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Ear on the Street --- Jan. 16 2009
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+ z s9 {1 U8 y6 D- [9 oAbsolute Software (ABT : TSX : $3.36)4 v' x4 h. |7 X5 [; A& P5 d, @6 D
Bracing for a tough few quarters( Q1 b6 {" t. g* C; Y
Canaccord Capital maintains "hold", 12-month target price is $4.50
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, L4 }& ~/ L0 b, VBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
4 N% U! r3 l& t1 aGrowth outlook, challenging pipeline and high cost structure make future unclear; n/ x& p; p8 p
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
8 G/ j9 H7 d |# C3 xTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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( D+ h; \1 E% D- s. f6 I5 y* l) bAstral Media (ACM.A : TSX : $22.98)
: i p: q" K E( a2 A3 d- YReleased Q1/09 results: strong, in light of challenging operating environment4 t( j7 S! ?* A" I7 G. d) \0 g
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
5 q0 [+ i: v! b) O. m" }! sDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00
4 T( w) ^$ a" [* r. c9 LGMP Securities maintains "buy", 12-month target price is reduced to $30.00 z1 [3 `1 D2 P
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
2 ]# Q9 v e0 k# g* e `Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00! m: C2 W; q0 a1 ?& T1 d) `
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07). i& I: k8 `( M' C; S j
Well positioned with gold production forecast to double this year and next
4 W) i) o) F& i, p8 ~2 a/ F6 J* v: aBlackmont Capital continues "buy", 12-month target price is lowered to $83.00
; X$ y- m% F; {5 V% ZTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00% ?7 R+ ~5 ^% f/ N
6 @( D1 I. a- }) b/ H9 k: D1 v: ^3 eARC Energy Trust (AET.UN : TSX : $17.15)( \! v! Z% Z, i3 m
Reduced distributions by 20%; capex also cut
, a4 t* |1 i4 ~ BRBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)
7 ?9 w- a8 t/ Y# sAnnounced F09 outlook) Z" }& ^- y: {8 {4 t0 A
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
) r) W+ J. n S5 Q# f6 @! T) }: u1 [TD Newcrest downgrades to "hold", 12-month target price is cut to $1.002 k; k& ]0 |9 J3 d3 d6 T0 u
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Bombardier Inc. (BBD.B : TSX : $4.65)
' h/ r1 K) X3 i4 k* @$ @6 l, q* DRising challenges in Aerospace
9 o$ n8 Y# s1 m% }% oGMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)+ b1 W) r& @/ x
Acquiring AIG's Canadian life insurance business9 C+ c+ R; t- x, B7 h1 ]5 m8 c4 `
TD Newcrest continues "hold", 12-month target price is $37.001 }1 e7 c8 @* ~4 f
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Cogeco Cable (CCA : TSX : $33.37)
( o# L" j1 _# ?2 L* b& x8 W E' TQ1 review: Canada results encouraging, but Portugal remains a drag4 T4 n/ g. A# ], B2 E! q
BMO Capital Markets maintains "outperform", 12-month target price is $46.00' Y4 S+ x, z8 S; P1 H% Q$ R4 T
Desjardins Securities continues "top pick", 12-month target price is $40.00
8 K0 C& F" `' k9 kRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00; Z% O2 {$ i2 M2 D; }1 q' [1 h
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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6 F$ W$ U; }; w& }4 x: ICorridor Resources (CDH : TSX : $2.45)% Q: a( h! W5 Z! z6 H0 V7 C
Capital budget set to expected cash flow; production guidance lowered' b0 H- W( {) Z `1 \0 S
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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" _) | b8 \% Y* y& NCOGECO Inc. (CGO : TSX : $25.14)
& N: S1 a; S+ XStrong radio and cable drives 39% EPS growth; o! D0 }/ o: k1 b) `. B
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00. u0 a. p/ y1 _( ?0 z! u
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CanWest Global Communications (CGS : TSX : $0.51)" J, d& t% @; M0 e" b
Taking action to address tough operating environment @* M! L" v4 c5 Q3 d
BMO Capital Markets maintains "underperform", no target price reported
1 y; p9 n( U1 r" LCredit Suisse maintains "neutral", 12-month target price is $1.00, \: o5 {3 l# H6 q- X- Z
GMP Securities continues "reduce", 12-month target price is $0.50$ X: r2 ^& h3 Y- [, j# [- {: K) r# ^
RBC Capital Markets continues "underperform", 12-month target price is $0.75# Q- l" F+ f& D" U2 {4 V
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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) V! h5 o; D2 OCorus Entertainment (CJR.B : TSX : $12.47)8 H5 ?& O) T0 }# n" h
Q1 revenues in line, EPS beat
$ a2 p* `! K- R- R& `BMO Capital Markets continues "market perform", 12-month target price is cut to $15.000 H' {+ [! `% K+ y1 q, Q x& Z) C
Credit Suisse continues "outperform", 12-month target price is $20.00
( z% b& P1 L8 d% ~0 V! g6 }Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
! M# P8 v+ ?+ B/ }5 gGMP Securities maintains "buy", 12-month target price is reduced to $17.00+ a' M7 m/ I3 e1 Z/ J" O4 |" [
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50+ ], U* c1 l* W# B/ q
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.002 B" R9 Z( U6 z3 V( `! y
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Calloway REIT (CWT.UN : TSX : $11.84)
- j/ @; k* r1 _& A( m$ `Held investor day
5 \* z+ j2 e+ }. u$ b' u& ^$ WScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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Daylight Resources Trust (DAY.UN : TSX : $7.77)& ]' q5 z O9 _* n3 W R/ W2 X
Reduced distributions by 38%; guided for lower capex
0 I2 s8 ?" ?: K2 I2 r6 S4 ]0 eBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
6 F( u$ n8 y3 ~Dundee Capital Markets continues "buy", 12-month target price is $12.00
# N ]: l# c$ b3 o4 T* _4 vTD Newcrest continues "hold", 12-month target price is $7.50* C: V( }- j: m( ^0 ?
! n: q' ]* U& A5 I$ @: X: k/ R- OEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)$ I0 V. \# k6 h& a( F# ], h
Steady market and currency tailwind
& \$ N/ [; m' N3 o. ^ gTD Newcrest maintains "buy", 12-month target price is US$5.000 g" M+ {* `4 [& q: y+ d
: _2 {# G: R/ ~$ M+ s0 RGoldcorp Inc. (G : TSX : $29.74)
3 ^) J! J3 J z' h. T% s8 hRevised commodity forecasts
% U6 K3 ?7 J! |7 m, \7 ]Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00' }8 v% m+ f. `8 u, B, q# v' C
& z0 Z; ?; n( P* ?, D( eHeritage Oil (HOC : TSX : $3.77)
8 F- A/ B# u# tAnnounced Ugandan commerciality on exploration success9 n W; i) J6 |9 K1 h
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)
$ P) g" a. f6 ]9 zRetail division suffers9 v4 [0 h/ ~0 }) T1 P" D" D
Desjardins Securities maintains "buy", 12-month target price is $12.60
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8 @$ ?5 Q- a1 ^, r% H, ALaramide Resources (LAM : TSX : $1.84)
; A: W) z9 ~7 R. C% jWestmoreland provided more high grade at Redtree's Jack Lens, J5 G" Q* {' r1 E8 F- c1 c7 Y
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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$ w! _( [1 Y9 z1 q3 D5 q+ _* dLockerbie & Hole (LH : TSX : $6.00)
- j Z$ m; A* I/ P3 x7 Q7 OReleased Q3/09 results: very strong, focus should be on active backlog
: A& @( e: @* m; s& Z6 `8 r* c7 tGMP Securities continues "buy", 12-month target price is $9.000 U8 q# r# G$ L8 n6 h- M7 @
Raymond James maintains "market perform", 6-12 month target price is $8.257 b# Q# p4 W: N% z
x$ g. {" c3 p" ZLivingston Intl Income Fund (LIV.UN : TSX : $6.00)% ^. t) t6 c% d! b/ R
Reduced distributions by 70%3 c1 q! l8 f$ G$ P; a: E
RBC Capital Markets maintains "outperform", no target price reported, V% M: w6 t, R0 w
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50; j9 A6 ]: _- i7 v# X4 y
+ D* v1 D. J% m6 @$ A, PMatrikon Inc. (MTK : TSX : $2.04)
_# y" [; H' z, u/ QReleased Q1/09 results: a little light, but still respectable' l- _8 F+ E- n
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
; Z( m4 e- J. c, UParadigm Capital maintains "buy", 12-month target price is $4.005 D* g) j' j" u" b1 o
+ i2 Y: G! ]( Z% g; uMullen Group Income Fund (MTL.UN : TSX : $10.97)8 j" F) ~' M! \
Expecting lower CFPU on higher taxes
2 _: I% z7 x) @+ \" R" wBMO Capital Markets continues "outperform", 12-month target price is $18.00$ b1 b( {# a7 @) g, L6 S
RBC Capital Markets continues "sector perform", 12-month target price is $12.004 S8 l" R( Q9 V4 {
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)
! \( M$ c8 ]% n0 R* G1 K8 _! @Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain3 u8 z4 y$ |9 I0 S E# e
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
( e: A* z1 p& b3 h2 [Credit Suisse maintains "neutral", 12-month target price is US$1.00
% n4 k% q) H8 r; `& e! nScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)) \ B# b5 K, ?% o4 C" |
Dietary supplement business facing headwinds; M, I' e7 `4 q. _& M
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.007 W6 D2 c7 @5 B. E. @
0 K0 h2 Q* ? [3 r+ XOpen Range Energy (ONR : TSX : $1.18)7 A. X1 z) i5 J8 @0 E( T- G
Provided operational update and F09 guidance1 @4 A: L/ ` ^6 N
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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! l: r1 v9 g; J/ w3 ~& a& N0 yOsisko Mining (OSK : TSX : $3.13)
, P7 P4 f: R6 c: @South Barnat resource around the corner: N' R& w& z! R3 k
Paradigm Capital continues "speculative buy", 12-month target price is $4.752 G/ E' C/ a/ n& g
5 o3 ^( n5 q4 o; e0 J% BPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
( a/ z3 @: ~% `# S2 i5 h1 UProvided operational update
; U5 |9 K( i; ^" @Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00$ ^7 I m# b7 u! D1 C% ^
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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+ k+ M. G8 c* o" h1 t# t3 `( ?1 l7 J0 aParamount Resources (POU : TSX : $7.85)( z9 W% a- G% o5 Y- s
Provided operational update: Grande Prairie emerging as the key focus for F096 ?9 B8 q: `2 A
GMP Securities maintains "buy", 12-month target price is $12.00
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5 M5 B# J& H$ ?; N1 g6 Q, \Rockwell Diamonds (RDI : TSX : $0.07)
. T) q" `5 u& J- ]4 vOperations starting to turn the corner8 v7 m: U9 p$ r; g' C& j* S4 z
RBC Capital Markets maintains "outperform", no target price reported
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2 I$ @% s- F( U( r( p; ?! lShaw Communications (SJR.B : TSX : $20.13)
3 p9 o8 Y: _- wReleased Q1/09 results: in line, subscribers ahead5 j- L; F( K- d4 U2 C
Credit Suisse maintains "neutral", 12-month target price is $25.50
M; {! ~! O4 A4 n+ bGMP Securities continues "buy", 12-month target price is $26.507 ^4 M1 w8 a4 ?, i! X/ P
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48), `* ]! n3 e, u& |
Held a sell-side lunch showcasing new U.S. team
; {2 `7 g* F4 W, a% r* R/ TScotia Capital Markets maintains "sector perform", 12-month target price is $33.00: `! {$ f$ F1 D1 D O6 {
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Trican Well Service (TCW : TSX : $6.93)
" h6 n( G8 L0 F' C4 m% cAwarded Russian contracts2 J# V- F! V' N( }# h8 E' t
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75- J, G7 f h6 g; K6 [
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
- M2 z; z7 f5 R: FRBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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8 H# F, M. k8 @: @Sino-Forest Corp. (TRE : TSX : $8.93)
# g% p/ o! P/ D+ E+ KChinese furniture exports rose in November
+ z* g) I! y. z: r- SDundee Capital Markets maintains "buy", 12-month target price is $23.50
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* @# \+ V/ p; X. n' [UEX Corp. (UEX : TSX : $0.88)
$ c- ] F" F8 p' V2 [+ ]Shea Creek's two largest deposits have become one
* ?* l* a' q$ w- Z1 e$ hDundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)
8 ]: ^# [4 h1 t% o% o; K% OReleased Q4/08 results: horizontal focus to continue in F09
' y4 o/ p) S9 }( {, q9 O# vDundee Capital Markets continues "buy", 12-month target price is $8.00, F( l' O& h; ~+ G
GMP Securities continues "buy", 12-month target price is $7.50+ ^0 K7 E q! r2 ?
Paradigm Capital continues "buy", 12-month target price is $12.00
$ P; o% e! y/ ^5 S5 WRBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75)" n9 {8 A. C- ^+ T% H2 d
Hit homerun with Samsung6 e: [! d; L# }" A3 K% K6 K& O9 Q
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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