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Ear on the Street --- Jan. 16 2009& ~! [) K* j. L/ V
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Absolute Software (ABT : TSX : $3.36)
8 D6 k( A7 X3 V) o9 r9 j6 xBracing for a tough few quarters8 a& |* }5 g3 k C8 ?
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). `5 U4 S3 t l! c
Growth outlook, challenging pipeline and high cost structure make future unclear4 h- x r0 x6 R2 F* k* }
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00- M% m+ B1 b3 I" Y
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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6 B- k. J" u5 M4 LAstral Media (ACM.A : TSX : $22.98)" y5 O, q/ d- |. h g
Released Q1/09 results: strong, in light of challenging operating environment/ |% k9 v Z/ s c+ A
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
# M) v% n! ~% N3 K; ]) EDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00. A2 o7 z8 S5 S' D0 k
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
3 k( a; E9 j' K$ F$ ~; qRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
* ?9 X# B% V' iScotia Capital Markets continues "sector outperform", 12-month target price is $30.004 f! ~" L/ C P$ i$ `
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)/ Y4 h; L, s& M* c6 H$ f
Well positioned with gold production forecast to double this year and next
* c+ Y' F, c# _$ Y" H! }Blackmont Capital continues "buy", 12-month target price is lowered to $83.00+ z7 b S+ p% x) V0 I' l
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00; e& W' n* O0 i: r0 U0 F
! w, ?( U; Y9 M8 w/ v+ N( D/ \ARC Energy Trust (AET.UN : TSX : $17.15)
. f( S# o g! ^' V$ H, MReduced distributions by 20%; capex also cut
+ U; m+ h# U ^8 g7 b1 J1 O) E0 fRBC Capital Markets continues "outperform", 12-month target price is $19.000 E/ o5 r, L& E3 J* Q9 ]) S
6 l/ a+ P( N" c2 _Andean Resources (AND : TSX : $0.75)
+ B4 A1 F, S* s* R* ?" |1 m( T- vAnnounced F09 outlook5 S+ e4 E/ {* [, K* R
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
" y/ K, Q3 u9 P% S) LTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00: X. C; H. q5 B) {* z; e6 h
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Bombardier Inc. (BBD.B : TSX : $4.65)) U8 r3 v/ \( L8 |
Rising challenges in Aerospace) B( X% A# z) ]" o! z2 h
GMP Securities continues "buy", 12-month target price is $8.00* t1 h% R Z) V. B6 A W
0 Y$ C: I7 F( H mBank of Montreal (BMO : TSX : $31.84)1 V; i9 b, M$ f \1 {% y( s' ]
Acquiring AIG's Canadian life insurance business
6 g4 a' H) r( U+ f cTD Newcrest continues "hold", 12-month target price is $37.00- i1 t# d+ w' V- A8 g6 ?. @# S+ l' G
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Cogeco Cable (CCA : TSX : $33.37)
& E0 P q, P( N, A' qQ1 review: Canada results encouraging, but Portugal remains a drag
; _2 F% z* j6 k" r k; { dBMO Capital Markets maintains "outperform", 12-month target price is $46.00. D1 O' t/ a! G4 a
Desjardins Securities continues "top pick", 12-month target price is $40.000 Y9 u( w5 A% q5 O+ Q
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00& i$ \5 n" `: N( Q4 k% e
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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/ V% o V o7 \+ w; gCorridor Resources (CDH : TSX : $2.45)
7 F1 T8 g# D) `1 J, A$ vCapital budget set to expected cash flow; production guidance lowered
4 K" o/ d F1 z3 l+ } u5 {) S+ [RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)- W; }* b. S$ J
Strong radio and cable drives 39% EPS growth
/ _) d5 S8 e. p6 \9 Q' EScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)
3 N ?* K3 v1 O1 E6 QTaking action to address tough operating environment- _5 r- u& |4 A; M& I) b0 o1 p
BMO Capital Markets maintains "underperform", no target price reported
4 `! V/ ~0 T) Q+ g; a- SCredit Suisse maintains "neutral", 12-month target price is $1.00! a6 h" j$ `" ^* i
GMP Securities continues "reduce", 12-month target price is $0.501 ^6 i* }5 F% E: X! ?1 L
RBC Capital Markets continues "underperform", 12-month target price is $0.75
0 f, ]5 A, u2 k% L6 q3 `Scotia Capital Markets continues "sector underperform", 12-month target price is $0.503 I$ Q) ^6 N7 p
* f7 |& m# Q! L/ ~5 gCorus Entertainment (CJR.B : TSX : $12.47)
$ n6 g7 o5 C- o/ W# IQ1 revenues in line, EPS beat
2 s- h! I2 d+ G a' K1 _BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00' P8 d$ G. a: U3 b/ b% B
Credit Suisse continues "outperform", 12-month target price is $20.00
9 j+ s! N. u# r: XDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00
9 b/ Y {3 W. |& f) n6 T/ z8 OGMP Securities maintains "buy", 12-month target price is reduced to $17.001 j9 [/ s! N S) R+ v3 _
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
1 Y: ~" a: k( a# lScotia Capital Markets continues "sector outperform", 12-month target price is $18.00( {" J, R N4 w/ n+ |" i3 O6 A
& A% i; C, R2 u0 J% F( \' Y1 }5 U* m4 RCalloway REIT (CWT.UN : TSX : $11.84)/ ^+ l. ~7 l0 c: Z: H3 U, f6 i
Held investor day9 G: \2 X' ^# a7 A
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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& n k$ F: ?7 o$ I( k/ GDaylight Resources Trust (DAY.UN : TSX : $7.77)9 q+ ~. Q# k3 x6 W, a6 f) A: w
Reduced distributions by 38%; guided for lower capex4 g3 X7 Z1 z9 {/ ^) ?- A4 E- u% \
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
/ W6 S6 d4 t. g$ |0 I. `Dundee Capital Markets continues "buy", 12-month target price is $12.00
5 R+ U; @+ k- J5 s" l4 fTD Newcrest continues "hold", 12-month target price is $7.50) }, T( p t# e. i' e. i
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)+ P5 r% K/ ]% N% a8 k6 R# k
Steady market and currency tailwind
: l2 h4 g3 E+ e) uTD Newcrest maintains "buy", 12-month target price is US$5.00
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Goldcorp Inc. (G : TSX : $29.74)
' I! a0 U* k* U! `7 MRevised commodity forecasts
) U7 \2 a/ t" i' TBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00% H5 g" V9 }$ X- D# T
# a1 A# h+ c6 E4 u8 \( O0 z8 THeritage Oil (HOC : TSX : $3.77)
. b+ |8 f! @- h' W' P8 VAnnounced Ugandan commerciality on exploration success0 N$ L- p b8 ]' ^# s1 q2 `
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50) R) l7 b$ k) y# W
7 n2 L0 w; G9 F$ o9 [3 K: lHarry Winston Diamond (HW : TSX : $4.98)
7 I3 a7 ]! O4 RRetail division suffers
. T9 _: A0 V* hDesjardins Securities maintains "buy", 12-month target price is $12.60- [ e* k: ?& d
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Laramide Resources (LAM : TSX : $1.84)
$ i! c( p5 ]2 A& S+ j# ]Westmoreland provided more high grade at Redtree's Jack Lens
9 U5 S. `+ ?3 g2 M1 V' SDundee Capital Markets continues "buy", 12-month target price is $2.30) ^- F) a1 j1 r, b! w3 x3 _
( @; i; v& I: M, ?2 W& NLockerbie & Hole (LH : TSX : $6.00)
* d( s* g/ t- s0 a6 x( Q: ]Released Q3/09 results: very strong, focus should be on active backlog- ~: [( i }/ } j0 C; N% R
GMP Securities continues "buy", 12-month target price is $9.006 A( Y0 x" _3 `& Y4 V+ O R
Raymond James maintains "market perform", 6-12 month target price is $8.25
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00), u* l9 H0 a& Y$ Z+ P2 A, {0 H
Reduced distributions by 70%& s! F2 o. ]" T( G4 M
RBC Capital Markets maintains "outperform", no target price reported
- u% q. s; c: I; g7 B% }) K }/ H* KScotia Capital Markets continues "sector underperform", 12-month target price is $6.506 p3 C4 W6 Z# d8 e; c/ T Z
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Matrikon Inc. (MTK : TSX : $2.04)
" ]7 s7 O* c: Y" `/ H9 [Released Q1/09 results: a little light, but still respectable5 I" `+ P9 |1 o- L
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
( t- E6 R9 J: i% \0 @ G) RParadigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
; ^6 C3 g' P# O& c- Z* w# `& l6 ]Expecting lower CFPU on higher taxes" K& ^0 x6 b& G6 p
BMO Capital Markets continues "outperform", 12-month target price is $18.00
/ l0 @/ Y! [ ~. k; K' q* v/ KRBC Capital Markets continues "sector perform", 12-month target price is $12.00
4 B- ^3 x" ]' I7 M1 O3 h% Z* JTD Newcrest continues "buy", 12-month target price is $17.00 f$ F1 Q' s1 E1 i$ n2 }
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)% t. |6 T6 y, |; j. c% Z
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain- `. l; U% k: Y: s
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25( h; j( R! [+ l. e; X8 g7 R
Credit Suisse maintains "neutral", 12-month target price is US$1.00, f z. ]/ `- N: V+ T
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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! w1 Z2 `$ H( ?& P! X, E1 SNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
5 _7 ~1 S. ]7 x3 i2 E& b! z fDietary supplement business facing headwinds( \: `8 W% C( n9 g
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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6 [: P$ B( p: _# @4 f: @+ oOpen Range Energy (ONR : TSX : $1.18)+ [0 z% E: e* X
Provided operational update and F09 guidance. ^: U w6 G: I: I
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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, q3 {+ P; K* B8 uOsisko Mining (OSK : TSX : $3.13)$ \ [' o: ]9 b7 p* P( B
South Barnat resource around the corner
3 R' c" N6 u4 p b0 oParadigm Capital continues "speculative buy", 12-month target price is $4.75" F5 V9 l, \6 U* \1 b
+ e+ A7 T3 [0 |! Q) k" `; \Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)$ z) d- I* W. E' ~. [3 L8 m
Provided operational update3 C+ K6 F1 |% G5 D) v5 c; X
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00: e, h6 y2 T. x3 z
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.502 z7 @1 h* ^4 |: B/ h
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Paramount Resources (POU : TSX : $7.85)+ h, b4 C/ n( d' c4 z' w3 ?7 T" F
Provided operational update: Grande Prairie emerging as the key focus for F09& c# R3 n/ o+ U" q+ J8 d
GMP Securities maintains "buy", 12-month target price is $12.00- i; d( _7 P9 f. U7 v8 c
, i# X& {( M; k- I: S# |Rockwell Diamonds (RDI : TSX : $0.07)- P+ V3 c6 }& o8 j' k9 }/ J
Operations starting to turn the corner
# R9 i- g6 {, a1 H) uRBC Capital Markets maintains "outperform", no target price reported. ~. e4 g% T9 J+ ]& o% r8 y
" ?) ^# _" M. S! O* i& CShaw Communications (SJR.B : TSX : $20.13) P/ R8 o" |1 z, k3 l' G+ f# x& |
Released Q1/09 results: in line, subscribers ahead( Z# ?& } E4 H5 j6 V, ?
Credit Suisse maintains "neutral", 12-month target price is $25.50
5 C) B2 ~$ N, p1 rGMP Securities continues "buy", 12-month target price is $26.508 V1 H2 |( c: ]1 |& U
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)1 a, |3 |" M1 \" \9 l9 c
Held a sell-side lunch showcasing new U.S. team- z( W. G! U) \7 y1 V. b
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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. ]8 I+ x! W$ }1 `6 S% H! vTrican Well Service (TCW : TSX : $6.93)
2 n& x2 Q9 F2 \, c. YAwarded Russian contracts
. N9 [: D1 ]. B" f$ Z( G' bBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75
$ a. f3 ^( F: dRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00
2 K; h" B8 a, W4 R; TRBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93)
1 \$ z" Y1 O% V6 ?2 I( q' qChinese furniture exports rose in November( J) `1 |3 s0 t
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)
" m4 h6 m5 d0 ~Shea Creek's two largest deposits have become one, _) B) o5 T% H! C
Dundee Capital Markets maintains "buy", 12-month target price is $2.75. E6 ~0 Z( b5 L- O4 z- p1 f% g
k9 I# h# F2 V* g! qVero Energy (VRO : TSX : $4.72)3 @* a0 d5 T) p" L- ]3 s) q7 \
Released Q4/08 results: horizontal focus to continue in F09
6 y( I% C1 {, hDundee Capital Markets continues "buy", 12-month target price is $8.00
" b8 q7 r) C" ?- q4 W" VGMP Securities continues "buy", 12-month target price is $7.508 D' M0 _9 E. K$ Z& ]9 W) f( P7 J8 r
Paradigm Capital continues "buy", 12-month target price is $12.00
" x8 N& ~6 Y J# v9 c; ]. kRBC Capital Markets maintains "outperform", 12-month target price is $8.50
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4 x+ C/ f) l+ F# y# X0 _$ xWi-Lan Inc (WIN : TSX : $1.75)
5 w- g" |0 H/ u7 ^& ]7 qHit homerun with Samsung. f# l6 y( \# C; H; \
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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