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Ear on the Street --- Jan. 16 2009
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$ F4 C8 N5 H) U; w' ^. E8 {5 J0 R' yAbsolute Software (ABT : TSX : $3.36)0 {: j7 c% G2 W7 T* i8 [
Bracing for a tough few quarters
" s3 L& @( e6 [$ R4 D& ~) NCanaccord Capital maintains "hold", 12-month target price is $4.504 Y1 ?+ ^8 l: e+ t
0 i, }. I4 Y1 V! \Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45), q; H: n6 }! O! d& Y- `
Growth outlook, challenging pipeline and high cost structure make future unclear9 ^& I6 j$ X0 u
Blackmont Capital continues "hold", 12-month target price is lowered to $48.003 J+ |" m- v' p2 U! a0 T9 x k
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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5 E2 v p$ ]7 z0 yAstral Media (ACM.A : TSX : $22.98)4 F; m/ m8 U. C" |4 Q- `8 G
Released Q1/09 results: strong, in light of challenging operating environment
# `& j: b# n( J) Y# oBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00) n: q) i1 V1 D1 Q% d; H
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
. a* Y6 @# y5 j" ?, d4 HGMP Securities maintains "buy", 12-month target price is reduced to $30.00
& d" s* J5 w+ G+ C+ T0 fRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00; l$ U; i' n5 V6 K+ R
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00& U3 \; X& P# G8 Q, h4 g* E0 x
9 m6 f. c- R& v) d2 z$ b2 t; rAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
4 B3 C: ^( }5 T! ^9 p; I+ v' mWell positioned with gold production forecast to double this year and next' T! j; S" i) A6 Q
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00' B" J) y2 e3 P) [6 u5 o. q7 }1 P7 P9 w
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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$ f. y: _0 O% }- }. @4 D2 m% lARC Energy Trust (AET.UN : TSX : $17.15)5 o5 K2 M; B) v1 V( b
Reduced distributions by 20%; capex also cut
* @8 i Y. [# s9 U1 B8 ^3 T; X1 N/ B; jRBC Capital Markets continues "outperform", 12-month target price is $19.001 c9 T U. B* w! b+ K
2 t& M* H6 Q4 ~2 pAndean Resources (AND : TSX : $0.75)% N5 F1 y2 u8 g# u# X3 ]
Announced F09 outlook
# z9 `/ _3 f& N. e5 eParadigm Capital continues "speculative buy", 12-month target price is $2.25
% q4 E8 c1 v" MTD Newcrest downgrades to "hold", 12-month target price is cut to $1.005 K! ~2 s1 Q* P0 O0 P1 R" Z! s
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Bombardier Inc. (BBD.B : TSX : $4.65)& f! c7 R* R3 K* d+ F
Rising challenges in Aerospace; m6 C+ K3 r# @7 x6 N$ k! n( k+ K
GMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)
9 S1 e1 h- ^( N# }Acquiring AIG's Canadian life insurance business; V6 H; D# R9 O: V4 \- g9 Y5 v
TD Newcrest continues "hold", 12-month target price is $37.00
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+ @2 i6 r! K _1 u8 c5 q+ s3 m1 eCogeco Cable (CCA : TSX : $33.37)
7 ?# u. |% p$ q5 r; S9 aQ1 review: Canada results encouraging, but Portugal remains a drag
3 o3 o. q: L# s+ p) k1 ]BMO Capital Markets maintains "outperform", 12-month target price is $46.00
" P" f1 Q" J" `. R( p8 Q' DDesjardins Securities continues "top pick", 12-month target price is $40.00
" j( U8 x: Q+ `1 vRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.006 }% p9 B7 ?' P3 p# ^" G1 X
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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9 w7 d G# U( hCorridor Resources (CDH : TSX : $2.45)/ b2 e, n6 o$ T! L, e0 E4 S
Capital budget set to expected cash flow; production guidance lowered. E. [5 x2 J/ {3 Y
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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4 H- G5 E- r3 l6 Q3 X0 JCOGECO Inc. (CGO : TSX : $25.14)
! `# a' a8 a4 s, |0 E" ?- j7 fStrong radio and cable drives 39% EPS growth N7 B) Z6 U; j$ C! W" r
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)
, @ i& K9 W# D- A0 B) `' d/ |Taking action to address tough operating environment
* X( q" w# Q6 }2 X, p4 N% ?BMO Capital Markets maintains "underperform", no target price reported9 ^1 K1 S! o' _: T
Credit Suisse maintains "neutral", 12-month target price is $1.009 q- d' S$ A6 J
GMP Securities continues "reduce", 12-month target price is $0.50
" b/ Y9 a9 c$ e* a; B; X5 cRBC Capital Markets continues "underperform", 12-month target price is $0.75
" Y9 V( B' t6 _' h1 O" mScotia Capital Markets continues "sector underperform", 12-month target price is $0.509 Z9 P. q7 `. c+ w
( j/ p* ]6 K) w+ L% fCorus Entertainment (CJR.B : TSX : $12.47)+ n0 v; D) H3 |0 B, q& E, R7 V
Q1 revenues in line, EPS beat
, ^' D; n0 i# C( u GBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
, }+ P0 S" R1 b' i. ]2 ECredit Suisse continues "outperform", 12-month target price is $20.00
0 ]" L) k6 H/ D& b* u, R9 WDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00, [/ ?! E) m2 i1 \1 T& p' U
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
) w; t* v- x* L/ T, n: j6 I. S; dRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
}2 S9 i- U/ x5 Z& w3 o) v- RScotia Capital Markets continues "sector outperform", 12-month target price is $18.004 U l% B5 M; D" y5 Z+ Q
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Calloway REIT (CWT.UN : TSX : $11.84), ^- K# s7 m: j! m& v: s' H6 L' f' J* a
Held investor day
! r, J) d- {9 ]. nScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00& \1 e' S* K# o) q
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Daylight Resources Trust (DAY.UN : TSX : $7.77)! J! T' v7 L( t
Reduced distributions by 38%; guided for lower capex: ~. j3 C y9 }4 t/ K4 V& Q# y
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
4 R" b* N; Y# Q9 c5 w# U4 L6 ~Dundee Capital Markets continues "buy", 12-month target price is $12.00$ ^% K# z3 `. l7 i0 Z: j1 ~- e! |- x
TD Newcrest continues "hold", 12-month target price is $7.507 {0 f2 ? E6 c# U" q" h
% k! J& r# A* ?; zEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)- ?: |9 @/ h6 ~; n# e) \
Steady market and currency tailwind
. D/ \6 U) g3 L7 x ]3 YTD Newcrest maintains "buy", 12-month target price is US$5.00
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Goldcorp Inc. (G : TSX : $29.74)
5 I0 M+ R6 m: o1 `& f9 M) [5 kRevised commodity forecasts
( L* g$ v: ^3 B+ F8 n0 M) ~- _Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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. w6 m5 r9 W# J' n8 gHeritage Oil (HOC : TSX : $3.77) y; U4 N# |) P: W A4 I/ \& d U9 a
Announced Ugandan commerciality on exploration success
" A; c3 z+ @1 ?& i7 Q0 e/ cTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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7 V9 T! w" c( [, M) kHarry Winston Diamond (HW : TSX : $4.98)
h9 I9 Z8 o. g! LRetail division suffers2 H( m+ R) D' [( U' R1 T- l
Desjardins Securities maintains "buy", 12-month target price is $12.602 |% \& r9 ?; D" s# V3 b9 |0 b0 |
& }4 p* u4 N: |+ ]# Z7 U" y5 HLaramide Resources (LAM : TSX : $1.84)
* q( O: [$ q v# C9 C: y/ iWestmoreland provided more high grade at Redtree's Jack Lens2 G1 O/ G: f1 ~. N, @
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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5 n0 C8 b! S) M7 ^/ Q) N2 GLockerbie & Hole (LH : TSX : $6.00)6 r, |% ^6 N0 U# Y( P v+ o
Released Q3/09 results: very strong, focus should be on active backlog) R3 x+ S/ n# `; U
GMP Securities continues "buy", 12-month target price is $9.00& z0 p, f' O9 p& t& ?' R) t. Q
Raymond James maintains "market perform", 6-12 month target price is $8.25. z( O T/ F% H
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)
% A v2 p+ p; h; Q, h( QReduced distributions by 70%
X0 S/ H" m2 K6 z% ^+ [5 XRBC Capital Markets maintains "outperform", no target price reported
1 A7 U j, T3 y: O5 _/ hScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)- n+ h" G; ]! f, b) g, u
Released Q1/09 results: a little light, but still respectable
, G4 B2 H2 S- F* rBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
. L; p, ^7 s9 j+ @" c& B. ]1 T, aParadigm Capital maintains "buy", 12-month target price is $4.00& z1 {. W i( r! n# n% o1 ?- `+ }: N
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Mullen Group Income Fund (MTL.UN : TSX : $10.97); k- G, }: X$ J: L1 Y4 u6 Z7 d, M) M
Expecting lower CFPU on higher taxes( i$ B& U/ G: }% K
BMO Capital Markets continues "outperform", 12-month target price is $18.00
5 X& h/ s2 c+ G7 z: ORBC Capital Markets continues "sector perform", 12-month target price is $12.00& g( ~- B' o& f$ X
TD Newcrest continues "buy", 12-month target price is $17.00" v/ S( f) p7 P3 f
7 P' h5 A! f" d* b& z( |Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
4 C0 b S& {! S+ p& cReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain3 w: Z7 V" Z) X# m+ _0 T
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25" \3 m% Q* L- [, B& K! ?% Q
Credit Suisse maintains "neutral", 12-month target price is US$1.00, _" I4 v- \( i; ]
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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: A. v! |& s# F7 HNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
) M/ D6 e/ i1 L2 y0 f, |" D+ sDietary supplement business facing headwinds
& x$ T8 w3 ?: a7 C. n9 r) i/ JParadigm Capital maintains "buy", 12-month target price is reduced to $4.009 t) V: O7 m% J& E% ]2 v
5 c& b+ z" {' X/ {Open Range Energy (ONR : TSX : $1.18)
8 s; `7 I9 { K/ bProvided operational update and F09 guidance
p1 t$ {$ v, f9 iHaywood Securities continues "sector outperform", 12-month target price is $3.25- y- a% {( b- ?3 i& r w+ r
( n% n* J& m, l% s/ K' V4 zOsisko Mining (OSK : TSX : $3.13)
. O$ \9 e4 I: s& C' O3 W2 RSouth Barnat resource around the corner. L1 S# q( v) q$ c
Paradigm Capital continues "speculative buy", 12-month target price is $4.75 L! F' Y* I0 a6 }$ l0 V$ |
5 f0 f4 J5 R$ n# b/ }6 \' zPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
! p' E) Z f/ S9 j6 p. Y) m- d; WProvided operational update; M& f% x+ r) q; G2 }6 c% j3 @
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00+ E. c# B5 t5 B) e( Z7 {; h
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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2 E, k& f! k3 j$ u$ v; h- i8 xParamount Resources (POU : TSX : $7.85)
; K$ g9 K2 B, T L4 P' J$ B4 ]Provided operational update: Grande Prairie emerging as the key focus for F09
* W9 n0 l) ]& i2 ^, `* O1 rGMP Securities maintains "buy", 12-month target price is $12.002 \+ Y) c9 A/ `7 l5 m# M1 i' T' P/ s
3 V5 _5 L1 S x9 V: m# TRockwell Diamonds (RDI : TSX : $0.07)
: ]/ r8 B) ~4 y- ^" {9 H" @Operations starting to turn the corner% w4 y, @ R+ x1 z/ ~* _1 c
RBC Capital Markets maintains "outperform", no target price reported
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, V% Q$ l7 y8 G$ y6 [Shaw Communications (SJR.B : TSX : $20.13)
, V' F/ j; Z5 A; l0 Y% wReleased Q1/09 results: in line, subscribers ahead5 _7 ` X r& \8 }/ z- {
Credit Suisse maintains "neutral", 12-month target price is $25.50
' h# S8 T' E2 r5 r: Z3 fGMP Securities continues "buy", 12-month target price is $26.50
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% b, f3 m/ j* o3 kSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
# }2 W, B4 S- b4 _0 f5 qHeld a sell-side lunch showcasing new U.S. team
) S. m3 C2 c2 b+ h# ZScotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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/ F6 d: ^+ M& _/ aTrican Well Service (TCW : TSX : $6.93)
, y( _+ \/ y! [- @* A- _, W* P" uAwarded Russian contracts7 {) N* I7 ^6 ^, c; O
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
# e; j/ r u9 E6 M) l/ ARaymond James maintains "market perform", 6-12 month target price is lowered to $9.00
) v, [4 ?- z4 ?RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93)/ Y+ E3 _ U3 U0 f$ N- A; \' }
Chinese furniture exports rose in November- C7 C; R* H! l! n5 G7 G2 v/ s
Dundee Capital Markets maintains "buy", 12-month target price is $23.50; q" P' b7 v0 b' ^, F7 U7 C
- e1 G& `) _# f7 d: i% L, wUEX Corp. (UEX : TSX : $0.88)8 [' V1 z; @/ _; W
Shea Creek's two largest deposits have become one
# q# }& ]" L6 l: X$ qDundee Capital Markets maintains "buy", 12-month target price is $2.757 t8 W- n: A" O4 q
, P: r* \0 X9 G$ g+ W; k% mVero Energy (VRO : TSX : $4.72): ` L6 i4 h1 j8 R. a% i7 ]7 `: o: T
Released Q4/08 results: horizontal focus to continue in F09
, U: h8 W( E* e- W8 X7 dDundee Capital Markets continues "buy", 12-month target price is $8.00
, K( k& F# b7 \) U4 DGMP Securities continues "buy", 12-month target price is $7.50: B; @" W+ P; m1 P9 i
Paradigm Capital continues "buy", 12-month target price is $12.00/ C- K6 t7 c. n' i. U7 R& O
RBC Capital Markets maintains "outperform", 12-month target price is $8.50
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# ~* J. s/ E9 v9 I1 A! DWi-Lan Inc (WIN : TSX : $1.75)
: }0 T2 K+ \' N5 \( `+ {Hit homerun with Samsung$ @: A! N2 z5 e ^# L) d5 u1 E* Y/ ~
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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