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Ear on the Street --- Jan. 16 2009
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+ g# {$ d6 h( e6 s( FAbsolute Software (ABT : TSX : $3.36)3 a) }; U: |( F# Z
Bracing for a tough few quarters
# p3 N3 f+ _. w+ N! |; HCanaccord 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)
: F% Q. Y: ?. q/ Y6 e6 L; AGrowth outlook, challenging pipeline and high cost structure make future unclear
! j% ?' D, y" V7 ^9 ^Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
8 q6 z, W; i0 VTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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Astral Media (ACM.A : TSX : $22.98)& @# q0 ~0 i" N( M/ a$ A) b6 O4 m6 ^
Released Q1/09 results: strong, in light of challenging operating environment, _! q; v* u; r$ k4 p! R6 V: I
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
; j. o9 R( m8 @) X8 F: ?Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00* I: W3 C. Y4 B& l3 t4 R+ H/ T# O9 s' n
GMP Securities maintains "buy", 12-month target price is reduced to $30.00. W% g: U& `! Z4 Y' l
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
) D$ [3 f9 a3 o4 p: ?0 RScotia 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)6 a* I% `" D7 ~ z
Well positioned with gold production forecast to double this year and next
6 p/ {6 _; y! A1 \' nBlackmont Capital continues "buy", 12-month target price is lowered to $83.00! z$ W8 I) o" `6 Z+ f4 ^
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 : $17.15)' H. _8 z+ ~" l. S" N( C5 X4 s
Reduced distributions by 20%; capex also cut$ k1 \) q& p0 B+ T- o5 n1 z
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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' O" A) j/ k, LAndean Resources (AND : TSX : $0.75)( \! u6 I5 A$ B9 j J2 h
Announced F09 outlook7 `, f, w8 [; m8 b
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
9 U7 C" \; ]% O, X- A. D4 Q3 wTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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Bombardier Inc. (BBD.B : TSX : $4.65)
' N9 L E1 _/ |2 \' `+ j2 lRising challenges in Aerospace# ~" Z r+ `, O4 d. d
GMP Securities continues "buy", 12-month target price is $8.00
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$ l @; b) {5 h% {8 F" NBank of Montreal (BMO : TSX : $31.84)
K: F! [( \, w) vAcquiring AIG's Canadian life insurance business9 ]# c0 g* ~ ^2 @
TD Newcrest continues "hold", 12-month target price is $37.005 B+ L5 z5 S) {6 n
$ T+ j4 N3 b4 h: jCogeco Cable (CCA : TSX : $33.37) I2 m Q; q- K& u
Q1 review: Canada results encouraging, but Portugal remains a drag
: ]5 ~' {; O, {6 ]4 b1 B; nBMO Capital Markets maintains "outperform", 12-month target price is $46.00/ P6 i' g& x5 I$ ^
Desjardins Securities continues "top pick", 12-month target price is $40.00" W. U4 e5 [" ?# _ U2 M! l" e0 P
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
2 Y' p+ ?% O! Q3 N2 [+ oScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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5 c8 ^. n9 ?/ g y5 [& r y1 fCorridor Resources (CDH : TSX : $2.45); U0 _! }7 D- E! e
Capital budget set to expected cash flow; production guidance lowered
1 U1 D' R0 V) k, v* nRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)0 z3 W8 l: p0 B3 C# L
Strong radio and cable drives 39% EPS growth' s/ D/ G7 [4 k2 a4 k2 Q
Scotia Capital Markets continues "sector perform", 12-month target price is $45.004 _) @. R6 v# _1 Q; t: ^
" e8 O7 r W1 I. m/ j1 h2 R8 QCanWest Global Communications (CGS : TSX : $0.51)
0 J5 i+ p$ z2 m/ \. T4 ?Taking action to address tough operating environment
$ z- {) ]& |- ^' K% z* u' j2 w& _BMO Capital Markets maintains "underperform", no target price reported
+ g! k* h- h9 k3 OCredit Suisse maintains "neutral", 12-month target price is $1.00
) ]. X9 l9 _% o4 V+ O K# d; Z& S7 BGMP Securities continues "reduce", 12-month target price is $0.50
# F, W: C* P, u6 w) o% aRBC Capital Markets continues "underperform", 12-month target price is $0.753 a7 c" ]4 Q0 Y5 ^8 Y
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.507 h3 _. r0 z/ e/ b" p0 z* m' d! U
: G0 Z. F" D. E3 @7 }4 L& MCorus Entertainment (CJR.B : TSX : $12.47)6 R; b. M- R9 K7 h2 m+ z) `
Q1 revenues in line, EPS beat; O5 d3 W: O9 L
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
- N3 r( ^* S" P# g+ s+ iCredit Suisse continues "outperform", 12-month target price is $20.004 ~) R% w9 m2 O; i
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00/ s( i6 w1 Q: C( k# u
GMP Securities maintains "buy", 12-month target price is reduced to $17.000 J. `* n5 \0 H5 Z% i/ b" p
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
& h# f& O7 |1 _7 n& f( O' YScotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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+ L% M. w! t1 ^& n, q0 XCalloway REIT (CWT.UN : TSX : $11.84)
0 n- t# N, @" ^5 |" JHeld investor day
6 N3 h) s9 }6 BScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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Daylight Resources Trust (DAY.UN : TSX : $7.77)9 P' Z- }/ B1 u- j2 C! p' U
Reduced distributions by 38%; guided for lower capex
1 x0 ^7 e3 J7 `$ s- n iBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.003 D9 o2 ~; p# {, K1 ?- N
Dundee Capital Markets continues "buy", 12-month target price is $12.005 p3 Z$ z- J: K; ~4 K3 b
TD Newcrest continues "hold", 12-month target price is $7.50
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) o! h8 _: k# ]: U* q' b% H0 n) DEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)7 K. l: B7 k% K1 Q o+ d5 c
Steady market and currency tailwind
U% J# G& ?: j! n) GTD Newcrest maintains "buy", 12-month target price is US$5.00
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& @7 b) ~5 e2 C" eGoldcorp Inc. (G : TSX : $29.74)6 U8 w, m8 M* U/ ^. F3 ^2 z' k
Revised commodity forecasts; W: o0 w3 P/ \# |( g/ x8 K& P
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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% {/ h# m& N9 y* c* m# }' hHeritage Oil (HOC : TSX : $3.77)
8 ~/ Q+ H1 ^: p) w1 J# t1 |Announced Ugandan commerciality on exploration success6 M) _8 ]# B" x* S+ L" @& D
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)) J: b( ~+ P! X! V$ y; n0 a9 i
Retail division suffers5 f! B2 s8 r4 o! f* f
Desjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)8 k* }* j; T$ n2 ~9 O3 K- G
Westmoreland provided more high grade at Redtree's Jack Lens s+ s1 Z" h5 Z
Dundee Capital Markets continues "buy", 12-month target price is $2.30& X# V) u2 c6 Q1 v/ f/ G
: Q" D) T$ p9 n9 h) oLockerbie & Hole (LH : TSX : $6.00)" D8 \# i0 x8 |7 ?
Released Q3/09 results: very strong, focus should be on active backlog3 r3 N" U9 \! p& q
GMP Securities continues "buy", 12-month target price is $9.00
% s/ P! v9 v9 O) B0 p2 Q& ~8 ]8 B1 Q/ VRaymond James maintains "market perform", 6-12 month target price is $8.25
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% z5 O$ Q3 n+ {. t, }8 p9 P' DLivingston Intl Income Fund (LIV.UN : TSX : $6.00)1 h; _% u5 O6 F& G" _
Reduced distributions by 70%* S0 e; C e5 y& a
RBC Capital Markets maintains "outperform", no target price reported
: @2 O& t v' b' o$ q; T* QScotia Capital Markets continues "sector underperform", 12-month target price is $6.50; ^, `" G( Y5 Y, R
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Matrikon Inc. (MTK : TSX : $2.04)0 i* a9 q; ^ {& J. c
Released Q1/09 results: a little light, but still respectable4 T" P7 @# U% e, A2 a* h5 ~9 c
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50+ Y% ?1 S5 R% L4 g
Paradigm Capital maintains "buy", 12-month target price is $4.00
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8 g4 e( l; r8 A* H' `: S ~# ~Mullen Group Income Fund (MTL.UN : TSX : $10.97)" a/ G8 W) ]7 Q# d# w! M
Expecting lower CFPU on higher taxes/ y3 @& v' i+ E
BMO Capital Markets continues "outperform", 12-month target price is $18.00/ T7 m$ b- M/ s( r
RBC Capital Markets continues "sector perform", 12-month target price is $12.00: y* d6 S+ {8 I+ c+ E
TD Newcrest continues "buy", 12-month target price is $17.00! |1 H- { K3 p! A
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)' o$ U8 L5 V, t
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
2 d; n' x9 M; j! s, NBlackmont Capital continues "hold", 12-month target price is reduced to $1.25, \/ @0 S Q3 }' B1 S; I9 m
Credit Suisse maintains "neutral", 12-month target price is US$1.00
# ~6 n2 U$ B) A/ i% {' HScotia Capital Markets continues "sector underperform", 12-month target price is US$0.803 S) Z; Y* M3 J8 C
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)4 l1 h- j) h9 r1 H5 v& I
Dietary supplement business facing headwinds
% m( W( E3 l8 r8 b/ a1 e% nParadigm Capital maintains "buy", 12-month target price is reduced to $4.00: a$ {0 S: e3 G1 k5 K
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Open Range Energy (ONR : TSX : $1.18)
0 J3 d K! g$ q, Q" ?Provided operational update and F09 guidance# N, P! k, _9 {# K$ C3 x
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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/ B8 @- a7 ]/ j# G6 hOsisko Mining (OSK : TSX : $3.13)
& ?8 l* j! m! L. f" M- J4 b+ jSouth Barnat resource around the corner+ q0 J; A! o3 f1 x( F1 o. y9 E8 ~
Paradigm Capital continues "speculative buy", 12-month target price is $4.75) P; @9 z2 p p& C U* c% a
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)4 y) M- c( V; y7 P
Provided operational update. ]* C5 f: r4 {3 l# y7 K1 W/ u
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00* V9 m' l! i) e7 f$ ^
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50/ W+ J6 h1 V- `5 `
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Paramount Resources (POU : TSX : $7.85)
2 ?/ n: E9 T, GProvided operational update: Grande Prairie emerging as the key focus for F09
! b( C" l$ i9 ?5 N3 c8 sGMP Securities maintains "buy", 12-month target price is $12.00. S: }7 Y+ ^6 H. d+ Q4 }3 Y
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Rockwell Diamonds (RDI : TSX : $0.07)7 X) ~5 V) ?2 ]& i1 ?' Q8 {0 ?
Operations starting to turn the corner$ D; N' v: |& N( Y; p
RBC Capital Markets maintains "outperform", no target price reported
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Shaw Communications (SJR.B : TSX : $20.13)
; L0 x ]9 h% }$ W) X" M/ L" P# bReleased Q1/09 results: in line, subscribers ahead
& p, B B4 B% z. ZCredit Suisse maintains "neutral", 12-month target price is $25.50
: S/ V9 ~5 D9 M0 JGMP 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)
: G, j, j/ G0 U% V% aHeld a sell-side lunch showcasing new U.S. team2 B5 I+ M- V7 T N
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.008 L+ u# q i/ h5 H& n6 d1 W
- s# r8 U& i) g4 |Trican Well Service (TCW : TSX : $6.93)
3 I" k8 u! i2 b4 L' {Awarded Russian contracts/ Q: I, L) Z6 e' A r3 u. t
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.753 k4 L' b9 r& d: I0 [
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
' J4 `# G/ z8 S& b* Z- R6 gRBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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7 x1 g; R6 }+ C. g8 KSino-Forest Corp. (TRE : TSX : $8.93)
) P1 M5 v0 o2 N4 I" V% o" z) ]: ^; ~Chinese furniture exports rose in November
" [6 X( J( R$ S, L2 m- l; XDundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)
; r2 R5 K/ d# t) r( G5 TShea Creek's two largest deposits have become one0 F4 H. o# X5 O! E
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)
7 \5 R7 m( l, K4 x" DReleased Q4/08 results: horizontal focus to continue in F09+ v% B: x$ W5 H9 H
Dundee Capital Markets continues "buy", 12-month target price is $8.008 P; K4 F, s: U5 b; ~, C5 O7 O$ ~5 y
GMP Securities continues "buy", 12-month target price is $7.50* H ]+ J( o* M! Y$ Z
Paradigm Capital continues "buy", 12-month target price is $12.008 q& g2 R2 R( w! `) ?* e3 o" c7 q
RBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75)
$ Y. P- K- J, F! OHit homerun with Samsung$ Y6 w8 n0 X' A* }+ R( s1 S
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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