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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)
! q& O+ u* h* I% f* z* j" k* rBracing for a tough few quarters& ~! [* l+ m- }5 c
Canaccord Capital maintains "hold", 12-month target price is $4.50
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7 L3 t* ]0 g% bBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
1 W3 X" i' j4 L7 @' @7 h+ z, k5 C7 qGrowth outlook, challenging pipeline and high cost structure make future unclear. ]8 P9 f/ [0 M3 p9 X$ F8 N5 r. Y
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00: _$ P t: r4 k8 d5 B0 m5 G
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00) V/ k. ^* I% v+ s1 ?
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Astral Media (ACM.A : TSX : $22.98)
% j/ D" {7 h) t5 aReleased Q1/09 results: strong, in light of challenging operating environment8 {, y3 D n V% k8 t$ i( l
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
8 n/ d t$ {; H8 n1 p' t- ?Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
) `- M Y2 Z( \8 TGMP Securities maintains "buy", 12-month target price is reduced to $30.00
/ U' w H2 p2 {8 HRBC Capital Markets continues "outperform", 12-month target price is raised to $31.003 I7 i% Y" p7 L, \! C5 M+ ] ?
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00$ @- x9 A. D! ~0 g _' A2 e8 e
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)# q$ g# t" p+ Y4 x2 s
Well positioned with gold production forecast to double this year and next6 V& b0 w; M6 F+ k
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00! c* J4 U; {) T% S/ s' R
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00' p$ H6 a$ j# m: `
$ G6 _; q/ i( D2 m' p% y( Y7 SARC Energy Trust (AET.UN : TSX : $17.15)
7 ]% w( W- X3 k; \ tReduced distributions by 20%; capex also cut
/ i) G# n/ U. Y2 _# u5 J$ uRBC Capital Markets continues "outperform", 12-month target price is $19.00
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% }* t- r7 k- y) vAndean Resources (AND : TSX : $0.75)% `8 o+ X5 B: e4 A9 q; ^
Announced F09 outlook! _0 L$ d. u# S2 b$ J& y, J4 q& O
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
3 M1 q8 _1 [6 ]- v6 Y: Q8 o$ [8 OTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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n% H1 f8 Y" o5 vBombardier Inc. (BBD.B : TSX : $4.65)
$ w9 `1 l/ Q7 z- J# a7 V9 wRising challenges in Aerospace: @) K, a9 K; w3 L7 }3 o) ^5 J
GMP Securities continues "buy", 12-month target price is $8.00
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; S( B4 V9 r6 N4 ], y: u* wBank of Montreal (BMO : TSX : $31.84)
& N# B* Q4 X( ]" L9 zAcquiring AIG's Canadian life insurance business8 e3 u% P% B$ E0 [2 [- s$ {
TD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)
g; V& B$ ]+ F$ e9 A; r3 OQ1 review: Canada results encouraging, but Portugal remains a drag
/ {; q& F. [5 X- u |BMO Capital Markets maintains "outperform", 12-month target price is $46.00
7 A# s& N5 C3 z' f# ]: A9 {: ?Desjardins Securities continues "top pick", 12-month target price is $40.00
, w% q3 |7 Y3 N+ l. ^* ~# URBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.005 \' r& i; Q. D( q
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00! b0 H! T9 u R
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Corridor Resources (CDH : TSX : $2.45)
% G! e: S& I6 u9 p7 rCapital budget set to expected cash flow; production guidance lowered8 a1 ?# E' k' C
RBC Capital Markets maintains "outperform", 12-month target price is $4.258 O, B+ s% R- W
* a# o/ d5 y! b9 G# fCOGECO Inc. (CGO : TSX : $25.14)) r/ }9 R# ^9 N
Strong radio and cable drives 39% EPS growth
! g5 p! v( h4 p$ w, X! x3 B$ pScotia Capital Markets continues "sector perform", 12-month target price is $45.00
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CanWest Global Communications (CGS : TSX : $0.51)
5 S) G1 W( c4 q1 A) qTaking action to address tough operating environment2 t n; m$ y, E" T6 e
BMO Capital Markets maintains "underperform", no target price reported; M9 C- n" Z ~6 q
Credit Suisse maintains "neutral", 12-month target price is $1.00
2 y; O5 F- f& h/ ]( k2 e: y- ?0 R) tGMP Securities continues "reduce", 12-month target price is $0.50- d. W8 s& v0 w" X8 t
RBC Capital Markets continues "underperform", 12-month target price is $0.75
# w! {% ?$ m1 ^1 w }3 M4 s8 SScotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)6 P' o4 r8 J2 ]9 f$ g
Q1 revenues in line, EPS beat
+ o9 g9 j4 l* f: i% u( D6 g8 IBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
; d. I9 _% T4 XCredit Suisse continues "outperform", 12-month target price is $20.00$ h3 H9 i7 ]) }2 s1 J2 w" w
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
Z% n. O3 [+ P+ Y% s- z' i" HGMP Securities maintains "buy", 12-month target price is reduced to $17.009 K' j0 j. a* ^: @3 A
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
) `! g" o4 O5 j+ @Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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) v C2 N5 {2 e! `1 x; g+ H4 [Calloway REIT (CWT.UN : TSX : $11.84)
+ ], i( f: ]! ?6 G+ H$ s# MHeld investor day
$ O1 h' i$ c0 j5 `# q3 wScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00+ _8 }4 O/ P' c) z% v8 M6 c. I
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Daylight Resources Trust (DAY.UN : TSX : $7.77)2 z: U8 y; M* m9 D, E
Reduced distributions by 38%; guided for lower capex
6 W5 }/ g" T: D" q1 uBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
- [; ~, y" n$ q; ^5 f. v* M x4 ADundee Capital Markets continues "buy", 12-month target price is $12.00
- c0 f: o8 H# t5 K' n: c8 V9 P+ A0 ]0 ZTD Newcrest continues "hold", 12-month target price is $7.50: Z0 g- S7 a/ c; O& O
|8 f7 J( n% o2 xEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)4 N. s# g; r/ T7 l5 M# L7 b' Q
Steady market and currency tailwind
# W9 E0 f1 u8 T) I1 |TD Newcrest maintains "buy", 12-month target price is US$5.00
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Goldcorp Inc. (G : TSX : $29.74)
$ z1 |+ _" u: j! o/ SRevised commodity forecasts
& N$ m. p" v4 |* dBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00" x) D; w' u2 `) M
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Heritage Oil (HOC : TSX : $3.77)
6 X$ h3 E; _3 T) @2 g! o0 DAnnounced Ugandan commerciality on exploration success& P* Y0 G2 T7 c
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)0 }. f3 G. g# d7 E/ ?' b8 A
Retail division suffers, D2 Y0 L" E1 U4 T5 o/ L5 v8 C, b
Desjardins Securities maintains "buy", 12-month target price is $12.60* e, o' [# s9 f! l) ~6 X: H) g& L
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Laramide Resources (LAM : TSX : $1.84)
2 v0 L0 i P! B7 w7 s" f! n/ YWestmoreland provided more high grade at Redtree's Jack Lens; x( o+ V! K* }+ \# A3 t
Dundee Capital Markets continues "buy", 12-month target price is $2.30- p% s% Q* F7 A8 o
9 c1 }/ M& v- b1 P9 WLockerbie & Hole (LH : TSX : $6.00)# m" m. G* S" s: N! t
Released Q3/09 results: very strong, focus should be on active backlog; q& {% c, K! q6 S2 j7 z
GMP Securities continues "buy", 12-month target price is $9.00# [# U8 V* r w( w% e
Raymond James maintains "market perform", 6-12 month target price is $8.25
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00); h. l- f1 `# K
Reduced distributions by 70%
" ~4 a! l& T/ d, h" o9 H# _$ |RBC Capital Markets maintains "outperform", no target price reported
/ d( |! v: \, d8 L4 E4 |. s* JScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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4 P! G" Y; E: Q: X, vMatrikon Inc. (MTK : TSX : $2.04)" B- l3 v2 Z* a- f7 o* `1 b* e
Released Q1/09 results: a little light, but still respectable
+ R2 J* C6 M( x. }0 ?! eBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.508 I0 S% {! g' C
Paradigm Capital maintains "buy", 12-month target price is $4.00$ \( Z7 \4 F0 b3 e# V) ^& ]
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
. l: \# ?. n0 {$ V5 gExpecting lower CFPU on higher taxes
% m% i, I/ A1 d3 c/ d3 d* }) BBMO Capital Markets continues "outperform", 12-month target price is $18.00
0 w) Q% S+ I5 r# s' ^4 XRBC Capital Markets continues "sector perform", 12-month target price is $12.00/ L$ Y# a k/ }2 J3 w- r
TD Newcrest continues "buy", 12-month target price is $17.00$ C; |+ c" P0 p) B! `
* E2 N1 o1 I5 I# p5 uNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)" k. g! ]/ z- Z* W, _7 R
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain F. t6 _# B1 {/ }% R
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25 \6 g' U3 w. e" A; u4 \( h
Credit Suisse maintains "neutral", 12-month target price is US$1.00
. d7 W3 ~' I9 q6 oScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80# o8 k( N9 X/ F' y f+ K9 _
* @6 R8 z2 f LNeptune Tech & Bioresources (NTB : TSX-V : $0.79)( O' Q4 \6 N, u# ?
Dietary supplement business facing headwinds
* b$ `/ l8 M. I! a( K* A$ [* y" eParadigm Capital maintains "buy", 12-month target price is reduced to $4.00) F" s$ X1 r2 }, j
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Open Range Energy (ONR : TSX : $1.18)% Q @. o7 m0 b. q, w
Provided operational update and F09 guidance
) M5 s! Y x& v9 u& ^) T$ A) ^4 AHaywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)
7 `2 o7 s7 }$ o6 A7 r! N, HSouth Barnat resource around the corner
3 k: L% s* j9 B" x8 I4 zParadigm Capital continues "speculative buy", 12-month target price is $4.759 z0 Q4 }1 p- f4 J% s
; Q1 w0 ]! b" xPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
# Z( g5 L2 h; P `3 HProvided operational update# e) ?$ x s! H5 S
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
2 j" ?* p7 f+ P" t0 R3 r" `TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50- u: k% s2 N; z& D2 I' C9 |- G7 V
8 v( k* z1 U' g+ ?Paramount Resources (POU : TSX : $7.85)1 }- y7 E% {! n4 S- e: {
Provided operational update: Grande Prairie emerging as the key focus for F09
6 Z9 k$ e! Y( u5 T6 ^5 \" qGMP Securities maintains "buy", 12-month target price is $12.00
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% h$ J3 z0 q' R: jRockwell Diamonds (RDI : TSX : $0.07)
6 [& r8 r6 X2 P, cOperations starting to turn the corner
& n; v. W' d# T7 X' H1 kRBC Capital Markets maintains "outperform", no target price reported. Y! N6 ~2 h0 B. d- F
' J/ `2 h4 [( v# Q. UShaw Communications (SJR.B : TSX : $20.13)4 D& t" E( n) t+ j
Released Q1/09 results: in line, subscribers ahead3 o+ ?9 \5 }) T' s* Y
Credit Suisse maintains "neutral", 12-month target price is $25.50& w; m) i5 w$ z+ \6 O1 E
GMP Securities continues "buy", 12-month target price is $26.50
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. y2 x7 T$ V' M: H k0 O6 CSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)4 x4 i1 x/ R' Z0 A
Held a sell-side lunch showcasing new U.S. team0 u7 e: N( [9 |; X7 q. w( l( G
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.008 _( g8 x: F7 l7 L0 }
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Trican Well Service (TCW : TSX : $6.93)2 _! d6 J) \4 Q
Awarded Russian contracts6 C. e: U( t- I5 b# w0 l3 {) G
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
6 U$ }: W) n7 @6 Q4 a/ ]( X) aRaymond James maintains "market perform", 6-12 month target price is lowered to $9.003 z; V; \# ?& B8 Q
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00' X& ^1 A: m# t9 J
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Sino-Forest Corp. (TRE : TSX : $8.93)
" V% I, L- U8 ?4 d8 d4 c4 qChinese furniture exports rose in November
% |" @, u2 v0 g6 F; f& t- X2 w* V' gDundee Capital Markets maintains "buy", 12-month target price is $23.50% \: p( E& a5 o
/ @7 O0 S6 C+ x& ^& `, qUEX Corp. (UEX : TSX : $0.88)5 L! \- z: M# P8 \
Shea Creek's two largest deposits have become one! @7 d' @0 D- e( L, e' j6 |1 y
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)
- b7 X) H- ?! [2 O! A0 L- C5 oReleased Q4/08 results: horizontal focus to continue in F09- f+ \& X0 y2 S [" C6 b
Dundee Capital Markets continues "buy", 12-month target price is $8.00
: v% Z1 F7 R! cGMP Securities continues "buy", 12-month target price is $7.50# |4 Q K; k* ?8 Z2 n! @
Paradigm Capital continues "buy", 12-month target price is $12.00
- @- M$ }0 m& @) q ]RBC Capital Markets maintains "outperform", 12-month target price is $8.50; ?6 U3 n% [: n% m+ {' O2 z2 E1 h, B" K
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Wi-Lan Inc (WIN : TSX : $1.75)
. s6 h/ e+ B: q7 cHit homerun with Samsung% E8 {/ B5 x f
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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