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Ear on the Street --- Jan. 16 2009
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$ s4 I& d# A1 @* K- n( D- p- mAbsolute Software (ABT : TSX : $3.36)
. \4 S Z7 y0 S/ Y! P, u; u; IBracing for a tough few quarters
' |; }8 H9 |5 X: f# L5 y1 QCanaccord Capital maintains "hold", 12-month target price is $4.50; X% y2 I8 N. _
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)5 h+ \2 y$ c1 w, ]# ~8 A
Growth outlook, challenging pipeline and high cost structure make future unclear
, F, q# {0 Y+ y$ {5 _Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
# c/ F2 p: h$ { v0 CTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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0 y6 Q) E* h7 V) e0 R/ G! \Astral Media (ACM.A : TSX : $22.98)8 @: [ t, W S8 \2 o2 T1 m3 O8 d
Released Q1/09 results: strong, in light of challenging operating environment
8 U. G3 m4 d/ c' D/ PBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
; k2 {: ^! V7 U9 o3 lDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00
( K( [0 C8 V0 }; d" C* S0 [GMP Securities maintains "buy", 12-month target price is reduced to $30.00) N* x- Z0 i. i$ s4 X+ _
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.00* r2 g% K7 X, J8 l; }" H* q5 B- V
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00. t+ Q0 R9 n9 c8 `
, I% r# A2 ^3 ?" i+ n1 @Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)& p/ l* Q0 @: S' X
Well positioned with gold production forecast to double this year and next5 f3 J6 u* e$ }
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
: l# T4 ?1 I+ L, _, h9 |; S- iTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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ARC Energy Trust (AET.UN : TSX : $17.15)
8 H& K( Y1 j4 W/ _! tReduced distributions by 20%; capex also cut0 ?" T" v9 d }" u
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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7 z$ h; i9 M* lAndean Resources (AND : TSX : $0.75)
8 W# ^0 u7 d+ Y( ^/ n" RAnnounced F09 outlook
$ k! @5 s& p3 R4 S* k+ vParadigm Capital continues "speculative buy", 12-month target price is $2.25
) ?; l( V: E; {: H9 v+ L, _% rTD Newcrest downgrades to "hold", 12-month target price is cut to $1.008 T" ?+ j. F" j/ {( t5 ?' w
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Bombardier Inc. (BBD.B : TSX : $4.65)
8 ]- g. a) q; d6 V8 e* g0 _Rising challenges in Aerospace- K- Y# \6 N4 \7 U9 r+ n
GMP Securities continues "buy", 12-month target price is $8.00+ ^0 D9 I. h8 q
! [; i7 e" g( m) B2 E& d: `/ FBank of Montreal (BMO : TSX : $31.84). y2 y7 D2 ] [
Acquiring AIG's Canadian life insurance business! j+ Q: H7 c2 f9 _$ `% P) i
TD Newcrest continues "hold", 12-month target price is $37.00
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/ f% i. X. d; FCogeco Cable (CCA : TSX : $33.37)8 e/ [$ T( n8 f8 p9 A" M
Q1 review: Canada results encouraging, but Portugal remains a drag4 ?1 U% ]( r1 ^* x' {+ p/ Q
BMO Capital Markets maintains "outperform", 12-month target price is $46.00+ N: T) i) W O" n# i; J
Desjardins Securities continues "top pick", 12-month target price is $40.00
9 S2 H6 D: w. [! e" ]% SRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00/ p$ a9 g( U8 }3 |3 n( s
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.004 M/ c1 k! f! t1 ~
3 ^5 c- c9 L8 z! U* yCorridor Resources (CDH : TSX : $2.45)
5 \/ m3 H, v% ICapital budget set to expected cash flow; production guidance lowered
a; v, U" u+ gRBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)
- e5 m( P. e7 _Strong radio and cable drives 39% EPS growth5 x2 L0 U, n( o2 h, s5 J
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00- y' m$ z2 t7 G, T4 q" \5 }# L
9 C5 t3 M: @0 e9 ?/ _CanWest Global Communications (CGS : TSX : $0.51)
6 L8 P# j5 R6 F% nTaking action to address tough operating environment
/ x+ K6 p/ g' a/ h% S4 DBMO Capital Markets maintains "underperform", no target price reported- P& |5 u3 Z, v
Credit Suisse maintains "neutral", 12-month target price is $1.00
9 u; g# G! B! N( i: @GMP Securities continues "reduce", 12-month target price is $0.50
( U8 d# B! w! y* \# b, ARBC Capital Markets continues "underperform", 12-month target price is $0.75
1 i; V+ G. a9 I9 s f, C5 vScotia Capital Markets continues "sector underperform", 12-month target price is $0.502 d0 K. I4 a$ z$ j
9 D' J( [1 W, ~: N# s; q, R# GCorus Entertainment (CJR.B : TSX : $12.47)
9 g. J! l: Z" m( fQ1 revenues in line, EPS beat
* A& T. M# {; SBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00) H- C9 \ u. t# R- c4 O
Credit Suisse continues "outperform", 12-month target price is $20.00
" v: u* O' y5 p7 @5 ^Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
9 Z6 v6 S! P% e) F& p& ?- rGMP Securities maintains "buy", 12-month target price is reduced to $17.002 B0 h3 u$ D: t4 H
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.509 D# N' K% Q* R
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00% w4 A, p- z0 a, `7 V- R. k9 X! |/ Q! b
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Calloway REIT (CWT.UN : TSX : $11.84)
) A) g5 y2 I/ W7 t. J7 o* jHeld investor day& Y+ O1 G& q! }4 w
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00. W0 i/ d( W& B$ n' j
. F, s3 s& }) T) o" tDaylight Resources Trust (DAY.UN : TSX : $7.77)
( f) c1 _, c; y) ]- L% kReduced distributions by 38%; guided for lower capex8 S- \; {5 ~6 e* b% i& F# f
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.008 Q- f$ l* s& A' G
Dundee Capital Markets continues "buy", 12-month target price is $12.00% G$ _6 S4 C0 X
TD Newcrest continues "hold", 12-month target price is $7.50
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)5 U1 i; P0 }$ c& r4 f/ O4 j& R
Steady market and currency tailwind: T) z V( h1 f( l
TD Newcrest maintains "buy", 12-month target price is US$5.00: H0 G* f$ M! Q# Q% ]
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Goldcorp Inc. (G : TSX : $29.74)9 h5 a' r6 H& E& o/ _
Revised commodity forecasts
# x8 D; |& m2 ~" X2 n! o2 EBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)# P) y# }; \( I: I9 n# d8 @7 c
Announced Ugandan commerciality on exploration success
$ c" p! b) `2 D; m# s# XTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)
; o! j+ o$ h% W$ h, Q7 t: fRetail division suffers9 v$ U+ Z* Y% c: ?! {; ~' j( B7 I
Desjardins Securities maintains "buy", 12-month target price is $12.60
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: n$ F( l7 z) s5 B' w7 GLaramide Resources (LAM : TSX : $1.84)
& f- |( [3 R9 a7 Q+ r8 XWestmoreland provided more high grade at Redtree's Jack Lens
# s/ n( N( \/ K$ {Dundee Capital Markets continues "buy", 12-month target price is $2.30
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Lockerbie & Hole (LH : TSX : $6.00)4 N& `" Y% O) k3 u8 D$ `$ z3 c
Released Q3/09 results: very strong, focus should be on active backlog
# c! c, U, n4 `! f6 ]$ IGMP Securities continues "buy", 12-month target price is $9.00
, I* `0 d+ Y$ c! V% ~! i- _Raymond James maintains "market perform", 6-12 month target price is $8.25+ s. E! L' S2 g5 V; ^
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)5 i o: E: ]/ j4 C6 z1 S
Reduced distributions by 70%! f1 v. ^8 f8 @1 Y8 A
RBC Capital Markets maintains "outperform", no target price reported& O; `% Z7 u$ z0 ]7 U
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.503 T+ O( G# n" n+ a$ H1 s+ i
/ v* ?2 Z( @- `' V# N: LMatrikon Inc. (MTK : TSX : $2.04)
$ T& |& r: c" AReleased Q1/09 results: a little light, but still respectable
2 N/ o6 t5 l8 y2 @' U8 Y, I. U+ WBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50& U- | O. S j2 [9 t
Paradigm Capital maintains "buy", 12-month target price is $4.00, w6 ]1 \- I8 n" l
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)
2 j: ^4 ^+ A; r% e! b4 b- HExpecting lower CFPU on higher taxes
1 t l2 |8 o6 _1 {$ L2 qBMO Capital Markets continues "outperform", 12-month target price is $18.002 g2 X8 `$ m. ^; K7 f- d3 Q
RBC Capital Markets continues "sector perform", 12-month target price is $12.008 L3 y* j! T0 r
TD Newcrest continues "buy", 12-month target price is $17.006 _* `, d, S2 t! x6 p
1 x" z4 x- I" I9 A7 \& C/ Q+ {Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
+ F7 B1 s4 k$ W% tReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
2 G' |; M) I3 T! w8 u) `Blackmont Capital continues "hold", 12-month target price is reduced to $1.258 C& p* E! o0 R& ~* ~3 F
Credit Suisse maintains "neutral", 12-month target price is US$1.00; Y; r0 I# w! _/ U+ k
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.80( q7 k5 g: o8 P6 \
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)+ I' o1 K; [1 w5 P4 J" V
Dietary supplement business facing headwinds
& p: ~0 Y& K7 o; e8 ~& ~$ x* @2 OParadigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)
2 v0 E5 I n5 \6 k* {# WProvided operational update and F09 guidance& J- L5 ?# u' \
Haywood Securities continues "sector outperform", 12-month target price is $3.25% ?+ T3 e& p3 Z7 L8 o, Z$ x
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Osisko Mining (OSK : TSX : $3.13)4 H% O% Z. E8 h F; s4 l2 ]+ p
South Barnat resource around the corner
^* u3 |% L( c$ e7 fParadigm Capital continues "speculative buy", 12-month target price is $4.75* D9 }- [, U. K3 d
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)- b0 O+ k8 N' V6 P5 a& e
Provided operational update, k5 q: \% Q! h1 P
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.001 ]1 P& H ^9 P7 U0 p+ j6 W$ `. W0 [
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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Paramount Resources (POU : TSX : $7.85)7 J# k* x; {) }; M: _7 ~
Provided operational update: Grande Prairie emerging as the key focus for F09
6 R, X1 h* ~: m7 _$ V/ e5 I7 zGMP Securities maintains "buy", 12-month target price is $12.00, Z# r. @; P4 D4 F+ }# D% u0 J
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Rockwell Diamonds (RDI : TSX : $0.07)
& L- r2 O7 U1 v# u$ j: c; b6 z7 @Operations starting to turn the corner$ y6 h) B" F4 }5 a, W( P9 F l O; Z9 o
RBC Capital Markets maintains "outperform", no target price reported# b" g' j1 a* g4 O. d2 P# m( x
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Shaw Communications (SJR.B : TSX : $20.13)! M! }, @5 d" \9 k/ W
Released Q1/09 results: in line, subscribers ahead
7 V c$ U4 X3 ~0 NCredit Suisse maintains "neutral", 12-month target price is $25.50
, P$ V# r( E! f2 H$ MGMP Securities continues "buy", 12-month target price is $26.50
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( v0 M {: _) ]: D$ V. m" BSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
7 n7 g6 S$ k1 K4 d$ ^( gHeld a sell-side lunch showcasing new U.S. team
6 n" X9 g! h+ t1 T p9 m0 _Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00- e# P$ j7 t7 c
6 f$ t0 M7 v# ^Trican Well Service (TCW : TSX : $6.93)6 U1 b/ Q) I O6 P; S/ W
Awarded Russian contracts
: ~9 J, U' y: e1 OBlackmont Capital maintains "hold", 12-month target price is reduced to $8.757 s" V; l3 S0 ^* d [- u* Z
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.005 z. ~: v; k% z
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00& Q$ z$ K/ `: z4 q0 f
- b1 c; ~& e0 y/ C( E8 uSino-Forest Corp. (TRE : TSX : $8.93). f6 p9 ?+ y( h6 k% v8 M
Chinese furniture exports rose in November$ g* g' X4 F/ `+ Y
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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6 h* m: x9 {/ N, w: D, \; OUEX Corp. (UEX : TSX : $0.88)
: S, ]1 j1 ]/ P( L3 J, WShea Creek's two largest deposits have become one
& g/ K# ~5 v+ T* U. \! L% n7 j J& m9 PDundee Capital Markets maintains "buy", 12-month target price is $2.75
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r7 H2 w0 O, N" g$ K: m) mVero Energy (VRO : TSX : $4.72)/ U S5 z' o' D& K4 O: u9 a3 I
Released Q4/08 results: horizontal focus to continue in F091 o, z' y: o, z% j3 V
Dundee Capital Markets continues "buy", 12-month target price is $8.007 ^) d/ u% ]6 a \7 H7 T" I
GMP Securities continues "buy", 12-month target price is $7.50
4 r; t" y& H; j2 W$ Q0 t- W7 }Paradigm Capital continues "buy", 12-month target price is $12.00
0 ?' e9 q# I/ l7 s! ~$ u, J2 h& URBC Capital Markets maintains "outperform", 12-month target price is $8.50- n+ \% G" v/ ~* m; o7 N, R
- z- _6 u; q4 v7 ~Wi-Lan Inc (WIN : TSX : $1.75)
# {5 [' @# Y; x: ~7 [/ n9 CHit homerun with Samsung' R8 I0 ^! ]! a Y
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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