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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)
* |% n2 R1 s2 ]0 B/ E& }, wBracing for a tough few quarters A& g7 t1 H; S
Canaccord Capital maintains "hold", 12-month target price is $4.50& p) w/ w& }% s }1 T( J
' y5 o8 [8 h( @6 e8 zBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
( c }0 a3 M$ c R6 pGrowth outlook, challenging pipeline and high cost structure make future unclear
& O+ o) |/ x3 y7 }+ H8 g0 C5 G+ hBlackmont Capital continues "hold", 12-month target price is lowered to $48.005 T. I) \5 l j1 B( D0 o7 G# n
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.000 j- T* ]* y8 Z3 D# u
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Astral Media (ACM.A : TSX : $22.98)/ k3 s: l' C4 U1 w
Released Q1/09 results: strong, in light of challenging operating environment$ h" E" N# b0 I4 S6 W* s- O( P4 G
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00' i! W4 {4 y0 v- e& a
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
( @$ l+ h' ~5 G+ R' wGMP Securities maintains "buy", 12-month target price is reduced to $30.00
7 g$ |; a9 r3 E2 A$ i: T5 GRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
7 g$ m2 w* P1 H. j9 s+ f: `Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00 z4 h. n1 A( i' ~: |
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)9 ]5 a+ u0 {9 d% h+ \: J$ P* Y0 ^# E
Well positioned with gold production forecast to double this year and next
/ K, E. i; z6 z" j+ p* YBlackmont Capital continues "buy", 12-month target price is lowered to $83.00; G3 G4 G/ |8 ?
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00% g/ _ M, o: S$ ]. g% n2 O
; u; K l, Q* O8 qARC Energy Trust (AET.UN : TSX : $17.15)8 O \/ X9 L/ O; K' R
Reduced distributions by 20%; capex also cut; ^1 N# @! E" G% e, V$ g, R2 L: E
RBC Capital Markets continues "outperform", 12-month target price is $19.00$ n. ?; S1 }$ Q% f0 Y: {
& _/ m. t: s. ^& Y* C$ [Andean Resources (AND : TSX : $0.75)- @# a. k+ s8 d/ U/ {# m6 R
Announced F09 outlook
' S& u! h! z. Z7 E) ^- HParadigm Capital continues "speculative buy", 12-month target price is $2.25- A/ d' g: W/ V" h4 F( ]9 }8 Q% Y' Z
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)
6 X) @+ k+ [: p* z3 P/ b, w5 \6 bRising challenges in Aerospace; @1 K z4 j" O0 p6 C; d7 S8 d
GMP Securities continues "buy", 12-month target price is $8.006 A% r- p, i; S' b7 g' [
/ I. h! A7 c9 G3 S8 b" V6 {5 HBank of Montreal (BMO : TSX : $31.84)
* o. J L7 k0 U. y+ V2 i: i iAcquiring AIG's Canadian life insurance business
! s% @7 T- H% I6 A( S3 V/ E: P7 o S7 ITD Newcrest continues "hold", 12-month target price is $37.00) g% @, K1 V8 R' E/ K4 p" ~6 g0 _
6 g( x( s/ A& O: @4 @Cogeco Cable (CCA : TSX : $33.37), k+ ?0 {/ c# r) F
Q1 review: Canada results encouraging, but Portugal remains a drag8 m+ _& N+ z" y) r
BMO Capital Markets maintains "outperform", 12-month target price is $46.00- Q/ h- O( v3 F1 M E$ q3 t" d
Desjardins Securities continues "top pick", 12-month target price is $40.00
) R L/ M0 d' z7 g, ~RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
$ u- y: f. t& d; S) sScotia Capital Markets continues "sector outperform", 12-month target price is $55.003 n8 f. j2 u" E/ N2 B0 ^
9 t/ f6 D; j0 J2 |. L( Q' t9 DCorridor Resources (CDH : TSX : $2.45)# C; @) b5 L$ z+ W- C' G8 P4 j1 [
Capital budget set to expected cash flow; production guidance lowered; C4 p% U7 N L
RBC Capital Markets maintains "outperform", 12-month target price is $4.257 y. q6 m, {6 E5 r; Q% U! K
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COGECO Inc. (CGO : TSX : $25.14)8 }# K2 k& Y& O0 b
Strong radio and cable drives 39% EPS growth3 {4 r5 v7 Y) H% N8 U# p& B) _6 y
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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* w* h& d; }1 Q9 t0 r; C, D2 ICanWest Global Communications (CGS : TSX : $0.51)
( k6 U% O6 C% z& {Taking action to address tough operating environment! x7 {( c! o8 z' N; A7 b2 V
BMO Capital Markets maintains "underperform", no target price reported4 m! A5 Z9 _! i7 L& T3 \# X
Credit Suisse maintains "neutral", 12-month target price is $1.00
( q; b( M; x8 [% _, [% ]/ k7 J/ iGMP Securities continues "reduce", 12-month target price is $0.50
' X& O2 A- {# ^) @9 KRBC Capital Markets continues "underperform", 12-month target price is $0.75- v3 x5 }2 [/ N( Q+ x8 b
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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7 |, c, G; C2 V4 kCorus Entertainment (CJR.B : TSX : $12.47)
& u# G5 |- {; Q- @! I. PQ1 revenues in line, EPS beat+ O9 I+ X7 _9 E* p+ ~7 c8 U% v
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
7 ] j4 S5 e& gCredit Suisse continues "outperform", 12-month target price is $20.00
/ h; M' |) S% l$ z" uDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00
# V" ]& N$ d# `2 }- W5 kGMP Securities maintains "buy", 12-month target price is reduced to $17.00
3 l3 W6 r: d8 _+ ~RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50+ N( b3 M! T5 h$ j
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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7 A8 ~0 [8 a5 L. XCalloway REIT (CWT.UN : TSX : $11.84)
- P$ @& k$ o9 ~& F1 AHeld investor day3 O2 R9 N. ^$ g5 d) Z% N7 z
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.002 J' E' k2 C2 ~& y% }1 X) h
% ~6 n' o( q. JDaylight Resources Trust (DAY.UN : TSX : $7.77)
/ |* r6 J3 g) ~; }! MReduced distributions by 38%; guided for lower capex; G4 q v' u: Y, e2 o3 z/ i
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00/ O' l2 c( {6 E" O5 r; Z) Z
Dundee Capital Markets continues "buy", 12-month target price is $12.000 E% w. N7 K7 Z" R; 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$2.90)
! J) E4 B/ M) u4 l/ T( dSteady market and currency tailwind
, L& q7 M" v2 e" u9 Y3 I$ F$ s0 STD Newcrest maintains "buy", 12-month target price is US$5.00
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Goldcorp Inc. (G : TSX : $29.74)
& N& u. q' c, G- k: R a* E }Revised commodity forecasts
- ~# h& i( `$ K3 zBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00+ M) D$ C$ g% y& R3 _
3 l8 X$ X. N3 A3 I6 jHeritage Oil (HOC : TSX : $3.77)" Q1 N1 }" ^3 f- t6 ]9 N
Announced Ugandan commerciality on exploration success+ \- v+ _5 G. e* P' |
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50! N8 T. k# e; U
N) T0 P, I- ^! k" X- gHarry Winston Diamond (HW : TSX : $4.98)
7 l* H P" q* z! L% E8 |: h5 ORetail division suffers4 r, B9 m; n8 A1 a: C: Z$ q
Desjardins Securities maintains "buy", 12-month target price is $12.60
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5 B( }5 Q" N BLaramide Resources (LAM : TSX : $1.84)
/ d$ f0 A! R' G4 d3 d9 {Westmoreland provided more high grade at Redtree's Jack Lens
- X: E8 t6 D( W# v) l. D+ G& wDundee Capital Markets continues "buy", 12-month target price is $2.30
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: @+ z+ ]& p2 U$ LLockerbie & Hole (LH : TSX : $6.00)
' K1 B/ e W9 e6 O4 z' }& ~4 m0 C S* LReleased Q3/09 results: very strong, focus should be on active backlog# D+ ^' j8 T3 }! a, z5 a& W+ _
GMP Securities continues "buy", 12-month target price is $9.00; k0 C% c" b0 V
Raymond James maintains "market perform", 6-12 month target price is $8.250 h, x" f: ?1 r# R8 H l
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)
0 O9 R* W2 I C( m F- z0 S7 BReduced distributions by 70%! ~9 w2 s8 Z- T
RBC Capital Markets maintains "outperform", no target price reported
& R8 ~- m" S* f3 K" N H7 {- QScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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9 J5 H8 ^0 `, y! O# d" @# f: LMatrikon Inc. (MTK : TSX : $2.04)& q# w, L) T4 V
Released Q1/09 results: a little light, but still respectable
4 D' x0 t0 R% i" b0 y$ `- o5 }BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
# ]0 a9 j* k% |Paradigm Capital maintains "buy", 12-month target price is $4.00- M! k: g3 n. Q" _2 i! T0 f
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
l/ c. U& a6 K4 S" m% l* B+ |' JExpecting lower CFPU on higher taxes o! s, N8 x ?0 ^5 L
BMO Capital Markets continues "outperform", 12-month target price is $18.008 H: j) ]) j% Z( i; p
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
4 u5 _$ u. N; ]% F) STD Newcrest continues "buy", 12-month target price is $17.00# ?( Z8 h! o Q8 ]- T0 e9 N2 L
8 s6 k/ ^+ h+ L& @$ p- m1 z8 s1 T" o! ~Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)& U: l3 q5 e6 [) ^4 q$ d M
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
( Z4 P' b. R8 H. RBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
2 ^( f3 z% a5 y3 o, a/ _. D) P) oCredit Suisse maintains "neutral", 12-month target price is US$1.00
8 o, k/ s- p* l0 q9 G1 sScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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* T8 y1 M# Q- T9 s$ y& w- bNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
( M5 h% ~9 }6 L% zDietary supplement business facing headwinds# U5 t8 K' K$ N7 z8 m: p
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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! E( s% _" H4 R8 N) yOpen Range Energy (ONR : TSX : $1.18)
9 x1 h' U/ _" N( MProvided operational update and F09 guidance% t1 Z$ r* Z1 j g4 c0 @/ F2 T
Haywood Securities continues "sector outperform", 12-month target price is $3.25! e* a& t7 ^- q/ w+ k$ t
2 {: ]6 G( }8 L# c9 N3 Z, jOsisko Mining (OSK : TSX : $3.13)4 C& Z. b" J9 X: ~; H7 t
South Barnat resource around the corner& s3 F- ^+ v* _! U0 O: S
Paradigm Capital continues "speculative buy", 12-month target price is $4.75+ r ~0 U( A1 g
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
8 t/ y+ w! f0 S, qProvided operational update+ c: n, Z% J' j. ^7 M# A3 R& M
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
$ S- c4 a+ n+ o* y+ ?9 W6 ~TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50& T! e9 }7 C1 Y1 o
' f3 ^; B" J- z6 Z" I8 F0 b7 VParamount Resources (POU : TSX : $7.85)
; s% y) I- x! u$ x; {' TProvided operational update: Grande Prairie emerging as the key focus for F09
, h1 r" t+ I, B) R" i& E ~GMP Securities maintains "buy", 12-month target price is $12.00 f( i( o2 t5 n2 H; h p8 T, W7 V3 e
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Rockwell Diamonds (RDI : TSX : $0.07)
' j9 J" ?7 d3 f9 D GOperations starting to turn the corner
( I/ t1 p+ R5 C0 l4 N) b* oRBC Capital Markets maintains "outperform", no target price reported
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! q/ J! y$ r3 F3 }* u- w8 IShaw Communications (SJR.B : TSX : $20.13)
1 F6 v+ _; G# f6 q) U% wReleased Q1/09 results: in line, subscribers ahead
2 X! j; o Q' i5 `Credit Suisse maintains "neutral", 12-month target price is $25.50: q& H( [& ?! \) Y! j
GMP Securities continues "buy", 12-month target price is $26.50
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9 q3 W$ Q" h5 A8 l/ k4 O) v+ J: `5 N0 GSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
9 V6 ?5 G* L$ x" b+ u" f9 ~Held a sell-side lunch showcasing new U.S. team# }( s* {8 X( F. O \
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00! K1 \$ Z" i0 {; s
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Trican Well Service (TCW : TSX : $6.93)5 Z4 f7 p# Y" w' A f. f7 ?) W
Awarded Russian contracts: ~4 [2 t3 u8 g& X1 D8 a) C7 |( I
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
) V! M7 I9 a5 Q$ w; w* u# CRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00/ M3 A: I2 b9 ]! [- r
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93)
" _- c; p5 ] e' b) Z$ f, YChinese furniture exports rose in November, ^% {6 u- A1 X' b9 k. \
Dundee Capital Markets maintains "buy", 12-month target price is $23.50' W' p/ u8 D) X/ V
* f" W" E k# r& q2 R% YUEX Corp. (UEX : TSX : $0.88)
3 Z: J! s2 \4 t: L) O0 d0 DShea Creek's two largest deposits have become one' j" b( k) l) q( T- M
Dundee Capital Markets maintains "buy", 12-month target price is $2.750 ?1 _) ^% Z- i# A) E
: f ?4 Y: Y' h' ^2 g- ]6 `; NVero Energy (VRO : TSX : $4.72) ^& W9 `5 C y. p
Released Q4/08 results: horizontal focus to continue in F09
) M/ j" l# N, e: K7 MDundee Capital Markets continues "buy", 12-month target price is $8.00
) u, o& \8 z! Q) uGMP Securities continues "buy", 12-month target price is $7.50
' ]3 M3 S& J' R" S$ W0 j$ CParadigm Capital continues "buy", 12-month target price is $12.00
E" U4 m$ i1 k3 R. T* x* KRBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75)
( ]7 Q- O" E3 `2 E. L$ y2 o% |Hit homerun with Samsung: e' B9 g, a* P* R/ n
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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