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Ear on the Street --- Jan. 16 2009/ K. `; k% X! ^
. c& R! h- m( g1 BAbsolute Software (ABT : TSX : $3.36)& }% x9 o) x# [7 `! S6 g% H* x
Bracing for a tough few quarters2 I# ?* L/ P+ D' F1 h% w. k( D* b5 j' |
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)
; x' B( u8 I/ |" v2 S9 x, F' P' uGrowth outlook, challenging pipeline and high cost structure make future unclear' E3 ?5 p7 n. m8 p
Blackmont Capital continues "hold", 12-month target price is lowered to $48.005 \7 ]% G% V* p! f8 q% l8 T
TD Newcrest downgrades to "hold", 12-month target price is raised to US$37.00
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Astral Media (ACM.A : TSX : $22.98)0 \, X- \% L1 p) n' ~5 T
Released Q1/09 results: strong, in light of challenging operating environment( Q( x% O8 ~3 j8 ]$ @9 l& S# h
BMO Capital Markets maintains "market perform", 12-month target price is reduced to $26.00 @: l" |9 I9 v: t& u
Desjardins Securities maintains "buy", 12-month target price is slashed to $28.00
0 E8 P* k4 [7 y- TGMP Securities maintains "buy", 12-month target price is reduced to $30.00# l" f8 m G4 b9 m* P8 c
RBC Capital Markets continues "outperform", 12-month target price is raised to $31.009 t( Q! C. M" {- W+ D
Scotia Capital Markets continues "sector outperform", 12-month target price is $30.00
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( \# R+ p0 u# W- L) P7 ]Agnico-Eagle Mines (AEM : TSX : $57.00 | NYSE : US$45.07)
& W& D; P3 b% [/ p% E+ iWell positioned with gold production forecast to double this year and next
% G7 y4 e, ^' b7 l M1 ]Blackmont Capital continues "buy", 12-month target price is lowered to $83.00
1 X6 R0 `6 W! m6 q& q4 C* U4 ^% m3 O: sTD Newcrest upgrades to "action list buy", 12-month target price is raised to US$62.00
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ARC Energy Trust (AET.UN : TSX : $17.15), f8 y+ q5 n$ u1 z0 I
Reduced distributions by 20%; capex also cut0 j* {: S* @: i( w
RBC Capital Markets continues "outperform", 12-month target price is $19.00
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Andean Resources (AND : TSX : $0.75)$ _! C! J( Z |. e r" h9 w
Announced F09 outlook# G% I8 e( U7 i* I1 V
Paradigm Capital continues "speculative buy", 12-month target price is $2.25( G5 I" Z) `* }$ y6 o! a6 c3 k
TD Newcrest downgrades to "hold", 12-month target price is cut to $1.00' s0 [1 Y* @7 x) d( ]9 d
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Bombardier Inc. (BBD.B : TSX : $4.65)" c" Q8 p) @6 Z, u
Rising challenges in Aerospace
3 x/ q4 {/ f; t# p2 kGMP Securities continues "buy", 12-month target price is $8.00
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Bank of Montreal (BMO : TSX : $31.84)
! e+ ~; f) r1 [7 YAcquiring AIG's Canadian life insurance business
' U9 _4 ^* Z8 B& x9 {' R3 @TD Newcrest continues "hold", 12-month target price is $37.004 z: y$ q u. R/ ^% i
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Cogeco Cable (CCA : TSX : $33.37)9 C4 l5 H ?) a! v# f6 [
Q1 review: Canada results encouraging, but Portugal remains a drag
; l( }: Y5 `7 x4 yBMO Capital Markets maintains "outperform", 12-month target price is $46.00+ w& u4 Z8 U4 B0 }
Desjardins Securities continues "top pick", 12-month target price is $40.00
- X6 I( d- G! z# h& A( A6 MRBC Capital Markets maintains "sector perform", 12-month target price is raised to $43.009 s8 s$ x8 }$ ^8 d Y1 U d! S# Q
Scotia Capital Markets continues "sector outperform", 12-month target price is $55.006 `- p& L) l2 ]8 ~8 R& O( I9 [
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Corridor Resources (CDH : TSX : $2.45)
6 ]0 Z# h* [( k2 u9 W& R8 sCapital budget set to expected cash flow; production guidance lowered
, W) k7 q! ]: I) d8 tRBC Capital Markets maintains "outperform", 12-month target price is $4.25! g$ t5 s/ M9 P. [) l" C0 a5 F6 m
, \, n% F \+ ]$ D1 T: OCOGECO Inc. (CGO : TSX : $25.14)
* V( W. G5 b: ~- a. k) p# C' pStrong radio and cable drives 39% EPS growth3 u4 u, L5 ~" `0 b+ _. V; _/ A
Scotia Capital Markets continues "sector perform", 12-month target price is $45.00
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3 ]/ `1 f. k, ~* I' sCanWest Global Communications (CGS : TSX : $0.51)
4 S U( {* ?9 |. h4 T* VTaking action to address tough operating environment
1 Z5 b1 m5 V" A' m# N4 ]" l! FBMO Capital Markets maintains "underperform", no target price reported1 Y% a0 \$ }8 o
Credit Suisse maintains "neutral", 12-month target price is $1.00. J8 {$ p8 O, n; \) F5 ^
GMP Securities continues "reduce", 12-month target price is $0.50
* S8 `- V0 u( A" J# s8 |! ORBC Capital Markets continues "underperform", 12-month target price is $0.75
/ A, j8 d$ \# f1 hScotia Capital Markets continues "sector underperform", 12-month target price is $0.508 W3 \$ D3 |% c7 c; [ r! ?/ a! y2 c
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Corus Entertainment (CJR.B : TSX : $12.47)
1 u, \0 z- A8 D7 g/ UQ1 revenues in line, EPS beat
4 q4 C! u' D- X6 B0 T; j, y- LBMO Capital Markets continues "market perform", 12-month target price is cut to $15.00
# A) e) [( ?: s0 Y& y- }' YCredit Suisse continues "outperform", 12-month target price is $20.00! T( m+ L- U# P) s& h/ N* u/ x5 G! }7 H" j
Desjardins Securities maintains "buy", 12-month target price is lowered to $15.00+ Y/ p3 d5 s- h3 K3 p
GMP Securities maintains "buy", 12-month target price is reduced to $17.00- g( j9 I, B1 d5 I: B
RBC Capital Markets maintains "outperform", 12-month target price is raised to $18.50$ i' T. R6 F7 n
Scotia Capital Markets continues "sector outperform", 12-month target price is $18.004 O$ C+ w/ _$ D d
( j3 C% v) T( t+ Y$ j: aCalloway REIT (CWT.UN : TSX : $11.84)
3 V; | E# k) }1 eHeld investor day/ K$ |4 y$ c C0 P
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
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Daylight Resources Trust (DAY.UN : TSX : $7.77) {2 L5 Z' T5 j" {. ?" }- S
Reduced distributions by 38%; guided for lower capex
0 g3 i% O+ C+ XBMO Capital Markets maintains "market perform", 12-month target price is lowered to $9.00: g' W' |% _- ^2 s! p, e0 i5 ^+ d
Dundee Capital Markets continues "buy", 12-month target price is $12.00, k5 B1 y( J) G @, T3 n% w
TD Newcrest continues "hold", 12-month target price is $7.505 ]# ^; W! L7 J+ m* A! H
: B' U6 z# p7 }$ K* J" nEXFO Electro-Optical Engin. (EXF : TSX : $3.65 | EXFO : NASDAQ : US$2.90)' W0 d9 O: [$ ?& c; G
Steady market and currency tailwind
9 j# G1 p5 s" {) Q& WTD Newcrest maintains "buy", 12-month target price is US$5.00
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Goldcorp Inc. (G : TSX : $29.74)) l g9 c+ B% [ p
Revised commodity forecasts( t0 t( C8 i5 ^# s. }1 z
Blackmont Capital maintains "buy", 12-month target price is reduced to $49.00
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Heritage Oil (HOC : TSX : $3.77)5 c( v7 }+ M# |. R5 {
Announced Ugandan commerciality on exploration success
9 G8 N: \( m2 k zTD Newcrest maintains "speculative buy", 12-month target price is raised to $5.508 v. L6 V5 g1 \) t5 U* [
5 h1 c' y8 ^6 g' E4 A( J2 BHarry Winston Diamond (HW : TSX : $4.98)
) Y) s! l/ |0 JRetail division suffers: x7 f% P4 k' v7 e2 b9 u. O
Desjardins Securities maintains "buy", 12-month target price is $12.60
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7 V/ |( S% a5 S9 sLaramide Resources (LAM : TSX : $1.84)
3 k# x3 ?% M) f3 z( }Westmoreland provided more high grade at Redtree's Jack Lens
! `+ m* b$ [/ x+ e7 M! hDundee Capital Markets continues "buy", 12-month target price is $2.30# l* g6 ~; a) ]3 b/ }1 B
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Lockerbie & Hole (LH : TSX : $6.00)
Z1 I, n, K7 p8 h; XReleased Q3/09 results: very strong, focus should be on active backlog4 H& r* j, y$ c! N
GMP Securities continues "buy", 12-month target price is $9.005 \' Z- }' W5 G5 P
Raymond James maintains "market perform", 6-12 month target price is $8.25
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Livingston Intl Income Fund (LIV.UN : TSX : $6.00)
. q ^2 J: F/ ~5 s) l5 W) zReduced distributions by 70%0 J* S$ T* s( x) H0 A, `6 q, s
RBC Capital Markets maintains "outperform", no target price reported7 \. ?$ L9 d' f% _0 W
Scotia Capital Markets continues "sector underperform", 12-month target price is $6.507 f, c% v3 {2 y
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Matrikon Inc. (MTK : TSX : $2.04). g' u: n6 g1 {: \' B4 M1 r
Released Q1/09 results: a little light, but still respectable
6 m. n3 i" w4 QBMO Capital Markets continues "outperform", 12-month target price is lowered to $2.50; ^: G& R3 G a9 ?
Paradigm Capital maintains "buy", 12-month target price is $4.00
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7 v& J) A, j. R" p7 M- qMullen Group Income Fund (MTL.UN : TSX : $10.97)
5 M' T5 {, w8 `$ v7 w7 P/ xExpecting lower CFPU on higher taxes! Q& H% o& k+ M6 F( j
BMO Capital Markets continues "outperform", 12-month target price is $18.00
; O' i) Q6 W0 ?- XRBC Capital Markets continues "sector perform", 12-month target price is $12.00
" y( r) v, D7 k( |0 `TD Newcrest continues "buy", 12-month target price is $17.00
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$ h, Q; k0 Q3 E; i+ z# X. VNorthgate Minerals Corp. (NGX : TSX : $1.08 | NXG : AMEX : US$0.86)
- ~( i2 t i% QReleased Q4/08 results: Kemess winding down, Aussie ops improving, growth remains uncertain
3 f- u2 a4 q1 y/ W5 dBlackmont Capital continues "hold", 12-month target price is reduced to $1.25$ V4 H+ K1 W8 M0 p- C: V
Credit Suisse maintains "neutral", 12-month target price is US$1.000 d9 d/ u1 Y4 n. j0 v( t1 v! F
Scotia Capital Markets continues "sector underperform", 12-month target price is US$0.800 i7 Q1 |$ e c. _3 {- B6 R
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Neptune Tech & Bioresources (NTB : TSX-V : $0.79)+ J8 `) b7 d9 d3 C$ s2 h& L
Dietary supplement business facing headwinds
; A& e9 \- {" \Paradigm Capital maintains "buy", 12-month target price is reduced to $4.00
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8 {( u3 s) K8 N1 }! ?3 @+ N6 [& zOpen Range Energy (ONR : TSX : $1.18)
4 {2 {( L4 r1 w0 E% J" ~Provided operational update and F09 guidance7 x# ~3 a k6 E% j
Haywood Securities continues "sector outperform", 12-month target price is $3.25
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! N6 H0 M$ u, _8 t: z( w9 NOsisko Mining (OSK : TSX : $3.13)
' g- q8 x* g* P/ ]. SSouth Barnat resource around the corner
$ z4 C9 A/ ?# L& f. R' h3 KParadigm Capital continues "speculative buy", 12-month target price is $4.75
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5 O2 c, p x t3 H5 Y& M0 lPan American Silver (PAA : TSX : $17.39 | PAAS : NASDAQ : US$13.75)) H& z! m7 _6 `7 P
Provided operational update; A# b/ B. }) L1 c
Blackmont Capital maintains "hold", 12-month target price is lowered to $19.001 Z7 O3 @$ e6 ~0 X
TD Newcrest downgrades to "hold", 12-month target price is raised to US$17.50( \* c, w3 Q; x" Y9 S* {2 K
5 q" r/ |4 J7 H/ v+ WParamount Resources (POU : TSX : $7.85)) y8 f' M' G! g
Provided operational update: Grande Prairie emerging as the key focus for F09* _+ [ O* c# ^' S6 ^
GMP Securities maintains "buy", 12-month target price is $12.005 j$ k- ]1 Q0 t, m
: y! K5 n) a0 l1 D3 C8 ~! s6 mRockwell Diamonds (RDI : TSX : $0.07)* { ^3 ]& g8 x; H$ g0 ^& a D
Operations starting to turn the corner/ N/ B& c3 L+ j$ B% j2 G7 }4 \- Z
RBC Capital Markets maintains "outperform", no target price reported
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& t2 C: s6 u) _ d( BShaw Communications (SJR.B : TSX : $20.13)
, `( Z! Y- j3 J* JReleased Q1/09 results: in line, subscribers ahead$ Q, e5 D9 g# ]) a3 R5 w, P
Credit Suisse maintains "neutral", 12-month target price is $25.50
) z( S- `6 c( [6 N6 _GMP Securities continues "buy", 12-month target price is $26.50: m' v7 k0 W( n8 F* c' Z+ n
$ @4 I. |* e+ k. KSun Life Financial Inc. (SLF : TSX : $25.95 | NYSE : US$20.48)
9 ?6 u+ o- z7 yHeld a sell-side lunch showcasing new U.S. team
. F, c% A( }+ I3 i) Z$ {/ TScotia Capital Markets maintains "sector perform", 12-month target price is $33.00
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Trican Well Service (TCW : TSX : $6.93)
5 V8 B2 c1 e/ ~ ` nAwarded Russian contracts, b' E+ g/ x$ R7 B |
Blackmont Capital maintains "hold", 12-month target price is reduced to $8.75
4 f$ g' [$ I, o. B/ t7 T; hRaymond James maintains "market perform", 6-12 month target price is lowered to $9.00: c. U, E7 Q; M, d# N; p. S# O
RBC Capital Markets maintains "sector perform", 12-month target price is $10.00
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( W% }1 F! _3 @' C" E1 \3 B* V% { ASino-Forest Corp. (TRE : TSX : $8.93)
! g) n5 f% K# ^; c- aChinese furniture exports rose in November" ~# b- O/ Y. m
Dundee Capital Markets maintains "buy", 12-month target price is $23.507 A$ a7 A* A: j
% g9 G: I8 }' r$ Y fUEX Corp. (UEX : TSX : $0.88)0 \& E- [$ I- Y$ K6 Q4 U$ J G
Shea Creek's two largest deposits have become one
- y1 l ^# e, i! ~5 MDundee Capital Markets maintains "buy", 12-month target price is $2.75
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Vero Energy (VRO : TSX : $4.72)2 k& T8 k, {; G2 i- M
Released Q4/08 results: horizontal focus to continue in F09
- ]4 ^* b: n$ D) S! xDundee Capital Markets continues "buy", 12-month target price is $8.00
9 [& |8 @8 I3 hGMP Securities continues "buy", 12-month target price is $7.50
1 t2 Y# w+ h$ ^8 u Z" y6 @Paradigm Capital continues "buy", 12-month target price is $12.00
5 ?0 ~1 j( W7 N' p/ b2 r+ i# LRBC Capital Markets maintains "outperform", 12-month target price is $8.50
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Wi-Lan Inc (WIN : TSX : $1.75)+ D; L1 Q1 P# Z9 i8 [0 M
Hit homerun with Samsung, t, z) ~: P1 [3 f- G4 x
Paradigm Capital continues "buy", 12-month target price is $3.50 |
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