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Ear on the Street --- Jan. 16 2009( a& R% f- S- Y+ ` l
) a# p- [; |; U9 n$ O. @Absolute Software (ABT : TSX : $3.36)
8 r. q4 h: k- j- H+ YBracing for a tough few quarters
& N5 J1 q+ x# h; n. G" B0 }1 uCanaccord Capital maintains "hold", 12-month target price is $4.50- C/ _* w. j7 ~7 a7 \: Q
8 y, E6 V9 [8 ?, K" K' ^Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)% ~$ |$ X x4 _# P& w
Growth outlook, challenging pipeline and high cost structure make future unclear
, a5 ]$ X" b: u) T. D9 H, b# R% BBlackmont Capital continues "hold", 12-month target price is lowered to $48.00
/ }7 f4 o- f+ A! c$ w1 eTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.004 x: p5 d/ e% I! ^6 p8 O
/ U" y! j' s5 a. tAstral Media (ACM.A : TSX : $22.98)) U" Q4 a3 Q! _: a6 Y* O
Released Q1/09 results: strong, in light of challenging operating environment
) K' ?* n: Z- r' H0 ]4 Z0 e zBMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
$ J/ f4 @7 n \8 }0 K- l! r% j4 YDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00
; T2 k" {# H S5 n' U V9 }' nGMP Securities maintains "buy", 12-month target price is reduced to $30.00
: K# Q% C2 Z; X; q. URBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
3 A8 \4 K% D7 M- h7 j- U* r. VScotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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; c& L7 O2 ]$ ~: rAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)5 `0 u. F! N# i
Well positioned with gold production forecast to double this year and next& N. }3 V( H) ~6 D- E# z7 `
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
; K+ L! v: e) j) C" vTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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6 U0 Q# ^7 \6 f7 |7 N2 m# [ARC Energy Trust (AET.UN : TSX : $17.15)# R6 P3 t" j3 \: E5 [4 s7 g
Reduced distributions by 20%; capex also cut4 F- C5 f/ g V% a; i+ o
RBC Capital Markets continues "outperform", 12-month target price is $19.009 t8 i* a' Z! D1 \& s- ^
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Andean Resources (AND : TSX : $0.75)" i# e. S% g7 k
Announced F09 outlook
* J2 n4 n; Q0 X' }! S6 [Paradigm Capital continues "speculative buy", 12-month target price is $2.25
! S+ L/ E" ?. l9 S' K; HTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00
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Bombardier Inc. (BBD.B : TSX : $4.65) D B, f: M: S% i+ `2 Y2 p2 z; }
Rising challenges in Aerospace9 R7 r" j4 C# O' f
GMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)( i& X/ K' Z8 x. ]6 J% z
Acquiring AIG's Canadian life insurance business% C& M) s1 R- c0 I1 A
TD Newcrest continues "hold", 12-month target price is $37.004 i4 C/ T9 X) q" N
7 p$ @/ [" I9 R9 l- z& zCogeco Cable (CCA : TSX : $33.37)8 ]* U: z9 f g4 s* R" ^
Q1 review: Canada results encouraging, but Portugal remains a drag6 C$ h1 H. m! {% i5 R
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
& l, E, Z z; ]) {3 F6 F- Z# LDesjardins Securities continues "top pick", 12-month target price is $40.00
# X( V; ?) I" xRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.007 Y; Y1 q: N2 S: x* W- X
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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' ~$ Z1 \+ Z9 G9 k# j1 h% V' bCorridor Resources (CDH : TSX : $2.45)
: n$ E6 P% H1 w6 HCapital budget set to expected cash flow; production guidance lowered! M2 `+ T7 E! F+ G' I
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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* h* \6 n& W' o% D+ [COGECO Inc. (CGO : TSX : $25.14)
, i! @# C% o3 d" T6 iStrong radio and cable drives 39% EPS growth
s3 Z& y* C4 P2 H, Z6 DScotia Capital Markets continues "sector perform", 12-month target price is $45.00* Y" g N5 U) b' I
4 S8 b6 V0 h# E- x) Z, T1 Z% \CanWest Global Communications (CGS : TSX : $0.51)$ I+ g) v; N. b0 m, S0 D
Taking action to address tough operating environment' `4 z0 F1 r# v( p
BMO Capital Markets maintains "underperform", no target price reported
2 G" z( p2 A# {( z( GCredit Suisse maintains "neutral", 12-month target price is $1.00
/ N" U' d9 {' ^5 G# X/ bGMP Securities continues "reduce", 12-month target price is $0.50( H6 W: K& M; A% y
RBC Capital Markets continues "underperform", 12-month target price is $0.75% h: P9 {$ g' w, _
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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: P1 Z7 E, Z! W" B' s0 HCorus Entertainment (CJR.B : TSX : $12.47)7 F9 ~3 e' L. o) d7 F% `7 U
Q1 revenues in line, EPS beat6 R4 }9 t7 F s2 X+ S* U6 z/ x
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00# k6 h4 n5 p( H3 m6 K( e
Credit Suisse continues "outperform", 12-month target price is $20.00
, O5 c7 P& `) e3 d: [' z/ \Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
% V8 ^ G0 O7 Z3 [GMP Securities maintains "buy", 12-month target price is reduced to $17.00
0 }4 h; R& |: B$ v- mRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.502 I. l+ W+ T' @1 U" i" f
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00$ ?' a1 r6 U/ v6 o5 K
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Calloway REIT (CWT.UN : TSX : $11.84)
1 _1 p$ M; I6 m6 Q% ~/ K' sHeld investor day
3 ~+ Y' z# Q& z: ]& [( t; JScotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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5 ]" |: d4 `% ?; q2 eDaylight Resources Trust (DAY.UN : TSX : $7.77)' ^2 G: W/ \' W% D# i- N9 U' W
Reduced distributions by 38%; guided for lower capex7 W f2 ?; U8 S0 f4 @
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00% Y! X3 s: a! Z) Y; l
Dundee Capital Markets continues "buy", 12-month target price is $12.00# H, U/ z, \8 s% d7 O
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$2.90)6 l& e) V, R" ?) w3 y$ `. f% O
Steady market and currency tailwind& q8 Y4 x. O% P+ j
TD Newcrest maintains "buy", 12-month target price is US$5.00
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Goldcorp Inc. (G : TSX : $29.74)9 K4 n, j+ O9 _/ U3 x. N$ A" w
Revised commodity forecasts9 l9 t* H& d3 d2 d9 b
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)* c+ L; t5 q( n, m" X% G. f& g
Announced Ugandan commerciality on exploration success
$ n: e# m" t6 h/ _% |: ?/ h7 KTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50& k5 ~4 K) F4 O7 T: s
" l' e% Z1 ^* I% k5 BHarry Winston Diamond (HW : TSX : $4.98). E+ j9 ~% h3 {% \
Retail division suffers9 V* s3 \7 W6 I
Desjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)1 J) Z9 a* Y; u$ G/ i
Westmoreland provided more high grade at Redtree's Jack Lens1 C/ C: D; |. {, e; I% y' O
Dundee Capital Markets continues "buy", 12-month target price is $2.30) J1 h* ~: T Q) |! L0 O4 Y3 W
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Lockerbie & Hole (LH : TSX : $6.00)
# v( c, t3 p+ K8 Z0 RReleased Q3/09 results: very strong, focus should be on active backlog h! Q5 f4 T$ L! h0 J& v( h
GMP Securities continues "buy", 12-month target price is $9.00
1 P' ?/ ?5 E* _9 A& |Raymond James maintains "market perform", 6-12 month target price is $8.25, g; A H* J3 ?6 c. L( L1 K
9 t; V$ p- |5 j3 SLivingston Intl Income Fund (LIV.UN : TSX : $6.00)
4 q+ A' D/ L6 ], W' B6 x+ l1 v. ~Reduced distributions by 70%2 e/ D0 f \" O2 N I! ?" f
RBC Capital Markets maintains "outperform", no target price reported, w+ H# { p3 x
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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7 ^6 d3 B+ s" ?' @Matrikon Inc. (MTK : TSX : $2.04)
5 f& @7 \# J: |$ \! C' cReleased Q1/09 results: a little light, but still respectable# V# @5 J; j# e' X% U- R; u" I
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
8 Z' S1 [1 a% K" ~4 o4 P% ^Paradigm Capital maintains "buy", 12-month target price is $4.007 q2 k& E. Q6 z6 f8 }
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)9 c. b' v, J, i7 r0 u& F2 D+ z$ R; S" [
Expecting lower CFPU on higher taxes. \& |- M6 P0 n8 V2 l& }. D3 w0 N1 u
BMO Capital Markets continues "outperform", 12-month target price is $18.005 l" c2 p. g- Y- {& o4 v
RBC Capital Markets continues "sector perform", 12-month target price is $12.00" [8 a$ {' ]5 x$ t+ o+ r
TD Newcrest continues "buy", 12-month target price is $17.00. ~7 {# O9 w9 ^4 r% m& [2 \
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Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
7 G, d/ m# @7 Y$ t2 t+ D. K! bReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
0 z; P; o- ? Q$ D: U6 |Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
* {3 @6 G% p: y1 ?7 l: F# y# BCredit Suisse maintains "neutral", 12-month target price is US$1.00
# M5 H! a9 f2 v3 iScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80$ q( W# |! {4 Y; S- _7 ~
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)0 F+ g& _2 U/ B! c# d% h2 z9 x
Dietary supplement business facing headwinds: p' ?% |! i; F) I7 M; b
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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" S) P, [- E4 a, V9 l" ZOpen Range Energy (ONR : TSX : $1.18)
* a6 U' m4 h6 @; N& PProvided operational update and F09 guidance
' A$ j* Y- `: Z9 ?Haywood Securities continues "sector outperform", 12-month target price is $3.251 R; ~0 c1 f1 ^% s- c! F8 E
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Osisko Mining (OSK : TSX : $3.13), {$ ]$ j* V4 S9 r" ?$ E: v) ]
South Barnat resource around the corner
/ h. k* N1 a, t+ WParadigm Capital continues "speculative buy", 12-month target price is $4.758 P( f8 P8 B( }6 K# g t- r
% _6 F* h% D3 m( {/ [Pan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)4 s) b" H4 _& v' v2 _$ w/ ]$ B
Provided operational update; D# ]7 E; U' g
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00
% f; S2 q1 B: t& _& U2 ?TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.507 e! }( W+ `) K; a& m- y
& L R% T! U, {Paramount Resources (POU : TSX : $7.85)
9 u( v0 W. N" s1 o3 o5 c0 B4 d& \Provided operational update: Grande Prairie emerging as the key focus for F09
, }; n. ^/ n' }; l( ^$ i/ FGMP Securities maintains "buy", 12-month target price is $12.00# p: }- R" I7 K- t
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Rockwell Diamonds (RDI : TSX : $0.07)% g: |2 g" I, n" J- ^5 M
Operations starting to turn the corner
$ W) {4 Y+ Y4 U, P9 P% S' T6 c- [RBC Capital Markets maintains "outperform", no target price reported& B% b- y/ h! I7 d- |
( s" V: r T& s4 r* k/ c) {Shaw Communications (SJR.B : TSX : $20.13)
4 @3 Y# Z3 n- c+ N( W; q0 V" G+ PReleased Q1/09 results: in line, subscribers ahead" x X# ~8 A+ R. X
Credit Suisse maintains "neutral", 12-month target price is $25.50- Z9 p0 ~2 H8 y7 T+ P7 r: I
GMP Securities continues "buy", 12-month target price is $26.50
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6 n8 q7 @ P) P0 ?- |5 I) lSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
) q' a6 o& E6 L; m3 l! T2 T1 Z- fHeld a sell-side lunch showcasing new U.S. team
9 [8 R8 x0 O( }Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00- s8 E" K% M1 v) l& x
# p" r4 Y/ K9 E" `* ITrican Well Service (TCW : TSX : $6.93)1 U8 m! z( d: ?! f" H2 c
Awarded Russian contracts3 K4 g3 e! O8 R$ V
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
8 `& `+ m7 m/ Y) MRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00' {2 @; o4 @. a6 @
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00/ o1 y3 i3 W7 N5 V- P1 \( B3 {; u
1 p" ]* y$ Z3 e1 E' B, r% V% MSino-Forest Corp. (TRE : TSX : $8.93)" e$ H6 M9 T' e- H
Chinese furniture exports rose in November2 W$ A& ^) C" h& |4 z2 ?( H0 D
Dundee Capital Markets maintains "buy", 12-month target price is $23.50
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" R" y. N- U' ~* a: YUEX Corp. (UEX : TSX : $0.88)
) o: i g. k* y7 P, YShea Creek's two largest deposits have become one3 A9 l* A8 v* W0 j n1 {% P
Dundee Capital Markets maintains "buy", 12-month target price is $2.757 I! e( l2 X* B) g9 K3 [
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Vero Energy (VRO : TSX : $4.72)% I5 M( e# N9 e( `" X/ O0 O
Released Q4/08 results: horizontal focus to continue in F095 _4 B& z& ?1 X, i
Dundee Capital Markets continues "buy", 12-month target price is $8.00: U2 A- S v. m" u( r" c
GMP Securities continues "buy", 12-month target price is $7.50
) |* z. F2 ?% z" c$ h" B/ d4 LParadigm Capital continues "buy", 12-month target price is $12.00* f; U# N2 Y9 n9 N+ b! J
RBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75)
! v/ W, e$ F Y/ b# \Hit homerun with Samsung
, z. f4 r2 B7 y3 b. M0 P6 aParadigm Capital continues "buy", 12-month target price is $3.50 |
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