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Ear on the Street --- Jan. 16 2009
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Absolute Software (ABT : TSX : $3.36)
W" ^* L- X; u4 u( XBracing for a tough few quarters0 ^6 j0 J9 P2 b0 V$ b$ {
Canaccord Capital maintains "hold", 12-month target price is $4.50- L5 J8 L- A' i$ P$ W* w& P
7 I( l1 C& I! j; g6 g5 dBarrick Gold Corp. (ABX : TSX : $39.73 | NYSE : US$31.45)1 f2 n( }& ?& p- ^
Growth outlook, challenging pipeline and high cost structure make future unclear0 i8 z9 c4 w: I$ p
Blackmont Capital continues "hold", 12-month target price is lowered to $48.00
$ s0 R/ l! c; o% w, y |& c" [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)* x" l& h5 M" k. A
Released Q1/09 results: strong, in light of challenging operating environment; J4 x1 W% c/ l/ `6 }
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00
- V8 A( ?: J9 g' P& `# mDesjardins Securities maintains "buy", 12-month target price is slashed to $28.00# d+ I; a5 G( ]9 O. ~: m7 C5 @
GMP Securities maintains "buy", 12-month target price is reduced to $30.00
, } L# I. j$ u: SRBC Capital Markets continues "outperform", 12-month target price is raised to $31.00
& Y0 @3 e9 i( J$ E2 xScotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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( Z" h# Y4 H7 }! E- fAgnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)9 S: y0 z1 ? }% A1 ^
Well positioned with gold production forecast to double this year and next
) O1 k3 k2 {+ C* b' wBlackmont Capital continues "buy", 12-month target price is lowered to $83.001 v) P) Z( G- n
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.001 T. g; a; J& H- i1 v
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ARC Energy Trust (AET.UN : TSX : $17.15)9 Z; r8 G) a, R8 N) e
Reduced distributions by 20%; capex also cut
' V. x6 L _, A# p, K( SRBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)* o; [ D$ Q7 N' \, W0 E
Announced F09 outlook
9 t* z: S M3 v ]/ O( }2 ^) N3 DParadigm Capital continues "speculative buy", 12-month target price is $2.25
, H& g! l6 ~9 j! z1 e3 s, P5 _TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00% T# z( R) g, z7 W
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Bombardier Inc. (BBD.B : TSX : $4.65)
% F. Z; ^8 u0 b7 q/ Z/ S* @Rising challenges in Aerospace& n. A* N' t( U, s5 p& S8 i9 |" p
GMP Securities continues "buy", 12-month target price is $8.00
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2 `: X( M. {( N4 A8 hBank of Montreal (BMO : TSX : $31.84)2 h9 J. f. h# u
Acquiring AIG's Canadian life insurance business
/ i! s* I) u- S' R, O+ eTD Newcrest continues "hold", 12-month target price is $37.00- ^* Z2 Q9 b ~/ W0 H5 o+ G
( f3 x; D( ~$ E1 d1 s: j5 OCogeco Cable (CCA : TSX : $33.37)4 \- C e- w7 C+ J8 o
Q1 review: Canada results encouraging, but Portugal remains a drag
4 `3 J4 P. o2 [/ Q" lBMO Capital Markets maintains "outperform", 12-month target price is $46.00
" d5 F% H+ Q* F2 |) S! `Desjardins Securities continues "top pick", 12-month target price is $40.00( b! S- Z) f; B/ g
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.00
, E3 J2 n, ~$ BScotia Capital Markets continues "sector outperform", 12-month target price is $55.00
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# b$ |; t/ S3 J1 bCorridor Resources (CDH : TSX : $2.45)
4 x$ ~5 P8 c3 \* f2 W1 RCapital budget set to expected cash flow; production guidance lowered
) S; a T2 H5 n$ g; K0 JRBC Capital Markets maintains "outperform", 12-month target price is $4.25, p9 Y5 M, N# Z1 w
7 {8 M" E+ d5 N2 zCOGECO Inc. (CGO : TSX : $25.14)
% |( N* z. i! I1 A" lStrong radio and cable drives 39% EPS growth) a$ J/ V; p3 _* x+ x6 O2 B+ v
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00" v6 U( w6 N5 K' Z4 x6 {
1 u6 q. L' T U$ B7 D* K7 ~4 h: \, \CanWest Global Communications (CGS : TSX : $0.51)9 D, Z! |7 s) v6 V# k/ h5 @
Taking action to address tough operating environment
) E* P2 O5 Z" y" pBMO Capital Markets maintains "underperform", no target price reported
( r* L# |+ A; m% u! ~4 k( VCredit Suisse maintains "neutral", 12-month target price is $1.00
$ T9 Z# g+ h# kGMP Securities continues "reduce", 12-month target price is $0.500 x: U k) v- v/ \2 ?
RBC Capital Markets continues "underperform", 12-month target price is $0.75) n6 |% e P1 N: J" o* h
Scotia Capital Markets continues "sector underperform", 12-month target price is $0.50
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3 m# O6 A' @1 E0 s' SCorus Entertainment (CJR.B : TSX : $12.47)
( S: x, S+ R8 `* ]( D( E0 b4 G6 tQ1 revenues in line, EPS beat2 f" t8 U7 [9 b% B" I( ~
BMO Capital Markets continues "market perform", 12-month target price is cut to $15.00: _! y. k% u# G7 ^
Credit Suisse continues "outperform", 12-month target price is $20.00
% a" Q Q5 C4 a: Y9 P% @2 I' N6 K ^. HDesjardins Securities maintains "buy", 12-month target price is lowered to $15.00* c( p( q* I8 R
GMP Securities maintains "buy", 12-month target price is reduced to $17.00
) _0 v4 }" |9 P0 S+ o- RRBC Capital Markets maintains "outperform", 12-month target price is raised to $18.500 O! E0 b' r! x9 a T
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.00! ?, y& ^; O5 c! L G
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Calloway REIT (CWT.UN : TSX : $11.84)
3 i& W% W) c2 {8 q8 i& H7 LHeld investor day, L7 p9 I, t7 s7 Z5 k
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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5 }8 @- I( X2 M" EDaylight Resources Trust (DAY.UN : TSX : $7.77)
( e2 s! h) L6 x7 pReduced distributions by 38%; guided for lower capex
8 \0 |. r( v4 x3 c0 w/ JBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.004 Y! ?0 O2 `' p
Dundee Capital Markets continues "buy", 12-month target price is $12.00
, o) V+ T- r2 ?/ H5 i! _TD Newcrest continues "hold", 12-month target price is $7.502 O; G, b$ \5 E* I
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EXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)+ r" b: L/ @9 a# U+ S2 Y
Steady market and currency tailwind" ~" Z2 d! z `, S$ e
TD Newcrest maintains "buy", 12-month target price is US$5.00
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* a, K# u, i/ zGoldcorp Inc. (G : TSX : $29.74)
. r3 Z! D9 F7 a' H# i9 ^' l3 nRevised commodity forecasts
) }. L- \; B) G$ P# @, M# cBlackmont Capital maintains "buy", 12-month target price is reduced to $49.00/ n; y9 ]% `9 ^6 S0 b7 `. x
. @, z2 ~/ ^3 z0 S/ o0 RHeritage Oil (HOC : TSX : $3.77)* J/ K3 R4 X6 ?( Y6 n4 B$ q0 n7 G
Announced Ugandan commerciality on exploration success
) T3 t0 P7 k6 y$ w) J5 L2 ZTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.50
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Harry Winston Diamond (HW : TSX : $4.98)
. ?/ M% W4 @' P. W% n8 p. b, D. A% ORetail division suffers8 M m) b8 p! @- D& x0 T
Desjardins Securities maintains "buy", 12-month target price is $12.60
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Laramide Resources (LAM : TSX : $1.84)' v/ z) G2 h" y: ]
Westmoreland provided more high grade at Redtree's Jack Lens' M v* K8 M6 u2 \5 m; b
Dundee Capital Markets continues "buy", 12-month target price is $2.30
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" [- Z" ~1 r' D* Y2 U& LLockerbie & Hole (LH : TSX : $6.00)% ^8 |1 Z9 L5 E m" I4 q" V
Released Q3/09 results: very strong, focus should be on active backlog$ M: T7 A2 X4 R
GMP Securities continues "buy", 12-month target price is $9.00
+ N" s [( N5 H% g/ ?# LRaymond James maintains "market perform", 6-12 month target price is $8.25! \6 E& s: |3 i: H( z6 S- ] l
0 A/ d& Q* S8 |% O" j/ eLivingston Intl Income Fund (LIV.UN : TSX : $6.00)
5 J2 I, v4 g. g. h, M, U1 b% rReduced distributions by 70%5 o( c& u7 q( |: G B
RBC Capital Markets maintains "outperform", no target price reported
$ S; U4 C+ l% ?3 r: w# S0 TScotia Capital Markets continues "sector underperform", 12-month target price is $6.506 t& h" M! W6 ^9 T; C+ V
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Matrikon Inc. (MTK : TSX : $2.04)
+ t0 l9 M# Z. c, z/ tReleased Q1/09 results: a little light, but still respectable) h6 k; v1 d1 t/ }
BMO Capital Markets continues "outperform", 12-month target price is lowered to $2.508 ]% o$ v8 X% w: m; v! f, _
Paradigm Capital maintains "buy", 12-month target price is $4.00, V2 G8 W; E+ ?
E5 o. a" m/ m2 LMullen Group Income Fund (MTL.UN : TSX : $10.97)
1 A; t. ~) z9 u' F4 y& gExpecting lower CFPU on higher taxes6 s% G/ d* D1 v9 ^2 d0 R
BMO Capital Markets continues "outperform", 12-month target price is $18.00. |# f: i9 a! N8 [; ~
RBC Capital Markets continues "sector perform", 12-month target price is $12.00
% M! @, g- q \( s) M" N5 iTD Newcrest continues "buy", 12-month target price is $17.00
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& U" ]( `4 y0 _/ \6 W7 p' }Northgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
3 \# m- ?: c1 qReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain+ X- ~( G* I0 P& g1 c
Blackmont Capital continues "hold", 12-month target price is reduced to $1.25
# r+ J- t6 e: E R; q7 H7 x4 Z* XCredit Suisse maintains "neutral", 12-month target price is US$1.004 O) O1 K) L8 K2 _! a4 V
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)
4 X, S3 y5 O6 I: r, U+ c5 H- RDietary supplement business facing headwinds* e1 X* C+ |" u, A) p
Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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* V- Y: A8 v+ G9 POpen Range Energy (ONR : TSX : $1.18)- V: g u% H2 t2 t7 \% `5 e
Provided operational update and F09 guidance; U% D- u4 p7 [% F. w: L1 a
Haywood Securities continues "sector outperform", 12-month target price is $3.25" v9 g9 w% }4 i# |& t4 y
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Osisko Mining (OSK : TSX : $3.13)
9 W" I: V& O$ E) w8 M2 z5 pSouth Barnat resource around the corner5 M1 Z$ c9 q2 ^9 B/ ~8 P3 B2 a
Paradigm Capital continues "speculative buy", 12-month target price is $4.75
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) l- ? L1 Z5 S- ZPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)/ }! L( u, e+ S- i2 @/ L" L
Provided operational update
# [5 G Y; t0 n5 WBlackmont Capital maintains "hold", 12-month target price is lowered to $19.00
3 W3 ]5 N9 X$ r8 f/ I9 W6 VTD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50& u2 G) a1 ^# w' n0 C
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Paramount Resources (POU : TSX : $7.85)' M0 f/ ^, I7 O3 u9 K4 ^. \% o
Provided operational update: Grande Prairie emerging as the key focus for F09
) K/ Q3 u8 A0 Q5 l3 S# R1 kGMP Securities maintains "buy", 12-month target price is $12.00& F/ @6 E# Z! F; ~, m8 }
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Rockwell Diamonds (RDI : TSX : $0.07)7 m7 c8 D/ U" z2 l9 _9 D2 \. A
Operations starting to turn the corner
0 t& x6 e7 z. m- ~" R$ P( ^$ SRBC Capital Markets maintains "outperform", no target price reported
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6 v0 P3 T% G7 B, {$ }! wShaw Communications (SJR.B : TSX : $20.13)2 y$ W' }8 q' v( H
Released Q1/09 results: in line, subscribers ahead# ]% l. Y! y# v* x: l" F. f
Credit Suisse maintains "neutral", 12-month target price is $25.502 g% ?# |2 U r( n
GMP Securities continues "buy", 12-month target price is $26.50
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' o2 i7 _, V8 ASun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)1 W3 T6 D- m& ~. B' b4 X# _
Held a sell-side lunch showcasing new U.S. team
" T r7 |) S9 @& a) L/ w& c7 h! g/ gScotia Capital Markets maintains "sector perform", 12-month target price is $33.002 Z8 O( I3 o* M
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Trican Well Service (TCW : TSX : $6.93)5 b% p. V1 @9 u. }8 n0 h4 r: {
Awarded Russian contracts
% G9 W r( K b, c% e# H: RBlackmont Capital maintains "hold", 12-month target price is reduced to $8.75# U% q9 v6 q4 N9 q! \. _, ~8 k
Raymond James maintains "market perform", 6-12 month target price is lowered to $9.00
8 D/ I% J1 \/ l- Q P' N8 V iRBC Capital Markets maintains "sector perform", 12-month target price is $10.000 [7 M) x, n* U: X9 ^! X
0 ]. v/ k: `3 {( |& K9 a3 HSino-Forest Corp. (TRE : TSX : $8.93)/ }& e8 P% r5 O) d# L2 S; J. }* m
Chinese furniture exports rose in November J! H4 e6 Q I' `( S' o: q( ]
Dundee Capital Markets maintains "buy", 12-month target price is $23.501 l% K( a# f( w6 H; r" l# X
( D) [9 v0 i3 ?/ y# I0 WUEX Corp. (UEX : TSX : $0.88)" ], ^* @) n# a3 J3 m
Shea Creek's two largest deposits have become one- \1 K m9 L& a; [. K2 s5 _7 [
Dundee Capital Markets maintains "buy", 12-month target price is $2.75
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5 p) X: b ]. z' ]Vero Energy (VRO : TSX : $4.72) L( {& _5 N1 o8 F
Released Q4/08 results: horizontal focus to continue in F09, i' z, g/ r0 {/ Q# F8 W) c
Dundee Capital Markets continues "buy", 12-month target price is $8.00
2 H6 @. r. v+ }9 j1 |9 U! eGMP Securities continues "buy", 12-month target price is $7.50
, t7 K1 Z) n+ B+ e+ ZParadigm Capital continues "buy", 12-month target price is $12.00( p3 Z+ N# m. @
RBC Capital Markets maintains "outperform", 12-month target price is $8.507 k) x* C- |# W; }
8 n$ j. x' J7 E8 [: ? VWi-Lan Inc (WIN : TSX : $1.75)
4 m$ d3 U/ E& N! z* o: UHit homerun with Samsung3 t B: P0 f( `1 c) c
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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