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Ear on the Street --- Jan. 16 2009- o' M2 d( q% c/ i
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Absolute Software (ABT : TSX : $3.36)
) J+ I4 {2 H4 b1 J- dBracing for a tough few quarters& b( y% t) v0 d+ G
Canaccord Capital maintains "hold", 12-month target price is $4.50
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3 m# ?: b6 d# K3 n! ~1 qBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
2 R. E J9 ]& N6 C$ O l; sGrowth outlook, challenging pipeline and high cost structure make future unclear" ~ t& `7 p* A' g) G9 t
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00# V3 g' ~! @. w# x. J" A+ M
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.004 o r' l M4 Q) }+ _
* G7 T3 e$ s) H! W" u) I \Astral Media (ACM.A : TSX : $22.98)
; t/ T2 y1 c- r5 }& p- S0 Q& KReleased Q1/09 results: strong, in light of challenging operating environment
! U {% o3 }. w3 V8 U! oBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00) y/ @0 {4 p* @9 F v
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.004 X& X1 }# U7 |/ \% ?
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
+ W% G, W4 J) vRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
1 n# X, p9 N _7 z+ aScotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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; [ V' e. C+ n0 oAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)9 [7 s& U' u& H
Well positioned with gold production forecast to double this year and next" c/ |( I0 ?$ V9 A, O8 F, `: l
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00" A4 ]. T! q$ j. V3 m; v
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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% v$ `& ~: s6 A! b/ Q# wARC Energy Trust (AET.UN : TSX : $17.15)
6 y$ {' c; G2 S' C; ?4 M5 X8 dReduced distributions by 20%; capex also cut
% c) d0 t0 w! R3 q8 ~5 V) yRBC Capital Markets continues "outperform", 12-month target price is $19.000 O/ \7 o, `6 b. ~8 }/ @
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Andean Resources (AND : TSX : $0.75)% \" F1 x& l/ n
Announced F09 outlook) G% l) j+ W4 c! a
Paradigm Capital continues "speculative buy", 12-month target price is $2.25 z& O* U% G4 c
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00& Q, H, J% C0 o+ i: w
* P; t/ `# M, l" K7 t: C' }Bombardier Inc. (BBD.B : TSX : $4.65)
9 j9 s" L4 A( Z6 Q/ H$ HRising challenges in Aerospace
! q* W0 s9 S* T& T. W, z4 c) IGMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)6 k' Q. [ O6 n- D9 c
Acquiring AIG's Canadian life insurance business$ ]5 k5 z, h. |& F- H! V
TD Newcrest continues "hold", 12-month target price is $37.00( I& X4 u4 @$ @) P$ D* Y0 Q
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Cogeco Cable (CCA : TSX : $33.37); W4 c# x, e7 j7 w! ], a" x% y
Q1 review: Canada results encouraging, but Portugal remains a drag
2 V, V5 ~ M2 P6 T! z: A. o8 B1 U9 ]BMO Capital Markets maintains "outperform", 12-month target price is $46.00. y9 z8 V; V3 r! E) `% Q
Desjardins Securities continues "top pick", 12-month target price is $40.00
: K5 x0 X; u; `" J9 A5 z4 U0 ZRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
5 I4 W8 F3 e5 f0 ] iScotia Capital Markets continues "sector outperform", 12-month target price is $55.00: h/ ~5 _+ [; {6 g$ X
6 W5 U' ^9 J' A7 a6 z& s1 uCorridor Resources (CDH : TSX : $2.45)
1 D; ^6 N& W! B& JCapital budget set to expected cash flow; production guidance lowered7 P' z' L, u# G/ G5 g
RBC Capital Markets maintains "outperform", 12-month target price is $4.250 C" J3 T" L% O+ ]. ]7 r
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COGECO Inc. (CGO : TSX : $25.14)# u8 f( i/ i+ z+ G4 V
Strong radio and cable drives 39% EPS growth' s, q4 ^0 A0 s1 X. k" S) |
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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3 m! O( g& q2 o" ]0 s: cCanWest Global Communications (CGS : TSX : $0.51): p; V0 s/ Q, D( Z
Taking action to address tough operating environment
* W2 h7 g$ a6 m2 CBMO Capital Markets maintains "underperform", no target price reported# ^7 Q( c# e1 s, J
Credit Suisse maintains "neutral", 12-month target price is $1.005 B; y! m8 i) t# @5 C4 _
GMP Securities continues "reduce", 12-month target price is $0.50$ C4 D9 }+ q+ e) s* e; \' q
RBC Capital Markets continues "underperform", 12-month target price is $0.75
6 B+ @' D3 M; g' n+ }, s* VScotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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9 o6 u% c/ a7 u. u8 z! G% F7 XCorus Entertainment (CJR.B : TSX : $12.47)' A1 ~( r) |# i# j% ~7 C4 V/ ^% G
Q1 revenues in line, EPS beat" W. @8 r9 X) d5 {% f$ g- k$ O
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
: s; y0 p1 G% t1 z- u1 ]) ?Credit Suisse continues "outperform", 12-month target price is $20.00* t( D0 i' O5 E X
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00# j# Q! O$ d4 E9 _1 t6 x
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
- k4 ~& n) m6 B( l2 B5 q" p# uRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50; W7 w+ g" \, h1 c( a2 z5 w
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00% H9 b1 M6 b1 x
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Calloway REIT (CWT.UN : TSX : $11.84)
0 s2 d. c. H, X x) HHeld investor day6 c A4 p- V2 c0 f* Q' Y
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.003 V+ t1 J) U. j
4 u. K: I2 c. Q2 P+ N2 jDaylight Resources Trust (DAY.UN : TSX : $7.77)6 ^, m! @: K! _) w* {3 [2 g
Reduced distributions by 38%; guided for lower capex$ d+ g3 C1 j' b0 |" H& c
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00! ^2 {# q; o, G! y& r
Dundee Capital Markets continues "buy", 12-month target price is $12.00. a# A2 T2 }; M: ~, g
TD Newcrest continues "hold", 12-month target price is $7.50
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1 K& G. m& w- G2 P+ r! O- e( _3 eEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90), S& v) ] X( I
Steady market and currency tailwind
/ v. `0 ]9 g6 s* i4 P9 A( w3 zTD Newcrest maintains "buy", 12-month target price is US$5.00
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' i0 ?( z( H7 R) ~' I4 pGoldcorp Inc. (G : TSX : $29.74)5 G y( y$ ^! j9 R6 D/ g
Revised commodity forecasts
) t9 W8 n0 L( G3 q* y. ?Blackmont Capital maintains "buy", 12-month target price is reduced to $49.001 s/ R. c' l/ n) d# ^0 l# q
+ d) C- X5 O; g5 p7 [% s9 YHeritage Oil (HOC : TSX : $3.77)+ K! d0 G+ l# d( @4 r8 w
Announced Ugandan commerciality on exploration success4 G6 U0 e/ S" q4 a) X
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50 L) U" X1 ~0 m/ n8 S% H, C
g7 C5 Z# [+ ]( Y0 L) UHarry Winston Diamond (HW : TSX : $4.98)
6 L6 G; n, x0 U* ARetail division suffers
* _& V" ^1 E$ F$ s% ~' @Desjardins Securities maintains "buy", 12-month target price is $12.605 S8 ]! a' Q+ a# Q- W
9 k: r3 t4 U; B7 @) n7 g# N+ nLaramide Resources (LAM : TSX : $1.84)
* Z, [, J$ E6 kWestmoreland provided more high grade at Redtree's Jack Lens2 n% \3 P: Q6 F! V0 e
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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9 X0 _- A- w' \$ M% a/ g% N9 RLockerbie & Hole (LH : TSX : $6.00); B+ `, C+ l/ s" ^8 x+ C" p) c8 l9 l+ l! k
Released Q3/09 results: very strong, focus should be on active backlog0 m! |* u8 o% v, p) z3 _
GMP Securities continues "buy", 12-month target price is $9.000 @- a2 v; l2 r+ t6 V
Raymond James maintains "market perform", 6-12 month target price is $8.25
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/ e g/ J. I! f. [3 xLivingston Intl Income Fund (LIV.UN : TSX : $6.00)$ T+ P7 I: ~1 y- o
Reduced distributions by 70%$ L, e: [, I7 l; C, o4 H
RBC Capital Markets maintains "outperform", no target price reported! a8 V+ ^ C. e X
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50) P1 }4 N. @- H9 W8 c8 @( u/ v/ u
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Matrikon Inc. (MTK : TSX : $2.04)
$ E* T0 z- G( z2 y3 S# AReleased Q1/09 results: a little light, but still respectable, O; Z1 `4 b/ ^* t1 ?: B9 V" X) ?
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50( U* u6 e# f( A9 F% K$ K- {
Paradigm Capital maintains "buy", 12-month target price is $4.005 b! K; ] M9 J D/ ]5 W/ t7 q
% i9 }! t6 J" U) `Mullen Group Income Fund (MTL.UN : TSX : $10.97)3 @' o7 \5 H" Q. H7 `# R# M7 {
Expecting lower CFPU on higher taxes) S$ p! y1 ^! g+ m5 K" U) j6 D
BMO Capital Markets continues "outperform", 12-month target price is $18.00- V% U$ A" Z1 f/ ^# q) k
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
; K7 O4 g# s3 h- A' i$ N @) F' }TD Newcrest continues "buy", 12-month target price is $17.00
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4 d3 f# s' ]# K( A. ZNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86), n# M+ d9 [6 X9 f5 w3 X
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain9 ~ F! _# M- h! G
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
3 S# q9 Q* [1 a6 m# M% UCredit Suisse maintains "neutral", 12-month target price is US$1.00
# @6 a( S; R9 [6 w! ] ?Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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5 H- M: a; G, ~" c3 A5 c6 mNeptune Tech & Bioresources (NTB : TSX-V : $0.79)9 h. W& y, H8 L) X' l7 k; ^
Dietary supplement business facing headwinds( T w4 G( }& j3 U( p- H6 s! b
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00# T/ Q: w d, N+ ?& u. g
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Open Range Energy (ONR : TSX : $1.18)
. h, v! S. h- l/ q; s% AProvided operational update and F09 guidance
! ?# T: z0 Y( ]5 V) y) |7 N: BHaywood Securities continues "sector outperform", 12-month target price is $3.25; F& d# e6 {& h, b, E+ Q% d
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Osisko Mining (OSK : TSX : $3.13)
1 J" l, s& N# y7 OSouth Barnat resource around the corner" d0 c: W8 e* A# X! P' j
Paradigm Capital continues "speculative buy", 12-month target price is $4.75
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
8 R- W I: _% |2 H6 qProvided operational update
1 ?9 i5 ]( J3 H' t5 _; u& p; S+ BBlackmont Capital maintains "hold", 12-month target price is lowered to $19.005 |+ s' b9 R) P; F! O# g; [
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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# x4 o, \/ s$ A- I9 @5 @+ A, XParamount Resources (POU : TSX : $7.85)6 O8 _) W; H$ P1 K& x/ E2 M4 {% v
Provided operational update: Grande Prairie emerging as the key focus for F09
) b0 ^; _* y2 P" C& f; p) K/ h: v( HGMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)( z# @, j) U) g; Y
Operations starting to turn the corner
( M8 L5 `! H2 z" q2 {4 [9 L: mRBC Capital Markets maintains "outperform", no target price reported+ @- r& N; w, {* e
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Shaw Communications (SJR.B : TSX : $20.13)
3 z6 M( g0 o5 XReleased Q1/09 results: in line, subscribers ahead- S5 R6 Z0 _( F2 ~8 i
Credit Suisse maintains "neutral", 12-month target price is $25.50* p% A, G+ p7 C9 F9 I
GMP Securities continues "buy", 12-month target price is $26.505 R$ ^) L; S8 g4 @* X& n
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)$ Q9 _5 T& {5 ~: s4 Z4 x
Held a sell-side lunch showcasing new U.S. team
+ @6 M. v! O# j( dScotia Capital Markets maintains "sector perform", 12-month target price is $33.00' P- T W1 ?' q, c8 Y$ u4 ?
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Trican Well Service (TCW : TSX : $6.93)
0 R# }9 s/ k/ N4 I4 BAwarded Russian contracts
, I+ p) z9 F; ?, i& W7 `Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75" c* w8 F" w7 {, Y! T& ^4 B
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
9 v/ }6 z( C" {: Q! ?& K9 BRBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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+ g s$ |. K" V1 k6 f' vSino-Forest Corp. (TRE : TSX : $8.93)
( ^! M e I6 C% AChinese furniture exports rose in November/ k) k6 Y6 d8 ?4 g+ L/ R
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)
9 j& j0 F& ]) B7 @* k6 y3 G) HShea Creek's two largest deposits have become one
1 x- A( \+ f9 Z6 J/ m1 qDundee Capital Markets maintains "buy", 12-month target price is $2.75
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+ r2 Z! Q) l2 p4 bVero Energy (VRO : TSX : $4.72)' { H+ h( y' `" `; H) A
Released Q4/08 results: horizontal focus to continue in F09# Z' v$ X: m: x- {5 [- z* b3 H
Dundee Capital Markets continues "buy", 12-month target price is $8.00+ r3 i& z. A3 \* C/ Q3 [+ ?
GMP Securities continues "buy", 12-month target price is $7.50
$ k. V( [$ x, r CParadigm Capital continues "buy", 12-month target price is $12.00
) L, A' x& ~! T4 E) _RBC Capital Markets maintains "outperform", 12-month target price is $8.506 S1 A; }9 m. ]8 M+ S3 n4 M( t& V
( k! t( B, ]# y$ V+ a! s3 u M# ^Wi-Lan Inc (WIN : TSX : $1.75)
* @0 x6 z& T `. |% O* e2 fHit homerun with Samsung
6 [3 A8 a' F3 W, F1 o) ^6 G0 m4 }Paradigm Capital continues "buy", 12-month target price is $3.50 |
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