250 p4 i9 f" }$ k
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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Bombardier Inc. (BBD.B : TSX : $4.65)8 E7 G# E5 D; i' ^2 I# z( U
Rising challenges in Aerospace
0 a$ o2 @, F8 `) K6 IGMP Securities continues "buy", 12-month target price is $8.00
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* e7 ]) }5 g8 K2 ` X5 vBank of Montreal (BMO : TSX : $31.84)) Y3 l$ k9 B Z4 u- N% v
Acquiring AIG's Canadian life insurance business
) ?6 m; K+ M. }' @TD Newcrest continues "hold", 12-month target price is $37.00
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0 t- O9 _9 `6 Z& H( P5 mCogeco Cable (CCA : TSX : $33.37)8 [7 [( A- J U) m9 O' n* a
Q1 review: Canada results encouraging, but Portugal remains a drag$ h& l9 P6 k$ a
BMO Capital Markets maintains "outperform", 12-month target price is $46.00( D/ B( w: S! D1 p$ v# H7 C
Desjardins Securities continues "top pick", 12-month target price is $40.00
# ~4 v% l4 M. o" B1 I U* ]9 YRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
' J" w" Z, Q- O) M" bScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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# g* a7 F& O OCorridor Resources (CDH : TSX : $2.45)1 W5 p8 Z+ B, i3 [, x9 v; ]- u' V# v
Capital budget set to expected cash flow; production guidance lowered
4 I6 W+ N [8 R# Y9 I4 @RBC Capital Markets maintains "outperform", 12-month target price is $4.25/ n" B& h5 z( T5 P8 ~3 T* {5 A2 H( F
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COGECO Inc. (CGO : TSX : $25.14)
) C' d2 g {; o+ p# c0 cStrong radio and cable drives 39% EPS growth
+ E7 _/ v: a! Q2 L: FScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)4 Y4 @5 ~5 N( `
Taking action to address tough operating environment
4 C0 ~! `; d: H2 R" {0 IBMO Capital Markets maintains "underperform", no target price reported. i0 L$ F6 x+ L1 E" X3 i
Credit Suisse maintains "neutral", 12-month target price is $1.00
+ g' {$ ^3 S9 A0 E! p2 BGMP Securities continues "reduce", 12-month target price is $0.50- d$ I$ ?- L4 C8 L
RBC Capital Markets continues "underperform", 12-month target price is $0.75
( |" M9 U* R6 f& X$ B ]4 nScotia Capital Markets continues "sector underperform", 12-month target price is $0.50 m& I0 k1 i H2 I1 ]% R7 R2 ]" [
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Corus Entertainment (CJR.B : TSX : $12.47)
6 K& m3 \& ^ }& g. l5 LQ1 revenues in line, EPS beat
. N- M7 ^. B- e& yBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
( |! x# g5 z6 \7 t& N' UCredit Suisse continues "outperform", 12-month target price is $20.001 S ]3 p0 z( n# F% y+ O* F1 X: n
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
2 W! g9 \- t4 {3 P( VGMP Securities maintains "buy", 12-month target price is reduced to $17.00
4 m/ K* L9 C5 D9 F; K# X. F9 nRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
% j7 l& \" U" k d( DScotia Capital Markets continues "sector outperform", 12-month target price is $18.00/ \! ~' ~' r6 ?; S
F2 p2 K8 i& ~5 DCalloway REIT (CWT.UN : TSX : $11.84)0 T% Y% K) {. z" P; _: R: x
Held investor day
- P& Z. t1 F7 A, d' t' d% iScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00+ s2 {% u7 K# O9 [
: @: ? l( J, ~, l/ F+ C" QDaylight Resources Trust (DAY.UN : TSX : $7.77)
; ^1 w# W3 a5 j8 p) ZReduced distributions by 38%; guided for lower capex- K! q/ \, z& R/ p h5 a
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00% {0 R' ~8 ]0 w$ t$ b0 D
Dundee Capital Markets continues "buy", 12-month target price is $12.00- t6 S; t$ j3 Y1 O/ i! P
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)- y# P0 I, Q4 B9 l) d
Steady market and currency tailwind
7 o2 R; i& ]3 F! G1 h3 S' |2 uTD Newcrest maintains "buy", 12-month target price is US$5.00
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Goldcorp Inc. (G : TSX : $29.74)
1 |: q' l' Y; G) N- s1 `Revised commodity forecasts' }5 i; Q/ O3 C l% v9 a
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.004 T3 r% P; t T$ b' z
5 i7 v5 O! h" {4 ^7 ~# VHeritage Oil (HOC : TSX : $3.77)
+ U0 m) d2 Q1 ]0 B7 K( tAnnounced Ugandan commerciality on exploration success
& O1 k+ J4 K JTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)9 Y: ^2 W1 J: f h; e" y' y
Retail division suffers# K4 K+ `1 E" h6 s& e" p7 f
Desjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)
" Y9 r, c% B4 N0 j1 zWestmoreland provided more high grade at Redtree's Jack Lens
2 C( [ E/ M0 h5 r. ]/ b0 wDundee Capital Markets continues "buy", 12-month target price is $2.301 {2 P6 a, S4 B# z9 q- p
3 f4 z) [7 G& S5 n2 s0 z! dLockerbie & Hole (LH : TSX : $6.00)
5 U' }: E4 v; W7 kReleased Q3/09 results: very strong, focus should be on active backlog8 U( S5 N/ O% G L& D" a5 j
GMP Securities continues "buy", 12-month target price is $9.00
( D. r' u! W$ p1 X" aRaymond James maintains "market perform", 6-12 month target price is $8.25) _" g7 n- b* p& r4 j. \0 B$ @
1 X* @; q/ W! Q/ ~Livingston Intl Income Fund (LIV.UN : TSX : $6.00)
+ i+ [4 _8 f0 k. t0 P5 `Reduced distributions by 70%' ~5 V0 R1 ]0 p2 q
RBC Capital Markets maintains "outperform", no target price reported
4 ]) |9 ?' J) V' \5 hScotia Capital Markets continues "sector underperform", 12-month target price is $6.506 Z+ J1 R+ l1 a k
, p! I6 d; i. P' sMatrikon Inc. (MTK : TSX : $2.04)
9 L. i' l" J4 o; o h7 U$ GReleased Q1/09 results: a little light, but still respectable9 [9 \7 S+ L/ }) S6 U
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50; x) p1 P8 n( A6 k0 {
Paradigm Capital maintains "buy", 12-month target price is $4.00
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. R, r6 [ Q6 m( a4 eMullen Group Income Fund (MTL.UN : TSX : $10.97)" t% ] m+ D7 I/ `
Expecting lower CFPU on higher taxes/ V! x9 m4 {/ q) C. B# e2 Z- ?2 U
BMO Capital Markets continues "outperform", 12-month target price is $18.00
6 \6 y8 j* k3 QRBC Capital Markets continues "sector perform", 12-month target price is $12.00+ P& b: E. X. |$ e1 N1 {; k. B
TD Newcrest continues "buy", 12-month target price is $17.00: o7 m$ p. q8 i+ ~8 G1 N
! \1 k# e- R3 dNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
* u& O. q( L* iReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain; e" n0 G# F9 K: w; b5 Z: ~0 T
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
# T) \. K" @! I- s3 ^Credit Suisse maintains "neutral", 12-month target price is US$1.00/ H4 z* q; O) X" {0 n s/ V- m
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80" H$ N& S% @* O+ t$ }7 b- A0 p
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)) i4 z# S2 A# o6 I. \* A% [
Dietary supplement business facing headwinds8 C6 n1 O% |, t7 `8 l+ T
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)
& m2 m1 n) G5 Q7 ?Provided operational update and F09 guidance
7 W1 T: {8 m. Y4 |; K# y* d" fHaywood Securities continues "sector outperform", 12-month target price is $3.25
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+ J% J/ g3 j$ m) y7 ^4 o, T% a' C" XOsisko Mining (OSK : TSX : $3.13)
0 ~8 b9 I) m7 b( j) lSouth Barnat resource around the corner
* k$ u$ j' |8 J8 q' w% O1 F9 WParadigm 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$13.75)7 k- M$ |1 p! {% e$ a( _
Provided operational update3 @+ n4 X9 o1 |( P3 [, W
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00% g) X8 ^& q9 x2 i m, P
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50 H$ S$ J7 V1 P% d
& h j2 h& Q/ T" Z @0 jParamount Resources (POU : TSX : $7.85)% g, T/ q+ E8 R7 f
Provided operational update: Grande Prairie emerging as the key focus for F090 N" c- l! E4 Z) g; v8 d% J
GMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)
0 ]) G; `/ V8 L5 V/ M& }Operations starting to turn the corner
. A3 W0 V: w$ {1 }RBC Capital Markets maintains "outperform", no target price reported9 i" g- y# a j
$ Z: r# n. L" s2 q; |# {5 zShaw Communications (SJR.B : TSX : $20.13)$ L3 a* l. b! O' n( k
Released Q1/09 results: in line, subscribers ahead
7 y1 P6 `( v$ p3 f( rCredit Suisse maintains "neutral", 12-month target price is $25.50
) Y/ X0 i7 Y# S' l0 {% ~) M* rGMP Securities continues "buy", 12-month target price is $26.509 Q* ~& C5 j! F' N
# Z. p1 f+ A. V+ O; p) ySun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
3 q3 K1 e0 A" U* A1 [, y' ?. E, HHeld a sell-side lunch showcasing new U.S. team
( S' F- h+ l5 J+ \8 e MScotia Capital Markets maintains "sector perform", 12-month target price is $33.00 A/ U/ ~% z. d$ A! p
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Trican Well Service (TCW : TSX : $6.93)
5 q& A+ J9 w2 z& KAwarded Russian contracts
4 O/ o- b! \2 d& E, ^Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
9 j& M* k- j* ~) v- e2 T; K% ^Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
7 ]; |6 `9 @- ?) _9 g% PRBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93)+ B5 J4 L' O: r3 k1 Q
Chinese furniture exports rose in November4 a: Z" u) _7 r; I6 Z& o$ \( W
Dundee Capital Markets maintains "buy", 12-month target price is $23.50- k) I& T! \2 t) s& A
$ P; J2 |/ ^) l2 v' }UEX Corp. (UEX : TSX : $0.88)) x9 m. {- c1 Z9 a7 y
Shea Creek's two largest deposits have become one
: I7 r- b. h* BDundee Capital Markets maintains "buy", 12-month target price is $2.75) j/ b7 i0 V! a
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Vero Energy (VRO : TSX : $4.72)( h0 v4 R* U( M
Released Q4/08 results: horizontal focus to continue in F09* ?7 ~( m2 K8 ~4 K V
Dundee Capital Markets continues "buy", 12-month target price is $8.00; I$ C. H! q9 D3 S
GMP Securities continues "buy", 12-month target price is $7.502 K# r; n' e+ R; J4 }% B+ e$ M
Paradigm Capital continues "buy", 12-month target price is $12.00
0 ~1 i# h4 P" C% V1 ^' cRBC Capital Markets maintains "outperform", 12-month target price is $8.50' n; ~, A/ K8 Y) z& u7 O
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Wi-Lan Inc (WIN : TSX : $1.75)
8 Z6 _) j: D* J) Q1 e$ LHit homerun with Samsung
4 b' p( W1 E; g% X. i4 DParadigm Capital continues "buy", 12-month target price is $3.50 |
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