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Ear on the Street --- Jan. 16 2009; P5 [' z8 s- \
6 B& f! d, e( B; l5 i* wAbsolute Software (ABT : TSX : $3.36)0 f. [- j* }8 L: X
Bracing for a tough few quarters0 ]$ C+ p6 W! g t8 M
Canaccord Capital maintains "hold", 12-month target price is $4.50
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' W- J( S( c; B- p9 QBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)* c; Y0 D- q& u& F$ ]
Growth outlook, challenging pipeline and high cost structure make future unclear4 ^$ F' g7 D- S6 n
Blackmont Capital continues "hold", 12-month target price is lowered to $48.001 n$ K! f' V! s v! J3 w P
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.002 s# Q8 }2 V2 A5 Z& j2 F/ @
$ X/ t# F+ A2 Y7 SAstral Media (ACM.A : TSX : $22.98)9 H/ O' x; v& d8 n, Z+ `+ G) ^! m; Z
Released Q1/09 results: strong, in light of challenging operating environment
4 H9 _. d$ \# R# ~BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
/ Q8 I. b0 V7 [0 [1 l% zDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00
: U8 ?4 |6 ?( {! X6 v7 eGMP Securities maintains "buy", 12-month target price is reduced to $30.00. w1 l5 P; S9 h7 ]
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
7 V& d* F4 C2 B( Q% V; ?Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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, H9 `% U# h/ W+ A: a( jAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)0 x5 p: D9 p9 e" U# o5 Q
Well positioned with gold production forecast to double this year and next c& S, g7 Q% `7 \% f* t" e1 T
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
% |7 }2 O! ?0 w u+ wTD 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)7 @! R* Y, {# O
Reduced distributions by 20%; capex also cut
/ j; [2 V- J1 a- I4 j h8 j/ cRBC Capital Markets continues "outperform", 12-month target price is $19.000 j3 e. a' N( G# y, o0 j
: p: P T3 o: z3 ]! b; G! yAndean Resources (AND : TSX : $0.75), t& T, X6 ?. |( b
Announced F09 outlook/ \$ Z7 T. h& a! Y0 V
Paradigm Capital continues "speculative buy", 12-month target price is $2.257 B/ J; x/ ^ O9 | L$ Y, D
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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" R$ g2 K5 \' o! o UBombardier Inc. (BBD.B : TSX : $4.65)
' d! q# S7 m: }+ @, ZRising challenges in Aerospace( ~( G% A9 O! G! B
GMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84). X$ g! Z" Q0 P6 S* V
Acquiring AIG's Canadian life insurance business
( _' w1 `+ a3 [+ W4 Q6 oTD Newcrest continues "hold", 12-month target price is $37.00/ a J1 g: c4 R' v" D- {& L! p8 n
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Cogeco Cable (CCA : TSX : $33.37)
+ ^9 s( r( D& \- \/ f NQ1 review: Canada results encouraging, but Portugal remains a drag
: ]" M% p( C8 \1 I: U8 F; VBMO Capital Markets maintains "outperform", 12-month target price is $46.00
3 A/ b( |& m o$ [" a( ~. EDesjardins Securities continues "top pick", 12-month target price is $40.002 i( w' J# W" X! j
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.001 F- h$ u" E8 D! C. C
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00; t+ u1 M+ v( T
3 I( Z+ q1 s5 k3 @Corridor Resources (CDH : TSX : $2.45)8 n6 k N( @$ P6 G8 D& x9 q
Capital budget set to expected cash flow; production guidance lowered% w- Y0 C# o: ?: ^- D
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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& a3 M- Z9 n) P7 ^ g! ~COGECO Inc. (CGO : TSX : $25.14), l8 ?5 k% r( [" C/ \+ [; d) }1 e/ j
Strong radio and cable drives 39% EPS growth
t+ S5 t& g" n0 q1 p! n2 dScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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6 x# D* b4 i8 Q5 N' O+ k$ o7 [CanWest Global Communications (CGS : TSX : $0.51)
7 |4 s, d) t& O! U& \6 r' _% t: B+ VTaking action to address tough operating environment v: D9 N9 n- d3 y) j) c5 S& X
BMO Capital Markets maintains "underperform", no target price reported8 Y7 P% U) f4 a" d# s% a( s) Y
Credit Suisse maintains "neutral", 12-month target price is $1.00
; S. w( Q2 Z5 A9 qGMP Securities continues "reduce", 12-month target price is $0.50# e7 w& U, E. R9 h0 ]( B5 {/ W
RBC Capital Markets continues "underperform", 12-month target price is $0.75
- Q; a$ B% J2 BScotia Capital Markets continues "sector underperform", 12-month target price is $0.50! ], Z) Y5 J4 z5 E
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Corus Entertainment (CJR.B : TSX : $12.47)
( y" E+ N. d& g: D) iQ1 revenues in line, EPS beat
" _! F, f+ U8 Z( m BBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
v3 p' L$ A2 \* ]3 X! GCredit Suisse continues "outperform", 12-month target price is $20.00
$ W5 c! Y; v& A! y2 S$ yDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00
- o( P# O; Q) N' U# F# K1 xGMP Securities maintains "buy", 12-month target price is reduced to $17.00
4 S: u3 r2 b: D2 U4 J0 d+ FRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
4 F; n2 K& ?! S! LScotia Capital Markets continues "sector outperform", 12-month target price is $18.00, { y# s: p1 h% q: D) g9 A/ m
+ g% Y/ c8 n3 |Calloway REIT (CWT.UN : TSX : $11.84)
# n6 P# X: E$ [5 D) \( p/ `2 g0 MHeld investor day% c: H0 f( W- T4 q
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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Daylight Resources Trust (DAY.UN : TSX : $7.77)4 g$ b8 Y5 B) a# ?. U/ o! m# M
Reduced distributions by 38%; guided for lower capex7 V$ H2 j* ]: F( J. _* S, Q1 r
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
: ^! n& K5 P6 g0 c; g6 w6 nDundee Capital Markets continues "buy", 12-month target price is $12.00
9 q2 Q* p6 V4 s; W- GTD Newcrest continues "hold", 12-month target price is $7.501 e' |' y. U5 Q/ h$ E; c/ R4 Q
+ W0 v7 H& @2 K+ l( X3 HEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90): z6 v- I, T7 {% [; G/ x( o/ Q
Steady market and currency tailwind
) S1 G5 i0 g0 e$ i! ~2 T" m- qTD Newcrest maintains "buy", 12-month target price is US$5.001 u% m1 J8 f! C5 o+ ]( \
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Goldcorp Inc. (G : TSX : $29.74)
1 F% @1 L( P4 w! j4 V4 n. iRevised commodity forecasts! ]# Z n1 d- m9 z5 d) n
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)+ o$ r5 g J8 |' t2 G6 s
Announced Ugandan commerciality on exploration success X# ^6 b- F1 B. r- c# \! X
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.503 x6 m% T. `- O7 Q5 ~4 F; F
# L9 c: V" Z$ ~- y) RHarry Winston Diamond (HW : TSX : $4.98)
: ?- p2 {# f: _/ a! d/ aRetail division suffers8 E' i+ b& M$ x: f1 L: {9 S
Desjardins Securities maintains "buy", 12-month target price is $12.60; C: [: m% B5 x' K+ ?
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Laramide Resources (LAM : TSX : $1.84)
$ N9 _2 g- k- r, ?0 K( lWestmoreland provided more high grade at Redtree's Jack Lens- |" l9 l) i* k* e
Dundee Capital Markets continues "buy", 12-month target price is $2.30+ r( v& e" J4 N3 F( f
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Lockerbie & Hole (LH : TSX : $6.00)
/ f1 X: l; v4 h9 xReleased Q3/09 results: very strong, focus should be on active backlog2 ~2 t; Y4 G( H
GMP Securities continues "buy", 12-month target price is $9.00% Y% _" n6 _2 \5 g) R$ j
Raymond James maintains "market perform", 6-12 month target price is $8.25
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; E+ X2 N! x' `6 R8 YLivingston Intl Income Fund (LIV.UN : TSX : $6.00)
& @' v. I9 _! y' E* U1 cReduced distributions by 70%# K$ t6 \/ I# _ p
RBC Capital Markets maintains "outperform", no target price reported
* O% v9 P. |: r$ }+ y$ [% z/ wScotia Capital Markets continues "sector underperform", 12-month target price is $6.50. t. K1 i; ?3 `$ G1 E% {
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Matrikon Inc. (MTK : TSX : $2.04)
# P! B3 v; E: cReleased Q1/09 results: a little light, but still respectable
/ g q9 |" Y- a$ ?/ u3 ~# cBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50" Y+ O; b) V$ Z! e
Paradigm Capital maintains "buy", 12-month target price is $4.00
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/ {; e4 g0 C7 v7 z: s* n& RMullen Group Income Fund (MTL.UN : TSX : $10.97)
, x- R/ S" M+ pExpecting lower CFPU on higher taxes
$ e$ F8 }% k7 O7 W. nBMO Capital Markets continues "outperform", 12-month target price is $18.00
5 [2 I$ v$ B+ b7 h& q5 e# X s" SRBC Capital Markets continues "sector perform", 12-month target price is $12.00
4 m( v W0 T# q/ w) h/ f4 A. ETD Newcrest continues "buy", 12-month target price is $17.00, I4 d- J/ {6 n
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
A; ?% s4 D) ]6 \' GReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain/ @3 v- b0 H' V" d6 ?8 Q
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25( ]! t8 n8 G. C: _% N# a% q
Credit Suisse maintains "neutral", 12-month target price is US$1.00
. \- E$ i2 g3 @ w. J% `$ fScotia Capital Markets continues "sector underperform", 12-month target price is US$0.805 F' H b7 x7 g4 ^# |
( h+ k+ @" e% c: b1 X3 B& [Neptune Tech & Bioresources (NTB : TSX-V : $0.79)4 V9 [9 D$ c* D6 j; R S, u
Dietary supplement business facing headwinds) f2 X6 W$ G* O
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00* L: b/ J0 t: @ {+ N, T! @0 `, s
, m* S5 A1 O2 n3 [0 l( @Open Range Energy (ONR : TSX : $1.18)- ]7 P$ f6 O) Q% }) g
Provided operational update and F09 guidance
. @$ G5 I; Z& R) l4 Y& l- |5 aHaywood Securities continues "sector outperform", 12-month target price is $3.25) \! o2 W5 d# w- Q' R: q
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Osisko Mining (OSK : TSX : $3.13)
% F. P- y' \: G" \, D0 o1 f, hSouth Barnat resource around the corner6 I h& l, R% S* C
Paradigm Capital continues "speculative buy", 12-month target price is $4.75" @# H2 R6 `0 i/ B# N h$ b: C
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)! a& p$ ~8 S# ?& r4 _" V; p' ~8 T& M3 n
Provided operational update: J7 [+ `4 r+ s7 u6 H. o5 k
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
; p! I4 [6 Z1 M, ^5 L8 ~TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50& _* ~1 C4 b% i! e: }% O' z
( \( F7 U* G- m" T7 m- `# mParamount Resources (POU : TSX : $7.85)4 Y1 j" T+ n' q0 m. y2 r$ k
Provided operational update: Grande Prairie emerging as the key focus for F09
0 L8 g% r4 C9 H) T) R; AGMP Securities maintains "buy", 12-month target price is $12.00
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+ s0 w9 g8 O) IRockwell Diamonds (RDI : TSX : $0.07)
# A# L1 X- b+ C6 z( v; gOperations starting to turn the corner
, y/ \& s4 {+ @. J4 d. ~& ?RBC Capital Markets maintains "outperform", no target price reported3 x) r: V' ^* T+ \7 _
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Shaw Communications (SJR.B : TSX : $20.13)
- i. s# z8 x+ J8 Q* S) UReleased Q1/09 results: in line, subscribers ahead( W- y9 ?# J3 p+ \2 h
Credit Suisse maintains "neutral", 12-month target price is $25.50
& A; N9 ]. Z! B) \2 TGMP Securities continues "buy", 12-month target price is $26.50
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4 o: i) P4 ^8 w4 I% b1 YSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)- R2 L" f+ u4 R e4 }+ e
Held a sell-side lunch showcasing new U.S. team# b6 Z: l. \; |0 ?
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00% K9 m& q! i o7 a
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Trican Well Service (TCW : TSX : $6.93)
' [& e" U1 s6 o1 p) tAwarded Russian contracts9 Q* B. z9 [3 h `% \9 ]* x
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
/ l: U4 Q7 L0 _9 ^' K2 G# YRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00
* d3 ^2 S6 B* n& L. r0 J+ wRBC Capital Markets maintains "sector perform", 12-month target price is $10.00* ^* h: `$ n0 |! i( {% ]
& H t7 @8 C$ z: sSino-Forest Corp. (TRE : TSX : $8.93). c+ s# d4 M5 O2 t
Chinese furniture exports rose in November
7 Y, r: E( Q/ V- P6 E. |# z+ _; ~4 x* JDundee Capital Markets maintains "buy", 12-month target price is $23.50
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/ Z6 M- ~1 J% h/ Y! Q# JUEX Corp. (UEX : TSX : $0.88)
1 E4 O5 |5 k# ?( y& x6 G7 E% zShea Creek's two largest deposits have become one
" t9 I4 e: S) D: v6 D4 y2 u4 _Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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; i7 y+ Q: X* [$ D+ tVero Energy (VRO : TSX : $4.72)
+ z7 ~& k4 [7 M9 o' O' `Released Q4/08 results: horizontal focus to continue in F09
, t, O% B) H( ~: E$ F3 ~Dundee Capital Markets continues "buy", 12-month target price is $8.00, c( k8 x* B6 N1 m( R. v
GMP Securities continues "buy", 12-month target price is $7.50
8 [6 U% V4 o6 [9 ZParadigm Capital continues "buy", 12-month target price is $12.00
6 ]4 V0 I' F3 Y1 ERBC Capital Markets maintains "outperform", 12-month target price is $8.50
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" Z9 q4 o8 m( p! {% w" K5 QWi-Lan Inc (WIN : TSX : $1.75)
9 r( O3 E. I! ZHit homerun with Samsung
+ h# |( p+ f2 w) I- q3 ]+ nParadigm Capital continues "buy", 12-month target price is $3.50 |
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