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Ear on the Street --- Jan. 16 2009
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}3 s9 O7 u) ]$ N. p/ OAbsolute Software (ABT : TSX : $3.36)
/ g% F+ D* a( o% L. |Bracing for a tough few quarters
! W$ f3 M; R& U( BCanaccord 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)% G* N5 Y/ O ~/ w
Growth outlook, challenging pipeline and high cost structure make future unclear5 [2 X* u7 G: p( y/ T
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
3 b$ {$ I7 b% E9 R0 k2 w: iTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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! ` v3 [8 |. a, K( U! H& XAstral Media (ACM.A : TSX : $22.98)
" ]5 F7 w& L8 ~& C0 o- _: G: ^! }Released Q1/09 results: strong, in light of challenging operating environment) f7 ^: `# h; M( N- Q) |% s
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
0 |6 L% k+ N G' VDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00
; h. p. q' Q1 U$ U2 J! k% t- k, c+ TGMP Securities maintains "buy", 12-month target price is reduced to $30.00: C3 G4 P/ i5 S6 C
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.003 _* |# i2 K' ^- r, E& o+ |
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00 v0 F3 M$ q4 I. `1 u" w O3 Z4 j7 U
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
/ n) m9 I5 a A" e+ C3 n( P+ a2 k+ VWell positioned with gold production forecast to double this year and next
' h# }' f! c4 M5 B1 D' F! V) kBlackmont Capital continues "buy", 12-month target price is lowered to $83.00
1 b. F+ c& ]% m) F uTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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% _; c3 u0 y6 M$ ~; r3 ZARC Energy Trust (AET.UN : TSX : $17.15)2 K2 J4 n' x7 l' H5 \3 e9 d L2 D# E
Reduced distributions by 20%; capex also cut. v8 \1 M O: P$ f+ T
RBC Capital Markets continues "outperform", 12-month target price is $19.00; t) d! W' i. a) k K. y Y6 S5 Y& `
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Andean Resources (AND : TSX : $0.75)
6 V; A P7 q( R+ g, X; w7 X" F- wAnnounced F09 outlook
% m$ c( N, k7 YParadigm Capital continues "speculative buy", 12-month target price is $2.25% D0 O4 x5 C) u" b5 i3 S2 V0 q
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.006 p5 @$ `+ b* L0 p
' x; t, U- j- ?) ~$ R, T, ]" zBombardier Inc. (BBD.B : TSX : $4.65) \, I* M+ G' l! S5 O$ p/ E' }+ h& ^
Rising challenges in Aerospace
. D) v* a# Q3 r5 k0 uGMP Securities continues "buy", 12-month target price is $8.004 n A" F1 @( \! z! q7 f( ^# b
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Bank of Montreal (BMO : TSX : $31.84)" i% [* m9 D. X) {/ ?1 k4 |2 z
Acquiring AIG's Canadian life insurance business
) g* A& P. _) _1 D: W' c, cTD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)& i+ I% R8 R+ V# u, U
Q1 review: Canada results encouraging, but Portugal remains a drag+ Q/ C) E. }! N
BMO Capital Markets maintains "outperform", 12-month target price is $46.00) A* K, Y! p$ z1 k2 I
Desjardins Securities continues "top pick", 12-month target price is $40.00
4 |7 `, K- V, Y) LRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
$ O# b0 p) c4 P: p7 i' @Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00! K- A. T2 R- h' [
$ {3 |1 Y6 O, S7 f+ z, C$ ~Corridor Resources (CDH : TSX : $2.45)* Q* h" s$ `" w" V- g3 J. N8 z9 N
Capital budget set to expected cash flow; production guidance lowered& I2 o7 z0 v/ T& D3 W, p
RBC Capital Markets maintains "outperform", 12-month target price is $4.25# ~) p& W2 q5 q( }% b! M2 W
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COGECO Inc. (CGO : TSX : $25.14)
0 H* Y9 f# T# R _Strong radio and cable drives 39% EPS growth
& r" }" `7 [8 D" |4 }0 JScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)
" z) Z8 l! h' ]5 u: ^7 sTaking action to address tough operating environment
2 M+ i( h, ^0 z# a. n9 O9 nBMO Capital Markets maintains "underperform", no target price reported
# y4 J( F6 o; F6 L7 TCredit Suisse maintains "neutral", 12-month target price is $1.00
q- T7 M* C8 E3 T) x+ {3 D1 _GMP Securities continues "reduce", 12-month target price is $0.50# Z: o+ B% h0 S1 C! i
RBC Capital Markets continues "underperform", 12-month target price is $0.75
6 F8 R5 F$ p c _" e; xScotia Capital Markets continues "sector underperform", 12-month target price is $0.506 Q$ i, D8 N/ B) c. a5 i; ^/ U
; m/ l6 K( p: J, i" k5 J/ \" ^Corus Entertainment (CJR.B : TSX : $12.47)
; p+ o: U2 ^- f) U' c& {2 q5 j4 v: }Q1 revenues in line, EPS beat
7 n; z, \1 G$ S3 J# H* p: F; {BMO Capital Markets continues "market perform", 12-month target price is cut to $15.004 Z, t( z3 B s7 C7 f8 l
Credit Suisse continues "outperform", 12-month target price is $20.00# o n1 e8 ~8 m# E* L+ S
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
. q& @+ F! ]# q$ a* m6 ]& [# g# uGMP Securities maintains "buy", 12-month target price is reduced to $17.00, L8 V0 K4 i) W5 w; W E) ?
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50* |% L6 X! X! c5 v, c
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)+ o0 S4 O1 T4 v8 x
Held investor day: s9 v" F4 T3 }7 _
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.008 m& d; }( j6 @6 V4 { H( g6 H
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
6 Z( D5 f+ c1 N, JReduced distributions by 38%; guided for lower capex; H, p/ G1 g g: W! ?
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
c% `! Q! c' Z9 Q" F& g: \- ^Dundee Capital Markets continues "buy", 12-month target price is $12.00
7 y6 r1 g8 e# ]5 n# Y9 X! ^9 XTD Newcrest continues "hold", 12-month target price is $7.50. b" _% p4 L% }# y- m( c
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)1 z7 o C7 k* ]' p
Steady market and currency tailwind; T( ^' g# r% {7 \
TD Newcrest maintains "buy", 12-month target price is US$5.00. @- a% f- v" t& o) }! u' S
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Goldcorp Inc. (G : TSX : $29.74)* M$ E4 Z9 S5 T8 L# j' I
Revised commodity forecasts
1 l$ s- ~% M( G- t" H/ QBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)0 a: p* M }: Q1 T: @( C. L" I8 ]
Announced Ugandan commerciality on exploration success9 @3 B4 l3 w& u3 q
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98). ^3 W; E2 B! d% H% w) O5 y" r
Retail division suffers+ T) M$ U( ^ j7 I
Desjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)
d7 D; t6 ~& YWestmoreland provided more high grade at Redtree's Jack Lens, E6 u% ~1 ^2 Q+ h
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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( T" u- B0 |8 r$ e) F. rLockerbie & Hole (LH : TSX : $6.00)
3 z$ Q6 Q8 M4 d1 h9 ]7 CReleased Q3/09 results: very strong, focus should be on active backlog3 I/ P# r o4 m# N% |4 _
GMP Securities continues "buy", 12-month target price is $9.00
/ V. B6 T1 U! L8 hRaymond James maintains "market perform", 6-12 month target price is $8.25# {; g& P! D" w8 }/ i7 T( b- o
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)
; h* Z4 H, s2 d d% E+ h' j1 F0 x$ ?Reduced distributions by 70%' P& s8 r' g" y$ a1 `
RBC Capital Markets maintains "outperform", no target price reported
0 C6 T* \; |' U: s( g5 s, fScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)
U- O" M( y7 C' T8 AReleased Q1/09 results: a little light, but still respectable1 _+ g' a. J" J1 w" E& V6 F! I
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
3 C5 @" R Q! yParadigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)2 A" {. y: K* ~5 u$ l
Expecting lower CFPU on higher taxes0 \$ R+ z5 E! v9 [8 i
BMO Capital Markets continues "outperform", 12-month target price is $18.00
* O# ~$ l2 ~! DRBC Capital Markets continues "sector perform", 12-month target price is $12.00
/ }; m0 `5 g; k1 [0 \TD Newcrest continues "buy", 12-month target price is $17.007 J4 E g) ?( C. z5 O' U4 E" m
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
$ L7 s& A% \: t8 R; i6 TReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain+ N$ B D$ d* M# e& c# \- I E; D
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25& j1 L9 j( A$ M- Z0 h# q- F
Credit Suisse maintains "neutral", 12-month target price is US$1.007 u3 E, S% x; {- j/ S
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.806 ?5 T: M- l& i& S5 \9 o$ d9 X# V+ V
1 Z5 A2 |0 L$ B% m, K; zNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
$ T$ o$ e9 R$ o3 I1 Z* LDietary supplement business facing headwinds! l: t1 e, q. V- j# V( g6 O8 |0 d
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.007 i& W5 [" }1 \3 u
- M, c8 H2 `0 d) i$ iOpen Range Energy (ONR : TSX : $1.18)# m, m0 T4 l2 o& J. F) B# J9 k3 m
Provided operational update and F09 guidance& x# @2 z H" p0 h% w
Haywood Securities continues "sector outperform", 12-month target price is $3.253 v/ N1 M' Y4 O5 ^
4 [& U3 }) j7 t; A- VOsisko Mining (OSK : TSX : $3.13)
0 _, p5 |$ P, rSouth Barnat resource around the corner% b2 ^9 }7 j: N- f8 _+ l; k
Paradigm Capital continues "speculative buy", 12-month target price is $4.75& _7 B! J4 z6 R
5 h4 P# N5 z% A1 v7 t/ OPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)' K/ J) H' \8 f1 r* r
Provided operational update
% ~8 n& {' \! R q6 qBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00
' K: p, e- g, U9 n9 R( O p8 gTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50 o8 m( u( X9 i$ d. U% X! p( n) L
9 Q0 D0 w+ e, s9 J3 {Paramount Resources (POU : TSX : $7.85)7 ?0 R4 L$ P: P: G9 I: d
Provided operational update: Grande Prairie emerging as the key focus for F098 W. y7 D) b5 n3 b; C8 y
GMP Securities maintains "buy", 12-month target price is $12.006 u/ d6 u4 ]% k m
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Rockwell Diamonds (RDI : TSX : $0.07)2 \/ E! F" r4 q* e7 {
Operations starting to turn the corner" U9 [/ t( E2 n1 A' u( V9 @4 i# F8 L" R
RBC Capital Markets maintains "outperform", no target price reported2 Y& C- U+ T4 P! Y
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Shaw Communications (SJR.B : TSX : $20.13)
3 ` R& ~+ m$ b+ I) IReleased Q1/09 results: in line, subscribers ahead0 _5 g" _# J) }; l$ z
Credit Suisse maintains "neutral", 12-month target price is $25.50
' ~* I# E) T# A& I3 k: O3 o) {GMP 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)
( _1 D" G2 i- m( sHeld a sell-side lunch showcasing new U.S. team
6 K6 F( v7 ]9 |" P8 Q& GScotia Capital Markets maintains "sector perform", 12-month target price is $33.00! H$ H% ?$ c, B
9 z3 d7 {1 d LTrican Well Service (TCW : TSX : $6.93)
8 p, t& {7 C1 ]+ E* n) E4 s7 u5 }Awarded Russian contracts
- b6 W' y( t; r6 P- Q3 jBlackmont Capital maintains "hold", 12-month target price is reduced to $8.758 y+ \# T1 C% v, Y5 j" M8 G
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.006 A# ~* g) r8 u/ ^- v8 y& i
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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$ c+ t! O0 Z8 J6 F3 b4 lSino-Forest Corp. (TRE : TSX : $8.93)
0 M, Q; W- \( n# rChinese furniture exports rose in November
1 r8 T# R4 c' X0 j2 RDundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)! i* T2 p/ B: O3 M+ O
Shea Creek's two largest deposits have become one
& N) ?" r$ O9 m/ O8 ^3 R5 KDundee Capital Markets maintains "buy", 12-month target price is $2.75
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4 g4 ^1 B4 p' q& _9 YVero Energy (VRO : TSX : $4.72)3 F# m( F# O& z1 r \1 w( G, `* y
Released Q4/08 results: horizontal focus to continue in F098 o7 B. x( A, X
Dundee Capital Markets continues "buy", 12-month target price is $8.00
4 f9 E( X( a5 C& K( |! cGMP Securities continues "buy", 12-month target price is $7.50
3 q: G0 ~. k: L2 mParadigm Capital continues "buy", 12-month target price is $12.00
/ [4 ]$ I4 P* k, ?* sRBC Capital Markets maintains "outperform", 12-month target price is $8.50% u8 g) I# L9 J/ c" U h
6 O( y. y2 g3 w. X& T: vWi-Lan Inc (WIN : TSX : $1.75)% w% [& W2 S, k' {+ m: b+ E
Hit homerun with Samsung* \+ X+ p N$ v
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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