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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)
4 Z0 P# k- H0 j' h& P' P: L+ LBracing for a tough few quarters& V# a) d# S, X+ q6 I
Canaccord Capital maintains "hold", 12-month target price is $4.50
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
" S' p8 k" J3 Q$ t% h* e3 a: d1 qGrowth outlook, challenging pipeline and high cost structure make future unclear
- V! l0 K6 J6 f v3 Z5 |Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
8 i3 m8 ]5 Q- u7 P4 u6 q# j+ sTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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Astral Media (ACM.A : TSX : $22.98), ^+ @& F1 ~) B9 o
Released Q1/09 results: strong, in light of challenging operating environment
+ T$ P! _7 k$ u) I8 L- l' XBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00( ~. ]- k( m% E( d
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
6 i/ Y& y8 G7 M( i' L7 iGMP Securities maintains "buy", 12-month target price is reduced to $30.00
' e* S; i& D/ R2 wRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
# p8 z) }9 F( R* BScotia Capital Markets continues "sector outperform", 12-month target price is $30.00& D& I. | @( |" j& g
* l4 N2 ~' N0 W, O+ p; qAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)4 c, I+ o, t! ^( D2 P- P
Well positioned with gold production forecast to double this year and next# a4 c' d6 B3 R, o' x2 r/ y" n
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00+ N: X ]5 O3 R3 }# K
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)
+ \8 @7 D9 `1 Z( L' p2 y! kReduced distributions by 20%; capex also cut- Y W% Y- ~7 Y; R( h6 X
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)
% |# E( W+ H! j( H% DAnnounced F09 outlook0 V! N' K6 R* e: @% ]7 |& w
Paradigm Capital continues "speculative buy", 12-month target price is $2.25+ N& i' V7 I( E3 W& }
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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" q' K- ^+ O! ] `& R# h5 {% @ ]1 KBombardier Inc. (BBD.B : TSX : $4.65)5 S# k3 ^7 ~ G S* [3 E. W
Rising challenges in Aerospace
& U7 [ R+ E( o: `; c8 g7 K6 TGMP Securities continues "buy", 12-month target price is $8.006 F% _. w! I1 L: y' m0 K/ Z
0 C% [+ x% V0 q7 L5 g# i/ L; ?Bank of Montreal (BMO : TSX : $31.84)
3 ^7 F2 a7 n5 ^- q. QAcquiring AIG's Canadian life insurance business
3 T+ [/ ~; W$ h7 U' U/ KTD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)# t# s8 o Z- }' G7 u8 T& m1 D" q
Q1 review: Canada results encouraging, but Portugal remains a drag- y& {, w+ G" G
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
' P7 ^( b! A+ V0 ?( N9 s6 U, qDesjardins Securities continues "top pick", 12-month target price is $40.00
: g% |( H" x4 d+ u; fRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00# n+ I5 Y( {/ v& k% a
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.000 k7 T8 A" g! t' s4 L+ D& k
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Corridor Resources (CDH : TSX : $2.45)$ S; q$ [/ X; N! b" y
Capital budget set to expected cash flow; production guidance lowered
- G! s, H6 p7 |1 c3 t% f: YRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)
Z$ y& \" ^- V2 h# T( GStrong radio and cable drives 39% EPS growth$ r7 B* i! g9 U% K) k% @
Scotia Capital Markets continues "sector perform", 12-month target price is $45.007 U% O- n4 w) J6 o) F
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CanWest Global Communications (CGS : TSX : $0.51)# m' t' Y1 p/ K; M+ c
Taking action to address tough operating environment
) W9 G! u6 F6 o; }4 Q0 WBMO Capital Markets maintains "underperform", no target price reported& R6 C7 `5 N9 ^# b8 H! [
Credit Suisse maintains "neutral", 12-month target price is $1.002 |8 S+ x9 Z2 I: K" k9 I, x
GMP Securities continues "reduce", 12-month target price is $0.50, b' Y$ ~. i+ P+ f
RBC Capital Markets continues "underperform", 12-month target price is $0.75; R! ?& Z" _' T5 u+ I& d
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)
2 }, o- F, b( IQ1 revenues in line, EPS beat4 f7 x- R/ t+ R0 N0 D5 M
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
. C" l2 z Y% |Credit Suisse continues "outperform", 12-month target price is $20.00+ q4 Z: u) v1 F/ | p% {
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00& m/ w; Z8 ^4 R6 c
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
/ H$ n. y! O" Q+ p( L3 a2 f- K: v! ~RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
9 |6 m+ Q: z8 ?" g% yScotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)6 X1 R" p# d/ f. s+ Y2 @: r
Held investor day' j) M9 k6 h. B: f$ L
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
; u6 k& r1 l1 aReduced distributions by 38%; guided for lower capex
, n4 y( h% {% s/ S7 qBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.008 h: D/ B$ O" z1 D
Dundee Capital Markets continues "buy", 12-month target price is $12.00) M0 z' ]" H5 `. _; l
TD Newcrest continues "hold", 12-month target price is $7.50- Q: i0 L# K6 R% h
2 _9 B4 a2 X2 g% d1 C2 dEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
' ^# \- m8 X7 U& NSteady market and currency tailwind) S" @4 V* S& h2 C' ^
TD Newcrest maintains "buy", 12-month target price is US$5.00
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. H& v+ V2 E. ^2 ?6 D, O8 ^Goldcorp Inc. (G : TSX : $29.74)* {* s$ H6 O7 d
Revised commodity forecasts
( M& P: a) t6 X( Y7 BBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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! b9 U/ T9 U0 ~* S, M: LHeritage Oil (HOC : TSX : $3.77); J/ ~6 i, R4 G) O3 m5 P0 e
Announced Ugandan commerciality on exploration success1 |- {8 O! C8 u% v. X
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)* g$ I) v$ O1 t
Retail division suffers8 H: y" R% X8 }6 d" P
Desjardins Securities maintains "buy", 12-month target price is $12.60
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, K# j) w% B5 Q6 g- o) }Laramide Resources (LAM : TSX : $1.84)3 s, X" S* m2 N: x5 d0 T
Westmoreland provided more high grade at Redtree's Jack Lens
: B$ {. f) Q$ X, GDundee Capital Markets continues "buy", 12-month target price is $2.300 T2 z* o9 t3 e& [9 f- ^/ x
) @. w0 ~& v3 KLockerbie & Hole (LH : TSX : $6.00)+ b6 U& {! t3 D$ s2 p
Released Q3/09 results: very strong, focus should be on active backlog* ~( P; P. D2 E# D* C
GMP Securities continues "buy", 12-month target price is $9.00
0 j# K! m" x, ~Raymond James maintains "market perform", 6-12 month target price is $8.25/ ~$ M2 z$ ?/ ~
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)
$ j2 I; ?1 A) K( lReduced distributions by 70% B; q7 z$ c+ G* I8 c9 s
RBC Capital Markets maintains "outperform", no target price reported3 e1 D/ A( V. O# K6 S" n" {8 O
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50, i( h5 p7 T5 o- Y" V7 N& X
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Matrikon Inc. (MTK : TSX : $2.04): [4 d6 H8 v4 {3 J9 Q/ [( S
Released Q1/09 results: a little light, but still respectable
" I9 i8 K% k9 v& O0 a( i- V) o# qBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50. }" o+ e( Y% y
Paradigm Capital maintains "buy", 12-month target price is $4.00 M+ p- z' |. ^! s6 c1 |+ L h' ^! j
3 C' g1 ]: K7 {" L) Q1 B( XMullen Group Income Fund (MTL.UN : TSX : $10.97)+ z W- M, p' _1 N: h
Expecting lower CFPU on higher taxes
: c3 h+ y6 r- NBMO Capital Markets continues "outperform", 12-month target price is $18.00
. f/ A$ e& [! r6 X. p3 PRBC Capital Markets continues "sector perform", 12-month target price is $12.00. \+ b; p0 T; ^* o: N$ |1 X/ ~
TD Newcrest continues "buy", 12-month target price is $17.00
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. v6 E6 g! X1 \0 C8 ?Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)" J" d: n# b" x' ?5 {+ r3 x+ j
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain, _6 Y7 N' J- R& A# m; M
Blackmont Capital continues "hold", 12-month target price is reduced to $1.255 H2 K( y' a' Y, s6 Z v; u1 b9 J
Credit Suisse maintains "neutral", 12-month target price is US$1.00
9 I c4 a: O9 D$ d4 [Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80! @+ {0 ^/ s( ], T# ~+ `2 H
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)5 Z+ z0 O$ P2 @0 V! h; e
Dietary supplement business facing headwinds
. E X0 \ N3 @4 `/ vParadigm Capital maintains "buy", 12-month target price is reduced to $4.00: Q5 j0 N7 J; D) ^5 E$ e+ j
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Open Range Energy (ONR : TSX : $1.18)
5 J8 x3 A% Q* D2 d" H) k1 R% [, ^* xProvided operational update and F09 guidance
: r; A6 J5 F( @# K' eHaywood Securities continues "sector outperform", 12-month target price is $3.25) }8 ]; [+ a; }) l9 q5 h5 [% [
z, k7 X& z+ t$ C. G2 qOsisko Mining (OSK : TSX : $3.13)
$ z# Y, _1 k- H) ISouth Barnat resource around the corner& g q9 W& N. l; P
Paradigm 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$13.75), L7 E9 F/ v9 p
Provided operational update* F$ _. R4 _9 S. W, u# ~, v
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
' z0 J0 K: ^. z) nTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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- n* I1 |. y8 `4 @ s9 U/ PParamount Resources (POU : TSX : $7.85)
* `% h L( I D7 I9 i) zProvided operational update: Grande Prairie emerging as the key focus for F095 ~, {( q, [) m5 Z
GMP Securities maintains "buy", 12-month target price is $12.00( T7 d1 ^ M: H% l6 ]& B( O6 O# A0 N4 c
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Rockwell Diamonds (RDI : TSX : $0.07)
8 l- L( ^; x# k1 W hOperations starting to turn the corner
' n9 c0 |% o: |! h& _, D9 n% {: SRBC Capital Markets maintains "outperform", no target price reported
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Shaw Communications (SJR.B : TSX : $20.13)
/ J2 T/ s1 Y2 D$ i+ t& ~Released Q1/09 results: in line, subscribers ahead
: \- m# e( p; F8 {Credit Suisse maintains "neutral", 12-month target price is $25.50
E0 K; l6 w- p! BGMP Securities continues "buy", 12-month target price is $26.50
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& B. w5 u* E0 e/ u3 H9 z2 |Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)2 y0 v3 X# K) g# o5 ?
Held a sell-side lunch showcasing new U.S. team
% ^) E b4 e7 L" q# |Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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" z8 }8 n0 Y; `9 K P1 {Trican Well Service (TCW : TSX : $6.93)# E! F6 `2 h$ F$ J- x
Awarded Russian contracts
3 ~: ]& j% v }! f# H: h n, F% sBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75
# W7 w$ {( w8 d2 i* M" ^9 sRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00
8 ^ {- u5 p$ z1 V3 Z2 Q8 @# v( pRBC Capital Markets maintains "sector perform", 12-month target price is $10.001 j q' T8 Q: @9 i3 L& _
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Sino-Forest Corp. (TRE : TSX : $8.93)0 V5 x( w+ B3 L; s- x0 T
Chinese furniture exports rose in November% _1 F; s) f: G; y4 W
Dundee Capital Markets maintains "buy", 12-month target price is $23.50/ } a, z7 n* F% b$ X" ]% Y
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UEX Corp. (UEX : TSX : $0.88)9 C3 }) R$ n3 Y5 m( J; c8 i) p# ?$ y
Shea Creek's two largest deposits have become one
( O. _) a. Z! A8 ]( c3 ^* S$ i6 Q" _Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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C; C2 P T. r2 w9 @0 vVero Energy (VRO : TSX : $4.72)
% m+ k9 [% w1 fReleased Q4/08 results: horizontal focus to continue in F09. R5 |; w4 P: w+ t
Dundee Capital Markets continues "buy", 12-month target price is $8.00
% } Y; b8 d+ @: ]- ^' b( oGMP Securities continues "buy", 12-month target price is $7.50
( T; O* K! Q h6 D$ ZParadigm Capital continues "buy", 12-month target price is $12.00) q" j& ~: v3 x+ K
RBC Capital Markets maintains "outperform", 12-month target price is $8.50' _& W; }# z' [; r) X& B
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Wi-Lan Inc (WIN : TSX : $1.75)
4 u* g0 T' Q: |) L- ^Hit homerun with Samsung& U4 Z1 I+ g5 c6 M8 |' E# H# |
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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