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Ear on the Street --- Jan. 16 20095 p' d7 t; d7 f
. E! d& f, v7 n# ?7 h* jAbsolute Software (ABT : TSX : $3.36), Z. X6 p6 s2 x
Bracing for a tough few quarters
) \ q3 `) o3 s" xCanaccord Capital maintains "hold", 12-month target price is $4.50+ S# K" ?. ]: U. s: Z) |
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)7 h0 X1 A$ @) z! R! U
Growth outlook, challenging pipeline and high cost structure make future unclear" ]* h4 A2 U8 ?+ _7 y" a0 i
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
: o( c) o; L0 y) @5 @5 ]0 v+ H' G, {1 oTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.007 |3 b; t& a: {4 }
5 q( v5 [" e7 L! W n$ @ nAstral Media (ACM.A : TSX : $22.98)
8 S; p# M! \$ JReleased Q1/09 results: strong, in light of challenging operating environment
* L4 \9 ?! l- `5 m$ LBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
8 u% F x% o) s! `; d3 jDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00
/ @- v* r" h* S( R0 h; SGMP Securities maintains "buy", 12-month target price is reduced to $30.00& r. I7 h( v# q/ i
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.009 d! R3 R5 R) f* _1 G S
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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' o. N' b% V; H* F0 VAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
! R3 i/ M+ j$ D2 n8 I! i; nWell positioned with gold production forecast to double this year and next
* ]! q+ }* R/ m' f4 j6 NBlackmont Capital continues "buy", 12-month target price is lowered to $83.00
! r; Q6 `! |7 K* ATD 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)
& |* L( X- ~7 r* J* c HReduced distributions by 20%; capex also cut+ `7 G/ H5 ~6 G, k+ D5 _! W
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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' T/ ?9 C8 E" RAndean Resources (AND : TSX : $0.75)/ f9 k( {3 ~$ t+ T# O+ Q9 ^! c
Announced F09 outlook
( H0 Z. p1 J0 r& l0 AParadigm Capital continues "speculative buy", 12-month target price is $2.25
! f6 D6 p8 S0 ~# o! ^5 ZTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00; v* N" c9 R: U5 E9 B6 z
1 [& |' Q5 [# v0 S1 R$ ]/ `9 S9 cBombardier Inc. (BBD.B : TSX : $4.65)
# L# n+ I* t3 u! f5 r) A* ^5 URising challenges in Aerospace# G( c( M' r |( ]! {0 y+ ~
GMP Securities continues "buy", 12-month target price is $8.00" {0 h- S0 B1 _4 C, {
* z$ L1 u3 r: U- ^3 hBank of Montreal (BMO : TSX : $31.84)
- f2 r4 f9 a& \ \4 @' e6 WAcquiring AIG's Canadian life insurance business
2 P' @9 M" f/ L" _! w) _8 N5 ^TD Newcrest continues "hold", 12-month target price is $37.00
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3 [' N9 x p3 K. F' Q+ }' ~Cogeco Cable (CCA : TSX : $33.37)
' @( q" M& K0 L+ }. B4 U' CQ1 review: Canada results encouraging, but Portugal remains a drag
. m* t/ m5 m# k' g9 _BMO Capital Markets maintains "outperform", 12-month target price is $46.00
* m9 `8 J2 a' J) c$ h* U+ n- NDesjardins Securities continues "top pick", 12-month target price is $40.000 `4 w. Y9 G0 U% T _$ d T
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00& v- G5 v, C' A+ C) F5 I( G
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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5 d3 M7 x0 k, pCorridor Resources (CDH : TSX : $2.45)
4 e' v/ ~1 |; T+ {# [8 fCapital budget set to expected cash flow; production guidance lowered
/ d& S, u/ o) E* ~& ?: c" k d0 FRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)
% A& E: l4 `. s: i7 ^7 R9 UStrong radio and cable drives 39% EPS growth
& R) a8 p, F* ]. n. t& T e3 IScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)& I$ n$ K; w* C: G
Taking action to address tough operating environment& E+ T0 |* {7 x, \
BMO Capital Markets maintains "underperform", no target price reported ?1 ?5 k; g0 A% I1 y0 g; r
Credit Suisse maintains "neutral", 12-month target price is $1.00
' ~3 M, ]3 S/ |/ v v* gGMP Securities continues "reduce", 12-month target price is $0.50
* T% y9 I- p) A" pRBC Capital Markets continues "underperform", 12-month target price is $0.75
~1 r. v+ b# w0 D* n9 YScotia Capital Markets continues "sector underperform", 12-month target price is $0.50( Q; e) G9 x A; |0 a+ e( N" V
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Corus Entertainment (CJR.B : TSX : $12.47)8 e5 K% P4 W3 J) ]8 B; d9 |
Q1 revenues in line, EPS beat/ ~- G4 V# P7 U9 `# e
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
6 }% C$ E! a1 r* Y! h% C# U5 MCredit Suisse continues "outperform", 12-month target price is $20.00
: l& y5 A: m! { d; o. z. `Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00+ _9 ^! G. H. n4 @. {! Y
GMP Securities maintains "buy", 12-month target price is reduced to $17.005 Q4 b, h8 p# n4 m
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.506 X1 `7 Y6 G( n; r
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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8 A# y4 \& ?8 U2 }3 {( ZCalloway REIT (CWT.UN : TSX : $11.84)4 X g- n; P' ]
Held investor day( s0 f! z7 M. C# \5 t
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.005 O0 Z" F& u# ^" H: _" k& l$ o" H
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Daylight Resources Trust (DAY.UN : TSX : $7.77)8 H+ s( z5 E5 G5 J
Reduced distributions by 38%; guided for lower capex1 }( u0 C" a0 U9 e# c
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.009 m1 z* t% K" U. a
Dundee Capital Markets continues "buy", 12-month target price is $12.007 s) T& K( @' ^, j# q
TD Newcrest continues "hold", 12-month target price is $7.50* B2 i* `) I$ z4 m+ o( E& t
; U+ J, ^% @ V4 L/ |EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)/ f+ E2 r6 G% @, K4 B
Steady market and currency tailwind8 F: E) [, M; }; y. i, @
TD Newcrest maintains "buy", 12-month target price is US$5.00
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Goldcorp Inc. (G : TSX : $29.74)
6 E( T6 L5 i( Q2 s' fRevised commodity forecasts1 ]( Y* F" i/ I2 R9 e2 O6 I7 p
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)
2 k/ [) V B8 t* ^: O# UAnnounced Ugandan commerciality on exploration success' a6 D3 ?. a: j. E
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.504 U4 Y5 S9 `7 a8 W; ]) {
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Harry Winston Diamond (HW : TSX : $4.98)+ M; x# N, V- X5 j3 O ^ S0 ^
Retail division suffers: w( X9 o1 d$ Y
Desjardins Securities maintains "buy", 12-month target price is $12.60
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6 U" ]" z5 o' T& H4 sLaramide Resources (LAM : TSX : $1.84)! W: R+ H V* y: ^9 }4 F
Westmoreland provided more high grade at Redtree's Jack Lens4 N! k+ T7 X$ y7 e1 R, S ]: j# p
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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Lockerbie & Hole (LH : TSX : $6.00)
" J" S: q2 w2 {2 mReleased Q3/09 results: very strong, focus should be on active backlog; b! W0 p, v6 w
GMP Securities continues "buy", 12-month target price is $9.00
+ {, |$ I& C8 }2 [: k$ bRaymond James maintains "market perform", 6-12 month target price is $8.25
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8 q% n" {8 k, O4 `* K, T' D iLivingston Intl Income Fund (LIV.UN : TSX : $6.00)) y& Z' o& m( G0 v# S# p
Reduced distributions by 70%+ J8 B3 U9 t: u& D
RBC Capital Markets maintains "outperform", no target price reported
9 c! B7 Z1 l0 P3 F: ]- c9 sScotia Capital Markets continues "sector underperform", 12-month target price is $6.50" V6 @0 h2 j$ q8 [
+ g! @* p, p) z LMatrikon Inc. (MTK : TSX : $2.04): q q1 ~0 w9 e( A8 T& }9 I
Released Q1/09 results: a little light, but still respectable
* i. @2 t: ]; E7 h4 R4 l# b/ L8 u4 ]/ `BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50, X8 ^" S+ L5 Z
Paradigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)5 C( y+ M J' u$ O% I" S& E
Expecting lower CFPU on higher taxes% g$ i) T! `, r \- Q, B* S
BMO Capital Markets continues "outperform", 12-month target price is $18.00: |8 ^) N4 H6 x3 h- J9 ~
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
) d; s, p5 b2 X" C/ R3 A- B0 b5 ~TD Newcrest continues "buy", 12-month target price is $17.00
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: i# Y6 l1 i" v7 s+ v- HNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)9 }4 X+ [ w7 F4 ~5 @: n$ l
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain4 e5 Y, p) E# N- f, \: A0 k
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25' g" ~: K- p4 i1 p
Credit Suisse maintains "neutral", 12-month target price is US$1.00( X0 w1 `! @! C! Z7 J& z3 {5 S
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80- B! [" L ]" S ~: H
( t8 ?, T6 z% ]: XNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
+ C4 _' y1 W$ gDietary supplement business facing headwinds, i* d5 L0 @# |7 J
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.001 l" Y' V% I0 w4 h
5 x+ g2 r4 C9 l# w9 DOpen Range Energy (ONR : TSX : $1.18)6 ^4 H2 \8 S4 H: R) o$ v
Provided operational update and F09 guidance
6 t1 Q! {# y B& c$ K( LHaywood Securities continues "sector outperform", 12-month target price is $3.25) ^* R" d/ z% v# z1 t5 b
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Osisko Mining (OSK : TSX : $3.13)
; G. w+ |& X9 V J' Q( }South Barnat resource around the corner+ W0 n. e" W8 }, w0 G
Paradigm Capital continues "speculative buy", 12-month target price is $4.75. G' I7 S6 f0 @( y: S5 i
( r$ W- d# h3 g% y0 w4 v9 A( JPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)6 V7 f3 W( M. M) Z4 e6 ^
Provided operational update* r+ j* W; _9 Y$ S
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.003 F4 V. A( {3 m4 ?* C) j
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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+ ~2 l& n. H; f* M$ w4 s7 YParamount Resources (POU : TSX : $7.85)7 @! a3 o0 v% |4 k' S4 j
Provided operational update: Grande Prairie emerging as the key focus for F09
4 o% i7 n+ {( C# ~GMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)
4 l- f2 O* s7 v0 x& A3 y2 D+ fOperations starting to turn the corner
& I9 H$ f6 s6 i r8 W6 D3 pRBC Capital Markets maintains "outperform", no target price reported
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! }" e5 c; E" ? y6 c8 }Shaw Communications (SJR.B : TSX : $20.13)% t6 T0 V4 a9 ^- n. {8 U
Released Q1/09 results: in line, subscribers ahead
; E" S" n' A1 [+ Z& d& [; rCredit Suisse maintains "neutral", 12-month target price is $25.502 g% G0 v% S4 a- `2 G7 G
GMP Securities continues "buy", 12-month target price is $26.50) i7 ]1 r `4 r$ Z
% f7 D1 R$ e2 s6 ~- iSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)% O4 h9 ?" |0 q) m F) w! E7 ? ^3 x
Held a sell-side lunch showcasing new U.S. team
4 W" c( Q3 @' zScotia Capital Markets maintains "sector perform", 12-month target price is $33.000 \% T9 V7 t3 ]- G/ x7 x1 C4 y
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Trican Well Service (TCW : TSX : $6.93)9 w. t( r p1 g4 x
Awarded Russian contracts0 e/ m; g9 G! y3 ~" x2 m
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
f& m" k! U9 O u# f+ l8 \Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
. a8 E- |! h; L, U; ~% w5 lRBC Capital Markets maintains "sector perform", 12-month target price is $10.00( \5 `4 z( O! [# \8 }
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Sino-Forest Corp. (TRE : TSX : $8.93)7 S Q. g+ e# p8 }; m3 g9 ]
Chinese furniture exports rose in November$ P f% E0 |$ x6 {, B% h
Dundee Capital Markets maintains "buy", 12-month target price is $23.50) Q$ ]; ?: y9 e1 b& u5 o
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UEX Corp. (UEX : TSX : $0.88)
v) v- H4 f/ n. p( |7 ^Shea Creek's two largest deposits have become one
0 p( Z5 D6 _! ]8 \5 t- qDundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)
$ ?; N: e! k n4 H& gReleased Q4/08 results: horizontal focus to continue in F09- ]) {- l$ B( k" L
Dundee Capital Markets continues "buy", 12-month target price is $8.00
& ^5 g* x3 d% V3 KGMP Securities continues "buy", 12-month target price is $7.50: Y1 m9 v/ f9 D: c% Y- [$ L n8 b
Paradigm Capital continues "buy", 12-month target price is $12.00
2 s7 m2 V7 A4 [6 Y( xRBC Capital Markets maintains "outperform", 12-month target price is $8.50' S# A7 h# K- ~0 t
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Wi-Lan Inc (WIN : TSX : $1.75)" B1 H! @$ M" t
Hit homerun with Samsung' q- r1 v: N2 \. @% i
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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