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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)( V. y- N# A2 s1 X8 t' M5 [
Bracing for a tough few quarters1 f1 w* h, H6 i" l: o
Canaccord Capital maintains "hold", 12-month target price is $4.50' e- |$ K3 E. }' c/ V( b
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Barrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)
/ r/ X% B3 [! k" ^+ y, eGrowth outlook, challenging pipeline and high cost structure make future unclear) R: e! p3 `; R0 L! [
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
: a# r, \6 [# A7 l, G @& uTD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00! a: K; ]* A* G/ [) }
' I. l/ ~- d/ B; m4 g* \Astral Media (ACM.A : TSX : $22.98)
# i! [( ?2 f; Q; m3 S9 _5 rReleased Q1/09 results: strong, in light of challenging operating environment
( ]4 F" C) x6 Y# `2 k T: {BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.007 g; _& ]3 k( m: M7 t
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00& x# l* b2 |+ P# L" [
GMP Securities maintains "buy", 12-month target price is reduced to $30.00 X0 Y* z# r9 O% P
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.008 F1 Z0 p h5 U3 w
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.005 h% D* }* Z3 c7 ?; c' w
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Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)* e1 G/ C: Y7 O4 t, ^& S- E
Well positioned with gold production forecast to double this year and next/ T7 T) \/ L E5 H3 b
Blackmont Capital continues "buy", 12-month target price is lowered to $83.001 T/ l# p' }6 T. J( X+ ^5 J* e
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00, v3 b3 N$ }* z$ { u# E
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ARC Energy Trust (AET.UN : TSX : $17.15)& s! L6 |; h% L& G
Reduced distributions by 20%; capex also cut
* `# M* {- ~5 a0 k0 bRBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)
' I. y/ ^4 s4 U8 |3 QAnnounced F09 outlook
' ?6 X0 q/ a* T7 k9 JParadigm Capital continues "speculative buy", 12-month target price is $2.25/ c J1 s6 i/ v( [) F
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00. [$ D4 z5 {0 U0 h0 @
* W2 p% D* a ]( ?8 o9 {Bombardier Inc. (BBD.B : TSX : $4.65)- E* |4 ~1 Y: Z% s: z
Rising challenges in Aerospace2 f- f% ^% Y# s& ?; ?
GMP Securities continues "buy", 12-month target price is $8.008 |& q+ K- O6 C1 {8 w
- a% Q' ^- c. a- v% I9 f2 aBank of Montreal (BMO : TSX : $31.84)' ]) d5 Z9 {8 G
Acquiring AIG's Canadian life insurance business4 G$ {' k7 R2 o* a$ m
TD Newcrest continues "hold", 12-month target price is $37.00
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B7 U+ s- h; T ?Cogeco Cable (CCA : TSX : $33.37)
$ e. t/ y) O4 {Q1 review: Canada results encouraging, but Portugal remains a drag
2 C" Z! J% r( YBMO Capital Markets maintains "outperform", 12-month target price is $46.00
" }) P9 o% a* e3 r4 L! S% |Desjardins Securities continues "top pick", 12-month target price is $40.00: H! M5 t7 U4 f- N& [/ a$ ? O3 }
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00# d. ?# ^3 V% k* i
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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9 C8 i* x+ }* p6 B) wCorridor Resources (CDH : TSX : $2.45)
+ C) S9 o0 D" }+ n2 T |Capital budget set to expected cash flow; production guidance lowered
X0 j: j* ^" N8 o. ]RBC Capital Markets maintains "outperform", 12-month target price is $4.25* S2 `: C! b/ Q4 \ G
; @+ T! t4 c$ y7 s, Y* HCOGECO Inc. (CGO : TSX : $25.14); W+ }- }- ~6 g2 X0 I3 r
Strong radio and cable drives 39% EPS growth
$ v+ ]% a* S* K! ^3 q7 q" JScotia Capital Markets continues "sector perform", 12-month target price is $45.00( u5 x) W+ w% p7 z# |+ @, u+ l
2 r, T0 ]/ Z A9 o( q5 R+ JCanWest Global Communications (CGS : TSX : $0.51)
& T% [/ P2 O6 U z. m5 WTaking action to address tough operating environment5 _" ^8 W/ v6 s) p# ]& k
BMO Capital Markets maintains "underperform", no target price reported
" Q) P7 ~5 M% xCredit Suisse maintains "neutral", 12-month target price is $1.000 K9 a9 _0 D( i J! m; R0 V
GMP Securities continues "reduce", 12-month target price is $0.50
* [: M1 j: U7 ^* n3 f, s6 [RBC Capital Markets continues "underperform", 12-month target price is $0.75
( q/ B. q8 _! o# ZScotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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i0 u) k3 p% w3 f: ICorus Entertainment (CJR.B : TSX : $12.47)* q; G N. G! y: Y) h* ~
Q1 revenues in line, EPS beat8 E) ~" S2 V& d, d9 ?
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
' }9 x& u+ G- k. oCredit Suisse continues "outperform", 12-month target price is $20.008 I* M; K$ R+ {4 S. N4 [6 |
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00
5 B1 W Y p" o6 c; K- AGMP Securities maintains "buy", 12-month target price is reduced to $17.00
3 `, X* a( y# M5 [1 e; mRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50+ L; [8 G$ P) H3 n9 k. V
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00" ^& D9 _+ q) G1 Q$ p- m8 g
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Calloway REIT (CWT.UN : TSX : $11.84)
0 @/ _# e7 d( t# |$ V) @, g( k: {Held investor day O; J/ Z7 L: g- J( r; I1 S. V
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00# U! G9 a0 u. ~4 t
3 ^1 {/ x' b3 wDaylight Resources Trust (DAY.UN : TSX : $7.77)
0 ?2 Z1 O# S7 G4 zReduced distributions by 38%; guided for lower capex, N4 ~) X/ q) x
BMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00
* Z7 C& s+ J* E( ]8 e, |3 G5 E9 @! sDundee Capital Markets continues "buy", 12-month target price is $12.00
" y+ ?1 @3 \' R" ]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)
. s) M0 P! C4 M9 {" f( f) NSteady market and currency tailwind z0 G! D4 ?6 e( L: J2 l0 J3 M- z9 M
TD Newcrest maintains "buy", 12-month target price is US$5.00
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' ]! R. [' S! |" T0 x U( P7 ^% I" W' zGoldcorp Inc. (G : TSX : $29.74)
& N! j' u m9 s+ ^6 y, iRevised commodity forecasts" W2 z4 ]( `: }4 F2 S; U
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00 L, h/ R# y" ~5 U7 h8 S2 j* S5 [
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Heritage Oil (HOC : TSX : $3.77)
0 E! \# j# m- w; l8 e& V) J8 ]. kAnnounced Ugandan commerciality on exploration success3 w' [9 D P+ R+ `! g
TD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)
8 D% \# L5 X" @Retail division suffers
* W$ t' e$ E9 Y1 M: ODesjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)
3 Z! k- Z8 j1 ]% G! iWestmoreland provided more high grade at Redtree's Jack Lens8 T m- h5 O: z4 n
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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2 M6 n4 ]! g+ ?, A, \ E$ uLockerbie & Hole (LH : TSX : $6.00)3 _) h5 y& m6 q; k5 _! n; ^/ [
Released Q3/09 results: very strong, focus should be on active backlog
: Q, R, Y! S: B4 jGMP Securities continues "buy", 12-month target price is $9.00
% d) V. t) }1 I+ q, V/ ]- wRaymond James maintains "market perform", 6-12 month target price is $8.25* ~/ c; N" K9 P* ]
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)# j T2 y E; D# w
Reduced distributions by 70%3 r4 L; H- z( p" p, b
RBC Capital Markets maintains "outperform", no target price reported
7 p u: _6 m+ L7 D6 FScotia Capital Markets continues "sector underperform", 12-month target price is $6.50
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Matrikon Inc. (MTK : TSX : $2.04)& H9 P4 D7 I# r0 k) L
Released Q1/09 results: a little light, but still respectable
V6 e- \# D3 h6 Y |- eBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50
8 @& e6 J% y- @! e7 \3 AParadigm Capital maintains "buy", 12-month target price is $4.00
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& x0 C1 V' e8 rMullen Group Income Fund (MTL.UN : TSX : $10.97)
: ~% J. a! v$ A" y. V$ G* [" x/ f# wExpecting lower CFPU on higher taxes6 Q6 L/ g3 `: ^& i a# `. E/ K
BMO Capital Markets continues "outperform", 12-month target price is $18.00+ M8 b) g# g) \+ N6 C0 U
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
8 x$ v% O3 E9 T) W" E) U. KTD Newcrest continues "buy", 12-month target price is $17.00
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$ d2 `& ^. W1 O2 [3 k1 E/ O5 R6 KNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
. Q9 l& h& x( _0 q+ T0 Q! mReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
& Y0 `9 o% h1 v5 v$ C- Z: L& jBlackmont Capital continues "hold", 12-month target price is reduced to $1.250 n6 a# j& A0 E1 \1 F
Credit Suisse maintains "neutral", 12-month target price is US$1.00
3 W3 r$ _1 ^2 O% ^Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.803 f) d/ e3 _5 m! X* n( G5 \/ [
# I0 X+ {- z6 `! FNeptune Tech & Bioresources (NTB : TSX-V : $0.79)& e# u1 S8 i6 R @/ I; q2 P
Dietary supplement business facing headwinds2 _8 o, D2 |5 u, ~ S8 F
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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Open Range Energy (ONR : TSX : $1.18)' ]9 s4 b3 {! x2 k) B) q5 D
Provided operational update and F09 guidance
$ V; C) N% F \ y3 `7 YHaywood Securities continues "sector outperform", 12-month target price is $3.25% [% K" t& @2 h! |$ t e" m/ r
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Osisko Mining (OSK : TSX : $3.13)+ J* I6 G, Q/ o5 f7 F9 y* a- C2 d# N
South Barnat resource around the corner
. `9 o) l) T2 u! _3 N) I9 lParadigm 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$13.75)& _+ m8 k$ g2 M# e4 `0 f
Provided operational update2 `+ F. _8 f) O, i
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.00, k4 t# L% v5 N: t, d+ J
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.507 O) i# ^/ V8 Z, k
# n" D0 k3 D! l5 W8 sParamount Resources (POU : TSX : $7.85)( Z" R$ D, [8 C
Provided operational update: Grande Prairie emerging as the key focus for F09
% v) [8 B4 B! O, Q- I* b% F% mGMP Securities maintains "buy", 12-month target price is $12.00
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% ~& h; Y+ |6 C' `4 Y& D% ARockwell Diamonds (RDI : TSX : $0.07)
+ R8 b0 ?' z& R8 g* JOperations starting to turn the corner
8 O1 Q. H( ]- m0 h+ x8 [RBC Capital Markets maintains "outperform", no target price reported
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* }$ N* m$ d& b7 Q/ ?! M( L9 sShaw Communications (SJR.B : TSX : $20.13)( h/ Y* Z! _% f O
Released Q1/09 results: in line, subscribers ahead3 ]5 {' H1 H2 ?) }" _# n. H! v2 d
Credit Suisse maintains "neutral", 12-month target price is $25.50
5 w* W/ b0 `* U5 T3 [# I" zGMP Securities continues "buy", 12-month target price is $26.50
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Sun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)& I' |& [( `1 M& q
Held a sell-side lunch showcasing new U.S. team
( o' z3 v' n8 Q) Y! ~; tScotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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. X0 e W4 D6 C j; LTrican Well Service (TCW : TSX : $6.93)
1 W/ N; P5 {. s9 OAwarded Russian contracts! Q0 W* j. A H
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75: z/ O3 t9 _8 G0 z6 t* y) s
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
/ a) H" ?0 M% e) n( lRBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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% D) N8 B6 v5 j; a. s- g) DSino-Forest Corp. (TRE : TSX : $8.93)
* Y* p8 C8 j, P. QChinese furniture exports rose in November# O! U( a, r3 y1 s" T
Dundee Capital Markets maintains "buy", 12-month target price is $23.504 c% }. `+ o' D8 O+ c
- H) I- h- ^0 m3 E+ C( ] F+ aUEX Corp. (UEX : TSX : $0.88)" }8 A J( d% i
Shea Creek's two largest deposits have become one
$ ^$ X+ n+ R* k; q7 E. B+ RDundee Capital Markets maintains "buy", 12-month target price is $2.75! U. U7 e4 u9 c/ K! k- [
; i$ y0 C- y; j+ G. [/ |Vero Energy (VRO : TSX : $4.72)2 ]5 q. Z2 ]1 s R
Released Q4/08 results: horizontal focus to continue in F09& ?2 _) N4 u |- |4 V! P0 T/ N0 w
Dundee Capital Markets continues "buy", 12-month target price is $8.00$ v C' o4 |/ ^6 ^
GMP Securities continues "buy", 12-month target price is $7.50
7 N9 w3 ]* u! r" rParadigm Capital continues "buy", 12-month target price is $12.00
" ~- ]# U1 d, n \RBC Capital Markets maintains "outperform", 12-month target price is $8.50$ \1 W" q9 e+ d1 o) g' ?
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Wi-Lan Inc (WIN : TSX : $1.75), v4 [2 ^% l# \2 ^; h9 ^2 Q6 ?0 t
Hit homerun with Samsung
4 L* }; d) t& X& z2 |! _Paradigm Capital continues "buy", 12-month target price is $3.50 |
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