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Ear on the Street --- Jan. 16 2009/ K5 K6 V/ K) K2 \2 O1 i
5 J4 \( C4 T7 a" m- ~Absolute Software (ABT : TSX : $3.36)4 d6 S6 `2 i6 u# C# ^ L( s) f
Bracing for a tough few quarters5 b. r ~/ J8 Q1 V. `: n1 ]
Canaccord Capital maintains "hold", 12-month target price is $4.50( l) v# v7 M F3 v6 {, R
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
* f$ I& ]3 M" x' V& {+ NGrowth outlook, challenging pipeline and high cost structure make future unclear. d( S: u& A. J
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
& G' l: p0 _# z5 Y- bTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.007 k" k4 J; b* M4 h+ }: m" S+ d$ A
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Astral Media (ACM.A : TSX : $22.98): E+ u; ^3 {8 _: `! y, U
Released Q1/09 results: strong, in light of challenging operating environment
0 l% g* J0 S/ H% b+ H8 [) ?BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
( w( b8 G/ R" k" O6 ~' UDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00
# n" V- w5 o' q. Y8 GGMP Securities maintains "buy", 12-month target price is reduced to $30.00
: ?0 h0 c' L6 v. ]" Q. lRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00) r" N& Q9 L$ v( U9 Z0 V- F8 {# m: }
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.008 C" R- k z0 V4 w2 X. J
+ i U: U- I4 S, ZAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
/ |1 O; z2 j7 }) eWell positioned with gold production forecast to double this year and next) a$ P3 D& s% u: k$ V
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
& T% Q# S" s' @' s) k' ?. I2 P* \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): c8 L' B H# v" c6 ~% j
Reduced distributions by 20%; capex also cut
$ i; ]/ ^8 w# F. Q8 g, {RBC Capital Markets continues "outperform", 12-month target price is $19.00* E. f b, P+ o# b3 Q2 V' i
( m" w2 ?; [2 f1 ]2 Z6 aAndean Resources (AND : TSX : $0.75)# k% N) K- t+ K! p- @
Announced F09 outlook' R4 J5 E! ]6 Q3 M4 ]) E; ?: x% d! C
Paradigm Capital continues "speculative buy", 12-month target price is $2.250 O, Y1 ~9 @; ^, d
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.008 M' {/ v5 j, _' U
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Bombardier Inc. (BBD.B : TSX : $4.65)* o8 O* M) e* D" v6 W
Rising challenges in Aerospace
# `1 o& q3 U6 p9 Z/ \GMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)
# d U" P1 Y$ C7 CAcquiring AIG's Canadian life insurance business; B( q4 C2 j$ r( h5 f G( n
TD Newcrest continues "hold", 12-month target price is $37.00" O4 R; [, Z3 q4 g1 I) c( @$ H B
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Cogeco Cable (CCA : TSX : $33.37): G2 u) _$ O* }+ |1 f$ P
Q1 review: Canada results encouraging, but Portugal remains a drag/ w& @0 I2 s9 u& k+ \
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
7 l9 i* T6 H0 p4 S3 e1 y" NDesjardins Securities continues "top pick", 12-month target price is $40.00
- u; c- W. d* Y. {0 f; k/ URBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00: s8 \$ C t- g& {/ [1 m
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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$ \4 U$ {6 \$ X* JCorridor Resources (CDH : TSX : $2.45)
2 l) w% g8 A! q$ c3 @6 rCapital budget set to expected cash flow; production guidance lowered
. Y9 w3 N: {- ^RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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3 Y) S: K; S5 O3 L% c2 m( GCOGECO Inc. (CGO : TSX : $25.14)
% {- v8 p4 n( V9 ?$ KStrong radio and cable drives 39% EPS growth+ b: U# C% K; Y% m
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00) s+ U7 U9 x8 o) ]; G- D% c
0 y6 m2 j1 O$ q) W( [/ G* O" gCanWest Global Communications (CGS : TSX : $0.51) [: w% J C7 P4 ~' g/ g
Taking action to address tough operating environment
5 I( F5 W, ?4 y8 bBMO Capital Markets maintains "underperform", no target price reported4 y; B7 a/ n" H( M" O* F+ [; X
Credit Suisse maintains "neutral", 12-month target price is $1.00
* o+ \7 y4 k; s& Q D; jGMP Securities continues "reduce", 12-month target price is $0.502 K+ C ~6 u5 C. n2 N o! j# v
RBC Capital Markets continues "underperform", 12-month target price is $0.75
" V# O( S& D$ s/ A- v8 n2 j* L! uScotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)% p/ `3 @! y& y; \/ h
Q1 revenues in line, EPS beat
& p* f" k( \( J- tBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00/ I' B4 Q. e$ g0 [7 S
Credit Suisse continues "outperform", 12-month target price is $20.00, L, m# J* c; h* s9 e
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
' z; t% C* S* A- w7 jGMP Securities maintains "buy", 12-month target price is reduced to $17.00
3 [& ~; `( M0 X0 X/ z/ PRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.502 q' @1 V# B7 v& A
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)6 I1 L+ c- b+ q0 R' V& ?2 I3 _# x
Held investor day6 A3 T' \- t. ] b, r, V/ Y, \' z4 m
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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Daylight Resources Trust (DAY.UN : TSX : $7.77)$ k' o1 S: [& K; M) `6 O" \
Reduced distributions by 38%; guided for lower capex
9 L' ~4 z3 ]9 F& x; n+ f; BBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
: Y: l6 \0 s- q) c7 ?2 `Dundee Capital Markets continues "buy", 12-month target price is $12.00$ [ b3 z8 k i' S% F0 q5 a7 p
TD Newcrest continues "hold", 12-month target price is $7.50
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
* _: [. d& S- F+ \/ ?7 F5 R: T! fSteady market and currency tailwind
2 \. ], n2 u w5 h9 b' CTD Newcrest maintains "buy", 12-month target price is US$5.00+ H/ y) D' r+ `8 [: b
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Goldcorp Inc. (G : TSX : $29.74)' s+ v9 S( P4 i5 f/ v
Revised commodity forecasts
8 Y# F& ^8 [& Q) O0 G: F$ D, C8 GBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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3 ], X; y: }* N' C: X" J. DHeritage Oil (HOC : TSX : $3.77)
8 i! t" q9 _# v p+ D& L" M9 U, q6 hAnnounced Ugandan commerciality on exploration success* K8 J% s& N1 @6 v
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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/ N; t2 |; o/ w3 i: zHarry Winston Diamond (HW : TSX : $4.98)
) |( h2 k2 x& |: v) k# x% uRetail division suffers
- T! s$ Z+ r! XDesjardins Securities maintains "buy", 12-month target price is $12.60
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2 X6 S3 O$ Q" B: M. R, FLaramide Resources (LAM : TSX : $1.84)& ~: [& D& u/ Q9 b! o
Westmoreland provided more high grade at Redtree's Jack Lens3 k, N3 d5 |4 v4 @5 }" g8 @+ ~
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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# N8 b, S6 c. [0 n/ j- B1 @Lockerbie & Hole (LH : TSX : $6.00)
, n; @* }7 f" N8 F) GReleased Q3/09 results: very strong, focus should be on active backlog
6 e2 G& Y+ \( H8 y& \" G$ xGMP Securities continues "buy", 12-month target price is $9.004 M0 \# a$ f$ v% M' ^
Raymond 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). G0 P+ N3 R5 E' e7 P, ^% X
Reduced distributions by 70%
7 [9 I ^: D6 j: eRBC Capital Markets maintains "outperform", no target price reported/ M) D1 j6 p/ v8 A
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)& Q( D; [. t0 t
Released Q1/09 results: a little light, but still respectable* H Y8 p. S. R, e6 \
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50, S5 ~7 h4 J8 A/ f
Paradigm Capital maintains "buy", 12-month target price is $4.00
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6 i- Q# }% Q& |- w6 S0 hMullen Group Income Fund (MTL.UN : TSX : $10.97)
7 [* k0 ^+ R" A# w" f$ ]Expecting lower CFPU on higher taxes$ b: @ D1 b" @/ C; r
BMO Capital Markets continues "outperform", 12-month target price is $18.00
+ g6 l3 w! W2 @. ?RBC Capital Markets continues "sector perform", 12-month target price is $12.003 B. T h2 |* V8 E0 P! A ~
TD Newcrest continues "buy", 12-month target price is $17.00 T, O$ A) X1 _2 N6 i
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)) R1 F; \2 n; N. a1 j* H
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain3 n; n+ r! T4 j2 A) l) Y; t5 q) ]' O
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25! F- s, K* h! }* M
Credit Suisse maintains "neutral", 12-month target price is US$1.00
4 ~5 o& S# `) k- {5 `Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80; I: _# x+ Z. p6 j
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)! `4 a; v/ D# |) w
Dietary supplement business facing headwinds& G4 H6 r9 E; y+ w# B+ D
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00/ V) d" M* z) X8 E8 ^6 T/ U9 V
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Open Range Energy (ONR : TSX : $1.18)' d& {. Z; M) g9 d+ e7 A
Provided operational update and F09 guidance. e8 s( V* Z/ g4 n4 j
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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. x N! n8 P8 V* n6 Z" O8 TOsisko Mining (OSK : TSX : $3.13): @0 c4 @1 P3 J8 S& u# A7 s
South Barnat resource around the corner2 s' G0 c3 z9 {7 s" ~% N$ ]1 [
Paradigm Capital continues "speculative buy", 12-month target price is $4.752 Y) u/ K" ]+ k+ P: ^" s0 c
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
2 i$ d8 O: Z& y% c9 [2 R0 pProvided operational update
! d5 B- ~! m' p6 H2 `. `+ zBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00' q- |$ N- ^5 c2 i
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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Paramount Resources (POU : TSX : $7.85)
' z- y- T, z% R" H U: cProvided operational update: Grande Prairie emerging as the key focus for F09# Y' a& e( H/ ]: k, U5 u5 z; O
GMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)
: M0 S7 L0 A: Y+ gOperations starting to turn the corner3 h2 F, K/ F) q- g# `+ a
RBC Capital Markets maintains "outperform", no target price reported, `2 E( {+ R3 j8 T
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Shaw Communications (SJR.B : TSX : $20.13)% x( v6 o" I/ n) t) z5 V6 [
Released Q1/09 results: in line, subscribers ahead1 c6 u6 U! e% h) k$ }/ r5 C
Credit Suisse maintains "neutral", 12-month target price is $25.50; n, g8 K% Q# ]3 E( P
GMP Securities continues "buy", 12-month target price is $26.50
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3 p; g8 A" ~2 W& F! ?Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)1 w, p% n) T3 X( [* y4 H
Held a sell-side lunch showcasing new U.S. team
" J5 K8 B4 D/ ZScotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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2 [- T5 g& a7 \" `! \Trican Well Service (TCW : TSX : $6.93)' S! Y" v& ]% r1 l0 K
Awarded Russian contracts" I1 `) e0 c4 O* c0 R: F
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
# i6 N% n6 |% `8 o9 \( hRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00
6 C/ p& O* P* D5 H. e3 JRBC Capital Markets maintains "sector perform", 12-month target price is $10.00: } C( u4 L2 L3 P
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Sino-Forest Corp. (TRE : TSX : $8.93)
: L4 u+ P, A g$ P3 O& @Chinese furniture exports rose in November2 h2 ?: ?+ U3 D9 P" d
Dundee Capital Markets maintains "buy", 12-month target price is $23.50' }9 D. w9 O* b- M g; m
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UEX Corp. (UEX : TSX : $0.88)
9 o' P: q3 t/ `9 n; R+ \/ `Shea Creek's two largest deposits have become one
: M3 {3 _2 b8 i# T8 PDundee Capital Markets maintains "buy", 12-month target price is $2.75# K6 t( {& X& _! e
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Vero Energy (VRO : TSX : $4.72)0 i$ s. O( ?: U3 h0 Z8 m$ P
Released Q4/08 results: horizontal focus to continue in F09
' X8 b% i% o& Z9 O6 eDundee Capital Markets continues "buy", 12-month target price is $8.00$ p, N' G1 Y3 \2 C
GMP Securities continues "buy", 12-month target price is $7.50( o3 I( M: @5 @
Paradigm Capital continues "buy", 12-month target price is $12.00
' _8 H8 x! G/ ?' s2 KRBC Capital Markets maintains "outperform", 12-month target price is $8.50. M. ~0 v+ p" f$ @: {
; |+ p4 t# X0 F" B% i% jWi-Lan Inc (WIN : TSX : $1.75)
8 \# @/ \& f( d+ W3 t- e' zHit homerun with Samsung
; {2 p( j. P; z! ?& c3 Q+ j. bParadigm Capital continues "buy", 12-month target price is $3.50 |
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