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Ear on the Street --- Jan. 16 2009
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8 Z, S- H; ~) ?- H1 NAbsolute Software (ABT : TSX : $3.36)% c) f) L( |, G2 m# A
Bracing for a tough few quarters$ ?' U4 i4 D( q3 @! b+ i* O! ~$ j1 U
Canaccord Capital maintains "hold", 12-month target price is $4.50
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1 `4 e- i+ ~9 Q. ZBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)( g+ Y- \, o. m/ M4 {# F$ c
Growth outlook, challenging pipeline and high cost structure make future unclear( ]; N, B( A3 j" T$ c
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
5 A- v# f8 g* u' d: ~TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00) R1 `3 S! A% H
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Astral Media (ACM.A : TSX : $22.98)
0 C8 l. |9 v4 eReleased Q1/09 results: strong, in light of challenging operating environment
- e8 R& b8 e8 b' u, O) {( HBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.008 D& W# i0 s2 g$ D
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
9 j2 K7 I/ ]9 v8 Z; w3 c uGMP Securities maintains "buy", 12-month target price is reduced to $30.00 ]5 Z0 U/ ^+ D3 ~& f
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00( |# u$ v' ]) {( f
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.006 ?# f) \9 M! k _
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
- v* T" q9 e4 w( S7 Y- }# aWell positioned with gold production forecast to double this year and next
" Z: Q) g, } F# _* JBlackmont Capital continues "buy", 12-month target price is lowered to $83.00
$ X y# p% O( P" o4 yTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00/ G7 h2 K2 A0 D
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ARC Energy Trust (AET.UN : TSX : $17.15)# i, ~, ^1 p2 L5 Y- U5 R; m
Reduced distributions by 20%; capex also cut U# ?. o0 s5 c0 e- a8 D
RBC Capital Markets continues "outperform", 12-month target price is $19.00& N0 {) |2 o& l. H1 y2 w* W; M& }
" N j+ O F5 h; s# u; J5 VAndean Resources (AND : TSX : $0.75)3 q8 n+ N3 z; e* _
Announced F09 outlook9 g& B& O, Z3 r& i5 W- P7 S/ @
Paradigm Capital continues "speculative buy", 12-month target price is $2.25) s1 e" c1 l! |3 u. ]
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.002 B- G. p. ~$ A. c
4 v' V1 Y4 N$ t; X) E3 m8 y3 k' a2 fBombardier Inc. (BBD.B : TSX : $4.65)% I! X3 k; D8 h9 `0 c
Rising challenges in Aerospace
" I1 @7 J5 u2 d7 B5 WGMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84), v- @4 X3 ?/ e9 T
Acquiring AIG's Canadian life insurance business
0 K, D& W) M7 s* D& q! LTD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37) _1 E& | _; ~
Q1 review: Canada results encouraging, but Portugal remains a drag# O' U X% V$ L; _# N7 g: \
BMO Capital Markets maintains "outperform", 12-month target price is $46.00' S& p, ~! ^( j' `0 t' T, Y& z
Desjardins Securities continues "top pick", 12-month target price is $40.00
7 w( K' E. w( j2 ^RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
& V$ R( C2 o8 e* a! o+ GScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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$ B3 _* v# B4 {; x4 N9 S2 b3 ZCorridor Resources (CDH : TSX : $2.45)9 v6 j A/ ~& z
Capital budget set to expected cash flow; production guidance lowered4 D# f: c M; Z
RBC Capital Markets maintains "outperform", 12-month target price is $4.25, Z* H/ R+ E% P2 h& y
. e7 P# @, U$ A7 T+ Y& H3 s2 ^- ~COGECO Inc. (CGO : TSX : $25.14)
6 o4 n/ ]+ y- S& F6 l+ qStrong radio and cable drives 39% EPS growth6 V( ~' E- k" j' ^: \! ?. l5 o6 [
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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& m" Z3 s- ?1 d( q- G" YCanWest Global Communications (CGS : TSX : $0.51) x/ Y: Y3 l+ V; U. M: r/ \" b
Taking action to address tough operating environment, S" q9 z6 P% i0 i( |
BMO Capital Markets maintains "underperform", no target price reported5 k @/ |1 ^" t0 G, n
Credit Suisse maintains "neutral", 12-month target price is $1.002 F5 c& Q" W6 X: U# W. J7 k
GMP Securities continues "reduce", 12-month target price is $0.50* r4 n% t2 r0 k; S y2 z1 Z p
RBC Capital Markets continues "underperform", 12-month target price is $0.75
( n2 u7 ^3 G; l: j7 ^2 E3 [Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50$ j: r# X9 m, z8 m; A! r1 T1 }
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Corus Entertainment (CJR.B : TSX : $12.47)
$ c& B; m9 i4 t C/ `& l+ c+ HQ1 revenues in line, EPS beat7 u: I$ O/ F4 g' w& a/ m
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.000 F7 _3 j' r u9 r: N
Credit Suisse continues "outperform", 12-month target price is $20.003 a$ J( Q3 e }; |& s" h: j
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
! Q9 ] i: y4 h* h/ X% J, cGMP Securities maintains "buy", 12-month target price is reduced to $17.00
! D3 M0 t1 Q- N+ j. Q$ ~: ARBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50) _. d6 d/ j- q% \
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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( h0 V# I( v) h! \+ {1 PCalloway REIT (CWT.UN : TSX : $11.84)
& _( x! L, o0 |6 Z- ?" m0 AHeld investor day: [0 h3 y* c1 H! _
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00: a! Y# j. {0 a6 G4 ^; Q1 Y6 j! f
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
, K& z9 I9 ^" I6 p9 R$ @% n4 qReduced distributions by 38%; guided for lower capex7 [5 L, |, E) H; u8 z
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00, M5 v3 }% K+ g& a
Dundee Capital Markets continues "buy", 12-month target price is $12.00
+ n4 W( H- S+ H$ S" c" T* H4 gTD Newcrest continues "hold", 12-month target price is $7.50: k0 `1 g/ Y. X3 G! i
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
' \& Q$ L% j4 S9 s1 {, YSteady market and currency tailwind
3 i, t5 C1 T7 K% xTD Newcrest maintains "buy", 12-month target price is US$5.00
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Goldcorp Inc. (G : TSX : $29.74)
. O3 e$ Y+ C4 F6 tRevised commodity forecasts; L2 ] c3 p( M, G# Q/ F
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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+ z9 P! P* ] p7 f. o$ Q; B2 ?" b: JHeritage Oil (HOC : TSX : $3.77)
" O3 B+ ]" H8 C5 h3 V3 T0 G9 VAnnounced Ugandan commerciality on exploration success5 o' f ^& c+ V% M
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50# w; h6 k/ V4 i c7 L2 n
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Harry Winston Diamond (HW : TSX : $4.98)
; v6 u; q1 {: t9 ZRetail division suffers- Q4 N% ^- D! M# b* n5 f( i/ B
Desjardins Securities maintains "buy", 12-month target price is $12.609 N) C1 v; C$ B3 c6 d
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Laramide Resources (LAM : TSX : $1.84)' ^8 U$ k* C# \; {4 Z: e$ _+ ~
Westmoreland provided more high grade at Redtree's Jack Lens
% l) I6 u9 q. h) `9 w; aDundee Capital Markets continues "buy", 12-month target price is $2.30
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7 R; L* V# _( o% U, o# ]3 yLockerbie & Hole (LH : TSX : $6.00)
7 \- {/ k) I5 `( U3 Q( f' QReleased Q3/09 results: very strong, focus should be on active backlog
% `! A( p0 y2 J5 o( t& bGMP Securities continues "buy", 12-month target price is $9.00
+ z G4 y0 a6 c' V0 m, o5 uRaymond James maintains "market perform", 6-12 month target price is $8.256 y0 e! k- }5 z
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)& y/ v; f' j4 d0 N' v! ^. y
Reduced distributions by 70%
, f! Z& w# [" u3 H7 \6 N7 X4 Z* \RBC Capital Markets maintains "outperform", no target price reported
! F: _: z- |( `8 b3 C) ]& v" g$ gScotia Capital Markets continues "sector underperform", 12-month target price is $6.50! b5 ~2 c: \* V9 F! V( P
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Matrikon Inc. (MTK : TSX : $2.04)+ i. O* Q/ `0 Q& R$ n( T8 [0 H6 B; A0 L
Released Q1/09 results: a little light, but still respectable
0 p* N- T' D4 ]& w yBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
8 V/ Z7 `+ j; F+ w3 N7 _Paradigm Capital maintains "buy", 12-month target price is $4.004 r, {8 @# g* }+ y8 K) p
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
7 U K: ~/ N! VExpecting lower CFPU on higher taxes7 S0 r& w c" l) b- T( L
BMO Capital Markets continues "outperform", 12-month target price is $18.00+ v* S/ }6 p( [7 h& i
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
6 p( Y) o/ P) U2 u7 ]) ~TD Newcrest continues "buy", 12-month target price is $17.008 B$ C9 a x( `! G1 K6 B
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)6 U: X5 Y4 k+ W: B
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
# E' l1 O% R. jBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
# W' Z( X, h. JCredit Suisse maintains "neutral", 12-month target price is US$1.00/ |/ R- M6 N9 @/ Y8 j! b
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.800 N5 C. e& T4 M) I; S5 |0 B
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)
/ b4 s+ X% o1 B- L) }3 y dDietary supplement business facing headwinds
% `3 v* S7 g) J0 |, QParadigm Capital maintains "buy", 12-month target price is reduced to $4.00/ e3 C* ^( w- k
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Open Range Energy (ONR : TSX : $1.18)( k0 V7 z/ W q) S6 R
Provided operational update and F09 guidance+ K0 e, ?- D! f4 }$ o
Haywood Securities continues "sector outperform", 12-month target price is $3.25% n6 `5 |% V* t$ d2 e4 X
% g% G3 S3 t' k9 Y0 x+ s. K3 cOsisko Mining (OSK : TSX : $3.13)9 l- j9 F! y- n( Z
South Barnat resource around the corner# X& q. Y/ O* b. B
Paradigm Capital continues "speculative buy", 12-month target price is $4.753 i- Q& S3 I- O' x2 p2 z+ N. k. G
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)1 D) e! N: S/ W
Provided operational update& d3 C" {- _% r8 ~/ U. d, N
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00& a9 E/ Z& h2 V L! Q- }8 G$ i: Z2 Y
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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Paramount Resources (POU : TSX : $7.85)) J* o6 V; j* H/ k
Provided operational update: Grande Prairie emerging as the key focus for F09
( T! e0 S- |7 Y( S8 w0 d3 J5 t7 s2 OGMP Securities maintains "buy", 12-month target price is $12.009 @3 J# w- n7 _# _5 {) o, l
: z$ E1 j7 W6 r9 T9 nRockwell Diamonds (RDI : TSX : $0.07)3 q. N, L' X% k- X
Operations starting to turn the corner
/ ~3 B- o g7 }RBC Capital Markets maintains "outperform", no target price reported# \ R/ `% ^$ R- x
/ [. g! F! J- r' |Shaw Communications (SJR.B : TSX : $20.13)
% c: d% z- e6 A- N1 ]Released Q1/09 results: in line, subscribers ahead
5 x, E5 r1 s; tCredit Suisse maintains "neutral", 12-month target price is $25.500 W+ Q$ E& m% o0 C' ~, J
GMP Securities continues "buy", 12-month target price is $26.50' [, X" Q- W9 `" j, w, R! Z
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
$ w1 H$ K/ ~2 Q% O6 MHeld a sell-side lunch showcasing new U.S. team3 {4 P* t0 ^% h' \+ u" h
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00; T! E* b# O V6 q% G
# S. B1 O: }, T3 e. E" D- X% b1 MTrican Well Service (TCW : TSX : $6.93)* c9 l# k8 q! o _; e" r8 x( e2 B
Awarded Russian contracts* d+ V9 l( S- l4 Y" e: W1 ~
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75/ t1 ]2 Y' U8 u ]3 B7 {" H
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
: \- I% r! I" j1 n5 MRBC Capital Markets maintains "sector perform", 12-month target price is $10.00& N1 j- ]/ \% B0 a# L6 F9 | ~
, @1 n2 u" X% P; C1 _3 kSino-Forest Corp. (TRE : TSX : $8.93)9 r- b& Z3 Q% M) q+ ~( I3 j; l
Chinese furniture exports rose in November
. U* @ L- t" _Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)
0 V$ l, ]* G; y6 ~4 NShea Creek's two largest deposits have become one; ~( E. v4 ?" n% M4 Q" ?
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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6 m6 ^% o. k6 n) ?9 A% H9 q0 L- ^Vero Energy (VRO : TSX : $4.72), i2 O' L: q; P
Released Q4/08 results: horizontal focus to continue in F096 H. e+ l7 l5 m9 l9 \ c. |
Dundee Capital Markets continues "buy", 12-month target price is $8.00
- R% j& [" k, b. ZGMP Securities continues "buy", 12-month target price is $7.50
( N/ v2 O7 F9 C$ N( kParadigm Capital continues "buy", 12-month target price is $12.00. G b" ~# i" Z- S6 G5 T: b) I4 }" L
RBC Capital Markets maintains "outperform", 12-month target price is $8.50 t/ A3 Z/ t9 y) o2 I
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Wi-Lan Inc (WIN : TSX : $1.75)
! ?# g. L- Z( _& I, P& FHit homerun with Samsung
q7 s" E: v9 @2 N7 |% {/ AParadigm Capital continues "buy", 12-month target price is $3.50 |
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