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Ear on the Street --- Jan. 16 2009
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& X, O; q$ ~: F, T5 E2 \% }; rAbsolute Software (ABT : TSX : $3.36)
. z# Q2 j/ t* q1 m+ uBracing for a tough few quarters
' A5 }8 N! o9 o' b8 N# jCanaccord Capital maintains "hold", 12-month target price is $4.50; {" l) w3 j; E* |- k% K
; u0 E4 s% x+ A% oBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
A/ {! L, ~1 R8 \# pGrowth outlook, challenging pipeline and high cost structure make future unclear% T2 L* q# S( P3 Z4 k5 \, m- S0 F! |
Blackmont Capital continues "hold", 12-month target price is lowered to $48.003 C0 u+ s/ d8 g7 I+ F' A( X
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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Astral Media (ACM.A : TSX : $22.98)
; u1 p% r) r1 |Released Q1/09 results: strong, in light of challenging operating environment
9 E% ~$ ?' ?1 x' a8 ^& gBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00$ D+ |/ U0 y/ G$ s6 ]
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00 s9 E, o: C( p: _( o0 |9 l0 N
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
N; ?* l$ A |8 wRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
& p# m, n, W+ O+ T( n: `* J5 HScotia Capital Markets continues "sector outperform", 12-month target price is $30.00- l J3 ?1 d z; U4 E2 E" W5 L o
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
9 U3 e1 M& i: c; G4 IWell positioned with gold production forecast to double this year and next
! e B6 U" z" C9 ^- T* n4 m! qBlackmont Capital continues "buy", 12-month target price is lowered to $83.00% e P, S; a$ j' b3 y2 _3 L
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00+ M5 p+ Q9 k' Y* U% _
- C- S' B; j) qARC Energy Trust (AET.UN : TSX : $17.15) M3 o0 S! u- `- `0 a8 U7 |. D! g
Reduced distributions by 20%; capex also cut& t/ B d7 V6 E7 |+ t/ b# k
RBC Capital Markets continues "outperform", 12-month target price is $19.00' U$ o' ^+ F/ ~8 _( s
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Andean Resources (AND : TSX : $0.75)
@) i" [4 @% P$ ? bAnnounced F09 outlook% q0 q. _ Y# A( E8 u/ G+ c
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
6 W' P' i6 m2 ?9 E6 P: r( }$ Q# ^TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00- B# g( }8 _3 \" z, ?2 M
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Bombardier Inc. (BBD.B : TSX : $4.65)* p; i8 H' J+ j. @ x
Rising challenges in Aerospace
8 n- \" L& @0 KGMP Securities continues "buy", 12-month target price is $8.001 t/ ~2 m ~3 x1 P) N+ S3 O" w
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Bank of Montreal (BMO : TSX : $31.84)- \, M, F0 T( i) g, H/ p
Acquiring AIG's Canadian life insurance business; ~) k8 ^) \, e9 b) d/ c2 o
TD Newcrest continues "hold", 12-month target price is $37.00
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Cogeco Cable (CCA : TSX : $33.37)
- F/ Q/ Q9 k! lQ1 review: Canada results encouraging, but Portugal remains a drag8 V! e! D+ H0 e* b0 d( w2 K7 h
BMO Capital Markets maintains "outperform", 12-month target price is $46.005 D/ R% r7 P, \
Desjardins Securities continues "top pick", 12-month target price is $40.00! E( R8 Z, y2 P2 B4 k
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00% n# I) \; ~9 k: l( {8 v$ S9 i
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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Corridor Resources (CDH : TSX : $2.45)$ h- p" A7 l3 u- p0 s# ^1 a, `
Capital budget set to expected cash flow; production guidance lowered
2 z9 \$ P" W9 x, n' pRBC Capital Markets maintains "outperform", 12-month target price is $4.253 r" O$ S/ @; N4 ]! h) B
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COGECO Inc. (CGO : TSX : $25.14)
/ J) F$ m- Q3 t0 H* k5 UStrong radio and cable drives 39% EPS growth
) i: R) T) Y+ b# KScotia Capital Markets continues "sector perform", 12-month target price is $45.00# T. z6 G2 @' p/ ~
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CanWest Global Communications (CGS : TSX : $0.51)' X' ]1 W2 C8 N# G$ ?. v
Taking action to address tough operating environment
8 n& |; T( R) A1 HBMO Capital Markets maintains "underperform", no target price reported
2 X6 y1 w, H! dCredit Suisse maintains "neutral", 12-month target price is $1.00
& s+ n3 D0 _8 c, F, O2 }, YGMP Securities continues "reduce", 12-month target price is $0.505 c% B, n0 s$ N
RBC Capital Markets continues "underperform", 12-month target price is $0.75, {9 d& b7 v/ a2 ]+ E" Z6 h
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.507 y2 }0 n @- u- Q6 T; O. F
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Corus Entertainment (CJR.B : TSX : $12.47)1 P0 Y4 U# m: A) c4 g
Q1 revenues in line, EPS beat
: T8 r: U& F/ c5 Y$ hBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
: ?8 h' |6 ]5 E( M; eCredit Suisse continues "outperform", 12-month target price is $20.00
9 o0 ]- z" H8 QDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00
& W1 `: w2 _3 b( eGMP Securities maintains "buy", 12-month target price is reduced to $17.00( V, @2 G9 k7 F" y6 c$ g
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
( p4 {) d5 g% }* I5 V/ p; }8 PScotia Capital Markets continues "sector outperform", 12-month target price is $18.00" d$ y* |) P9 R9 `+ m' C! C
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Calloway REIT (CWT.UN : TSX : $11.84)
# s1 j9 i1 B( e* f" M' HHeld investor day9 a7 x: T# U: c( d" e
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00' g8 c* R' B4 ?" t# I8 ^
4 g; C3 r7 n9 p( S( T1 g& ~Daylight Resources Trust (DAY.UN : TSX : $7.77)
3 |* |9 d9 ~0 C: P' W8 K4 l- CReduced distributions by 38%; guided for lower capex
, F5 k9 n& j( E; S1 d7 ~BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00+ F4 f3 @% y' ^2 B3 f
Dundee Capital Markets continues "buy", 12-month target price is $12.00" O- D" C) ~* T7 }
TD Newcrest continues "hold", 12-month target price is $7.50
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7 O$ y* q% }' g8 H/ ]% y8 F" H. OEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
3 s7 Z- G$ }1 F# u/ \% ~2 }Steady market and currency tailwind
8 m; d, ^! |( U& l+ O% HTD Newcrest maintains "buy", 12-month target price is US$5.004 Z: ]3 ?; c1 ^) Y p! `4 ?* |: k
5 f0 _0 e D2 g1 Z3 z+ Q! R/ PGoldcorp Inc. (G : TSX : $29.74)
% ?* a7 D2 t4 [ i+ ?* aRevised commodity forecasts
$ l; q0 g. }. k* Y! dBlackmont Capital maintains "buy", 12-month target price is reduced to $49.001 h3 a* |/ L, ~- W u8 ~/ Q1 e
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Heritage Oil (HOC : TSX : $3.77)8 @! \! \9 b# B6 \* P4 U
Announced Ugandan commerciality on exploration success
! ~: L, A% y6 j$ d$ c+ y: bTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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+ H% @# A7 i' |& x; V# I7 gHarry Winston Diamond (HW : TSX : $4.98)
( k* Y# `- D" c7 Z+ [, b5 x4 FRetail division suffers
. F: H3 D1 @% k. M' hDesjardins Securities maintains "buy", 12-month target price is $12.60
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: h0 `- Y, _6 Y3 |1 RLaramide Resources (LAM : TSX : $1.84)
" i2 \) l( u0 N! mWestmoreland provided more high grade at Redtree's Jack Lens
+ V( v5 {& P" Q7 G6 d* @) IDundee Capital Markets continues "buy", 12-month target price is $2.30
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; }) i, c- i2 i6 e [6 yLockerbie & Hole (LH : TSX : $6.00)' c3 N4 Z8 X2 [( `- L7 Y
Released Q3/09 results: very strong, focus should be on active backlog
9 j7 ~5 l' n* k. R# F3 uGMP Securities continues "buy", 12-month target price is $9.00. ^1 T R9 u* V! y& U
Raymond James maintains "market perform", 6-12 month target price is $8.25
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' }' v% e. j8 A* P- _6 w8 t7 ~6 DLivingston Intl Income Fund (LIV.UN : TSX : $6.00)5 P( \% i! Y* t" ]5 \
Reduced distributions by 70%
1 p" L1 o7 Z! ?RBC Capital Markets maintains "outperform", no target price reported
% @2 D9 u ]8 [! H" MScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)
0 t. T, C, s) t q. n/ X5 rReleased Q1/09 results: a little light, but still respectable9 M7 w) r1 |! \2 ^, C
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.509 c! T$ X! [) s1 V2 p4 Y- a
Paradigm Capital maintains "buy", 12-month target price is $4.00
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6 Z# d; J3 _5 Y1 rMullen Group Income Fund (MTL.UN : TSX : $10.97)
7 g& I+ b1 m6 h0 q( OExpecting lower CFPU on higher taxes. b2 C8 i& h# v8 n, d: J8 p
BMO Capital Markets continues "outperform", 12-month target price is $18.00$ Y' ]5 v* j" L3 k) Y; l+ d
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
. w# u% `/ B* g$ g$ ^+ F6 t) }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)) l! A! k1 k! E. \- s4 A+ u
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
) M% k' |; R a1 @ q2 ]- PBlackmont Capital continues "hold", 12-month target price is reduced to $1.25
% j( p: n5 A( Q* \1 ?0 S& jCredit Suisse maintains "neutral", 12-month target price is US$1.00
8 z8 `% [7 y8 ~. U0 ?3 l( U6 mScotia Capital Markets continues "sector underperform", 12-month target price is US$0.800 `& L( v) E0 U5 G4 l" ?
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)
- L1 z7 Y3 Z5 O& G8 l) UDietary supplement business facing headwinds
; ]) N( \ Q: ^/ M3 O, p8 dParadigm Capital maintains "buy", 12-month target price is reduced to $4.00/ j* I# n+ w4 k$ U
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Open Range Energy (ONR : TSX : $1.18)
( W$ N6 K, Q! jProvided operational update and F09 guidance0 ^( B* V7 O. }# ^8 r
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)
, U0 Y0 K! H$ h+ ?3 a& x: H# f2 _South Barnat resource around the corner
, F& B/ t) u* C8 m* q; rParadigm Capital continues "speculative buy", 12-month target price is $4.75
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0 Z4 Y6 R3 f! Q$ Q$ |, zPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
! S% m1 q5 k T9 \& c6 d( ^8 e# H3 nProvided operational update
+ B$ p+ w/ N5 y$ E" nBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00+ e5 B( q8 g+ E+ V3 f
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50# q2 O1 y7 U$ N7 `
: A, N6 L' s V- [Paramount Resources (POU : TSX : $7.85)
( O: k) m1 t! K- N' oProvided operational update: Grande Prairie emerging as the key focus for F09
. D0 N2 o' o. M E+ D$ e$ mGMP Securities maintains "buy", 12-month target price is $12.00& I% W# \* d( n! F8 b. M& A
$ j- H' v! v4 a" Z! jRockwell Diamonds (RDI : TSX : $0.07)
. S* r1 A% e- B7 T7 oOperations starting to turn the corner4 B! N/ R4 G# f( z
RBC Capital Markets maintains "outperform", no target price reported0 E3 a$ J6 x4 ~ e; B A$ A9 V
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Shaw Communications (SJR.B : TSX : $20.13)& I: h/ O5 |& }( ]/ k S
Released Q1/09 results: in line, subscribers ahead
1 E. _, X% o& A( V, O5 Q) kCredit Suisse maintains "neutral", 12-month target price is $25.50
# I7 T( U6 W! v: |4 V3 }GMP Securities continues "buy", 12-month target price is $26.50! j9 z z3 B% I
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
+ _$ g( B; b' ^1 v! A; h3 ?Held a sell-side lunch showcasing new U.S. team- N) e: k0 M2 R L
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00: Q9 y. Z3 W( y: o3 @6 E C# _
. e+ r8 B/ L4 P J1 w! |Trican Well Service (TCW : TSX : $6.93)" T0 F/ n4 b& X c, H
Awarded Russian contracts6 }7 c7 D, f" d/ W5 T
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75$ \" C Q* {% {# K1 d Z
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
. K5 Y$ j# x$ k9 o' ~" XRBC Capital Markets maintains "sector perform", 12-month target price is $10.003 r5 {" `" _) b% ?0 ]
& T% s, F; l: I9 M- T! vSino-Forest Corp. (TRE : TSX : $8.93)
# {+ T+ ^; j: d5 w# _6 |( QChinese furniture exports rose in November
7 M0 _) X5 I" p* N3 sDundee Capital Markets maintains "buy", 12-month target price is $23.50
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2 Z! h( p3 }$ ?; i9 }UEX Corp. (UEX : TSX : $0.88): a* K1 ?9 r+ N1 o, e; f& l
Shea Creek's two largest deposits have become one/ h" [- I- N' ?4 t- M: K3 I
Dundee Capital Markets maintains "buy", 12-month target price is $2.75& u$ s( Y" ]3 t4 r& p# Q3 J
8 @# c4 e( d: hVero Energy (VRO : TSX : $4.72)
# O* e* t1 e4 a' [/ G+ O$ A$ m7 rReleased Q4/08 results: horizontal focus to continue in F094 D+ d9 e, S# F6 |
Dundee Capital Markets continues "buy", 12-month target price is $8.005 }' ]4 t9 x9 Z2 t
GMP Securities continues "buy", 12-month target price is $7.503 P, E9 Z+ x# p: T
Paradigm Capital continues "buy", 12-month target price is $12.00
$ B. y: G }4 g( X1 }6 d0 j5 ?$ hRBC Capital Markets maintains "outperform", 12-month target price is $8.50
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3 \1 Z7 H' [) K5 J0 D# S. p( nWi-Lan Inc (WIN : TSX : $1.75)7 E$ D. G9 o7 ~, x4 {0 E: S) h% E
Hit homerun with Samsung
# P# a$ h9 X1 ~( E9 m) ]$ k: d0 B& C3 G0 NParadigm Capital continues "buy", 12-month target price is $3.50 |
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