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Ear on the Street --- Jan. 16 2009
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; {3 M5 r: n3 f- u- JAbsolute Software (ABT : TSX : $3.36)
- \% O! Y! K. D n1 TBracing for a tough few quarters
2 s" R% M" [" [8 BCanaccord Capital maintains "hold", 12-month target price is $4.50
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
9 w$ g- j/ Y. l8 l4 yGrowth outlook, challenging pipeline and high cost structure make future unclear* q$ I7 E7 [: d; I% _7 a
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00, L r: d% _4 Q! o
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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5 C6 f" M9 N9 m7 Z( _) UAstral Media (ACM.A : TSX : $22.98)
9 O2 a6 K# A+ q0 W/ q/ u& ?Released Q1/09 results: strong, in light of challenging operating environment
7 Z7 S" y2 o" n$ W, j1 TBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00 ]: A) {9 _ E d
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
( Z5 e8 z4 Z& d% z; n% \- mGMP Securities maintains "buy", 12-month target price is reduced to $30.00' }3 ]( q5 c9 y, a! a
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
* y2 v0 z) T) u* K* z' H) RScotia Capital Markets continues "sector outperform", 12-month target price is $30.00$ C/ n/ E" C' \" l
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
- K0 V1 x: M0 g; Z, E6 qWell positioned with gold production forecast to double this year and next+ W' ~2 \0 V2 ~, \
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00" x/ D! }' o' i% O5 ~' H
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00/ J e1 ^. S& ~# l8 y& ~9 F
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ARC Energy Trust (AET.UN : TSX : $17.15)
1 r0 d$ q' G# \. HReduced distributions by 20%; capex also cut
/ G* ?/ C& G: f, y4 {; s% _6 aRBC Capital Markets continues "outperform", 12-month target price is $19.00
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' h, Z7 y) N0 A1 y4 vAndean Resources (AND : TSX : $0.75)
2 @3 A) r8 U" W# j' DAnnounced F09 outlook- p8 b5 }# ^( R/ W% g
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
+ _" m' b1 ? s7 j: Q; _TD Newcrest downgrades to "hold", 12-month target price is cut to $1.003 W* ]5 W. L2 i! s
2 O) U3 U& n1 b% t/ S+ T* g6 f3 cBombardier Inc. (BBD.B : TSX : $4.65)8 P2 j4 F8 J; w( \/ u+ K0 y- _
Rising challenges in Aerospace1 s' s6 b& m5 c
GMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)5 H9 x& W) P1 d! S- p
Acquiring AIG's Canadian life insurance business
; J3 [+ q2 `$ V z$ ZTD Newcrest continues "hold", 12-month target price is $37.00. T. w) R( c( f! p8 _9 ?. q" L
/ d2 C8 ]4 [2 q" V. JCogeco Cable (CCA : TSX : $33.37)& W7 g, |$ J0 N
Q1 review: Canada results encouraging, but Portugal remains a drag3 k9 ^3 o. c5 g1 `- V4 v
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
2 J0 s0 ]' |% I I. g6 ? rDesjardins Securities continues "top pick", 12-month target price is $40.00
* L* A$ e* {1 q% I* w" x" VRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
, H' b1 `. ~4 u5 @* ?Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)
- j5 ^ P) z: ^1 ~Capital budget set to expected cash flow; production guidance lowered$ D9 M' O5 l& I, n- L" N j) P3 D: P
RBC Capital Markets maintains "outperform", 12-month target price is $4.256 \9 j+ n/ s6 c0 Z/ D- I
K5 _. F& n, C; ]COGECO Inc. (CGO : TSX : $25.14)
3 I7 Z& S( m! z3 BStrong radio and cable drives 39% EPS growth
/ U0 ~3 I' W. \6 \4 B1 x6 Z7 wScotia Capital Markets continues "sector perform", 12-month target price is $45.00( N- k' D$ y% W5 T5 j
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CanWest Global Communications (CGS : TSX : $0.51)
! @9 t. V/ w: HTaking action to address tough operating environment
- H! g' E6 h' W! |5 Q4 iBMO Capital Markets maintains "underperform", no target price reported
: |. l9 u1 l$ b: ^: DCredit Suisse maintains "neutral", 12-month target price is $1.00
0 A( x' O" k. }* s+ H+ K0 wGMP Securities continues "reduce", 12-month target price is $0.509 ?+ a+ b6 e- u: u
RBC Capital Markets continues "underperform", 12-month target price is $0.75: A' ^& B* Z9 z3 \6 b; [
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50! N" Y6 \0 q/ |
7 c6 o+ w* \) v+ P3 mCorus Entertainment (CJR.B : TSX : $12.47)" |! ?; k1 B& W3 N w* E; z
Q1 revenues in line, EPS beat# Q; @: O, I4 i q" j
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
& N7 F9 z7 g/ J8 yCredit Suisse continues "outperform", 12-month target price is $20.000 d+ L4 F" }4 Q' t$ n" e
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
) j; h: o, F; \4 o: ~GMP Securities maintains "buy", 12-month target price is reduced to $17.00
+ O! E* c2 |4 y( G& c# }RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
2 W* f9 \8 c% G* o* nScotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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Calloway REIT (CWT.UN : TSX : $11.84)- C L7 s8 r) }5 N3 O
Held investor day
3 L! m, m& ?5 M W7 g; }Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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Daylight Resources Trust (DAY.UN : TSX : $7.77)
6 I4 Q. ?9 z5 j8 n( X# |. EReduced distributions by 38%; guided for lower capex
3 ?8 A$ R" K$ g. i* N0 ^# eBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
4 `& N9 H3 D& p( u( s5 ~Dundee Capital Markets continues "buy", 12-month target price is $12.002 \, p. C0 Y+ N/ C- @. [
TD Newcrest continues "hold", 12-month target price is $7.50* x" I8 U+ T0 K$ `/ n5 a
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90), ~; A$ R4 E+ u2 N0 d6 ]
Steady market and currency tailwind; {! {4 y0 ^& `; O/ j
TD Newcrest maintains "buy", 12-month target price is US$5.00' n+ Y8 m Y( n: s
+ [! g u, s+ Z) Q% PGoldcorp Inc. (G : TSX : $29.74)
: ^. l) Z6 _1 F0 [3 t- R; URevised commodity forecasts9 j. w/ x @. t8 ]' e% u" p8 [
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)
: m0 B7 d9 I9 V. ^' ZAnnounced Ugandan commerciality on exploration success3 ?- b) _+ e$ _( R3 S
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)
{: A! X' l$ q" G. v& }Retail division suffers
; n) v# e& o7 h- cDesjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)
2 a t/ u5 J) D. D& R2 Z' g$ }Westmoreland provided more high grade at Redtree's Jack Lens
3 i$ a, @: M# S8 `/ I* h, LDundee Capital Markets continues "buy", 12-month target price is $2.308 p/ F4 ^/ e( c$ F$ O
5 W H- Q. k' DLockerbie & Hole (LH : TSX : $6.00)5 N; E. k/ ~" F
Released Q3/09 results: very strong, focus should be on active backlog( E% X1 S' \9 Y* p! d5 d/ s
GMP Securities continues "buy", 12-month target price is $9.00
' W! _/ y7 z5 r: \. L2 NRaymond James maintains "market perform", 6-12 month target price is $8.25" M# T6 ?$ R y7 o+ K
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)
9 Z, ~* M1 _1 T, {( b9 D8 MReduced distributions by 70%" {/ k7 y: }6 |3 u
RBC Capital Markets maintains "outperform", no target price reported
& j) j5 R8 i) fScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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) r2 z5 @9 M: r. q% U: xMatrikon Inc. (MTK : TSX : $2.04)
( [% u( l. F( S9 S: g6 OReleased Q1/09 results: a little light, but still respectable
/ E0 q) D) Y' W4 I5 ?# t8 G. ?BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
6 G) _' Q7 ] A9 s/ GParadigm Capital maintains "buy", 12-month target price is $4.00
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
1 ~8 z5 H9 H+ f, P GExpecting lower CFPU on higher taxes
: R: t/ _2 _+ R4 F+ \/ u0 dBMO Capital Markets continues "outperform", 12-month target price is $18.00- r* |1 J) T) j; R/ L' ?
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
0 h( e3 S2 d* @7 v0 f8 rTD Newcrest continues "buy", 12-month target price is $17.00
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& U* \0 n w2 H/ B) aNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86) E, Y% v! s, U
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
8 _3 `1 F: O, }* F1 S; ?: ZBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
/ t, |" O4 A7 I1 o7 M9 r1 D" [9 S/ ^Credit Suisse maintains "neutral", 12-month target price is US$1.006 J( n2 m( `5 ]3 u
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)
6 v+ i. i( x7 J# C$ X) }6 A2 wDietary supplement business facing headwinds
* f' f) E& t9 K6 i3 N& T# v fParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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: C! B# a, H. T( rOpen Range Energy (ONR : TSX : $1.18)
+ L/ A! S$ J% e6 C# yProvided operational update and F09 guidance0 \( h- Y$ |7 }" P3 P9 K* J4 q. q& H
Haywood Securities continues "sector outperform", 12-month target price is $3.25* o8 {% H; Y! }/ n
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Osisko Mining (OSK : TSX : $3.13)* Z0 c. O% e4 O6 P! ~+ K
South Barnat resource around the corner4 o+ ]/ @% o, m n' N7 X
Paradigm Capital continues "speculative buy", 12-month target price is $4.75
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$ `5 @1 c0 j: SPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
* X. E1 s/ q$ W R! j) i9 DProvided operational update' j. F( E9 `. J; C- F6 {0 Q
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
9 m* c6 }; U& w8 pTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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! |! c1 ] ], E$ U% NParamount Resources (POU : TSX : $7.85)
4 F7 q+ W7 H5 | qProvided operational update: Grande Prairie emerging as the key focus for F098 m- B; U# f6 z D( `; L% C
GMP Securities maintains "buy", 12-month target price is $12.00
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Rockwell Diamonds (RDI : TSX : $0.07)
2 X2 Z# y c- rOperations starting to turn the corner! r1 U8 x5 A2 h W8 R# R( x. K5 E/ o
RBC Capital Markets maintains "outperform", no target price reported
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Shaw Communications (SJR.B : TSX : $20.13)( t" q6 H U4 U- y% `3 N
Released Q1/09 results: in line, subscribers ahead0 g7 u5 l) p( p9 E$ V% C' |9 C
Credit Suisse maintains "neutral", 12-month target price is $25.50
0 U8 {4 q# R/ v( }) MGMP 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)
5 ^" `( q- ]. S% }+ s! gHeld a sell-side lunch showcasing new U.S. team4 j5 F0 \* ]3 s& m
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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2 F7 b' [' k0 G& k8 ZTrican Well Service (TCW : TSX : $6.93)5 [! y: Q3 s/ p8 H9 C
Awarded Russian contracts2 M7 ^! w! U# e: u, l. `+ P
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75/ [0 B! _" r J6 l$ ~7 d! ]
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.002 A! j1 r" W; J" P m
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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# b1 p( K0 I- M! M4 M4 D# q5 fSino-Forest Corp. (TRE : TSX : $8.93)
: u( s; A) \1 N2 D; FChinese furniture exports rose in November# `& p0 s' \: z9 L; ^/ w; }- [5 O* z
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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) U+ Q. `7 O! J! P! n, nUEX Corp. (UEX : TSX : $0.88) a& k7 a) d' t$ q0 y
Shea Creek's two largest deposits have become one
6 |5 a$ A. D" J$ jDundee Capital Markets maintains "buy", 12-month target price is $2.756 `. }2 L7 s) u" J% U
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Vero Energy (VRO : TSX : $4.72)- m; ?# u- ^8 b6 {0 r3 T: q! A( v
Released Q4/08 results: horizontal focus to continue in F097 s' J# ~1 q' o5 F
Dundee Capital Markets continues "buy", 12-month target price is $8.00+ p5 e$ ~( ^# t/ N! }( e7 X
GMP Securities continues "buy", 12-month target price is $7.50
2 Y6 H3 Q. M1 B. ?$ x" aParadigm Capital continues "buy", 12-month target price is $12.00
" @, @ T* n- C# _3 k% _) [RBC Capital Markets maintains "outperform", 12-month target price is $8.505 i( K9 K1 d$ O2 v
" S" N' s9 I& i0 {( @! G( y. Q& j7 Y* OWi-Lan Inc (WIN : TSX : $1.75)
3 p9 W% V0 d! C2 PHit homerun with Samsung
% k- K% P6 G2 c* }& M* v |Paradigm Capital continues "buy", 12-month target price is $3.50 |
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