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Ear on the Street --- Jan. 16 2009
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; d5 w2 ~/ |/ E8 t) V4 R& GAbsolute Software (ABT : TSX : $3.36)
' b, C" T: x5 c; wBracing for a tough few quarters
5 }! D1 u1 x" s9 o1 C) pCanaccord Capital maintains "hold", 12-month target price is $4.50
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5 b3 P7 ?5 @% q2 q6 ^( dBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
7 r+ u$ k: J0 nGrowth outlook, challenging pipeline and high cost structure make future unclear
9 Q g1 |: D; B/ WBlackmont Capital continues "hold", 12-month target price is lowered to $48.00
( y5 _. }2 [ m$ M- v3 ~+ MTD 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)5 b# c% { U8 b0 |
Released Q1/09 results: strong, in light of challenging operating environment" X, E3 f/ C, v
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.003 }/ l+ w4 r9 j* ` ?5 c$ M
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
. c& S, X: @- g7 I, u( V1 t! v) _GMP Securities maintains "buy", 12-month target price is reduced to $30.00
3 ^, n+ W* @* p3 m% H$ ]9 yRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
% K. |' N7 z% e! X4 P3 u' RScotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)! L; \% Q; ?7 V! Z5 t, M* I* P
Well positioned with gold production forecast to double this year and next8 v% z4 u& U4 H3 j, ]! p( U
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
% e: ], w# h# u# d, U) |! xTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00' `* j: E5 G1 H1 a
: ~1 h7 A* i8 f8 B( hARC Energy Trust (AET.UN : TSX : $17.15)
# `6 Z4 [% p5 e, Q9 j2 \; |4 ~Reduced distributions by 20%; capex also cut
" l% o( p' ^5 a sRBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)
8 [, j' A/ d' I }: x; DAnnounced F09 outlook
! N1 E% @, y) x& \Paradigm Capital continues "speculative buy", 12-month target price is $2.25
4 R1 b/ s1 ]0 F- ]* _6 sTD Newcrest downgrades to "hold", 12-month target price is cut to $1.002 T* M8 L( f- s- P3 m
( e% |* r) c. m& ], i: SBombardier Inc. (BBD.B : TSX : $4.65)5 A% o) u! w. K/ A
Rising challenges in Aerospace; N4 x1 z1 u' ^" j" q! X
GMP Securities continues "buy", 12-month target price is $8.00( p9 W5 \; J) Y/ I6 k7 u+ l
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Bank of Montreal (BMO : TSX : $31.84)
( D" ]# A% Q: ` J! eAcquiring AIG's Canadian life insurance business$ D- G: m1 d3 }7 i. x6 X- B! n
TD Newcrest continues "hold", 12-month target price is $37.00
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+ Z$ C/ l8 S& p$ Y! [5 k; qCogeco Cable (CCA : TSX : $33.37)6 |3 C3 ?$ j% j8 b0 y0 \
Q1 review: Canada results encouraging, but Portugal remains a drag
& G7 V# A( O2 E* KBMO Capital Markets maintains "outperform", 12-month target price is $46.00) b0 E6 x7 f9 D! `
Desjardins Securities continues "top pick", 12-month target price is $40.00: P; x. T' J! E: N1 ?* Z" [
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.009 w9 L' ]" e! R A5 f
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00% c3 f7 ?! v' E. P: n7 ]# G# k6 H$ e% n
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Corridor Resources (CDH : TSX : $2.45)
6 A v! Y- o* Z+ V$ OCapital budget set to expected cash flow; production guidance lowered8 B; V j" C) B1 ?
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14); L- W6 ] ?; }
Strong radio and cable drives 39% EPS growth u; \7 d- _) ^; {
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00# p0 Q- {6 x! ?- u
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CanWest Global Communications (CGS : TSX : $0.51), X4 Q7 C6 b, u5 A0 |
Taking action to address tough operating environment/ R, S; s2 y0 x1 R6 z
BMO Capital Markets maintains "underperform", no target price reported& B& V$ b2 u# H' G) H% O
Credit Suisse maintains "neutral", 12-month target price is $1.000 t( M# b& ?( t" W
GMP Securities continues "reduce", 12-month target price is $0.500 C1 ~6 }$ a; X- k1 Y
RBC Capital Markets continues "underperform", 12-month target price is $0.750 b% ^: M: i) d3 q
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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8 V. c4 q- T. M' `8 RCorus Entertainment (CJR.B : TSX : $12.47). B9 _4 Y T8 Y0 O9 Y" ?
Q1 revenues in line, EPS beat- _" d+ {, ]) \& {- L' o
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
" V& T7 d$ [& KCredit Suisse continues "outperform", 12-month target price is $20.009 T5 t% K7 T' w8 C& S4 {) L
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
. A, d8 E$ r( e. `GMP Securities maintains "buy", 12-month target price is reduced to $17.00: O8 |8 O& j7 r# \/ U
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
( \4 ?) {2 ]$ w. k, f" T5 N8 [, qScotia Capital Markets continues "sector outperform", 12-month target price is $18.00
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2 T: G$ }# M, g) w5 uCalloway REIT (CWT.UN : TSX : $11.84)/ ?) V/ j# r `3 {) [& w
Held investor day- {; b! b' U6 Q
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.001 R8 ]) J+ N% Y0 Z/ o" \ ^) {
5 Z' o/ k3 x& W' {Daylight Resources Trust (DAY.UN : TSX : $7.77)
& F( _; N! W# k f; l) c' KReduced distributions by 38%; guided for lower capex
( C2 P( }) a" k5 O" n4 }BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.009 t* [) J" a( P) R9 A6 l
Dundee Capital Markets continues "buy", 12-month target price is $12.00
3 C3 A8 A p3 R# pTD Newcrest continues "hold", 12-month target price is $7.509 N; c2 Z% j9 W7 `( p% n8 N
7 l. G& L' z7 B; w, H! [% xEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)* \3 S+ i3 _) n& e; K7 Z
Steady market and currency tailwind
" G1 p4 }, x* e( q/ u9 cTD Newcrest maintains "buy", 12-month target price is US$5.00) z9 J' G/ F2 ^; v6 {
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Goldcorp Inc. (G : TSX : $29.74)
7 _% }$ O* {) |$ [+ Y+ G* i$ z# F# b9 xRevised commodity forecasts) M) [8 z- m- U. L# K3 P. t1 b$ A1 U
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00' Q3 k5 L/ ]' f. X; t' M: Q
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Heritage Oil (HOC : TSX : $3.77)& Q- K C2 l; k0 R
Announced Ugandan commerciality on exploration success
1 t" A- {+ j& ?TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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8 P" l8 p2 K( j* J: ]" A/ uHarry Winston Diamond (HW : TSX : $4.98)
6 S" _3 U7 d2 t5 JRetail division suffers0 E$ F. e( v: }1 L0 j
Desjardins Securities maintains "buy", 12-month target price is $12.60( h% a5 ~: n7 g$ l5 r& e
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Laramide Resources (LAM : TSX : $1.84)
2 W7 q5 a5 h9 e0 N, ]2 _$ }8 OWestmoreland provided more high grade at Redtree's Jack Lens
9 ^3 A& ^! u# `* `/ i6 W+ kDundee Capital Markets continues "buy", 12-month target price is $2.30
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Lockerbie & Hole (LH : TSX : $6.00)- D; h( w! b4 N! k8 T1 Z! M0 }3 [
Released Q3/09 results: very strong, focus should be on active backlog
' D2 [0 }( w* ]4 EGMP Securities continues "buy", 12-month target price is $9.00
, ]3 v2 V. x4 ]( w) Q) GRaymond James maintains "market perform", 6-12 month target price is $8.25/ o; F- T9 A; P! w) U! t6 ~
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)
2 A3 _$ i( C/ t! R; G. H7 SReduced distributions by 70%
% u8 W9 s- W) M3 z/ BRBC Capital Markets maintains "outperform", no target price reported5 j& R7 `5 X* e1 ~9 |" `& A
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50( N1 a" b# h/ k
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Matrikon Inc. (MTK : TSX : $2.04)" s1 A! s( R, i) B9 n! F5 a
Released Q1/09 results: a little light, but still respectable
% w" ~4 N$ W$ Q3 VBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
5 c: K: K9 U* D6 S" DParadigm Capital maintains "buy", 12-month target price is $4.007 V- y7 T, M8 y$ c
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Mullen Group Income Fund (MTL.UN : TSX : $10.97). j: z3 M% f5 P' d$ Q6 S
Expecting lower CFPU on higher taxes
/ A- N# M1 j5 l% xBMO Capital Markets continues "outperform", 12-month target price is $18.007 i& @7 N6 i( k, T) p% l
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
6 f; t+ X: i. ?/ [, ]/ STD Newcrest continues "buy", 12-month target price is $17.00
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2 |% s; |% ^: cNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)2 i6 f# T f4 }) g3 g& ~2 B
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain3 K! L7 H' b. t6 p' F! U3 N
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
6 E! t- b" ^ b2 l5 H! N- hCredit Suisse maintains "neutral", 12-month target price is US$1.00( b* _9 E) D, j5 b# n% n6 ]
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)
1 d2 S8 q6 o" l6 X ?Dietary supplement business facing headwinds
. G' L1 Q) v; `, |Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00; D9 B6 x: F) A
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Open Range Energy (ONR : TSX : $1.18)
7 U5 m& R# e& j! ~( iProvided operational update and F09 guidance1 k/ f1 |* B" j+ O, \- h
Haywood Securities continues "sector outperform", 12-month target price is $3.251 v9 i" A! c5 B! E
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Osisko Mining (OSK : TSX : $3.13)3 h$ V& H( U+ O
South Barnat resource around the corner; L3 w2 r* T9 f
Paradigm Capital continues "speculative buy", 12-month target price is $4.75
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Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)
7 ~( L# F9 x. L" cProvided operational update
/ }7 X/ g0 s+ l6 dBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00
! R; v4 d7 B7 b( N6 R% i/ FTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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Paramount Resources (POU : TSX : $7.85)! `7 N0 w4 w3 E7 i4 v
Provided operational update: Grande Prairie emerging as the key focus for F09
; r6 b- D$ V& ]2 ]/ uGMP Securities maintains "buy", 12-month target price is $12.00
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7 U; \# o" x3 Y6 pRockwell Diamonds (RDI : TSX : $0.07)$ @* z; l- d+ t, r) X
Operations starting to turn the corner
; W7 g9 b$ n- x! Q* p N `" NRBC Capital Markets maintains "outperform", no target price reported
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5 C- N" h' N# F0 n# sShaw Communications (SJR.B : TSX : $20.13)
# w3 d* `) T' B+ pReleased Q1/09 results: in line, subscribers ahead
. i9 Q# N3 c8 ~Credit Suisse maintains "neutral", 12-month target price is $25.50
, l1 s5 C, W0 Q/ p' xGMP Securities continues "buy", 12-month target price is $26.500 e% j5 {: `9 S
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48); U+ b& p+ T+ j
Held a sell-side lunch showcasing new U.S. team
; T: g: M" F/ JScotia Capital Markets maintains "sector perform", 12-month target price is $33.00" `9 ` {1 q7 R. n
2 J: I: Q! o, }* l' _ i+ C' MTrican Well Service (TCW : TSX : $6.93)3 ~0 A/ B- c. G5 C# ?- \) W5 S6 K
Awarded Russian contracts
2 ]/ m- t8 R" w# t7 z+ vBlackmont Capital maintains "hold", 12-month target price is reduced to $8.752 M4 W0 [9 ?' e/ [1 T' `
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
9 B( U+ V1 p5 e( _: KRBC Capital Markets maintains "sector perform", 12-month target price is $10.00- K7 r4 S/ b8 A/ _
/ o; k. y+ L9 Z$ E/ JSino-Forest Corp. (TRE : TSX : $8.93)
! n! L0 G5 X2 D) w( G# mChinese furniture exports rose in November1 F- j7 Q; s$ E
Dundee Capital Markets maintains "buy", 12-month target price is $23.50% b7 j4 h }* F9 _' i# V
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UEX Corp. (UEX : TSX : $0.88)& N, B( z9 b, W. Z$ J/ B/ y
Shea Creek's two largest deposits have become one
+ u2 G( _ Q* |- gDundee Capital Markets maintains "buy", 12-month target price is $2.755 ^! d' h; F8 ?$ A; {
) k }1 P( |9 O. |Vero Energy (VRO : TSX : $4.72)
# O2 I. F. E. }Released Q4/08 results: horizontal focus to continue in F09 `" k; P+ | N q$ u" _! `2 W
Dundee Capital Markets continues "buy", 12-month target price is $8.000 u0 o6 X; S j& ^
GMP Securities continues "buy", 12-month target price is $7.50
& H4 r: ]; P. {1 f, B- QParadigm Capital continues "buy", 12-month target price is $12.00
% [% }1 U# Y3 [0 A) rRBC Capital Markets maintains "outperform", 12-month target price is $8.50 u3 O+ z, ^$ L G
c5 C6 W+ T v" L9 MWi-Lan Inc (WIN : TSX : $1.75)
3 r+ w. I9 C3 o# a% }# i; XHit homerun with Samsung
$ {8 [. q8 H! p: k! S/ A( z+ {Paradigm Capital continues "buy", 12-month target price is $3.50 |
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