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Ear on the Street --- Jan. 16 2009# x- ]/ |+ v+ A( ^
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Absolute Software (ABT : TSX : $3.36)
* \* l" q6 ~/ T; \6 y! wBracing for a tough few quarters
( T# H$ E# N$ n X/ ^Canaccord 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)
5 J# r7 M) p. ]: E% b. m4 B0 d) uGrowth outlook, challenging pipeline and high cost structure make future unclear# z2 t" y% m: {5 f. m+ E
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00$ g2 a4 {* e* R+ t8 N$ U* m
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00+ W; v. ~; H1 f. d6 ]
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Astral Media (ACM.A : TSX : $22.98)9 @1 I; y; n3 m1 {
Released Q1/09 results: strong, in light of challenging operating environment/ p; G0 b$ D n' j3 u' j. Z+ {; P
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
/ F _/ R4 N2 Q) l$ {' q, ADesjardins Securities maintains "buy", 12-month target price is slashed to $28.00
! D+ c9 T+ ]0 lGMP Securities maintains "buy", 12-month target price is reduced to $30.00
- X8 A, j) G. h& oRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
: v o M$ N, b8 TScotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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! u) x4 c1 F8 L0 iAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
7 u/ z6 V: n3 ^Well positioned with gold production forecast to double this year and next
, t! z: ]7 \+ R/ c' C! \Blackmont Capital continues "buy", 12-month target price is lowered to $83.00, I- h4 m/ i3 [: s- H* Z: G' C! ^. v% m D
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00: i( s4 |2 E6 N4 u' r1 l
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ARC Energy Trust (AET.UN : TSX : $17.15)
) [. B$ n: g' o; |5 Q& v* hReduced distributions by 20%; capex also cut
) l6 u5 Q$ R) _ i p# t* \1 \1 v0 dRBC Capital Markets continues "outperform", 12-month target price is $19.001 V1 m' g, J( y {
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Andean Resources (AND : TSX : $0.75)
) u! v5 A2 a4 ?0 sAnnounced F09 outlook |. s5 J, C2 m
Paradigm Capital continues "speculative buy", 12-month target price is $2.250 y) a! u- O& s3 _$ S
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00. F! C$ Z8 f/ }8 d! S) Z
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Bombardier Inc. (BBD.B : TSX : $4.65). ?9 V" p( o; O' \- q0 }% W
Rising challenges in Aerospace& o. T$ H2 J' n0 `' Q: t4 ~/ R
GMP Securities continues "buy", 12-month target price is $8.000 e1 \& o4 X% N: f$ o2 u/ S* n: ^
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Bank of Montreal (BMO : TSX : $31.84)8 r8 @# y! u) k1 p/ {7 [2 C
Acquiring AIG's Canadian life insurance business4 L9 c1 _& U/ Q- r# C
TD Newcrest continues "hold", 12-month target price is $37.00
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4 `: x, ^$ W3 m- |- VCogeco Cable (CCA : TSX : $33.37)
. }# Q- }( b7 ?+ y' _. p' NQ1 review: Canada results encouraging, but Portugal remains a drag
: ]" l/ v# ^9 m; S7 B( DBMO Capital Markets maintains "outperform", 12-month target price is $46.00
$ b. ~3 F( D, I% ]% rDesjardins Securities continues "top pick", 12-month target price is $40.00# H9 [, n8 B/ n; q9 w2 ~
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
& S) v- N1 A9 H0 Y% B6 `Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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, }9 [% M- a, [3 jCorridor Resources (CDH : TSX : $2.45)6 ^+ t+ V+ ?4 C
Capital budget set to expected cash flow; production guidance lowered2 w( O0 |, `8 q! V3 d3 a% X3 Q2 k
RBC Capital Markets maintains "outperform", 12-month target price is $4.25/ ^, r. ?. u0 U T
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COGECO Inc. (CGO : TSX : $25.14)& f' H! h9 n: w5 ~9 X& G/ b
Strong radio and cable drives 39% EPS growth" n1 T+ c2 `# ^
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00: E: t/ g9 I! |6 T
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CanWest Global Communications (CGS : TSX : $0.51)9 P8 J0 [( o" }" v& @* v" a1 R0 g2 ^
Taking action to address tough operating environment
5 K1 g- ~) L; T8 _# ^0 LBMO Capital Markets maintains "underperform", no target price reported
# j' X F3 O% A7 j1 h0 {4 f7 JCredit Suisse maintains "neutral", 12-month target price is $1.00, l+ f3 L- A7 E! ~
GMP Securities continues "reduce", 12-month target price is $0.50
i3 ?! N6 A% k) tRBC Capital Markets continues "underperform", 12-month target price is $0.75' k0 ]2 x- E2 b6 T: [5 u
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50/ ^2 n$ g$ C2 S
' Z6 S! E; C/ n3 O' l5 ]Corus Entertainment (CJR.B : TSX : $12.47)
+ v& Q" {7 O. q4 ]; ~3 p& RQ1 revenues in line, EPS beat9 r& f S1 B8 t, s8 ?
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
/ o5 F. @2 E; s; x+ O% S: f( rCredit Suisse continues "outperform", 12-month target price is $20.00; G% J6 P# U, D' f2 h+ H
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
7 h. d% K" J+ b+ q: W" o8 j, z7 GGMP Securities maintains "buy", 12-month target price is reduced to $17.00
3 a: ?; x. G, F0 d' y4 c! W% x% XRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
" n) [- K- H* h- z. e! CScotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)3 q3 s, S5 @8 g3 {, e
Held investor day
% R" I% E2 u: I! o0 X" hScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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1 @7 i6 r# h& {& `8 X2 ?5 |Daylight Resources Trust (DAY.UN : TSX : $7.77)
& f$ l- @1 L1 DReduced distributions by 38%; guided for lower capex$ O, l3 w3 G( @' f
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
$ P5 p" M }) VDundee Capital Markets continues "buy", 12-month target price is $12.00
5 {. B' O* c' q/ b- cTD Newcrest continues "hold", 12-month target price is $7.502 t P; }1 U6 S
8 O7 C: b2 c9 ]6 |2 `- HEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)& ~( C' B- b" x: R4 @) y1 K. e* J/ |
Steady market and currency tailwind! }# O! ^1 `+ L) v0 C6 o* ~
TD Newcrest maintains "buy", 12-month target price is US$5.00& q8 w- J8 ^) [ o5 I, k( n
7 ^) E+ T* U, b+ VGoldcorp Inc. (G : TSX : $29.74)
, w4 [! v( @1 q9 E. a) sRevised commodity forecasts
& \5 Y6 y" {; e" ~2 Z5 c8 kBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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0 U8 a7 m1 j9 U- T& u/ S! dHeritage Oil (HOC : TSX : $3.77)
m/ K8 y+ s5 `- |Announced Ugandan commerciality on exploration success
! I n- g5 a! c! z7 D" bTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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# o1 [/ s$ H- A9 D. VHarry Winston Diamond (HW : TSX : $4.98)
2 A8 t1 d4 F$ g4 ARetail division suffers4 I( Z- R4 k R& @# D7 B
Desjardins Securities maintains "buy", 12-month target price is $12.60& U) K1 S$ ^$ I- Z; u
! m8 {! ^' V& W- d1 M& s; S+ {Laramide Resources (LAM : TSX : $1.84) r& o: ~% |# i7 J
Westmoreland provided more high grade at Redtree's Jack Lens* J3 l& b% j0 H& H5 E6 _% e
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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Lockerbie & Hole (LH : TSX : $6.00)
) c; s$ E6 h7 s; w8 R( ?Released Q3/09 results: very strong, focus should be on active backlog& Z5 u6 ?! I5 G9 k
GMP Securities continues "buy", 12-month target price is $9.00
4 f* F' K" b# r8 I, J; HRaymond James maintains "market perform", 6-12 month target price is $8.25
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' }1 }& P; z& `0 u: x hLivingston Intl Income Fund (LIV.UN : TSX : $6.00): X! @, M2 X$ L- K4 b& f- n! l. M
Reduced distributions by 70%& E) Y9 }# l- M. o
RBC Capital Markets maintains "outperform", no target price reported
0 f! y1 n1 h$ i2 K; VScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)
+ d, G: U9 }4 w( K; sReleased Q1/09 results: a little light, but still respectable
) E4 W; G N1 b- A7 g$ {0 |BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
6 ~# K& o4 h/ |" V/ mParadigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)+ n& H9 o; N* m! n9 U
Expecting lower CFPU on higher taxes+ V" e2 h" J2 v2 I
BMO Capital Markets continues "outperform", 12-month target price is $18.00+ K% `! g8 m3 c J1 K. N. ~
RBC Capital Markets continues "sector perform", 12-month target price is $12.00 V! K1 X) n4 N/ n" s. \
TD Newcrest continues "buy", 12-month target price is $17.00' F3 M# G8 x. |7 w& \& k
; q: u( P; G: |$ k1 U3 ^Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
) G; U1 Q/ H6 DReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain& R. T4 T8 Z0 S5 ^. p0 w
Blackmont Capital continues "hold", 12-month target price is reduced to $1.250 k V# w9 {/ @* t* t
Credit Suisse maintains "neutral", 12-month target price is US$1.00+ [+ T! U3 e' A. b. v- [6 l4 v
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80+ f! l+ J* d' f, L4 b
( z1 z- d! y- V L0 A. u9 x+ kNeptune Tech & Bioresources (NTB : TSX-V : $0.79)
8 l3 Y$ S, n9 ?8 s1 aDietary supplement business facing headwinds
N; I* e. t5 U/ X( ~Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00; X5 L6 a# ?7 P3 S7 c
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Open Range Energy (ONR : TSX : $1.18)1 A# }1 i8 V; i( d, I' C
Provided operational update and F09 guidance e" B# t3 U- ]5 H9 `
Haywood Securities continues "sector outperform", 12-month target price is $3.25- g' T; w' E7 R9 `
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Osisko Mining (OSK : TSX : $3.13)
( e+ M+ Z m& C+ ` {: [4 g! vSouth Barnat resource around the corner
5 z# N5 H6 v* C* {Paradigm Capital continues "speculative buy", 12-month target price is $4.75& t/ D8 a) f/ N8 p( `( I
3 Y9 h$ O F- Y- D( VPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
* Y7 j2 R3 R3 H2 h* d( B$ [) w+ {Provided operational update- X: H, C2 ^% Y3 D1 V% t* s
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00: Y u! ^7 X4 A
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.504 Q3 s5 j, h: ]
0 e! {; [" n; D' f1 }8 ]Paramount Resources (POU : TSX : $7.85) G+ ?2 N: \' |) _
Provided operational update: Grande Prairie emerging as the key focus for F09
8 _6 n: d* q# \7 }2 `5 d3 ^GMP Securities maintains "buy", 12-month target price is $12.00! J2 v1 T+ _3 T v7 H. R/ ~
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Rockwell Diamonds (RDI : TSX : $0.07)
( c! D- n0 m- `1 n' m8 POperations starting to turn the corner
3 y, T- V1 T d, Y, PRBC Capital Markets maintains "outperform", no target price reported
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Shaw Communications (SJR.B : TSX : $20.13)
- T% c& } X8 z; YReleased Q1/09 results: in line, subscribers ahead
. ]7 I% d5 i2 J- p( `Credit Suisse maintains "neutral", 12-month target price is $25.50
. t& r" r5 c9 M. GGMP Securities continues "buy", 12-month target price is $26.50
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
6 M" O" v% `5 e _' rHeld a sell-side lunch showcasing new U.S. team
# o5 v. W: g# X$ i" c; w+ }3 VScotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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Trican Well Service (TCW : TSX : $6.93); C+ A2 t& W# w6 I% s
Awarded Russian contracts
5 }. q1 [9 |0 q/ M- L3 s& uBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75
/ ]% ]* l+ x5 G6 ]) |1 NRaymond James maintains "market perform", 6-12 month target price is lowered to $9.003 ^& G# u. Q$ [' n+ c `0 r3 C
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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2 z: [; D0 l' n1 J- J4 q1 CSino-Forest Corp. (TRE : TSX : $8.93)0 x* M$ Q1 I3 n
Chinese furniture exports rose in November# N. q3 l4 u+ W
Dundee Capital Markets maintains "buy", 12-month target price is $23.50# {- w+ X+ [- l j
. S9 }$ s$ l& [7 RUEX Corp. (UEX : TSX : $0.88)6 V8 c0 b8 |5 o
Shea Creek's two largest deposits have become one
. s7 H9 y3 b9 _, wDundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)
7 \. x+ @0 v9 c4 d8 h. {8 TReleased Q4/08 results: horizontal focus to continue in F09
9 ]) R& Q- E0 L6 C6 w$ f6 `Dundee Capital Markets continues "buy", 12-month target price is $8.00) `: Q" p5 w( ^. _
GMP Securities continues "buy", 12-month target price is $7.500 ?* J3 `% E3 b6 L& ?) U& }1 }* U
Paradigm Capital continues "buy", 12-month target price is $12.00: d$ D& G0 K, M' U8 E* ?: S
RBC Capital Markets maintains "outperform", 12-month target price is $8.506 j* ~2 c3 a2 O5 C3 C0 l
' ]9 w4 U! ?/ M, `9 aWi-Lan Inc (WIN : TSX : $1.75). ~) `* d, A% e4 V# y# q+ p
Hit homerun with Samsung
0 Z- j+ L7 a9 a. Z& l$ lParadigm Capital continues "buy", 12-month target price is $3.50 |
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