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Ear on the Street --- Jan. 16 2009* Q6 w& i& ~' L) y
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Absolute Software (ABT : TSX : $3.36)
3 m# I0 G- d1 y* QBracing for a tough few quarters* c' O$ o- e: J2 @* \
Canaccord Capital maintains "hold", 12-month target price is $4.50$ ]/ x8 n! I8 K+ r! K' a v
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
4 {- a6 ~3 t) qGrowth outlook, challenging pipeline and high cost structure make future unclear
. Y3 m L8 Q9 A y: nBlackmont Capital continues "hold", 12-month target price is lowered to $48.007 b/ n* P7 g% _+ z8 ~, H
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00. R0 t" P9 `# n8 n6 D ]! f* N
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Astral Media (ACM.A : TSX : $22.98)
3 T: e' B8 n" h$ w- uReleased Q1/09 results: strong, in light of challenging operating environment. t) |% D) _6 F; F! j
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00# ]$ E1 |8 X. R4 [. o3 h- O
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00' C9 k/ E$ o! f( P
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
% q$ ?0 `% {4 XRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00% w8 {/ e+ p5 \8 X, [1 A0 o
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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' f9 t6 U! F5 r: q0 ~2 bAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
) v6 G" I; a$ i% gWell positioned with gold production forecast to double this year and next
p @' C& X+ X4 KBlackmont Capital continues "buy", 12-month target price is lowered to $83.002 W) V$ _; f$ f2 ^! v2 d" N
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.009 ]4 b/ [' h+ O# g5 T+ k
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ARC Energy Trust (AET.UN : TSX : $17.15)1 e- }9 I3 z% n" e' V. m( q
Reduced distributions by 20%; capex also cut0 {- L/ I' x% @- H2 n, u7 d
RBC Capital Markets continues "outperform", 12-month target price is $19.00/ P" F: L' M; ]1 F
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Andean Resources (AND : TSX : $0.75)& v& X' L* d0 h# F. l8 ~
Announced F09 outlook
& x, Y. p, R U$ Q8 m% \% b7 uParadigm Capital continues "speculative buy", 12-month target price is $2.25) k% o$ F8 g) ? P; N6 S. c j
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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. A- s2 A5 |% F' ]Bombardier Inc. (BBD.B : TSX : $4.65)
3 @8 v) z- v* n& Z% nRising challenges in Aerospace
) `8 ~4 F$ L y, r; x$ u$ M$ G. |GMP Securities continues "buy", 12-month target price is $8.00' H; h3 A0 R* N, g' U, u+ X
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Bank of Montreal (BMO : TSX : $31.84)+ p: L# P5 @0 W. c; c
Acquiring AIG's Canadian life insurance business' O+ Q3 X. P' `$ t# c$ j
TD Newcrest continues "hold", 12-month target price is $37.00! H, V4 \' w( O( _5 U+ V# t ~
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Cogeco Cable (CCA : TSX : $33.37)$ T! T9 A* U# E* G( u
Q1 review: Canada results encouraging, but Portugal remains a drag, y @) G, s4 d" f, W8 Y
BMO Capital Markets maintains "outperform", 12-month target price is $46.00; R2 T B$ i" K) X
Desjardins Securities continues "top pick", 12-month target price is $40.00
+ j* ? k. P; [5 t& MRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
1 g6 f x# \- m H% [0 w8 Z+ s9 wScotia Capital Markets continues "sector outperform", 12-month target price is $55.00( {; F! j4 z# p+ X, c; T3 Z& \
' R2 }. D F3 h/ q# TCorridor Resources (CDH : TSX : $2.45)
. d2 u9 U* c3 [! D3 W- q: y: L" aCapital budget set to expected cash flow; production guidance lowered4 W. \) D' C7 `) V. z; w
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)
# y4 P5 Z" p/ R4 VStrong radio and cable drives 39% EPS growth
4 b. X1 T8 Q+ u7 IScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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/ w8 b: ?+ u) O2 f( zCanWest Global Communications (CGS : TSX : $0.51)* T A8 ^' ^6 u R, c
Taking action to address tough operating environment
1 y' s! l3 l3 v# NBMO Capital Markets maintains "underperform", no target price reported! @8 f8 w! g0 V' P$ v0 n+ E3 U
Credit Suisse maintains "neutral", 12-month target price is $1.00) M4 z' u, J" s+ \9 w
GMP Securities continues "reduce", 12-month target price is $0.50
) q% a' K z# T7 D3 e. M& @( CRBC Capital Markets continues "underperform", 12-month target price is $0.75
: Q; b0 @, r) ?Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50, g8 `1 u' l! W- m
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Corus Entertainment (CJR.B : TSX : $12.47)
5 P& x; U0 M& W: E0 FQ1 revenues in line, EPS beat8 C, g. f+ {6 |4 Y' p
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
! K9 w6 w4 ]1 ?3 ^Credit Suisse continues "outperform", 12-month target price is $20.00
: d9 S! ]. C% T4 h, I$ `! Q2 v0 k& VDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00, \: Z" x+ W+ S, v& C3 H
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
, ]% f& ], s& q; _6 _5 ERBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
/ u: L# Q5 s+ c' K3 L" t3 cScotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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* C+ ^; ? L5 B* G4 E) ECalloway REIT (CWT.UN : TSX : $11.84)* o G6 N2 J1 r; |
Held investor day
% M0 y& c, |# M0 ^4 o5 e2 k" L/ bScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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/ L+ H# f# j9 ?5 A& XDaylight Resources Trust (DAY.UN : TSX : $7.77)
$ _9 M. k/ y8 P( {0 v6 W% GReduced distributions by 38%; guided for lower capex; e" P5 _% R/ {8 {
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.008 Y9 V1 V! N$ R7 F G! X
Dundee Capital Markets continues "buy", 12-month target price is $12.00
* N8 d7 X2 f, i$ W4 k! A6 ?. hTD Newcrest continues "hold", 12-month target price is $7.50
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
- o7 B4 ^8 ~7 X8 l0 `7 nSteady market and currency tailwind9 [& e* k; u. k* C" O$ R
TD Newcrest maintains "buy", 12-month target price is US$5.00
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Goldcorp Inc. (G : TSX : $29.74)
# b' d- g# `5 j: [) F; k, [- v3 t* hRevised commodity forecasts) r" d$ V; j. G' g- g4 U3 z, d
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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2 Q/ j: N4 G! b6 h0 {Heritage Oil (HOC : TSX : $3.77)3 B( s1 b$ O9 S/ h
Announced Ugandan commerciality on exploration success
. f) ^% w& X! W: v! ^TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50/ |# ^: R1 p1 v+ Z$ C% u7 X8 K
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Harry Winston Diamond (HW : TSX : $4.98)
/ A& l% z0 r# G0 y0 q$ a( fRetail division suffers
* n3 B3 I+ ?# o3 HDesjardins Securities maintains "buy", 12-month target price is $12.60
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+ V! r% T% L- P6 Y/ ]Laramide Resources (LAM : TSX : $1.84)
# L& _ }! @8 b% m1 p0 L" _Westmoreland provided more high grade at Redtree's Jack Lens6 C2 c" ^% T0 N) E$ \5 E2 ]
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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+ D) o+ Q2 {$ W6 n. e6 gLockerbie & Hole (LH : TSX : $6.00)4 l' a: ~' u# ~& \: B, M# j
Released Q3/09 results: very strong, focus should be on active backlog
& `: ?) [1 C/ ~3 B9 hGMP Securities continues "buy", 12-month target price is $9.00
$ J- F$ O* _: k* v/ {2 u/ y% dRaymond James maintains "market perform", 6-12 month target price is $8.25) Q, x+ c8 ^- K8 j/ W0 w
7 G% V8 t4 h% q- {* |Livingston Intl Income Fund (LIV.UN : TSX : $6.00)/ R0 F+ v5 ]; D; H4 T8 S: N" d
Reduced distributions by 70%3 i' A/ c: E0 K8 F
RBC Capital Markets maintains "outperform", no target price reported% D; j8 V! ]7 L2 r8 g
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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$ j t7 Y! J8 @9 sMatrikon Inc. (MTK : TSX : $2.04)
) V) D. ^5 ~( Q/ F6 n- LReleased Q1/09 results: a little light, but still respectable4 }- O: ^, {% i
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.500 y) t4 w- ^" j- Z
Paradigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)& W; ]4 Y! r8 Q" P) c0 U
Expecting lower CFPU on higher taxes, V+ Z+ v* ^- B' D( u- h
BMO Capital Markets continues "outperform", 12-month target price is $18.00# B8 z' g! q* B$ z" I3 o8 C7 D' a- y
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
4 t: K" W$ y5 u# v6 fTD Newcrest continues "buy", 12-month target price is $17.00
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* j0 p% ^2 w ^1 O8 jNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
. o% I) n/ J f; s5 ?- aReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain# K2 W4 ]* ^* C, }
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25, M ^7 @. {1 F( W: e& N, G: ^
Credit Suisse maintains "neutral", 12-month target price is US$1.00
# `& M; s# \ ~; |( V1 wScotia 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)& @% f+ z6 A, n0 t: [/ Z( g
Dietary supplement business facing headwinds
+ l i6 E6 @/ A6 ]' NParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18); R6 w' }( ?0 t9 f
Provided operational update and F09 guidance
' V# ^8 Y8 X! z! f, K0 @. c& F: z4 jHaywood Securities continues "sector outperform", 12-month target price is $3.250 O9 S! A' d" d
5 b" X- o' E. w( `2 O, KOsisko Mining (OSK : TSX : $3.13)
) P* P7 S. P1 I5 iSouth Barnat resource around the corner) F" K0 T' _' C- b6 O
Paradigm Capital continues "speculative buy", 12-month target price is $4.75+ a5 s9 K9 C0 o) z
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75). j, V" C8 A+ e8 o
Provided operational update8 h7 \. q$ _% j3 l/ h |; T
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00) U' N8 ~: b* d+ S3 ?# b2 K
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50+ q- ?7 O& d( q6 v4 Z1 i
9 \+ [7 y3 h! m. d/ cParamount Resources (POU : TSX : $7.85)" o ]7 z/ f" s Z8 U8 ~+ _: C
Provided operational update: Grande Prairie emerging as the key focus for F097 W+ J7 B9 P5 ?* o( _
GMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)& v1 K1 K, ^* E' p4 S' }
Operations starting to turn the corner2 _# @ k* J8 j8 H; p0 N# p
RBC Capital Markets maintains "outperform", no target price reported
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; f+ c$ n3 W+ d# H' cShaw Communications (SJR.B : TSX : $20.13)* ?+ s+ b, x' I$ E
Released Q1/09 results: in line, subscribers ahead
2 {) Q) p2 W6 Z3 uCredit Suisse maintains "neutral", 12-month target price is $25.50' |9 |2 Q' J/ W- A. k8 y( w4 u
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$20.48)
* M; U$ W; I5 m5 H) FHeld a sell-side lunch showcasing new U.S. team
. `; }' J3 X1 I7 T* O3 C& FScotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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Trican Well Service (TCW : TSX : $6.93)
: }/ l: \9 K% j, d4 B0 B0 gAwarded Russian contracts7 m" L/ I# _% j0 X, v, z- [
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
( w- b9 q( i1 @* q: ]Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
- {: t$ x) L! l& L# F' v+ H, l, vRBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93)& v6 s, V7 }) S2 D7 F4 T
Chinese furniture exports rose in November7 f1 L9 Z* o; D7 ]3 X# `4 J& j
Dundee Capital Markets maintains "buy", 12-month target price is $23.508 n [: w) ~3 [+ `' e9 y
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UEX Corp. (UEX : TSX : $0.88)
, k* T$ e5 D; B. K6 ^7 F; g" yShea Creek's two largest deposits have become one
- x2 ~/ e6 |, Y; b0 J( jDundee Capital Markets maintains "buy", 12-month target price is $2.75
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! A, v, W9 X3 A3 a* x. S1 aVero Energy (VRO : TSX : $4.72)
" R5 L; p! X0 Q" }! T5 a% `0 WReleased Q4/08 results: horizontal focus to continue in F09
) f- J4 T2 G' ?# l$ [4 BDundee Capital Markets continues "buy", 12-month target price is $8.00* j; L" V2 t) V. z ]0 O3 f: K0 I
GMP Securities continues "buy", 12-month target price is $7.509 o k* l1 m/ F" s% C
Paradigm Capital continues "buy", 12-month target price is $12.00
- f7 _7 a6 |' z& W. x) T- WRBC Capital Markets maintains "outperform", 12-month target price is $8.50
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: p9 G3 v9 z, I; J5 c2 S* hWi-Lan Inc (WIN : TSX : $1.75)
* f8 E/ B1 `8 ^+ W; y7 {0 LHit homerun with Samsung
& K# U, K( \$ @: y3 }- NParadigm Capital continues "buy", 12-month target price is $3.50 |
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