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Ear on the Street --- Jan. 16 2009
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5 y0 k" Q5 Z: }' T7 J6 HAbsolute Software (ABT : TSX : $3.36)
; [- i4 i; s( N; f; a1 W4 x# BBracing for a tough few quarters; i7 \! g1 k" `9 u. V0 N' ~5 c
Canaccord Capital maintains "hold", 12-month target price is $4.507 M( `; t" G+ U ?. g: f F& U" ~+ P
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)7 N& t4 j1 @3 s! N: o, ]( k
Growth outlook, challenging pipeline and high cost structure make future unclear6 j. Q6 d0 q% r
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
/ O" M5 W6 K. p9 RTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.005 b2 W9 t: W5 ?$ v/ V6 ?% ]
2 n, e; @* P) P! a, {Astral Media (ACM.A : TSX : $22.98)3 Z: e! ?4 H# w B4 ]( m
Released Q1/09 results: strong, in light of challenging operating environment* T' m2 ?2 M* d
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
1 z( E- m3 d' f/ D9 K+ y* }Desjardins Securities maintains "buy", 12-month target price is slashed to $28.005 m# U b4 t% \. ]( K5 M% B) A
GMP Securities maintains "buy", 12-month target price is reduced to $30.00& G& X, E& L4 A- v' ^
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00! r }1 g4 |# V$ Z% d9 W1 s) ^
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07): j+ L! j# Z2 \, v* h* F6 q$ Z
Well positioned with gold production forecast to double this year and next
. t" O- q" @- k: e+ eBlackmont Capital continues "buy", 12-month target price is lowered to $83.00: t6 Z) L3 P7 m; T6 C) ^
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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ARC Energy Trust (AET.UN : TSX : $17.15)
$ D+ m8 O" `% p4 v) U _) k- m2 w' EReduced distributions by 20%; capex also cut1 P1 i# I8 M5 D. }% b
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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( q4 G/ u2 c6 [; M5 wAndean Resources (AND : TSX : $0.75)
- R$ z1 N$ Z& m9 Q' bAnnounced F09 outlook2 I/ S# r! \5 r+ [
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
! p- ]4 f' Q7 P1 GTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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Bombardier Inc. (BBD.B : TSX : $4.65)
/ j5 O5 X* r' y$ o' ?Rising challenges in Aerospace
9 \ r6 D! [# FGMP Securities continues "buy", 12-month target price is $8.004 ]3 @, e, T7 I3 U! ^
* \4 H! L8 v) a$ S) sBank of Montreal (BMO : TSX : $31.84)
4 i3 K- I8 f! Z5 h! }' ^2 {9 }) oAcquiring AIG's Canadian life insurance business8 k1 N: c- b/ U! C, ~
TD Newcrest continues "hold", 12-month target price is $37.008 K! x5 ^; r* L/ r
1 d( H& y% F( N' x& W5 C4 \Cogeco Cable (CCA : TSX : $33.37): {: T, A8 e* T6 f- s* ^
Q1 review: Canada results encouraging, but Portugal remains a drag
; t5 W; e4 K5 P& u& gBMO Capital Markets maintains "outperform", 12-month target price is $46.00
. w9 M- s' @* P% TDesjardins Securities continues "top pick", 12-month target price is $40.00
& @' b G/ o$ C8 r7 g8 VRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
% E2 z4 l* S& @; k. m; GScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)
2 n1 W# d! E! W% U+ |2 Z' L/ f! K" qCapital budget set to expected cash flow; production guidance lowered
: E- z( @0 z0 H0 W3 x8 cRBC Capital Markets maintains "outperform", 12-month target price is $4.25+ @; N! P v' a6 ^" N" F; z E+ c
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COGECO Inc. (CGO : TSX : $25.14)# [ L! I" T9 C. {/ Q& |+ z
Strong radio and cable drives 39% EPS growth
% e" b6 d) S3 W" v u+ T' ?+ ]Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)
) m6 d" [) \- z; l+ f9 U% ITaking action to address tough operating environment c5 H* N7 W$ \ z+ W9 s7 m
BMO Capital Markets maintains "underperform", no target price reported$ V8 a5 h* L: J$ i
Credit Suisse maintains "neutral", 12-month target price is $1.00- z E* ]' `* B0 N4 }) y
GMP Securities continues "reduce", 12-month target price is $0.50
! | s- K4 B4 Y5 ?RBC Capital Markets continues "underperform", 12-month target price is $0.75- B6 r: d2 o0 w- U* D' h( x$ \
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47) x! a$ _" z. Z6 K; ~5 U
Q1 revenues in line, EPS beat
: l# S) L* X' r* P3 e4 E$ Z" o; Y! ]BMO Capital Markets continues "market perform", 12-month target price is cut to $15.002 }5 J; N% o; J ^# r& I+ ?2 s
Credit Suisse continues "outperform", 12-month target price is $20.00
. i8 c9 C" n, y. pDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00# m3 T2 n/ _2 \/ n2 C$ S
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
/ c4 E+ P* E) ~4 u. V6 S+ k* m3 fRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50# o* K! D/ i& C, p) ]! v
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)
, |# y1 ~; h W7 i# E, h/ sHeld investor day
# V8 _6 X7 C0 n1 p6 P7 XScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00- m$ b* x9 ]9 z Z4 K
2 O" [+ U# z2 f1 K1 bDaylight Resources Trust (DAY.UN : TSX : $7.77)0 `" [; N l) N/ c6 X& T. c2 ?
Reduced distributions by 38%; guided for lower capex; X0 ]. C3 [$ w5 z
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
. k% X) ~1 b% K: RDundee Capital Markets continues "buy", 12-month target price is $12.00
. M- d+ ]3 k/ }1 {: e! i0 l3 i$ A; l, \TD Newcrest continues "hold", 12-month target price is $7.50
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8 Y# ]- j, y/ U$ m4 E+ F2 PEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)& H `3 A( s* z
Steady market and currency tailwind1 f+ g; c/ x# x' b; R
TD Newcrest maintains "buy", 12-month target price is US$5.00' |& Z) n4 j k
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Goldcorp Inc. (G : TSX : $29.74)
" u6 `+ r' h) K! s- ^Revised commodity forecasts2 Q* m0 ?" c2 U
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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: ?% J9 q8 m. T/ BHeritage Oil (HOC : TSX : $3.77)
# m4 Q5 Z2 ~5 f& `: I2 ~2 XAnnounced Ugandan commerciality on exploration success
7 Y4 n3 |9 M% n8 d* N6 v. qTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50$ g9 A# F, A9 z5 \$ q( a" f0 {
: I9 Z8 E3 H* M- M: LHarry Winston Diamond (HW : TSX : $4.98)3 Q$ | X% G% t" a
Retail division suffers
@; z1 a+ X6 M `Desjardins Securities maintains "buy", 12-month target price is $12.60( G ~) K @7 b
' X: t" q; ?% V* g, D2 R7 U4 ^Laramide Resources (LAM : TSX : $1.84)
' g! c' q" r3 |6 w( r, OWestmoreland provided more high grade at Redtree's Jack Lens5 j$ S. y9 x8 g% H4 L. M
Dundee Capital Markets continues "buy", 12-month target price is $2.30+ N5 x% W- v$ |! D/ b
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Lockerbie & Hole (LH : TSX : $6.00)/ \. ]3 W; g. x9 n
Released Q3/09 results: very strong, focus should be on active backlog
2 _ N1 z _7 f; |: E( P, f; CGMP Securities continues "buy", 12-month target price is $9.00' F0 I( t, t' [
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)
" _6 r( X0 _ S4 U; mReduced distributions by 70%
* r- N1 A* o: Y+ d2 iRBC Capital Markets maintains "outperform", no target price reported( y& [# u4 C2 a: A6 z4 [# _
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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1 H: A t" a) WMatrikon Inc. (MTK : TSX : $2.04)
# G- y4 |% y' K! ^' U% P8 ~* EReleased Q1/09 results: a little light, but still respectable6 J/ u4 {( \7 ?; d% |: X2 j( ?
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
( M/ i' m3 K4 [8 L+ {/ b3 I: xParadigm Capital maintains "buy", 12-month target price is $4.00
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: J- V) j4 Z7 k0 i: ]Mullen Group Income Fund (MTL.UN : TSX : $10.97)2 M p+ F- w1 w; N9 P
Expecting lower CFPU on higher taxes
7 Q+ ^) V9 l, S; J& {7 DBMO Capital Markets continues "outperform", 12-month target price is $18.00% D _/ I: I' K0 X8 [
RBC Capital Markets continues "sector perform", 12-month target price is $12.003 Q. D$ m" ~7 L6 U
TD Newcrest continues "buy", 12-month target price is $17.00
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
' c. [4 D& C( y% kReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain4 q; Y: `( o6 n, I+ Q+ {
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
1 M6 b/ N4 s6 m3 ICredit Suisse maintains "neutral", 12-month target price is US$1.00
7 a. A# ]& S3 g' X1 IScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80& @! [ u- L, t# J1 m
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)
q1 e! }, u8 B i( I: [2 IDietary supplement business facing headwinds
" D5 |9 \/ ]# Y5 o# V% d! c. ?) nParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)1 \* g* r3 ~1 B( X; _
Provided operational update and F09 guidance) Y2 \/ I, O2 j+ u) p4 I
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)
F' y% A0 Z( }% F& F9 p9 ASouth Barnat resource around the corner
, C; C9 x' X Z4 K! `. RParadigm Capital continues "speculative buy", 12-month target price is $4.75
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4 `' t6 x# r R o) @Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
8 c# M- F h [$ [* AProvided operational update+ O* t! U: i4 p
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00/ f# i8 N# Q# r! s# ^# Z
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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$ }! V% y h8 v* m" c; xParamount Resources (POU : TSX : $7.85)3 J, }" q0 X7 K# b' _4 J, k
Provided operational update: Grande Prairie emerging as the key focus for F09( }5 u) o! K* p2 a! O
GMP Securities maintains "buy", 12-month target price is $12.00
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5 k/ b' s8 C& P! w0 l7 t+ |0 ^Rockwell Diamonds (RDI : TSX : $0.07)
$ ~2 X/ `/ t4 F8 fOperations starting to turn the corner
( `$ N0 h2 d. j0 f& tRBC Capital Markets maintains "outperform", no target price reported
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# T! l5 b- ?1 B" SShaw Communications (SJR.B : TSX : $20.13): U5 J- g1 ^" L, K1 o
Released Q1/09 results: in line, subscribers ahead9 n5 p. ~9 ~. c8 R: A
Credit Suisse maintains "neutral", 12-month target price is $25.50
) w0 A0 D6 u1 {" a& }9 uGMP Securities continues "buy", 12-month target price is $26.50% Z$ A+ v2 v% m& q8 I2 {' b* q8 w
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)$ ]0 c. i7 j+ S0 \
Held a sell-side lunch showcasing new U.S. team
( ~0 ^6 I, E8 w9 f. G. BScotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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Trican Well Service (TCW : TSX : $6.93)
8 g* [$ T" Y9 L$ j7 MAwarded Russian contracts
4 V. `$ J/ z ]- M6 c6 LBlackmont Capital maintains "hold", 12-month target price is reduced to $8.756 D2 B$ T: t8 K5 V
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
( r3 }' w' L4 aRBC Capital Markets maintains "sector perform", 12-month target price is $10.003 w2 |- F$ v3 r3 Q
2 G' V: E5 o, J/ E2 A% M1 bSino-Forest Corp. (TRE : TSX : $8.93)
. _) v7 s8 V, `# B( c3 x R$ AChinese furniture exports rose in November
: b# y4 J) t, A2 J4 eDundee Capital Markets maintains "buy", 12-month target price is $23.50
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! z7 v; U0 Q7 L4 aUEX Corp. (UEX : TSX : $0.88)
5 _" y5 S! H6 I8 `9 h0 T2 IShea Creek's two largest deposits have become one
, s3 j4 J( k( Y+ n! eDundee Capital Markets maintains "buy", 12-month target price is $2.752 S7 {% `! F; o; ? H1 Q# u, E+ o
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Vero Energy (VRO : TSX : $4.72)$ L( }: P: }# `0 x
Released Q4/08 results: horizontal focus to continue in F09
4 t X* J# J- G9 t' B v; oDundee Capital Markets continues "buy", 12-month target price is $8.00
; Z) c3 s: R1 Z9 {' nGMP Securities continues "buy", 12-month target price is $7.50( P- J2 ]* Z2 z( w+ d0 d
Paradigm Capital continues "buy", 12-month target price is $12.00# F& q8 w6 P2 J6 L; g
RBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75)
% m. m6 j0 E7 P5 VHit homerun with Samsung N& p" ?9 @& F
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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