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Ear on the Street --- Jan. 16 20096 K8 @) ?" [6 m) L. A. {
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Absolute Software (ABT : TSX : $3.36)' }4 l3 j- [+ d) ^0 k! y
Bracing for a tough few quarters- ]1 v z2 I" i3 p
Canaccord Capital maintains "hold", 12-month target price is $4.50
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8 A" }, {7 T: U/ L2 g7 qBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
+ r3 S% }6 u. J& K0 gGrowth outlook, challenging pipeline and high cost structure make future unclear
. R2 c" p) I( N! aBlackmont Capital continues "hold", 12-month target price is lowered to $48.006 |5 y' E5 b. `/ Q# |$ y& _
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00. V& R1 {& o- A/ E1 n+ s
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Astral Media (ACM.A : TSX : $22.98)
- }( D0 R% p1 N2 [9 d4 [* c: oReleased Q1/09 results: strong, in light of challenging operating environment
) f; C, @2 B* ~3 R/ d, q, i2 D( |. aBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.004 ]; i( z: X: b$ t Y
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00 v" a Y/ L7 d" w
GMP Securities maintains "buy", 12-month target price is reduced to $30.005 s7 @9 ~; H" l2 G
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
* ^$ f# N6 ]1 G+ [( u6 t. \6 \Scotia 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$45.07)$ x. w% E" ?6 o' N2 u9 F
Well positioned with gold production forecast to double this year and next
* m3 N$ C+ P+ w7 pBlackmont Capital continues "buy", 12-month target price is lowered to $83.00, }/ G. `# X* F5 F, w
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)
$ i7 u% a* B& o' [8 a# |Reduced distributions by 20%; capex also cut
& T3 ?/ c) R0 G% ~RBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)
; [% w; g, V2 g+ {% K4 g/ tAnnounced F09 outlook: s% C+ _- a d0 q/ t
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
: O; C8 Y2 u R2 |# _) eTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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Bombardier Inc. (BBD.B : TSX : $4.65)7 a, b0 d) W; F A8 x
Rising challenges in Aerospace
4 b& ?. L! f2 G: W6 eGMP Securities continues "buy", 12-month target price is $8.00: ~: ?' g: R2 o; D2 J& _# _
, p. M+ P9 M7 m- ?* V, Q# ABank of Montreal (BMO : TSX : $31.84)
9 W0 m2 u1 g" f$ W" M4 G" s* [Acquiring AIG's Canadian life insurance business9 Y9 i! U0 X2 g+ f4 l" Q' N C
TD Newcrest continues "hold", 12-month target price is $37.00- h& q% Q# _) I7 Y( Q; }5 h! @# F ~
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Cogeco Cable (CCA : TSX : $33.37)
c+ l8 |0 `9 \! Z8 L2 WQ1 review: Canada results encouraging, but Portugal remains a drag
- y7 G. m0 @) Z% H4 n0 {. I7 Z( q' kBMO Capital Markets maintains "outperform", 12-month target price is $46.00
; J* R0 D: T' Z7 \) `6 D5 p& PDesjardins Securities continues "top pick", 12-month target price is $40.00
K& @4 y3 U7 p) q: uRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
$ _$ J# k7 m4 }0 z& t: c) YScotia Capital Markets continues "sector outperform", 12-month target price is $55.000 r9 L M: V( L; x
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Corridor Resources (CDH : TSX : $2.45); M( @$ Y8 N5 k$ C, n
Capital budget set to expected cash flow; production guidance lowered, [* N* U& x+ c: F# b0 t6 p
RBC Capital Markets maintains "outperform", 12-month target price is $4.252 M2 f1 U) b9 h8 I. b7 y
& Q2 N4 C2 {' J- S" oCOGECO Inc. (CGO : TSX : $25.14)! b: z$ _4 e7 X( o. o" {
Strong radio and cable drives 39% EPS growth
3 d- c/ P0 M5 C/ VScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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4 p5 D- T. i( X% q! ] hCanWest Global Communications (CGS : TSX : $0.51)5 K6 f5 ]# \! T9 e' U' A0 ?9 c+ Q
Taking action to address tough operating environment
* ]9 G, K- S4 n' F& f8 M: Z5 _BMO Capital Markets maintains "underperform", no target price reported
4 L3 m; }$ | d: E4 H1 lCredit Suisse maintains "neutral", 12-month target price is $1.00
: e% P8 z& e; k0 z; h. a. ^" O! TGMP Securities continues "reduce", 12-month target price is $0.50* A, F3 Q4 \+ |* U7 O0 s
RBC Capital Markets continues "underperform", 12-month target price is $0.75* w P4 [: _2 J3 \ J8 K' P. T% N$ \
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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S% l5 v9 [1 l& G% f# Y/ VCorus Entertainment (CJR.B : TSX : $12.47)7 w: W9 c; s" y0 `3 K; D
Q1 revenues in line, EPS beat
. I/ b7 O: r- Z* Y* NBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00& L" N" _2 ? W0 K
Credit Suisse continues "outperform", 12-month target price is $20.00 S m8 T: g4 H# ~2 x
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00. X* P" `6 S" b# Q0 Z
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
, \, _; w" [) i. _RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.503 u, [* g/ M$ _4 |
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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! ^) v/ `1 k% p3 nCalloway REIT (CWT.UN : TSX : $11.84)
7 Y- @ G" I# hHeld investor day3 T; ?+ V7 @, N6 h$ q6 k9 ]
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.001 q$ C0 Q! w; ]7 O8 |' q: t
9 p; a! g$ a( T; ^+ v3 Z: S) E8 gDaylight Resources Trust (DAY.UN : TSX : $7.77)
- G- s" @7 g1 r( i6 D; k! W$ g) D" hReduced distributions by 38%; guided for lower capex
$ A3 W) k1 O' S0 wBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00% t# |* c h! \4 a7 x- ?1 _
Dundee Capital Markets continues "buy", 12-month target price is $12.004 t8 k3 a2 C; x' Z" A9 W6 ^
TD Newcrest continues "hold", 12-month target price is $7.50
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3 B2 x" a% ~! G$ k. t3 h+ _3 b) sEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)' j0 x$ f+ ?& z4 H
Steady market and currency tailwind% p: C$ C( O0 q, i' H6 B0 k, w
TD Newcrest maintains "buy", 12-month target price is US$5.00
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6 }6 _% @9 d* {& a6 J0 CGoldcorp Inc. (G : TSX : $29.74)) ^3 a! ^; T1 u0 r
Revised commodity forecasts+ S! \6 ~. {# u" I. C7 _
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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/ p" [* A$ W2 [5 m" T3 NHeritage Oil (HOC : TSX : $3.77)7 j/ Z5 T1 L+ K0 b+ |
Announced Ugandan commerciality on exploration success/ a# t* R/ F+ u9 @- @, @
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)
/ r* N9 Z: w8 S6 W) hRetail division suffers! _1 m8 \+ [+ s) U9 _- o) b
Desjardins Securities maintains "buy", 12-month target price is $12.609 R6 q7 \6 C0 H, w% z) `3 Z
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Laramide Resources (LAM : TSX : $1.84). o$ D4 y/ A. C) S4 C8 ?6 k
Westmoreland provided more high grade at Redtree's Jack Lens
, }5 {7 \, b& J" r7 Y. o; c, ODundee Capital Markets continues "buy", 12-month target price is $2.30
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Lockerbie & Hole (LH : TSX : $6.00)6 i5 x7 n6 T/ U N6 V! H; z
Released Q3/09 results: very strong, focus should be on active backlog, {+ \; ~1 ?5 [1 ?/ S- ?2 i6 D) q
GMP Securities continues "buy", 12-month target price is $9.00
& C# q& l' s1 f2 z; YRaymond James maintains "market perform", 6-12 month target price is $8.251 g( ^1 g+ @) N' F
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)4 [: i; M1 \9 [
Reduced distributions by 70%5 v9 }3 y f, D3 g- K4 `1 f7 X) }8 k
RBC Capital Markets maintains "outperform", no target price reported+ l$ }$ f" o1 B
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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* ]- p) j7 Y' L3 EMatrikon Inc. (MTK : TSX : $2.04)3 y7 i% \ v5 i6 S6 ^' P* a
Released Q1/09 results: a little light, but still respectable
0 ~4 i, D" i) wBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
" _% b/ J; A& M4 c+ y$ V8 r$ b; xParadigm Capital maintains "buy", 12-month target price is $4.00
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, Z- q; h8 ]9 Y0 W" tMullen Group Income Fund (MTL.UN : TSX : $10.97)
7 @1 ]" K& U! f' pExpecting lower CFPU on higher taxes
2 j8 P& i o. O3 @7 `/ N. yBMO Capital Markets continues "outperform", 12-month target price is $18.00% S' k# q# U5 I- V- D% X5 F! i+ b
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
8 A' \9 M: w/ `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$0.86)7 J" G5 b( U% F9 f5 ?
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain. B2 y$ n; G7 q* D; ~' q
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
7 h2 G$ }$ |9 u- GCredit Suisse maintains "neutral", 12-month target price is US$1.00
, ~- i: _2 P% S4 |Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80/ c" v4 F& ~; c1 ^" O# b; C7 V. Y
" i# j/ T+ _- ]Neptune Tech & Bioresources (NTB : TSX-V : $0.79)- X1 H) e* N2 Y9 g
Dietary supplement business facing headwinds
- \* f, W5 m: \$ t; T3 q! QParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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! h" o" @: K5 F; FOpen Range Energy (ONR : TSX : $1.18)
$ G9 r8 A- F. v S/ K! m3 BProvided operational update and F09 guidance
+ T6 Q$ e+ j K/ |$ i4 Y$ tHaywood Securities continues "sector outperform", 12-month target price is $3.25- B& g3 D7 @* f3 o1 K. T
5 }2 P% ~( }- }' m# O( c8 ?* AOsisko Mining (OSK : TSX : $3.13)
) G8 N4 H' O6 fSouth Barnat resource around the corner( F& y$ p- T; B. l0 u3 K
Paradigm Capital continues "speculative buy", 12-month target price is $4.75. j% K0 m. u9 s6 q$ i9 A7 b
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)" i9 T) k2 G* h9 n/ V
Provided operational update
2 c5 C5 z4 D& j3 vBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00( v: o. e4 r+ v, n& v8 x% C9 Z
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50, d9 m- {) A- O1 K
$ G/ j! Q4 [* WParamount Resources (POU : TSX : $7.85)0 G* l5 v9 `) e" b5 D
Provided operational update: Grande Prairie emerging as the key focus for F09
+ j/ s4 l% J- w8 Y3 xGMP Securities maintains "buy", 12-month target price is $12.00/ [! S; g! y6 G7 x3 j: u1 a$ A2 R( E
; Q. G& I, j- c3 e7 {- XRockwell Diamonds (RDI : TSX : $0.07)
- [: a+ I( R. w& y7 p) W. w; L. ~9 nOperations starting to turn the corner
' [$ }8 j6 Y# v6 n4 f+ N }$ \* BRBC Capital Markets maintains "outperform", no target price reported7 p. u6 v8 P+ ~4 ^( B; J
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Shaw Communications (SJR.B : TSX : $20.13)
6 C9 q" n6 Q nReleased Q1/09 results: in line, subscribers ahead7 X, f# T0 O2 r( W; W8 n
Credit Suisse maintains "neutral", 12-month target price is $25.50' E- T6 X0 n: z/ Z
GMP Securities continues "buy", 12-month target price is $26.50
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- ]9 }, ~8 d( x1 wSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
, N6 |5 p$ M+ s# FHeld a sell-side lunch showcasing new U.S. team
$ P8 e- U- p7 w4 l( cScotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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Trican Well Service (TCW : TSX : $6.93)) A( k/ ` R" R4 s6 @5 ?
Awarded Russian contracts; t. ~% S8 z$ j+ ~1 h
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75$ b- J4 o# e! u0 j" i
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00$ ~ w) O% r) S, y
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00% m1 }& n( v7 A1 v* T
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Sino-Forest Corp. (TRE : TSX : $8.93)
" e8 q$ P! U+ V8 A) o5 o ^6 |4 t! iChinese furniture exports rose in November
0 n& z- K! E+ E3 G% |- h8 `1 sDundee Capital Markets maintains "buy", 12-month target price is $23.50* ]2 x' [' P: `$ e! e, C* |9 `
) P* V8 Q2 x# ]( C' }" rUEX Corp. (UEX : TSX : $0.88)* R( ~, _8 s8 i
Shea Creek's two largest deposits have become one3 Q6 @( o+ R# ~. m; n
Dundee Capital Markets maintains "buy", 12-month target price is $2.75* W& z6 C& q, C `4 J1 |
% ~5 [& G& }& f& g2 J. }. DVero Energy (VRO : TSX : $4.72)
, |! u Z+ C! n: N, e, eReleased Q4/08 results: horizontal focus to continue in F09
$ {# O( q" i3 z% {9 y# Y$ ^- y: ^2 JDundee Capital Markets continues "buy", 12-month target price is $8.00+ L' F6 X' _# }2 M2 Y
GMP Securities continues "buy", 12-month target price is $7.50! |$ L5 H+ \) g5 q" S: ~
Paradigm Capital continues "buy", 12-month target price is $12.00
?# M0 u9 r, a# |9 r. O1 a7 W nRBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75)
) q0 I1 q- }: W5 p; U/ d; N3 i- D! qHit homerun with Samsung
5 |/ o+ l( n6 J( OParadigm Capital continues "buy", 12-month target price is $3.50 |
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