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Ear on the Street --- Jan. 16 2009
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" f7 K0 R7 g! F' V: w0 l8 w; y4 F" OAbsolute Software (ABT : TSX : $3.36)
6 J4 R/ b0 c. M7 |) t0 U6 yBracing for a tough few quarters
* w8 v/ m: G$ j. C5 bCanaccord 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)
* z) H/ O( m: W: D) u, YGrowth outlook, challenging pipeline and high cost structure make future unclear0 i# @/ D& n2 y- ~
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00$ l8 ?" h7 P2 h8 {$ u
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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- O" H$ k2 n* E: x0 ^5 X! b' z8 KAstral Media (ACM.A : TSX : $22.98)
& z( j+ _2 `. d3 lReleased Q1/09 results: strong, in light of challenging operating environment- C" k6 I* T) j4 b/ m/ K \- {
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
/ }, K- t: s. r4 JDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00
% z. R. P6 ~' T, R. L- d7 F8 g4 _" i+ J+ jGMP Securities maintains "buy", 12-month target price is reduced to $30.00/ S' B9 P$ z% `/ p; _
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
5 \/ I" |$ ]7 lScotia Capital Markets continues "sector outperform", 12-month target price is $30.00( ]2 N! q' v/ f+ w1 E) c; z
$ O u) A: T; F1 ~+ j0 s9 [Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
/ v$ A v# f C8 H& h S0 |) DWell positioned with gold production forecast to double this year and next+ M2 h9 \ _( P7 _: w+ P7 ^
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
3 o l3 A2 Y( V, xTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00, ?0 u. K. V' d8 N
1 j) m7 {: l2 W; N' v! m3 vARC Energy Trust (AET.UN : TSX : $17.15)% b# i. H. `/ v
Reduced distributions by 20%; capex also cut
' e3 D. p, G) R% V( O2 _2 j7 Y% q" `RBC Capital Markets continues "outperform", 12-month target price is $19.00
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0 B4 b( y k" F: B1 G0 n {& SAndean Resources (AND : TSX : $0.75)
% D- \( T4 o+ e& Q+ {; e% }$ y" IAnnounced F09 outlook
0 M0 \1 e9 y3 P% AParadigm Capital continues "speculative buy", 12-month target price is $2.25
+ e a& ~# G* T/ z4 m0 s+ dTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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Bombardier Inc. (BBD.B : TSX : $4.65)
3 T5 g3 j1 m- U0 i8 dRising challenges in Aerospace. M' }" s8 n, N" O: @5 U
GMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)
, Y* H* V7 Z2 O Z: x7 x; sAcquiring AIG's Canadian life insurance business- C) b' f3 o6 [; H8 C) Q
TD Newcrest continues "hold", 12-month target price is $37.00 W {9 u5 b& N$ s* S5 B7 R7 T
& G5 L+ m/ ?4 ?& gCogeco Cable (CCA : TSX : $33.37)0 L; s! n% [: u, N' S5 P
Q1 review: Canada results encouraging, but Portugal remains a drag6 K' M1 D$ I1 v) W F4 G j
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
/ t, @; o. Q+ J, qDesjardins Securities continues "top pick", 12-month target price is $40.00
3 ^2 z' ?" {) cRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
* f! P3 j Q: Y& o( @$ Y9 eScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)1 g1 V: f2 e( s' t1 O3 O8 K4 h
Capital budget set to expected cash flow; production guidance lowered
* ~' M9 \8 U' Z( U7 SRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)' z+ y) t! \& K$ `$ ]* w
Strong radio and cable drives 39% EPS growth
' u8 g' \7 u5 Q- M2 \) fScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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4 y3 y0 h. r; H% @: T/ Q: ~. zCanWest Global Communications (CGS : TSX : $0.51)
- d4 x9 e" \# t4 r O4 w5 ETaking action to address tough operating environment) X( L$ Z* L1 V; ~5 c4 o5 E
BMO Capital Markets maintains "underperform", no target price reported9 v7 N3 q1 r/ _$ ?
Credit Suisse maintains "neutral", 12-month target price is $1.00
) I/ T) e6 S0 sGMP Securities continues "reduce", 12-month target price is $0.50 i! M3 X3 B9 u1 _. d; k
RBC Capital Markets continues "underperform", 12-month target price is $0.75
! _& i! k# _8 yScotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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( D* x1 j; U( r% W$ J6 |1 _Corus Entertainment (CJR.B : TSX : $12.47)' @: O) {) P9 _# X$ [% ?7 {. u
Q1 revenues in line, EPS beat* O1 d0 X- H0 @9 p- ?! G- T4 G! j" U
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00! z8 V& T8 k/ h2 k: x- e
Credit Suisse continues "outperform", 12-month target price is $20.00/ z4 l/ ?) ^1 s& x$ O
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
( I, y! ~2 X' a e( q! \) O- s5 W) rGMP Securities maintains "buy", 12-month target price is reduced to $17.00# m. X1 D1 C- y- y6 K
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50; z. ?% g1 e5 H5 M* \) A
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)) ]+ `. m w! z# q G
Held investor day
: K! Z; m. N9 `Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.004 K7 D: I. c& E: g6 ]% Q
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
: ~7 H% `) }1 D5 d3 VReduced distributions by 38%; guided for lower capex
3 [+ @- Q% M% z3 M3 p& ~- u' OBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
, x9 K, V% f$ J* E9 j9 \7 {Dundee Capital Markets continues "buy", 12-month target price is $12.00& E1 n# X3 e! z& z
TD Newcrest continues "hold", 12-month target price is $7.50; f7 }: x/ [+ i
Z2 [0 y4 H6 j7 ]EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
2 N" T! P3 V4 x& |3 m- v" ^8 WSteady market and currency tailwind5 Y3 w6 [* s. T( Z9 h+ f3 H
TD Newcrest maintains "buy", 12-month target price is US$5.00' I$ z6 ?7 ?! Q* g
6 ^2 M% i. E$ l/ c4 _8 q; pGoldcorp Inc. (G : TSX : $29.74)
6 j: J; `5 L9 C, X B0 x6 i( SRevised commodity forecasts9 D' k4 y5 W& i
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.006 a7 o D, A# y) x8 Z( C
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Heritage Oil (HOC : TSX : $3.77)/ i' b% Y0 [& {9 N L
Announced Ugandan commerciality on exploration success' @( e# [3 R; ` m; m4 y( Y
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50) O2 f# {5 E2 i$ U5 G1 n& b
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Harry Winston Diamond (HW : TSX : $4.98)
; P) W9 O. G8 O3 E' \Retail division suffers
0 l* c# f* {2 ~7 ~; ADesjardins Securities maintains "buy", 12-month target price is $12.60" R! L B9 x1 M8 r' J. ^
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Laramide Resources (LAM : TSX : $1.84)
; D r: m1 Q) N2 M3 OWestmoreland provided more high grade at Redtree's Jack Lens
/ R. k$ T4 X1 V8 X7 q8 A, @) ^2 kDundee Capital Markets continues "buy", 12-month target price is $2.30( ^# Y) r2 _( @8 |0 N
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Lockerbie & Hole (LH : TSX : $6.00)
& T. v' X6 Q9 ~7 _$ g" D' c4 oReleased Q3/09 results: very strong, focus should be on active backlog
; }' b y& t: l3 P2 }, v2 x# A2 _GMP Securities continues "buy", 12-month target price is $9.00
/ ^9 F$ V- _; j. t4 DRaymond James maintains "market perform", 6-12 month target price is $8.25
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: [* O9 a2 l! N$ d( D# pLivingston Intl Income Fund (LIV.UN : TSX : $6.00)+ c( F1 s% R5 c5 @0 h) d8 w
Reduced distributions by 70%
& ]; b/ Y/ o3 I5 cRBC Capital Markets maintains "outperform", no target price reported4 {+ _$ R6 Y2 _3 J
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50, a! q6 ]. S6 @ k( ?3 b e
5 E, i& Y2 s$ x6 D! X9 WMatrikon Inc. (MTK : TSX : $2.04)
% s& F: l2 y' v' Y' b0 O9 OReleased Q1/09 results: a little light, but still respectable
5 D/ b, Z0 B; \1 w3 f! X5 aBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
& L$ A/ A5 m9 y# m; KParadigm Capital maintains "buy", 12-month target price is $4.009 d F$ Z, w1 F! V7 D6 _: c
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
6 {) C. {3 a2 a/ e' H6 J. wExpecting lower CFPU on higher taxes
' I9 b3 s7 }" I' Q3 F7 P: y9 N% OBMO Capital Markets continues "outperform", 12-month target price is $18.00
, F- G* R( m7 a9 c8 o/ IRBC Capital Markets continues "sector perform", 12-month target price is $12.009 g& v2 e# [( m0 R7 Y
TD Newcrest continues "buy", 12-month target price is $17.00
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+ g' _3 ]- a( H+ s UNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)- j& y0 k1 d" N& o, ^2 Z( @
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain4 O0 n: w& d, k1 } u9 x
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
# e% g1 m# P0 I+ i. k( DCredit Suisse maintains "neutral", 12-month target price is US$1.00
; ]) G o% e! q8 N7 B! FScotia Capital Markets continues "sector underperform", 12-month target price is US$0.809 c* ?7 }1 {* J3 r1 a
~! T8 z1 n/ }) G) N- aNeptune Tech & Bioresources (NTB : TSX-V : $0.79)/ c7 P3 n/ f) r6 a" E2 C! ^
Dietary supplement business facing headwinds0 }- d5 v1 N! P" F
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00" n, D+ v4 }( u& q C( v9 e3 A
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Open Range Energy (ONR : TSX : $1.18)! W0 z% b' [% ~ ~( O
Provided operational update and F09 guidance
# P0 k! z1 e0 q" Y( _Haywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)3 [; o& G9 k6 Q
South Barnat resource around the corner
1 o, H; _8 i# ?! i& I$ \8 zParadigm Capital continues "speculative buy", 12-month target price is $4.75( {: I8 t/ O# j, m8 M
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)! \) ?( a3 s8 P6 K- Q* [4 N# M" C
Provided operational update( W4 l/ |* j4 ]
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
( c, C6 Q6 _! u9 [9 ?TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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Paramount Resources (POU : TSX : $7.85)% i3 n$ I$ t; D: [# G& {
Provided operational update: Grande Prairie emerging as the key focus for F098 P! A4 G( ~7 Y" ]' w. E3 H+ D
GMP Securities maintains "buy", 12-month target price is $12.00
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# e1 D7 i- V. |Rockwell Diamonds (RDI : TSX : $0.07)
' x. e! ~2 K! f8 }3 a1 T& EOperations starting to turn the corner
' A' `& q4 }6 g& e/ y9 ?RBC Capital Markets maintains "outperform", no target price reported! c7 b& S6 L) T: {6 w9 Z
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Shaw Communications (SJR.B : TSX : $20.13)3 w5 Z4 [7 `7 L+ t& _9 y; S- A& r4 I. _
Released Q1/09 results: in line, subscribers ahead, J5 z% w# }! E
Credit Suisse maintains "neutral", 12-month target price is $25.50) {6 Q( Z7 B/ q
GMP Securities continues "buy", 12-month target price is $26.50 M( W3 g- z1 @. W( V: W6 d- a
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48): v3 r" s* r% B, I O
Held a sell-side lunch showcasing new U.S. team$ X3 K# \, J# ]) u0 v0 a% d; h
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00, R/ G; ?2 n$ k$ Q0 a
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Trican Well Service (TCW : TSX : $6.93)5 g% D. Z& R# p, c: z7 s
Awarded Russian contracts" z2 T9 L L3 R
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
: D$ x: _- w u0 \Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
6 d4 ~) Q* {4 u5 b* M9 v" k4 M! }RBC Capital Markets maintains "sector perform", 12-month target price is $10.00 ~5 i) Y6 @& j; h* W* l2 @
1 m$ H0 S# I( ?) q1 {- _Sino-Forest Corp. (TRE : TSX : $8.93), e% e, r& A+ m
Chinese furniture exports rose in November8 X$ K6 |- \7 o' p, x8 f& @0 ~
Dundee Capital Markets maintains "buy", 12-month target price is $23.50' ]; n9 X8 n% \& ^$ P) V* L5 w2 p
6 D* O& A, D$ q3 z kUEX Corp. (UEX : TSX : $0.88). f8 W9 H1 w' j0 ^4 \8 `. U( n" w) p) M
Shea Creek's two largest deposits have become one
4 g {% d0 r! p" PDundee Capital Markets maintains "buy", 12-month target price is $2.753 P1 l7 F) \0 Y
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Vero Energy (VRO : TSX : $4.72)$ S }5 [9 z6 s) h5 y, X# D0 o
Released Q4/08 results: horizontal focus to continue in F09& I4 ^0 F) _5 `) ?: H0 `
Dundee Capital Markets continues "buy", 12-month target price is $8.00
1 c; S0 P% i f# ~GMP Securities continues "buy", 12-month target price is $7.50
/ x( T2 A: _; }" w! RParadigm Capital continues "buy", 12-month target price is $12.00: O: h, O* D6 o$ e0 I
RBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75)
0 Y, `: C1 B' j2 [9 j$ H) THit homerun with Samsung
_ F: p+ }! G% h% U1 MParadigm Capital continues "buy", 12-month target price is $3.50 |
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