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Ear on the Street --- Jan. 16 2009
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! T- U) p! X& K: W: [3 |: F& u$ fAbsolute Software (ABT : TSX : $3.36)
. G/ X3 |+ x+ C: E! Y' ^7 d7 n* hBracing for a tough few quarters
/ d4 G9 N) I% f k: o5 SCanaccord 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 U" j# f( Y! s7 ?0 z
Growth outlook, challenging pipeline and high cost structure make future unclear, l. v' @( A% A/ j
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00$ `" W5 N( `0 V5 ]5 P0 `
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00+ F* h/ ^. h2 X6 q* Q3 X8 x: o: k/ m
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Astral Media (ACM.A : TSX : $22.98)
' @5 y! e4 ?4 a# @5 K& bReleased Q1/09 results: strong, in light of challenging operating environment
/ K! @4 E# S: hBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.003 I" g: b# X! S7 j" ^8 R* A% w( ], } l
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00- i# s5 F: B6 t) w
GMP Securities maintains "buy", 12-month target price is reduced to $30.004 C; h9 G- L: e! ?
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
m& U" o; `' Z1 x# o. @( XScotia 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)
8 R, E: C2 f1 ~, C) F( g5 W( vWell positioned with gold production forecast to double this year and next d! z+ D, x1 ?: c9 l/ K" p% u
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00" A$ g+ [ N( `. X/ [
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)0 ^3 k4 F l/ u
Reduced distributions by 20%; capex also cut" F: \5 h5 S% ~& s" J8 v8 B
RBC Capital Markets continues "outperform", 12-month target price is $19.00 R2 B4 _* B! f! M& q! p# J8 a
' M" ~7 I) X& a* r3 eAndean Resources (AND : TSX : $0.75)
8 \+ z' s' b+ T' Y+ _5 @Announced F09 outlook
' D# w. Q4 Y2 ]/ f2 f. C; _& \* @Paradigm Capital continues "speculative buy", 12-month target price is $2.25
2 G9 ?) |5 h7 s P# c! b" h4 XTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00! H! a, c- A% S$ V* j, i
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Bombardier Inc. (BBD.B : TSX : $4.65)
# Z. V e+ l% i" F4 d2 E0 ?2 TRising challenges in Aerospace; J! h0 \% Z1 n7 S) m+ B9 x
GMP Securities continues "buy", 12-month target price is $8.00, |, Q9 M+ {# T1 ~2 V$ A
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Bank of Montreal (BMO : TSX : $31.84)0 V* E: F5 p) b+ _8 F q
Acquiring AIG's Canadian life insurance business5 s. B5 h3 i+ P- H1 v+ G2 t6 E3 T) j
TD Newcrest continues "hold", 12-month target price is $37.00# e4 k( y, J8 c" i5 Z5 n3 C
8 C+ `/ V1 a9 w1 }1 P- }4 }1 gCogeco Cable (CCA : TSX : $33.37)/ n% O. v; c/ j9 q, M/ L/ j
Q1 review: Canada results encouraging, but Portugal remains a drag; @' s* H4 B0 A) E- |9 a; [2 p$ g
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
4 a" t# c- E- z$ F1 f rDesjardins Securities continues "top pick", 12-month target price is $40.00
7 y# t4 R9 s& w5 O' KRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00% T* \3 f/ l6 u. ~* d
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00* I% \2 {! L( B& D# w$ h( r
/ I' [! D4 h J% |" t7 ~Corridor Resources (CDH : TSX : $2.45)2 q8 X: r1 E, _
Capital budget set to expected cash flow; production guidance lowered2 u% u2 N8 X: z6 }1 t0 p
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)/ {" [) a( K" J9 [( S: O6 U
Strong radio and cable drives 39% EPS growth
( g7 n0 v5 i% m' j# LScotia Capital Markets continues "sector perform", 12-month target price is $45.003 m8 t2 ^. w0 t& T% Y
7 s1 ~- v$ K: S$ H5 X3 q- }4 WCanWest Global Communications (CGS : TSX : $0.51)
7 d) N. e, E# N+ RTaking action to address tough operating environment
; D5 i8 G; w. F% m9 fBMO Capital Markets maintains "underperform", no target price reported
- z. E! ?- T. ^. y: E3 R# X& u1 cCredit Suisse maintains "neutral", 12-month target price is $1.00
% A6 _2 ~% k" j' @# ?- }: [7 u" @$ SGMP Securities continues "reduce", 12-month target price is $0.50, a0 U7 k/ r+ l% ^$ C
RBC Capital Markets continues "underperform", 12-month target price is $0.75* V# Q k5 I4 X# B- E5 A3 x
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50; Y U4 L0 d$ a! K
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Corus Entertainment (CJR.B : TSX : $12.47)7 t( S5 C4 v4 @7 R- r$ ?/ m
Q1 revenues in line, EPS beat
1 U+ [* Z( N. { B( O6 Y+ B. ^BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
1 [0 E2 P; X7 D8 H9 ]3 zCredit Suisse continues "outperform", 12-month target price is $20.00" f) }" X$ T( I5 e7 R! |
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00! v, ]( Y2 \; X. y9 }4 Q5 n: q
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
9 d. \2 J- n2 r' `" _# o: x' gRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
: R! Z& l; Z. Q" XScotia Capital Markets continues "sector outperform", 12-month target price is $18.00$ s( U1 [' t9 V8 X
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Calloway REIT (CWT.UN : TSX : $11.84)
9 N8 z6 x7 x# Y. s7 vHeld investor day! n9 m0 U; n! `, I
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.002 F) b% J7 b6 e! `3 Q+ [
; N! V. I2 P4 ?0 {7 M: }' a. BDaylight Resources Trust (DAY.UN : TSX : $7.77), P3 ^- U# x# ~7 ^4 U( ], D8 f; B
Reduced distributions by 38%; guided for lower capex
$ w4 Y4 c3 u3 z7 s; gBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
* `; ?& V+ v1 M+ p# t$ r3 yDundee Capital Markets continues "buy", 12-month target price is $12.00( P3 h: A. A% f& Q0 B' x
TD Newcrest continues "hold", 12-month target price is $7.508 p) D& v1 M8 P
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
2 } y0 e0 s% A) ~0 Q6 z9 g5 w) YSteady market and currency tailwind. ?* n) ?5 D% E- o, s2 j
TD Newcrest maintains "buy", 12-month target price is US$5.00
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9 K# q3 u! p# Q% T+ d, V8 x! MGoldcorp Inc. (G : TSX : $29.74)$ J( D2 H$ D6 B2 N6 r- ~. w
Revised commodity forecasts; q$ b5 w% v" n' g! h( [! D y
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)
' c5 e- I7 t' h& ]Announced Ugandan commerciality on exploration success$ X( l; z' ]9 Y) j' X+ k
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50 U$ @7 k6 c$ O: u3 ~
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Harry Winston Diamond (HW : TSX : $4.98)& v! d. q, H' T8 \% ]2 t
Retail division suffers
+ S* b ~4 _8 g" u" Z4 c/ VDesjardins Securities maintains "buy", 12-month target price is $12.60, } a% s( [: c" [: U; F
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Laramide Resources (LAM : TSX : $1.84)
3 }& j4 j+ S" \' y$ hWestmoreland provided more high grade at Redtree's Jack Lens4 d5 i" p4 W A1 u
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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! G3 B1 Q7 X! |" `( W# B \Lockerbie & Hole (LH : TSX : $6.00)
! ^3 X2 W4 n, e; q B g' @; h3 ]Released Q3/09 results: very strong, focus should be on active backlog
, N3 d0 e* t8 h7 H8 B6 @' I7 b2 P9 T1 QGMP Securities continues "buy", 12-month target price is $9.00( ?8 y6 ~. V: w7 f
Raymond James maintains "market perform", 6-12 month target price is $8.25& r; |& i0 P9 K7 [* {1 V
/ c: l. V. A+ ELivingston Intl Income Fund (LIV.UN : TSX : $6.00)2 _# f: Q7 ?0 h7 C
Reduced distributions by 70%
9 `3 s3 ]2 D: j' o& X1 e0 KRBC Capital Markets maintains "outperform", no target price reported+ Z% d3 d% @6 w5 V4 s
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)
+ c; A) H0 N; Q8 P) M# hReleased Q1/09 results: a little light, but still respectable$ u9 Z3 ]; p+ L7 r: r4 s& [
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50* z$ O h/ O8 `, y
Paradigm Capital maintains "buy", 12-month target price is $4.00: h7 {/ d0 ~. }
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)9 ^- U2 l& [: `. A$ m3 C
Expecting lower CFPU on higher taxes( v& }' g8 o! `4 s1 P; f/ E; \
BMO Capital Markets continues "outperform", 12-month target price is $18.00
' R( L' W0 C- x7 z& o1 tRBC Capital Markets continues "sector perform", 12-month target price is $12.00
( J8 q/ I; q, }8 Q3 |4 |+ X6 wTD Newcrest continues "buy", 12-month target price is $17.00! [1 `. _8 k3 D. W2 F+ `
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
2 k+ h' n# k. a! aReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
, u& O( n/ j* r% uBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
7 ], l1 {% x5 K3 d5 f3 A5 W4 ]! D! jCredit Suisse maintains "neutral", 12-month target price is US$1.00( M& }" a7 ^. g9 k3 i
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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) \% D- x& }- q" _Neptune Tech & Bioresources (NTB : TSX-V : $0.79)
) S9 T5 V# p7 ZDietary supplement business facing headwinds
L! o4 q2 u, |/ Y7 c6 W# HParadigm Capital maintains "buy", 12-month target price is reduced to $4.00 i% Y5 S l1 Q& I- C
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Open Range Energy (ONR : TSX : $1.18)
0 v/ e+ g" E0 v5 FProvided operational update and F09 guidance
6 R8 [0 Q2 r; o/ u1 q+ h; ^+ q. sHaywood Securities continues "sector outperform", 12-month target price is $3.25
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2 W; i. E: y' z2 D G; t: oOsisko Mining (OSK : TSX : $3.13)
- j9 E3 T6 w! U3 fSouth Barnat resource around the corner- _0 `0 K/ |* n4 [- i! J
Paradigm Capital continues "speculative buy", 12-month target price is $4.755 y5 S' R; D0 m+ m6 y
$ ?1 w3 v. z/ U5 Z( b6 a' nPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
9 a6 w/ K9 V: `8 }Provided operational update7 R* c% Y, C1 J; q* z( G+ t" ~
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
- V" J6 O3 a1 q5 {1 O8 A) E# uTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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' z3 P0 [+ m# C. A; x4 cParamount Resources (POU : TSX : $7.85)! S! c- u# ]4 C# y, R
Provided operational update: Grande Prairie emerging as the key focus for F09& b" A) o/ T# e1 b L* n
GMP Securities maintains "buy", 12-month target price is $12.007 Z4 B, P5 i, M7 n! D
. z# F P; q9 O* k, ZRockwell Diamonds (RDI : TSX : $0.07), q- L y2 A }# s6 z g e
Operations starting to turn the corner
/ X K6 S) A# w2 ~7 I, l( MRBC Capital Markets maintains "outperform", no target price reported
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& j' i& e% T/ L0 r& d. E8 g& UShaw Communications (SJR.B : TSX : $20.13)
4 N" m/ A; @% NReleased Q1/09 results: in line, subscribers ahead
/ I z D1 ?8 }$ ^+ t4 {0 m) [Credit Suisse maintains "neutral", 12-month target price is $25.50" K6 E9 b) m0 b' e* Y
GMP Securities continues "buy", 12-month target price is $26.50
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)8 G7 S" ?0 Z1 W$ x) G' |" N
Held a sell-side lunch showcasing new U.S. team h7 m( v9 L5 D# W; ^
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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Trican Well Service (TCW : TSX : $6.93)/ o) j: @1 E7 k {, Y) {; |2 G
Awarded Russian contracts- M/ v; L0 o, { I# A0 H
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75- U% {; U# C, u/ X1 s
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
) @. q: v7 h* e% }% F2 l1 sRBC Capital Markets maintains "sector perform", 12-month target price is $10.002 Z) p+ I9 D N }: V
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Sino-Forest Corp. (TRE : TSX : $8.93)
. p( }1 [( V% i) kChinese furniture exports rose in November
0 y) u* ?: s) @- h, XDundee Capital Markets maintains "buy", 12-month target price is $23.50
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0 `1 e6 X+ \9 o* [: SUEX Corp. (UEX : TSX : $0.88)" b9 N% }, S; k; Q9 G
Shea Creek's two largest deposits have become one
' r7 Y6 n, R6 nDundee Capital Markets maintains "buy", 12-month target price is $2.75
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$ N2 |- l) I9 a2 M9 Y: B) I- XVero Energy (VRO : TSX : $4.72): e6 f9 x+ G- j/ l4 z. ~, A9 x
Released Q4/08 results: horizontal focus to continue in F09' e& f a$ c8 S" \
Dundee Capital Markets continues "buy", 12-month target price is $8.00( k/ V/ D3 u A# K7 I, a) b3 N
GMP Securities continues "buy", 12-month target price is $7.50; V* Z4 ?, U7 C* Z. v9 {5 l
Paradigm Capital continues "buy", 12-month target price is $12.00
* I: }7 U7 F7 ?" ERBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75)
! S# G+ c1 p: Q9 c+ I7 qHit homerun with Samsung- S; ? |# p1 y* p: \/ e6 v
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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