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Ear on the Street --- Jan. 16 2009
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1 T+ ]# A# E! J# r3 r2 g8 NAbsolute Software (ABT : TSX : $3.36); G% [3 r8 |7 O" c: X, c7 i x
Bracing for a tough few quarters2 g# H' m) z3 P# F* Q% k
Canaccord 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)
2 P5 J' J& F) \- @1 oGrowth outlook, challenging pipeline and high cost structure make future unclear0 ^# ]4 E1 g+ S5 O: _
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
, O) T& S+ C% R7 B! f! hTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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Astral Media (ACM.A : TSX : $22.98); S0 u" D5 T% S+ e
Released Q1/09 results: strong, in light of challenging operating environment
* b) U% O! k; A7 qBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
1 o, E5 z: Y. Q+ z% t. @Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00- ^# f( ?0 T: {$ T# j0 a# P5 k. d2 W
GMP Securities maintains "buy", 12-month target price is reduced to $30.00# j; \4 E3 H- l/ M* @
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
( e1 q; O, x% Y" J: Z) }Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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) v* ?' E$ {/ b0 ^Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
% f; ~0 U3 \% ?* n# V x( _; x d; lWell positioned with gold production forecast to double this year and next
6 [2 q( h- Y5 s6 v* s/ CBlackmont Capital continues "buy", 12-month target price is lowered to $83.00
; ]) A/ B0 T! B j! g2 ^TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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/ p D; m1 _* t: { R7 nARC Energy Trust (AET.UN : TSX : $17.15)" m. I$ p* b/ i% B" `1 p; v
Reduced distributions by 20%; capex also cut# U2 M( |* q: T7 c; }4 E) l
RBC Capital Markets continues "outperform", 12-month target price is $19.00/ H" f1 [4 K. M9 M' I* [1 b
; E* s6 n5 x) ^: _+ i' o7 {* HAndean Resources (AND : TSX : $0.75)
0 ]* {) |1 d& ]& Y2 o8 r% m+ e4 t9 E/ DAnnounced F09 outlook, w& c) _2 L7 P8 l7 v2 B
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
5 y' f- l v% G* M2 RTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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Bombardier Inc. (BBD.B : TSX : $4.65)4 }9 Z8 ~5 x' v8 o- p3 C4 t: z
Rising challenges in Aerospace
& E' u9 N( ?9 \! fGMP Securities continues "buy", 12-month target price is $8.002 f) L: q5 \" i9 a; n
& Y! C- \' E, S' YBank of Montreal (BMO : TSX : $31.84)
1 E7 l: U9 E& _( z( C" eAcquiring AIG's Canadian life insurance business
3 y. J& E+ W" }6 @! OTD Newcrest continues "hold", 12-month target price is $37.00* z: `, g: C. }
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Cogeco Cable (CCA : TSX : $33.37)0 b" l M, C" n
Q1 review: Canada results encouraging, but Portugal remains a drag
+ n0 M, i) v1 T* sBMO Capital Markets maintains "outperform", 12-month target price is $46.00
3 U! Y; {0 r6 nDesjardins Securities continues "top pick", 12-month target price is $40.00
& \, D+ Q. @ f: a$ A2 v% JRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
( p: w( m8 M( {+ T' |8 E& YScotia Capital Markets continues "sector outperform", 12-month target price is $55.00% D& o/ C- }( [
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Corridor Resources (CDH : TSX : $2.45)+ a- z2 j+ p* z3 r
Capital budget set to expected cash flow; production guidance lowered
+ ~, f& M, ^6 ^4 L: e6 [1 ~% |RBC Capital Markets maintains "outperform", 12-month target price is $4.25- i3 x0 Q$ z+ g# }4 V: ?
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COGECO Inc. (CGO : TSX : $25.14). @4 y' f4 X' b- |- S
Strong radio and cable drives 39% EPS growth
6 S4 p4 p2 A6 J, Y" Q, mScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)
$ Y7 ?; r7 D+ k, FTaking action to address tough operating environment
6 @/ r9 [1 ]3 L* E8 k6 a6 a+ fBMO Capital Markets maintains "underperform", no target price reported
# a+ s; d0 q" }4 B# a6 ]Credit Suisse maintains "neutral", 12-month target price is $1.00
1 a4 ~5 B, A c: Y/ |' C/ { tGMP Securities continues "reduce", 12-month target price is $0.50
- B& Q. C$ O. d) j+ RRBC Capital Markets continues "underperform", 12-month target price is $0.75
% j; Z Z, V rScotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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( U; X$ T$ k# \+ Z0 n- QCorus Entertainment (CJR.B : TSX : $12.47)1 J3 I2 u1 G% v s$ V- X% Y% E
Q1 revenues in line, EPS beat
* q1 M: M) e" r1 ^. N7 h1 tBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
: r7 y6 i A+ `# GCredit Suisse continues "outperform", 12-month target price is $20.00
& N5 h- U7 i* P& B9 w9 A$ MDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00
' D% i$ h7 r5 eGMP Securities maintains "buy", 12-month target price is reduced to $17.00
2 M/ J# c; z: E4 m1 H/ LRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.502 g. Y/ z; z* L* _/ [1 r9 y
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)) d1 o" \1 @: l# b1 l
Held investor day
8 @9 v$ N: u, ? i6 bScotia Capital Markets maintains "sector underperform", 12-month target price is $11.001 @4 C: P7 ?$ R
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
8 z3 a$ ^& d6 t% j/ i9 bReduced distributions by 38%; guided for lower capex
! Z: ]9 t" w& U4 [+ I' a; O0 xBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
S8 O4 q6 r9 r7 k" b- NDundee Capital Markets continues "buy", 12-month target price is $12.00
6 O" P! A- s; [$ ?# R4 YTD Newcrest continues "hold", 12-month target price is $7.50
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9 Y' D- k; O3 @' z; ZEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
$ ~9 Q v7 J9 Y# m% Z& \9 x/ USteady market and currency tailwind
- T. o. M) L$ a9 o- u$ G k. @TD Newcrest maintains "buy", 12-month target price is US$5.00! ^* d% t) O7 c; }& L
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Goldcorp Inc. (G : TSX : $29.74)
/ o, j7 E5 O8 D: qRevised commodity forecasts
, S3 ^5 L) X o0 y1 I5 ABlackmont Capital maintains "buy", 12-month target price is reduced to $49.006 M- x5 I1 |7 m; x
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Heritage Oil (HOC : TSX : $3.77)3 s3 C' @7 o5 H9 {0 |
Announced Ugandan commerciality on exploration success/ B. L; d7 ~* r- n- k' v6 _
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50% B( k& P) e2 `* \. @( O+ H2 }
2 Z- S+ P5 H7 T' c% |Harry Winston Diamond (HW : TSX : $4.98)/ D) R7 F' e; _
Retail division suffers
/ s5 B3 [2 b0 g) [' c) KDesjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)
$ H- G! l# i- j& q# q# T0 H4 OWestmoreland provided more high grade at Redtree's Jack Lens
4 c* t% Y1 ^3 c5 I" W8 \8 jDundee Capital Markets continues "buy", 12-month target price is $2.30
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Lockerbie & Hole (LH : TSX : $6.00)# h8 J$ [9 F: Q! k0 ~9 O5 o
Released Q3/09 results: very strong, focus should be on active backlog
2 s' `, r1 c' oGMP Securities continues "buy", 12-month target price is $9.00: R2 l/ s1 ^( m. f% C* \7 W3 U/ H9 A
Raymond James maintains "market perform", 6-12 month target price is $8.25
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; R* P8 S" M$ }Livingston Intl Income Fund (LIV.UN : TSX : $6.00)
! J% C$ N( O% i! D5 L5 MReduced distributions by 70% E4 n4 g2 q8 p; u3 C4 f3 Z; \
RBC Capital Markets maintains "outperform", no target price reported
c! l" S2 I' A/ N6 aScotia Capital Markets continues "sector underperform", 12-month target price is $6.507 h! B& V% p: k8 A2 |
p" F6 D3 V# M, |+ H2 Q6 bMatrikon Inc. (MTK : TSX : $2.04)
1 m/ {# D) o; |& S- Q; qReleased Q1/09 results: a little light, but still respectable! E( _/ u9 |/ @+ a
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
8 f* t3 c. X! L9 MParadigm Capital maintains "buy", 12-month target price is $4.00
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# i; k% r0 I. p% g5 O) NMullen Group Income Fund (MTL.UN : TSX : $10.97)
, W1 r% O: p9 q& |: M& eExpecting lower CFPU on higher taxes
" H' t# m6 ^7 r3 K1 y+ k% iBMO Capital Markets continues "outperform", 12-month target price is $18.00$ w8 O* \3 w3 G
RBC Capital Markets continues "sector perform", 12-month target price is $12.00; K; U( B( c% |: M5 c0 `/ r6 |8 {
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)9 O0 n R* @! L5 G& z- u
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
+ X0 s; } X2 f" D) w5 d8 {Blackmont Capital continues "hold", 12-month target price is reduced to $1.25" E3 B0 R' y+ L( a m
Credit Suisse maintains "neutral", 12-month target price is US$1.00
: E( S/ `$ W% y- \# H* R: E XScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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& z7 [2 K: i$ s& e9 @( cNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
+ z* ~) W% o: r( VDietary supplement business facing headwinds
# S, h; w# A1 W: `$ Z4 }Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00; {) I: a' `0 Q; @2 ~
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Open Range Energy (ONR : TSX : $1.18)2 }$ Y# C+ z3 d6 m" f r
Provided operational update and F09 guidance+ H- g, H6 J1 n0 ]
Haywood Securities continues "sector outperform", 12-month target price is $3.25! }; L+ X% p) `
+ {) C! T( ]4 V4 {( x5 s* \Osisko Mining (OSK : TSX : $3.13)8 N% p$ V& w& @% @/ `$ b3 N% p" |4 a
South Barnat resource around the corner
* z0 |; l2 [2 `, C; Q4 YParadigm 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$13.75)
* `+ }5 |" C U% L( p$ q* fProvided operational update
- g; y5 {+ T" l- @, g7 d S4 MBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00
* g% \! Q. z- ~5 fTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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2 D; P7 e) e/ Q8 q( FParamount Resources (POU : TSX : $7.85)( y0 k! R* {( `6 P! f. S# U3 y7 ~
Provided operational update: Grande Prairie emerging as the key focus for F09
& Y0 i% n0 ^; J1 v5 w9 }8 W: O. JGMP Securities maintains "buy", 12-month target price is $12.005 z* P3 G+ n6 ]" A: W
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Rockwell Diamonds (RDI : TSX : $0.07)
% u% ?, x Q; ~' n% sOperations starting to turn the corner3 T! p. A3 q. n
RBC Capital Markets maintains "outperform", no target price reported
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Shaw Communications (SJR.B : TSX : $20.13)- T) a- j9 |6 h: ^8 j7 W
Released Q1/09 results: in line, subscribers ahead
; S L g( l6 M+ I9 s9 Z8 iCredit Suisse maintains "neutral", 12-month target price is $25.50
% G4 D! H3 B% t% XGMP Securities continues "buy", 12-month target price is $26.50
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* R$ _7 N! M( C6 TSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)/ Y+ r$ y3 q) `. M" P
Held a sell-side lunch showcasing new U.S. team( g$ e" ^& T( [1 d1 e" |
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.006 P( ?& l; w; Q) H. c; x
( j1 w, Y }: d: s' p4 {Trican Well Service (TCW : TSX : $6.93)
% a" r5 W2 r- L9 LAwarded Russian contracts
7 d# B, N6 Q# |( l) YBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75/ {3 V* |% R: n5 { N6 U3 i9 ?, M: c. |
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
) x( J1 O( [& I& fRBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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Sino-Forest Corp. (TRE : TSX : $8.93)
6 b- A3 j A8 P' } Y0 sChinese furniture exports rose in November
# y# E; Z, p, b$ l6 ~# ^Dundee Capital Markets maintains "buy", 12-month target price is $23.506 i1 Y$ e# i! R& S! F
, n' W. O# P" Q+ }4 `: AUEX Corp. (UEX : TSX : $0.88)1 _9 |9 P, G) Y: \: z
Shea Creek's two largest deposits have become one7 @3 ?; J! S, n0 s
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)& Y8 T: d& h v6 ~& Q- C
Released Q4/08 results: horizontal focus to continue in F090 E, F; @* K! ~
Dundee Capital Markets continues "buy", 12-month target price is $8.002 o- y% X5 T! n7 F2 @# Q
GMP Securities continues "buy", 12-month target price is $7.501 _$ s/ T& ~) w+ z( o
Paradigm Capital continues "buy", 12-month target price is $12.00
' t7 V* W; T8 g1 xRBC Capital Markets maintains "outperform", 12-month target price is $8.50
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5 f5 a) h5 H% i1 H' G YWi-Lan Inc (WIN : TSX : $1.75)
5 Z5 t/ T% P c8 wHit homerun with Samsung
6 b2 R2 x6 W( f, O4 w$ `Paradigm Capital continues "buy", 12-month target price is $3.50 |
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