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Ear on the Street --- Jan. 16 2009/ ~# s, h" n$ G" n) v
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Absolute Software (ABT : TSX : $3.36)6 d8 D# U8 q6 V7 V3 d
Bracing for a tough few quarters i) T7 c& X8 S) Z; V0 Q/ u
Canaccord Capital maintains "hold", 12-month target price is $4.50
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)$ N& ]% ~8 v* u$ Q. H* p, C
Growth outlook, challenging pipeline and high cost structure make future unclear
+ l9 b T8 S6 e- pBlackmont Capital continues "hold", 12-month target price is lowered to $48.00$ f1 P# [- i& n. _
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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Astral Media (ACM.A : TSX : $22.98)
6 G) T2 L$ \, X+ mReleased Q1/09 results: strong, in light of challenging operating environment( B3 C/ R& u- w
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.000 b2 L' O" ~' c2 ^% S( F' W
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00+ o. p$ Z; z# v3 v+ p( z
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
4 X$ m- b# D* b) Y. i! r8 _4 n5 lRBC Capital Markets continues "outperform", 12-month target price is raised to $31.009 ^/ c& w. m. `$ O/ e
Scotia 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$45.07)) b7 |) C, X% v( p& q* o5 ?
Well positioned with gold production forecast to double this year and next; v/ A$ z; a7 A) h: M$ A' _
Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
1 j! b5 M* w: g2 `TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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0 Y$ C: j0 M3 a5 _& g- `ARC Energy Trust (AET.UN : TSX : $17.15)- w. n. U' Q) o4 ^
Reduced distributions by 20%; capex also cut8 V$ F% [0 E) J# i, e G
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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% v* |1 k. x% d3 dAndean Resources (AND : TSX : $0.75); x4 N4 U: V8 ~3 ~# c
Announced F09 outlook. D$ a" K. ] k5 F
Paradigm Capital continues "speculative buy", 12-month target price is $2.25
3 l+ N) z# B$ K% { z6 jTD Newcrest downgrades to "hold", 12-month target price is cut to $1.00+ `# R* z* K. M- _7 v. ~- [4 \0 @
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Bombardier Inc. (BBD.B : TSX : $4.65) s) V( J5 f" g
Rising challenges in Aerospace: B- }7 ]+ b2 N. _
GMP Securities continues "buy", 12-month target price is $8.009 J. i6 Z7 C. G' |
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Bank of Montreal (BMO : TSX : $31.84)+ I) ?6 v! q# j1 P" @
Acquiring AIG's Canadian life insurance business
4 e1 _% L# q( U% \% m% xTD Newcrest continues "hold", 12-month target price is $37.00
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9 \" b- c8 F2 G' D2 D$ `Cogeco Cable (CCA : TSX : $33.37). f) W" ~% ]3 q M
Q1 review: Canada results encouraging, but Portugal remains a drag7 Z1 r3 w" f0 O
BMO Capital Markets maintains "outperform", 12-month target price is $46.00
$ a, R6 j- X4 u( {Desjardins Securities continues "top pick", 12-month target price is $40.00: }: y1 \4 T: w( i0 C. M; a
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
3 U( ^$ }6 C: n( ?+ {Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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6 |7 \* {- }0 |( ^6 v# w1 ZCorridor Resources (CDH : TSX : $2.45)- A; `7 D5 e7 B5 x$ ?# O
Capital budget set to expected cash flow; production guidance lowered7 c& \, w( J8 J' R: x$ M
RBC Capital Markets maintains "outperform", 12-month target price is $4.25
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COGECO Inc. (CGO : TSX : $25.14)
* y1 }( l6 @5 t9 \( l: rStrong radio and cable drives 39% EPS growth
3 i* O4 h5 t) s; RScotia Capital Markets continues "sector perform", 12-month target price is $45.00- v) {+ C4 G5 b' Q6 W8 c
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CanWest Global Communications (CGS : TSX : $0.51)& ~2 a y K- t0 h5 g
Taking action to address tough operating environment" _ V2 R8 A1 J; N' n. G& b# K
BMO Capital Markets maintains "underperform", no target price reported
0 ~! b& Q* O o8 e9 S, X9 fCredit Suisse maintains "neutral", 12-month target price is $1.00
: D- i2 N" N, j+ w8 oGMP Securities continues "reduce", 12-month target price is $0.50
0 w% D: }: p* a2 t4 ?RBC Capital Markets continues "underperform", 12-month target price is $0.75- i+ C4 e) Z- ?
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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Corus Entertainment (CJR.B : TSX : $12.47)
& Q4 b- J& \! Q& b5 d9 C( J* iQ1 revenues in line, EPS beat$ P/ W* P% c" h: B! }( H9 h
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.006 D% ?! V3 T2 f0 k" F
Credit Suisse continues "outperform", 12-month target price is $20.006 _1 L) Y9 w% y2 O0 t
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00' Z4 f9 F# c6 i$ o
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
) r, Z6 t* W. B: g; a! D4 URBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50
% ^% f3 \) k2 yScotia Capital Markets continues "sector outperform", 12-month target price is $18.00+ E6 m7 \1 Z0 }- \
7 l ^- Q5 G( b t6 nCalloway REIT (CWT.UN : TSX : $11.84)' _1 L* @& _2 `. H& T( c; A3 {# ~
Held investor day5 `- E. W' l; L, i; W" W6 e
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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3 Y. s$ D2 f$ z% O# g8 I) u7 kDaylight Resources Trust (DAY.UN : TSX : $7.77) c+ K& K: O& s9 {
Reduced distributions by 38%; guided for lower capex, K, v% H+ M, l& X# R
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.003 N4 ]1 u6 Q" s* g7 v' k
Dundee Capital Markets continues "buy", 12-month target price is $12.00
' w- `+ }" p; ~6 t& k/ _ \! TTD Newcrest continues "hold", 12-month target price is $7.50+ }: e* w E3 `) l2 O
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)
/ @9 ?1 Y/ n- D5 N9 R6 L( q- h1 ~ U2 K4 f5 pSteady market and currency tailwind/ x8 }7 g6 h! X% r; i; ^
TD Newcrest maintains "buy", 12-month target price is US$5.000 v7 P7 A: W& g+ ~' T9 ~5 ]
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Goldcorp Inc. (G : TSX : $29.74)
8 t5 N4 t; e4 ~' B VRevised commodity forecasts8 l1 y6 H; y& K4 F
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77), w, p" r/ F' X/ X
Announced Ugandan commerciality on exploration success
4 y2 e. y" D, [6 x4 FTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)
5 }+ M$ X/ T, H* H8 v$ aRetail division suffers
7 U6 K# }) v- o7 @$ j s! LDesjardins Securities maintains "buy", 12-month target price is $12.60& N* [ a4 k* g
# V& k$ [0 F* B5 }. ]7 t' O. \Laramide Resources (LAM : TSX : $1.84)
. F+ V7 [4 C. P- RWestmoreland provided more high grade at Redtree's Jack Lens
9 O& U. r+ K4 s/ \Dundee Capital Markets continues "buy", 12-month target price is $2.30
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8 D- D3 Y# b+ d# W- |Lockerbie & Hole (LH : TSX : $6.00)+ J& U- B! h3 U
Released Q3/09 results: very strong, focus should be on active backlog
$ ^8 P, S0 e8 N3 u/ O# s6 N) f: d- DGMP Securities continues "buy", 12-month target price is $9.001 m! h! I2 T- Y) Z
Raymond James maintains "market perform", 6-12 month target price is $8.25
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9 S0 K H6 C3 S+ N& `5 Z7 S9 vLivingston Intl Income Fund (LIV.UN : TSX : $6.00)4 T6 L" w- X' j5 o
Reduced distributions by 70%8 w* F4 r; p9 z" J
RBC Capital Markets maintains "outperform", no target price reported7 u' y' s9 W7 d9 X+ I; b" y7 R
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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E* g4 U5 g6 vMatrikon Inc. (MTK : TSX : $2.04)
. L9 T; d9 e/ T5 C5 r7 M- KReleased Q1/09 results: a little light, but still respectable4 ^4 ^8 }) Y. C& e) |9 F6 |0 n, T
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50* L) U# v3 p( j' k
Paradigm Capital maintains "buy", 12-month target price is $4.005 N: r. Z1 X* s3 E; K9 e. ~
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Mullen Group Income Fund (MTL.UN : TSX : $10.97)' h! Q& g' Z: b) }9 m
Expecting lower CFPU on higher taxes0 X! O" W- }( ^% ^/ c' T
BMO Capital Markets continues "outperform", 12-month target price is $18.00
& P; T( U; T8 Q# h9 ORBC Capital Markets continues "sector perform", 12-month target price is $12.000 S+ @# x0 e! a* o# M
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$0.86)- W: L# v5 m5 H g4 o: w" ~. L$ R
Released Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
5 z8 s5 g: A) e5 fBlackmont Capital continues "hold", 12-month target price is reduced to $1.25/ b( K0 @+ S# p) _1 s+ {. H
Credit Suisse maintains "neutral", 12-month target price is US$1.00
! Y( I& f( j" hScotia Capital Markets continues "sector underperform", 12-month target price is US$0.80
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)
: M/ z }$ q. T$ C6 V1 zDietary supplement business facing headwinds4 H' _" P1 U6 Y+ ^" `3 R9 i& C
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00& s- P) W$ t& X0 ^- u* u; v
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Open Range Energy (ONR : TSX : $1.18)7 ~3 G2 N) l x8 y2 \6 ~
Provided operational update and F09 guidance
% V8 w# s( C6 G" MHaywood Securities continues "sector outperform", 12-month target price is $3.25
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Osisko Mining (OSK : TSX : $3.13)1 `" |/ i1 X% {+ S8 }4 B, p
South Barnat resource around the corner
& Q, W" a5 a+ {, Z) aParadigm Capital continues "speculative buy", 12-month target price is $4.75
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! B' G P+ R$ tPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)8 `( d, r6 O# [! p, p$ W
Provided operational update
7 C! {6 f* N1 t! L& n' wBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00
8 k c4 c9 U9 X' E8 J- qTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50
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/ k$ n# d& m9 S7 ~0 V1 Y7 P. FParamount Resources (POU : TSX : $7.85)
4 P1 P$ W% w7 N6 E2 k- {! r) \: eProvided operational update: Grande Prairie emerging as the key focus for F09
- I! E- b: d5 U IGMP Securities maintains "buy", 12-month target price is $12.00
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1 j' G: |: t# r5 \6 P9 h$ |Rockwell Diamonds (RDI : TSX : $0.07)
( ? f! ]) |2 |* AOperations starting to turn the corner
2 l8 M8 t4 W- c1 t# Y% x1 bRBC Capital Markets maintains "outperform", no target price reported
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) O9 M/ H! l1 W T5 ~ BShaw Communications (SJR.B : TSX : $20.13)
" }% [" m; H) t! [3 ~Released Q1/09 results: in line, subscribers ahead
4 f, J0 L1 g3 E+ O$ B! o$ R- _Credit Suisse maintains "neutral", 12-month target price is $25.50. C& a) u J& s) N
GMP Securities continues "buy", 12-month target price is $26.50
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7 V# [+ c- E2 q7 d V% U! VSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
1 i5 V! I' G0 w2 GHeld a sell-side lunch showcasing new U.S. team) j6 M; G4 F- y
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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Trican Well Service (TCW : TSX : $6.93). B+ b! H! b& \
Awarded Russian contracts
) | H4 w' [4 k" hBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75- C# c* K7 J+ v' }" j0 p; W
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00/ \/ R+ U- J1 H) V
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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; N# ]. L8 p4 X+ T4 k& Z* S TSino-Forest Corp. (TRE : TSX : $8.93)
: K( O. L. W# ^; tChinese furniture exports rose in November
8 j6 q0 E) b: W% W# `, E, bDundee Capital Markets maintains "buy", 12-month target price is $23.50
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UEX Corp. (UEX : TSX : $0.88)
$ y# H# n0 s, W: qShea Creek's two largest deposits have become one
# i$ i7 Q" Y1 E' b4 g/ m5 B- C2 IDundee Capital Markets maintains "buy", 12-month target price is $2.758 _. F; ]( m6 R& _' ^5 G) G# w- U% E
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Vero Energy (VRO : TSX : $4.72)
2 Y4 [9 u, m3 M/ mReleased Q4/08 results: horizontal focus to continue in F09$ P( V8 A& Z' l6 D: Z
Dundee Capital Markets continues "buy", 12-month target price is $8.00
: `: ]6 Z& U/ l9 Q. Q7 ]! pGMP Securities continues "buy", 12-month target price is $7.50
1 N8 g a5 f/ W+ NParadigm Capital continues "buy", 12-month target price is $12.00) |/ ]6 G4 `- Y
RBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75)7 X3 e- R" G ]0 B. d+ ^/ R
Hit homerun with Samsung
# c# K) z6 O' F8 rParadigm Capital continues "buy", 12-month target price is $3.50 |
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