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Ear on the Street --- Jan. 16 2009; m- t* d& A: w6 G
S7 Z e% K( J+ sAbsolute Software (ABT : TSX : $3.36)! M! `1 g" N0 ]9 |5 @+ T
Bracing for a tough few quarters
' E% Y _ q; u" g+ w, V4 T+ L5 RCanaccord Capital maintains "hold", 12-month target price is $4.50
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/ F. r0 F, h6 c$ ^/ ~Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
# Y3 s7 H, N; o5 s7 J4 fGrowth outlook, challenging pipeline and high cost structure make future unclear
9 u$ c- w* \. h# w% R- b( r0 {1 z+ VBlackmont Capital continues "hold", 12-month target price is lowered to $48.00+ _) G9 C3 X' p w* k+ ?5 Q
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.002 o$ w0 g( h7 }% R# q! V
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Astral Media (ACM.A : TSX : $22.98)
- `* Q) a/ y; ^2 k" Z/ UReleased Q1/09 results: strong, in light of challenging operating environment
, j; c+ N8 m* `6 X* l! I. XBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.007 D3 P% u) d& D# y3 |6 Q
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00- U, ]# c+ J2 L {
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
4 P* d0 G) X) zRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
4 v& x" Y; h" }( Q9 ` e9 AScotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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' X7 G, n. q; I: |5 k6 E- dAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)6 W3 l' }5 h" G1 r6 m
Well positioned with gold production forecast to double this year and next
1 F. o! d# w X7 J: {5 a; iBlackmont Capital continues "buy", 12-month target price is lowered to $83.00( z# ]* A, G* y6 X
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00$ |# ]" d6 u( \0 ^: _0 i
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ARC Energy Trust (AET.UN : TSX : $17.15)
3 x+ e! ^7 v2 Q" M# h; n& y9 `& vReduced distributions by 20%; capex also cut
5 t6 y$ h' T7 b6 X: q% \RBC Capital Markets continues "outperform", 12-month target price is $19.006 ~ L9 j W* R( z3 }0 p
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Andean Resources (AND : TSX : $0.75)
& E ?$ H+ k) d4 {2 b- D$ mAnnounced F09 outlook: g/ V: L* s& y, q9 R" H: Z3 N
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
3 I, [ N! z3 e3 cTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00" J2 P; {4 ~1 H' A6 T
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Bombardier Inc. (BBD.B : TSX : $4.65)* Q& _! Z( H1 o/ Y2 m+ X
Rising challenges in Aerospace
$ v) e% n( U. L* AGMP Securities continues "buy", 12-month target price is $8.00
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! f b3 N5 q: QBank of Montreal (BMO : TSX : $31.84)' {1 d% T6 Y! I+ x! p
Acquiring AIG's Canadian life insurance business
' ^6 O4 _ P$ t0 STD Newcrest continues "hold", 12-month target price is $37.00
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6 U% S8 p, ]% M* v- M2 b7 W( _Cogeco Cable (CCA : TSX : $33.37)
0 m/ |2 L1 B( X5 \9 LQ1 review: Canada results encouraging, but Portugal remains a drag9 Z0 ?4 Y. e% k
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
8 e; \8 a/ b9 }4 h; s! q9 T+ T+ A$ @Desjardins Securities continues "top pick", 12-month target price is $40.007 n, C7 X, R2 O4 a6 D1 l
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00! D8 ~, p3 g" s8 y/ [* W0 w B( h
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)& B1 p, i$ ?9 |: i$ X' B4 c
Capital budget set to expected cash flow; production guidance lowered. @/ ]# p: V' a/ y" ^1 F) q% N3 f7 ?8 N
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)
8 q- h5 j: S% k6 g+ a! NStrong radio and cable drives 39% EPS growth- b) D- O& T! K- E$ N
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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, [6 w7 v; U% dCanWest Global Communications (CGS : TSX : $0.51)2 R6 L" x7 ]# N2 F
Taking action to address tough operating environment
, ?# \( S% M0 xBMO Capital Markets maintains "underperform", no target price reported
: \8 D+ v$ o: o% x* O, ?Credit Suisse maintains "neutral", 12-month target price is $1.00
/ l k8 @$ F1 m5 v' x7 KGMP Securities continues "reduce", 12-month target price is $0.50
4 c9 H2 I8 |0 |" u" d" C- yRBC Capital Markets continues "underperform", 12-month target price is $0.75
5 T6 x. M- A' O G/ f1 KScotia Capital Markets continues "sector underperform", 12-month target price is $0.50+ U! ]) P+ |: _2 Z2 l( n; @+ n
; f1 H4 l* x* F8 ^0 _Corus Entertainment (CJR.B : TSX : $12.47)
% y! k5 q' v$ h1 ~Q1 revenues in line, EPS beat. I1 ?% ]0 x2 A6 B
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00% v4 g3 j% D+ x. s& g$ E; a
Credit Suisse continues "outperform", 12-month target price is $20.00
. x; L& j8 t6 b; x- @7 f9 Q6 ~Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00& z* u5 ^: t6 q# g; H
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
, [( i8 b4 y2 S% t) L1 LRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50& z p4 v6 n( R4 q0 J2 b
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84): h+ S" d& c6 H
Held investor day9 E W; @- J. v! Y1 C
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00. a7 r" e2 d0 H, H6 I+ i- S! p
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
$ Z `2 ?& w' a! ?, OReduced distributions by 38%; guided for lower capex
3 Q# [% p9 F7 l6 d; o4 K$ L& WBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00. e1 N3 ~3 @. s8 E7 c8 e2 P. p
Dundee Capital Markets continues "buy", 12-month target price is $12.00
% [- T/ e- q# M: \" NTD Newcrest continues "hold", 12-month target price is $7.50, b" q. d" ? c& G; b! i6 i% p
- e9 c: _% J* F- MEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
# {0 }4 J- W/ A) A9 C1 a) eSteady market and currency tailwind
$ v4 }. V7 X9 Q' j- }+ P5 r% @TD Newcrest maintains "buy", 12-month target price is US$5.00
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Goldcorp Inc. (G : TSX : $29.74)
% i) r2 `+ P, J; \! V" l9 D" tRevised commodity forecasts
8 }; a8 i. D @) }1 HBlackmont Capital maintains "buy", 12-month target price is reduced to $49.002 d6 N' S9 ~; y, U
9 V' n# Z) V! s# hHeritage Oil (HOC : TSX : $3.77)7 w* `- b( n" h% h- ?4 y
Announced Ugandan commerciality on exploration success
3 I9 \' i6 M1 k' \* N! LTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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: Z; c! s$ h1 U! h1 D3 LHarry Winston Diamond (HW : TSX : $4.98)
; u) L% ]% C0 Q" bRetail division suffers1 r J( c* n- W* U
Desjardins Securities maintains "buy", 12-month target price is $12.60
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, v- q" [1 v* @# b* N6 f& SLaramide Resources (LAM : TSX : $1.84)* y/ D9 c. u; }0 }
Westmoreland provided more high grade at Redtree's Jack Lens
$ u7 y7 Y; ^- G; J# dDundee Capital Markets continues "buy", 12-month target price is $2.30* w& W0 U: R A! E
) X" r3 A3 O% v L/ D- ` bLockerbie & Hole (LH : TSX : $6.00)0 ~5 x3 W3 ?) w
Released Q3/09 results: very strong, focus should be on active backlog
7 M4 D- c! c) n- C6 IGMP Securities continues "buy", 12-month target price is $9.00
( I3 c w5 h4 ~4 k* Y# CRaymond James maintains "market perform", 6-12 month target price is $8.25
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)9 V$ o9 T8 }7 i$ c- R$ E5 o/ K
Reduced distributions by 70%1 F( d; e F" Y5 z7 o- O
RBC Capital Markets maintains "outperform", no target price reported/ V& t0 Y/ B, v" v
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50, b {% L2 Z3 R1 F( \6 w
) F( @% F$ r9 n" e+ wMatrikon Inc. (MTK : TSX : $2.04)
; H# E7 f; j% B t( ]Released Q1/09 results: a little light, but still respectable
3 O& }' ]# R: [$ V$ h0 p& jBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
% Z# G8 f$ S3 XParadigm Capital maintains "buy", 12-month target price is $4.006 O% d, P$ ^2 E
\ _1 I0 y5 _* EMullen Group Income Fund (MTL.UN : TSX : $10.97)2 @0 j4 g9 w5 F
Expecting lower CFPU on higher taxes
4 h; J% h8 Y: |) M- H1 oBMO Capital Markets continues "outperform", 12-month target price is $18.006 l' u1 m9 _& R; q! T8 p/ k
RBC Capital Markets continues "sector perform", 12-month target price is $12.004 w' O$ o( K/ } G" I# r
TD Newcrest continues "buy", 12-month target price is $17.007 G6 k0 f! n' J/ v/ s
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
# t3 G2 C4 V6 {& u9 h" zReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
7 v2 D% Y' M5 s' A2 \, ?- BBlackmont Capital continues "hold", 12-month target price is reduced to $1.25 Y. V" d W* K0 c0 B
Credit Suisse maintains "neutral", 12-month target price is US$1.00
6 ~& i7 d, P+ |8 H* X. o* u4 ?Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.803 p! ~' y( h- q1 L0 q
" h2 R1 y: j3 `- nNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
* s u3 s; ~3 U2 x. _( xDietary supplement business facing headwinds& C! c) w; {6 K9 i1 j& Y
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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, a# m8 Z0 f+ s, {7 U" gOpen Range Energy (ONR : TSX : $1.18), i- R9 i% c0 o+ ?9 K+ A* U
Provided operational update and F09 guidance+ _( ~! j/ _* z# S: \0 k& \
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)
/ N; v3 C9 _: `- wSouth Barnat resource around the corner5 I5 q" ?- C% F4 ?" K4 v$ L6 B
Paradigm Capital continues "speculative buy", 12-month target price is $4.75
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7 b4 ?2 g. F" G# v* E% y% r: EPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
& x3 j1 ^) {4 a/ ?# q1 R; g F) VProvided operational update
& H+ N- V0 ~0 c( N' \Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00( R* T" t: H3 U8 v0 u$ G
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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( T7 |0 w, z, i+ NParamount Resources (POU : TSX : $7.85)
$ j& M& p z% k$ {! t: wProvided operational update: Grande Prairie emerging as the key focus for F093 P: N' ~' t4 [1 U$ b$ @, i
GMP Securities maintains "buy", 12-month target price is $12.00 \2 d) d! @) u0 u1 T9 r8 I
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Rockwell Diamonds (RDI : TSX : $0.07)) D6 C* F% ^" u1 N$ i/ S
Operations starting to turn the corner
$ Q' ~* m# C! F# l% J$ O* D7 \8 bRBC Capital Markets maintains "outperform", no target price reported) w/ P7 _ n2 `3 G8 G2 z5 \$ Z
$ G6 Z( y, M! C: M a+ l* nShaw Communications (SJR.B : TSX : $20.13)
+ N- \- X( p- s1 d1 l$ d8 |Released Q1/09 results: in line, subscribers ahead
( h* W: b4 C; v) s& ^/ BCredit Suisse maintains "neutral", 12-month target price is $25.50' r$ m& X/ n4 Z
GMP Securities continues "buy", 12-month target price is $26.50& a% q/ a3 c0 X- s% ]2 i# U
! A+ W5 r+ _; ISun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
$ n, W8 r. E) b9 J0 u$ j2 {% nHeld a sell-side lunch showcasing new U.S. team
% H4 }, u! W0 [! {# M: YScotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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! T# t/ M+ W9 a6 L" p* Z1 m% ~- _Trican Well Service (TCW : TSX : $6.93)
0 x. W% R/ d8 R6 WAwarded Russian contracts
6 S/ Q/ O. f, V9 Q! l& @Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
' n2 w4 _/ n& \% Q+ c( fRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00
. t7 H+ F+ w; D# p6 sRBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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) A& K. \' Y" E; f( KSino-Forest Corp. (TRE : TSX : $8.93)
1 g" R }& f! `, V* @Chinese furniture exports rose in November
6 {! j# [' c" m2 q# }/ d6 A% GDundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88); y3 B( ]2 W* |6 l2 k
Shea Creek's two largest deposits have become one
# m& d% m1 R! I$ E1 J" PDundee Capital Markets maintains "buy", 12-month target price is $2.759 D- p. @3 N1 h
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Vero Energy (VRO : TSX : $4.72)
- R% ]' {5 f- S. G; u6 q/ ]Released Q4/08 results: horizontal focus to continue in F09+ D2 ]8 A6 @3 g- c6 c
Dundee Capital Markets continues "buy", 12-month target price is $8.00: h X% [& ?; C+ _+ H7 S0 H
GMP Securities continues "buy", 12-month target price is $7.50: j' e* {2 D" U" P4 q1 ?
Paradigm Capital continues "buy", 12-month target price is $12.00
' H- W2 C" z) c5 V3 a+ K0 r2 N+ ]4 ORBC Capital Markets maintains "outperform", 12-month target price is $8.50 a) i B9 e' C3 Z! a9 i( ~
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Wi-Lan Inc (WIN : TSX : $1.75)8 U+ H6 z: p; u6 r5 o4 q1 \" V7 V( |
Hit homerun with Samsung
- {7 e7 `0 f& n! s0 ?2 dParadigm Capital continues "buy", 12-month target price is $3.50 |
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