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Ear on the Street --- Jan. 16 2009
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& H7 ^- M5 Q' p" j3 K, S: oAbsolute Software (ABT : TSX : $3.36)9 M- B- h/ R0 s" C
Bracing for a tough few quarters
8 I. q" ?& g; I) oCanaccord Capital maintains "hold", 12-month target price is $4.50- T+ s& g/ P! u- [" v2 F
# n1 r* q% D+ U. t c5 ZBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
3 s% n& l% E) W% m& Q; KGrowth outlook, challenging pipeline and high cost structure make future unclear# V) Y s: y1 R+ s
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
y/ X" w2 Z4 d7 O# q6 f0 bTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00% t5 V/ r) B0 \2 `
; O( q+ I4 ?, gAstral Media (ACM.A : TSX : $22.98)
5 z* d/ ^' ?: M; XReleased Q1/09 results: strong, in light of challenging operating environment, o( J7 c+ h/ }3 U7 H
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00" R0 C h9 }+ {
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00- {4 E9 h4 Y: i/ p$ c
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
0 _; j- m) _' ^3 ]) L0 `RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
8 |, n: w5 T) y4 a0 ~* p; gScotia Capital Markets continues "sector outperform", 12-month target price is $30.002 g9 A) M& I4 V
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07). y2 _" O. t. v3 X% o: B: k* J, E
Well positioned with gold production forecast to double this year and next! x9 Q2 U, `/ d! U3 N. K" F
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
5 l4 l: M* Q! [, O3 a- s7 g( GTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.003 E" q% W4 c& ] b% ?% p
' }: ~& @7 G( r. jARC Energy Trust (AET.UN : TSX : $17.15)
+ X: ?- \/ u* U/ iReduced distributions by 20%; capex also cut
% z6 e9 N/ x3 A. K8 ^. GRBC Capital Markets continues "outperform", 12-month target price is $19.00% k3 o7 |$ c& u, F$ A
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Andean Resources (AND : TSX : $0.75)
4 l% i& Z( l$ H& t" UAnnounced F09 outlook
) l+ s4 a+ i+ \5 d3 I9 X; U% P2 w: {Paradigm Capital continues "speculative buy", 12-month target price is $2.259 b4 L) g$ Q+ {7 X+ f5 b& ^
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.009 y- L. Z' y1 m7 ?4 E4 r4 S3 v
% `1 u. e( i4 d1 [ [3 JBombardier Inc. (BBD.B : TSX : $4.65)
: z6 ?5 u6 a- B- K& s8 NRising challenges in Aerospace5 j4 ?; H* L @. U. S5 p2 {
GMP Securities continues "buy", 12-month target price is $8.003 m" d: E: l6 f. R8 F1 K
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Bank of Montreal (BMO : TSX : $31.84)
% H0 {6 g) r/ n; j4 w; N* i- J& \Acquiring AIG's Canadian life insurance business
# Y7 p0 C) ?7 v" Y# kTD Newcrest continues "hold", 12-month target price is $37.00 a5 t6 I$ {6 L/ e8 n% x6 }
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Cogeco Cable (CCA : TSX : $33.37)
. d) Z( _) b0 x% m/ V9 g. cQ1 review: Canada results encouraging, but Portugal remains a drag
! O- [0 m9 d" CBMO Capital Markets maintains "outperform", 12-month target price is $46.00, y- M% S: V2 m/ x- u2 k# n: r4 w
Desjardins Securities continues "top pick", 12-month target price is $40.00 m: W" z" p p1 {2 D# \- X2 x; M
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.003 ?# l+ F( B/ H2 t- r
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)& k, T$ [# |4 c
Capital budget set to expected cash flow; production guidance lowered
& A( Z! t; u: W D1 f& B' ZRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)/ ]7 {% A( C0 k3 ^6 U& q( t
Strong radio and cable drives 39% EPS growth
2 N* X. a; o1 O" N3 kScotia Capital Markets continues "sector perform", 12-month target price is $45.00" a' q. c2 h9 a' [
5 a X' L5 z, l+ ^# zCanWest Global Communications (CGS : TSX : $0.51)# ?( }* R+ p1 F* }* g
Taking action to address tough operating environment; o# o9 }" V! k, ~4 r+ F
BMO Capital Markets maintains "underperform", no target price reported
, C* o7 F* u6 r% ?Credit Suisse maintains "neutral", 12-month target price is $1.005 V6 H. P2 F' Z" W. l
GMP Securities continues "reduce", 12-month target price is $0.50
0 g' o& b3 M, M7 S6 T1 d8 URBC Capital Markets continues "underperform", 12-month target price is $0.75- }& }; H1 K" f- s4 d
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.508 m! w/ s; f& l7 ]4 r2 |
7 j4 }) r8 u4 J2 m4 u4 C" u# E8 |Corus Entertainment (CJR.B : TSX : $12.47)! A4 u5 P3 Z1 l* {: _3 R
Q1 revenues in line, EPS beat5 S4 h; u$ q# k
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.001 Q5 _ ^: Z3 R* V+ b' M
Credit Suisse continues "outperform", 12-month target price is $20.00' y0 \/ i: c0 j2 _0 b
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00' O+ b* Q7 B( R" }7 \0 s
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
) I" L) ?3 `9 K2 L- xRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.500 }- [2 o+ Y2 v1 a
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)
1 q. i1 p* u5 U% ]Held investor day$ x; p( ?5 h; ]! o5 r4 d
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00/ m; G ]0 M, h0 A! g) J
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
' R4 d. Q1 W" g p0 r4 B) RReduced distributions by 38%; guided for lower capex
3 \! W, k4 ?2 d" z) l! m$ dBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
/ \. B% t& C) nDundee Capital Markets continues "buy", 12-month target price is $12.005 n3 B+ J, J3 N0 d: X7 _# _
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$2.90)" t- p5 h: n0 w# F6 s
Steady market and currency tailwind
- j& a! Y2 d1 v7 j$ o2 z- {* R" `TD Newcrest maintains "buy", 12-month target price is US$5.00' V8 z3 |9 x5 U6 l5 _
" F. Y: V3 P: n- U- d) vGoldcorp Inc. (G : TSX : $29.74)
9 R$ A9 f0 N4 f) I8 r# P( dRevised commodity forecasts
& X: S0 \% E* u; MBlackmont Capital maintains "buy", 12-month target price is reduced to $49.003 \5 C% t. {) P/ `; _/ S3 Y+ u
7 d0 E' X, I n9 A; [ E9 _8 FHeritage Oil (HOC : TSX : $3.77)
: r3 e V' g2 [" E- F2 T1 Q/ y& aAnnounced Ugandan commerciality on exploration success" ~' E' L0 h8 h
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)
1 y- n' a: |+ e, c: o6 u3 n8 v9 QRetail division suffers
, g' Z' a$ @- W4 xDesjardins Securities maintains "buy", 12-month target price is $12.605 ` M, \- B8 ]" D! ?8 {$ I
( \' F2 g5 G" _ |9 _4 |3 VLaramide Resources (LAM : TSX : $1.84)
. {% l2 w! X- O+ {6 a& a0 fWestmoreland provided more high grade at Redtree's Jack Lens1 o3 ~, e- {3 x C8 Y0 y$ B; U
Dundee Capital Markets continues "buy", 12-month target price is $2.30( d; O+ h: P$ Z8 X3 k5 M
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Lockerbie & Hole (LH : TSX : $6.00); A. l q* c5 E& h3 v3 z
Released Q3/09 results: very strong, focus should be on active backlog
5 Q; v* m' ^$ ~6 V& p/ j. x2 O! sGMP Securities continues "buy", 12-month target price is $9.00) G. T+ i- B0 S8 V
Raymond James maintains "market perform", 6-12 month target price is $8.25
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# d* t9 X5 h! b$ F& h4 S: {Livingston Intl Income Fund (LIV.UN : TSX : $6.00)
! K" ?2 [6 d! E2 C. r9 a- @. I) u; NReduced distributions by 70%5 ~3 w8 n* K o) p S, T
RBC Capital Markets maintains "outperform", no target price reported" C& m: \ e( J2 g
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)
: L' m0 h1 T+ Q! N3 tReleased Q1/09 results: a little light, but still respectable
1 j6 X5 N1 S' G; i5 D% ~) DBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
: p3 E( ^; e; }3 A6 @Paradigm Capital maintains "buy", 12-month target price is $4.007 l' q R5 _1 \2 u& ]
$ B8 t i5 Y+ f7 D/ z; h( I/ zMullen Group Income Fund (MTL.UN : TSX : $10.97)
' y2 T9 V) |+ Z8 wExpecting lower CFPU on higher taxes
$ v2 q1 H5 I7 l2 W& Q; vBMO Capital Markets continues "outperform", 12-month target price is $18.00
3 h! [' m5 g- `% r0 n$ uRBC Capital Markets continues "sector perform", 12-month target price is $12.008 P' ]$ m9 q4 c2 s1 L
TD Newcrest continues "buy", 12-month target price is $17.00. m% i; c* [3 w' ]) a- {8 u+ C/ B
: J! g! P) N8 q" L9 w0 W+ J5 KNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
: f, R W' d9 B7 l$ v6 @5 VReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
$ {- R3 @( J: Q/ W/ e9 a' W- mBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
V8 f6 r/ j) i, Z1 R& C$ y# j$ HCredit Suisse maintains "neutral", 12-month target price is US$1.00
8 ~' I$ g6 l. }2 B6 I& R6 j9 TScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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! J3 O9 i% _2 J7 yNeptune Tech & Bioresources (NTB : TSX-V : $0.79): i+ S- B+ Z9 y" @3 w2 F$ _& A( Z
Dietary supplement business facing headwinds
* D9 ^3 N- n: M- e0 @7 jParadigm Capital maintains "buy", 12-month target price is reduced to $4.007 a$ [! m' |) d7 _
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Open Range Energy (ONR : TSX : $1.18)
+ Z+ `* s( R( x8 f8 M J& LProvided operational update and F09 guidance
, Y$ P0 t( x3 _! ?$ {Haywood Securities continues "sector outperform", 12-month target price is $3.25
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* @/ ^( O/ t( p* y9 w( M1 G( FOsisko Mining (OSK : TSX : $3.13)
- b3 g/ B# I0 H* B. Y2 ?South Barnat resource around the corner
% N x0 R' i4 o8 h% F/ o$ eParadigm Capital continues "speculative buy", 12-month target price is $4.75
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( `! w2 c* |9 J B% vPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
0 e1 D3 U" [8 J/ x1 YProvided operational update
8 J1 x' f9 B- i6 U8 c3 pBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00
6 X( D' g1 _; p$ t! v" U C) @TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.505 D, g* R0 f. e; w. C/ c- a9 [
5 V8 D0 ]; H9 W' ~0 \* kParamount Resources (POU : TSX : $7.85)/ H( g$ j! t8 U) {4 k- G
Provided operational update: Grande Prairie emerging as the key focus for F095 n% R9 |% A7 c {8 f7 ?
GMP Securities maintains "buy", 12-month target price is $12.00* {9 [* x2 J' X! q2 F
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Rockwell Diamonds (RDI : TSX : $0.07)- [0 n) }% K& F. b' V3 W5 {4 C% C
Operations starting to turn the corner
( d6 W' q+ [ x, @RBC Capital Markets maintains "outperform", no target price reported1 z$ f) K- K; D0 _
, n, o* W0 S) L V1 `5 @Shaw Communications (SJR.B : TSX : $20.13)9 ^* P: _4 Q7 ^% D e- v& l
Released Q1/09 results: in line, subscribers ahead% }) B6 C8 u0 q* F4 v
Credit Suisse maintains "neutral", 12-month target price is $25.50
% j. W4 p! B8 {3 R2 Q I GGMP Securities continues "buy", 12-month target price is $26.50' X5 ?& C0 T. E# @
1 ? @7 u% X6 ~$ c9 E! DSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)0 p- d! s. g Y' u3 U. R4 z; z& e
Held a sell-side lunch showcasing new U.S. team
# C$ h7 D; r. b) t) d& _/ k2 lScotia Capital Markets maintains "sector perform", 12-month target price is $33.00; D" T/ ~: t2 A. \- F' J e
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Trican Well Service (TCW : TSX : $6.93)$ l9 _6 Q" I2 |4 c* J/ j+ c4 C
Awarded Russian contracts5 E( B- S5 E w$ i$ R
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75. S( P0 G/ H, G. T9 }" z
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
0 ^8 p+ l; e5 G) U9 A2 i9 ~! bRBC Capital Markets maintains "sector perform", 12-month target price is $10.00; ]) p3 i1 ^8 ~& L8 m ?: c
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Sino-Forest Corp. (TRE : TSX : $8.93)1 H+ D# d- C# }) D/ [1 d! V
Chinese furniture exports rose in November
) g1 O8 V+ N1 W4 h V5 D5 lDundee Capital Markets maintains "buy", 12-month target price is $23.50- k: _9 G2 A0 g4 s' B! S! F" ^
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UEX Corp. (UEX : TSX : $0.88)% V& ]9 E, l( T4 M1 r1 o- t
Shea Creek's two largest deposits have become one& H' b5 b% g7 Y3 O5 n) G7 f
Dundee Capital Markets maintains "buy", 12-month target price is $2.75! [' H# s0 U9 e& B+ Q: I
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Vero Energy (VRO : TSX : $4.72)
/ D- s! \' A2 O. m. @: z! VReleased Q4/08 results: horizontal focus to continue in F09& ], z; d" h ~4 g# z3 s7 x/ I
Dundee Capital Markets continues "buy", 12-month target price is $8.00
6 t" I' k* ~2 ?; z7 }0 ^0 P$ o7 eGMP Securities continues "buy", 12-month target price is $7.50
2 H( ^8 K+ A: r P0 W2 nParadigm Capital continues "buy", 12-month target price is $12.00
( u! B7 O" {+ R5 n* t% Y: N4 nRBC Capital Markets maintains "outperform", 12-month target price is $8.50# E$ x G7 f+ O% G, w
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Wi-Lan Inc (WIN : TSX : $1.75)
5 [: n2 e4 H; hHit homerun with Samsung
/ b( Y% R$ z. d& _9 I. qParadigm Capital continues "buy", 12-month target price is $3.50 |
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