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Ear on the Street --- Jan. 16 2009; B' W i2 ^+ [6 J
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Absolute Software (ABT : TSX : $3.36)
: Y4 _. J& q! q3 N( p) ABracing for a tough few quarters6 D8 ]7 m7 ~. b! d* z
Canaccord Capital maintains "hold", 12-month target price is $4.50
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)8 y# p7 J: j0 m7 b$ U% m
Growth outlook, challenging pipeline and high cost structure make future unclear% O1 V" w2 D! y1 e; t
Blackmont Capital continues "hold", 12-month target price is lowered to $48.004 I: E; r b1 ], e
TD 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)
2 v) g) x, Y+ F) \1 ~: ZReleased Q1/09 results: strong, in light of challenging operating environment
- q3 @0 P1 B: T2 u) ~% UBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00: ]" x4 ~# K+ t* u' B: D6 |
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
: T/ }9 N0 Z1 _, {5 B* g% jGMP Securities maintains "buy", 12-month target price is reduced to $30.00! A( A) o2 N9 x; B1 ~" u
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
# }0 ~+ d$ {' ?6 y9 eScotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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4 S. H# d! [# O" f/ f' mAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)% J4 S8 F* H2 r& {% e q+ c: d, N
Well positioned with gold production forecast to double this year and next
0 C3 N" s( \& ?( mBlackmont Capital continues "buy", 12-month target price is lowered to $83.00: L- N. V* N' O3 J
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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7 x+ v; v* z/ F" `$ {) {ARC Energy Trust (AET.UN : TSX : $17.15)
& ^3 w9 l% Y8 {0 `$ ?Reduced distributions by 20%; capex also cut
9 Z: v. I& m9 v$ k$ m7 k" Q* zRBC Capital Markets continues "outperform", 12-month target price is $19.00: K( q, s# a- }& a a$ f8 O
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Andean Resources (AND : TSX : $0.75)* a# Q+ w6 _1 ]' w% q# S! v
Announced F09 outlook
: z% _& W& q F" c- fParadigm Capital continues "speculative buy", 12-month target price is $2.25
& }) C; s) [( A; A. qTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00+ s) O1 m% M: U8 J, U: N" S2 y
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Bombardier Inc. (BBD.B : TSX : $4.65)
6 {9 L& I' u, U' D$ E# yRising challenges in Aerospace
0 F( E6 ~) _ t5 x$ r/ B/ `& DGMP Securities continues "buy", 12-month target price is $8.00
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. r! M U; M& ?/ { CBank of Montreal (BMO : TSX : $31.84)
! G% {: g; g" h7 @Acquiring AIG's Canadian life insurance business2 U5 L! E8 x# t) X' H- k
TD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)
9 F. v5 ~# O* N: d9 eQ1 review: Canada results encouraging, but Portugal remains a drag
S! u+ Y3 ^( _+ @3 ^BMO Capital Markets maintains "outperform", 12-month target price is $46.00) \+ R* F9 A8 O) B- U8 F3 a5 M
Desjardins Securities continues "top pick", 12-month target price is $40.00
1 \7 Y8 ^% ?4 ]; V7 i# M# iRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
9 ^" ~ B# f& F) T& o! r6 \Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00/ Y( a5 F, Q; |6 F
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Corridor Resources (CDH : TSX : $2.45)' G4 v) E: C v f
Capital budget set to expected cash flow; production guidance lowered
7 L& D5 b$ ~4 w: a6 E7 @RBC Capital Markets maintains "outperform", 12-month target price is $4.258 y, G1 X7 ~6 k0 \7 w7 d! `
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COGECO Inc. (CGO : TSX : $25.14)( p% |; ]8 r \" O y. N1 a2 }
Strong radio and cable drives 39% EPS growth
7 q. G; K4 D' W: J( E$ |Scotia Capital Markets continues "sector perform", 12-month target price is $45.00' w K; n( g: v# m+ w5 l8 u
w4 k# |7 r% n1 M8 D4 F. w. o4 ]* D5 ECanWest Global Communications (CGS : TSX : $0.51)
+ J; h+ P& Z" X; x) k yTaking action to address tough operating environment, }2 q6 y, y5 h8 b& Q( {" O' W
BMO Capital Markets maintains "underperform", no target price reported5 e. _9 L% ~' r4 J
Credit Suisse maintains "neutral", 12-month target price is $1.00
5 s; K2 [( [4 i5 P( U) oGMP Securities continues "reduce", 12-month target price is $0.50
" Y# r1 M9 i% l- b0 iRBC Capital Markets continues "underperform", 12-month target price is $0.759 k1 ^! q8 k3 ~
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50( t7 \7 t2 U& _) \8 H" @+ H
, L3 l6 D4 |0 y, [( jCorus Entertainment (CJR.B : TSX : $12.47)! e' r1 ?1 y4 A' f! P e
Q1 revenues in line, EPS beat
' t$ X+ E5 J9 h H5 V. Q6 xBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00: Q/ y7 y9 N$ u9 x/ P
Credit Suisse continues "outperform", 12-month target price is $20.00
6 V. F% ^' l/ p0 rDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00
5 |0 U' t3 k$ _GMP Securities maintains "buy", 12-month target price is reduced to $17.00/ C* Y# f t% B5 a" N
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
* q# ~* {. B" r3 _' T0 K0 j" T2 XScotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)
( S7 }, x9 l" f, B5 w% qHeld investor day7 V! i# \4 h3 }# v
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00) i7 V4 ~8 S: g; q# ?+ x
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
) r. E5 R) Q7 t; w9 oReduced distributions by 38%; guided for lower capex+ a q, Z9 w. ?8 k' q8 }+ S% D
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
& q T/ p @5 M1 nDundee Capital Markets continues "buy", 12-month target price is $12.00, s' b- Q& p# |; A+ J* V
TD Newcrest continues "hold", 12-month target price is $7.50
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9 L8 R5 ?9 n6 x! E X: [EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
) M5 {" @3 `6 C$ Y9 i6 s4 ~Steady market and currency tailwind
' m, B9 d8 H9 I9 [& N( |TD Newcrest maintains "buy", 12-month target price is US$5.00: T* _$ V" m1 z: m
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Goldcorp Inc. (G : TSX : $29.74)
y( O: i) e/ R! y3 r8 {Revised commodity forecasts
4 k3 g4 A/ L% r3 z9 |2 L. y2 mBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)" R! w5 U! Q. H6 x+ c
Announced Ugandan commerciality on exploration success
7 p2 }$ Y" h1 Q0 r& T9 ?TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50+ b/ a# g$ i; O0 W9 Y# Y7 G
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Harry Winston Diamond (HW : TSX : $4.98)
. Y7 y: Y$ J/ A% \Retail division suffers
) h5 O# N7 H- A! PDesjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)
. e+ C' Z1 j5 H0 }! ZWestmoreland provided more high grade at Redtree's Jack Lens
6 c$ O* M% j8 A% p; BDundee Capital Markets continues "buy", 12-month target price is $2.30: Y6 F1 I" S/ c; e) o9 Q
4 I0 C j% c' [+ x [1 FLockerbie & Hole (LH : TSX : $6.00)
7 b4 L* V& @4 n' p/ k- XReleased Q3/09 results: very strong, focus should be on active backlog
5 i( [; ^; y; n& O/ h5 OGMP Securities continues "buy", 12-month target price is $9.004 ^% u; u1 P/ M, Q1 y N4 t; m
Raymond James maintains "market perform", 6-12 month target price is $8.25
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)7 s* E/ N# M- W9 K) N7 ?
Reduced distributions by 70%9 P1 a d# [# N, |2 s+ q2 D6 K/ M
RBC Capital Markets maintains "outperform", no target price reported+ a" R: p- S) N! y
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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5 w9 h% L" V( @- A3 o% h+ FMatrikon Inc. (MTK : TSX : $2.04)# k" ^. ^/ d0 D* L
Released Q1/09 results: a little light, but still respectable4 ~+ a% {% N8 h3 e2 T
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
, `' n4 P; |/ U* \% m% @Paradigm Capital maintains "buy", 12-month target price is $4.000 a8 q7 `* p! Z2 [
: x: [* B" y6 W' h# S: {& IMullen Group Income Fund (MTL.UN : TSX : $10.97)
- X7 c$ a& ]" B, w1 e( u ]Expecting lower CFPU on higher taxes8 \; \# _9 I6 }2 ~
BMO Capital Markets continues "outperform", 12-month target price is $18.008 }, ^# g6 m# H' _2 o
RBC Capital Markets continues "sector perform", 12-month target price is $12.00& K# J& R8 V4 b- s
TD Newcrest continues "buy", 12-month target price is $17.00# Y: }5 C r, V# c
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)7 H/ n4 U& v& z R: S, o" l `
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain: `0 Y) X- z+ N; V
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25( j4 Y m- Z! z6 }, @: ]$ w; G0 b
Credit Suisse maintains "neutral", 12-month target price is US$1.005 m R1 o4 H" I5 a7 P3 [- c
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)8 J" p9 y9 C4 ]( U
Dietary supplement business facing headwinds
; p) d! [: R1 E; D; ~Paradigm Capital maintains "buy", 12-month target price is reduced to $4.004 f! d( M$ a. y7 F7 q- a' }
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Open Range Energy (ONR : TSX : $1.18)" `4 u9 N( a3 n9 e7 K+ ?$ `6 J
Provided operational update and F09 guidance
+ l" d+ }: R- ? ]Haywood Securities continues "sector outperform", 12-month target price is $3.25/ _# f+ v5 u, p9 n
i; ]8 n! a7 @, J# p8 z }Osisko Mining (OSK : TSX : $3.13)
?$ l. v$ @4 kSouth Barnat resource around the corner
6 s; z6 l6 K* M& @6 N1 i- ]Paradigm Capital continues "speculative buy", 12-month target price is $4.75+ o8 V: n% V3 X
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
2 G2 N! f. f. Y4 t. o8 J* u* ^1 [9 gProvided operational update/ K8 e8 i& {( C- H# o& ^
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00. L7 I0 J) `: g, x" R
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.501 U: o+ m( @2 H# g0 f& Q4 y9 r
# A D0 ]# r, r( J$ |+ ^Paramount Resources (POU : TSX : $7.85)' V1 Z& }( R5 z0 a
Provided operational update: Grande Prairie emerging as the key focus for F09
' Q N) \, |( A6 PGMP Securities maintains "buy", 12-month target price is $12.00/ z- g5 o0 p/ v$ K" L
0 p* l, S0 W# b7 G' XRockwell Diamonds (RDI : TSX : $0.07)- u6 T/ K8 L$ c a4 p m, ?
Operations starting to turn the corner. i( K. U# I3 V1 X
RBC Capital Markets maintains "outperform", no target price reported
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- F. A- R" H: g) W V. nShaw Communications (SJR.B : TSX : $20.13)- @8 ]# w* o3 i) i6 w
Released Q1/09 results: in line, subscribers ahead. P6 g2 n& C3 A& o6 x
Credit Suisse maintains "neutral", 12-month target price is $25.50- E8 n. }. X8 a: q
GMP Securities continues "buy", 12-month target price is $26.50
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
# X1 C3 h% J! p! o8 I7 QHeld a sell-side lunch showcasing new U.S. team
5 J. {1 @& Y2 `; r: fScotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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Trican Well Service (TCW : TSX : $6.93)
: b0 f* f. J3 l: U1 o* FAwarded Russian contracts
! f& o* {% K' L! X' vBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75/ W, {1 V. L2 n: A
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.005 p! Z7 B% M% s" |4 B& y( C8 }
RBC Capital Markets maintains "sector perform", 12-month target price is $10.008 d* W Y7 ^" A' ^7 N; ]0 q3 x
. m' d; k( G& ^Sino-Forest Corp. (TRE : TSX : $8.93)* I/ q6 I2 E/ n; `* K" y
Chinese furniture exports rose in November5 M$ m. E% Y: k/ P+ Y) v! ]# S/ O
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)
/ b8 M9 n/ ` Q7 Y, iShea Creek's two largest deposits have become one
i* [6 Q( O" z7 T1 a$ GDundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)
. K6 \7 j9 D. ?+ P% p2 jReleased Q4/08 results: horizontal focus to continue in F09
a; |" i6 j6 m$ V) R2 kDundee Capital Markets continues "buy", 12-month target price is $8.00
4 N% U9 T9 @4 TGMP Securities continues "buy", 12-month target price is $7.50
h" y6 n* j+ Y' f& OParadigm Capital continues "buy", 12-month target price is $12.00
- J9 a$ y. @/ I5 w/ dRBC Capital Markets maintains "outperform", 12-month target price is $8.50 \" ~% Q7 }. C+ r: a0 @
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Wi-Lan Inc (WIN : TSX : $1.75)- O/ @2 V; c2 k3 x# O
Hit homerun with Samsung
5 S& I* ^+ c# D2 A" k) IParadigm Capital continues "buy", 12-month target price is $3.50 |
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